China sets ambitious 5 percent growth target for 2024
Premier Li Qiang formally announced the growth objective, alongside the overall budget and key government policies for 2024, at China's...
Economy
Turkey’s inflation rises to 67.1% in February
On a monthly basis, inflation rose 4.5 percent in February, slower than the 6.7 percent rise logged in January. Erdogan...
Economy
Economy
Covid-19, conflict and costs pushing Syria beyond limits: WFP
World Food Program Executive Director David Beasley has warned that more people in Syria are in the grips of hunger...
- Some 12.4 million people — almost 60 percent of the population — apparently do not know where their next meal will come from
- This is said to be a 57 percent increase since 2019 and the highest number ever recorded in the history of Syria
Economy
Oil-exporter UAE accepts future is not oil: US delegation
UAE officials "recognise reality", delegation member and House of Representatives Majority Leader Steny Hoyer said after talks with Dubai ruler...
- Both the UAE and Saudi Arabia, the number one oil exporter, have announced net zero carbon goals
- Hoyer said the UAE's hosting of COP28 in 2023 shows it is committed to clean energy
Economy
Lebanon is failing its people, says UN envoy
Lebanon's government, formed in September, has yet to take serious action to stop its downward spiral.
- The price of essential foodstuffs has almost quadrupled in just one year, according to latest data from the Lebanese government
- Inflation rate averaged 131.9 percent over the first six months of 2021, the World Bank has said
Business
Climate and Covid recovery loom large over Dubai air show
Airlines are still deep in the red, with losses expected to extend by another $51.8 billion this year.
- Air traffic has bounced back since the easing of restrictions, though it was still 53 percent lower in September than its pre-pandemic levels.
- Airbus will show off its A321neo -- the latest model in Airbus's A320 narrow-body series -- and its twin-aisle A350.
Geostrategy
High freight costs push world food import bill to record high
The global food trade should hit a record high in both volume and value, according to a new report by...
- The bill is 14 percent higher than last year and 12 percent higher than the previous forecast.
- The increase is also driven by higher price levels of internationally traded food commodities.
Market Report
Asian markets rise on outlook hope but eyes on inflation
A respite in the crisis surrounding troubled Chinese developer Evergrande also provided some much-needed support to the region.
- A respite in the crisis surrounding troubled Chinese developer Evergrande also provided some much-needed support to the region
- Analysts said dealers remained hopeful that the inflation spurt would not be long-lasting and flatten out as supply chains normalise
Analysis
Zero-carbon not the end of oil and gas
Some people conflate the target of zero carbon emissions with the notion that the era of oil, gas, coal, and...
- Carbon emission targets are sometimes misunderstood with the end of oil, gas, and coal
- Oil and gas are still the primary drivers of the global economy, and will continue to be so for decades
Economy
Trillions needed to fight climate threat: UN draft report
The draft Intergovernmental Panel for Climate Change report is scheduled for release early next year.
- Helping vulnerable nations cope with the multiplier effect of climate change will require trillions of dollars, according to a draft UN report
- The failure of rich countries to deliver the promised $100 billion a year for vulnerable nations has become a flashpoint at COP26
Business
Saudi Arabia sells dual-tranche bonds for $3.25 billion
Saudi Arabia has sold two bonds--a sukuk tranche and a conventional bond--for $3.25, the kingdom's National Debt Management Center (NDMC)...
- The value of the first tranche is at $2 billion for a nine-and-a-half-year sukuk maturing in 2031.
- The second tranche of $1.25 billion is for a 30-year bond maturing in 2051.
Economy
UAE, Bahrain to establish joint investment fund in both countries
“The governments of the UAE and Bahrain, in light of the fraternal ties and long-term mutual interests between the two...
- According to the Bahrain News Agency, Mumtalakat and Mubadala Investment Co will launch the new fund together
- Bahraini Crown Prince Salman bin Hamad Al Khalifa announced the deal during a visit to the UAE
China sets ambitious 5 percent growth target for 2024
Premier Li Qiang formally announced the growth objective, alongside the overall budget and key government policies for 2024, at China's...
Economy
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Beema’s Q1 profit soars
Business
Dubai Chambers launches program to enhance customer service
DUBAI, UAE – Dubai Chambers is taking a big initiative for ensuring that businesses in the emirate provide excellent customer...
Business
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Economy
UK reform of Consumer Credit Act to benefit Islamic finance
London, Britain - The UK government has announced plans to reform the Consumer Credit Act (CCA) which is expected to...
- The CCA, established in 1974, regulates various credit transactions, including Islamic finance products, such as credit card purchases, personal loans, and consumer hire agreements
- The proposed reforms, combined with organic development and the utilization of FinTech solutions, will further support the expansion of Islamic finance in the country
Economy
Egypt to receive first batch of Iranian tourists in era of restored ties
Tehran, Iran-- After years of frosty relations between the two countries, Egypt and Iran are set to restore ties with...
- According to the Egypitan tourism minister, Iranian tourists will arrive in the country and visit southern coasts of Sinai, Nubia and Taba
- Haitham bin Tariq, the Sultan of Oman, played a pivotal role as a mediator in ending years of enmity between Egypt and Iran
Economy
Iraq to pay for Iranian gas imports with oil: Iraqi PM
The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed...
- Iran cut its supply of gas to Iraq by nearly half some ten days back because of unpaid bills of more than $12 billion
- Gas stoppages have worsened the frequent power outages in much of Iraq during the hot summer months