Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
Business
UAE sets innovative media policy to propel the country onto global stage
DUBAI – Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the UAE Media Council (UAEMC), has approved a comprehensive legislative...
Economy
Business
Colombia targets $1bn trade and direct flights with UAE
Colombia sees the UAE as a potential partner for growth in bilateral trade, economy, and tourism.
- Non-oil bilateral trade between the two countries amounted to $176 million in the first half of 2019
- The two nations are also in talks over signing a MoU for double taxation avoidance
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How much does fuel cost in Arab countries?
Merely producing great quantities of oil or having a shortage does not dictate whether a country will have the cheapest...
- The world usually buys gasoline at the same price, with the current global average being $1.21 per liter
- However, the price at which gasoline is sold by each country varies because of national and provincial subsidies and tax rates
Economy
Egypt turns to apps in new age of money-pooling
Gameya is a cooperative system that allows people to save and borrow money, and is popular in several parts of...
- On average, a gameya — the local money-pooling custom — lasts between five and 20 months
- The gameya is often formed among relatives or co-workers facing financial hardships
Economy
Jadwa says Saudi fiscal budget deficit might contract this year
Saudi Arabia might see a contraction in fiscal budget deficit this year, according to Riyadh-based Jadwa Investment.
- The Kingdom's income from VAT contributed 70 percent of non-oil revenues during the third quarter of 2021
- "With Brent oil prices currently trading above $80 per barrel, there is a strong possibility that full year 2021 government oil revenue could surpass our current estimate of SR528
Economy
US Congress passes giant Biden infrastructure package
The passage of the infrastructure spending marks a legacy-making achievement for Biden, amid plunging personal approval ratings and a humiliating...
- Passing the infrastructure package into law required some tricky mathematics
- The votes capped months of tense negotiations on Capitol Hill
Economy
Moody’s revises Saudi Arabia’s outlook to stable
The agency predicted the Saudi economy will return to positive growth in 2021, and the current account level will return...
- A stable outlook suggests the financial position and net external assets of the Kingdom remain strong enough to support credit rating
- Moody’s also praised the kingdom's fiscal policies as evidenced by policy responses in periods of both low and high oil prices
Economy
Recovering US economy adds 531,000 jobs in October
The unemployment rate also dropped slightly from 4.8% to 4.6%, the lowest since the pandemic.
- The unemployment rate also dropped slightly from 4.8% to 4.6%, the lowest since the pandemic
- Most of the employment growth was in the leisure and hospitality, professional and business services, manufacturing, transportation and warehousing sectors
Economy
Bahrain plan eyes $2.5bn fresh direct investment by 2023
The primary aim of the plan is apparently to create quality jobs and enhance Bahrain’s economic competitiveness.
- The Economic Recovery Plan was initiated by the directives of King Hamad bin Isa Al Khalifa
- It has since won the approval of the cabinet, which is chaired by Crown Prince Salman bin Hamad Al Khalifa
Economy
Saudi economic growth in Q3 5.7 percent likely: Capital Economics
Compared to the growth of only 0.7 percent in the second quarter of this year, Saudi Arabia's economy is likely...
- Capital Economics says increases in oil production, along with a loosened fiscal policy, will only boost recovery further.
- In mid-October, the World Bank revised Saudi Arabia’s 2022 growth forecast from 3.3 percent to 4.9 percent.
Business
UAE stocks lead higher, mixed show by Saudi index
TASI fluctuated during the week, owing to a rise in Aramco shares. The energy giant's net income grew to $30.4...
- Seven sectors on the Abu Dhabi Stock Exchange gained during the week, led by telecommunications that rose 1.16 percent.
- Aramco’s market capitalization has increased by more than 8 percent this year to just over $2 trillion.
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Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
Business
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Alkhaleej Insurance posts profit
Business
UAE says 79,000 Emiratis working in private sector
DUBAI, UAE - Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization...
Business
Dubai’s RTA digital channels generate revenue of US$953m in 2022
DUBAI, UAE - Director-General and Chairman of the Board of Executive Directors of Dubai’s Roads and Transport Authority Mattar Al...
Business
Saudi Arabia should ‘review’ emissions targets: French minister
France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart....
Geostrategy
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Economy
Global trade in commodities to expand by 1.3% annually: FAO-OECD report
Paris, France--Global trade in agricultural commodities is projected to expand by 1.3 percent annually - half the pace recorded in...
- The FAO and OECD report said maize, wheat and soybeans contributed the most to the overall agricultural trade growth in the past decade
- South and Southeast Asia’s net imports, after becoming a net importer of agricultural commodities in recent years, are projected to rise further
Business
Jordan’s beekeepers make a fortune as demand for honey soars
The kingdom of Jordan prides itself on its 19 different types of honey, including citrus, eucalyptus and maple varieties, depending...
- Jordan's 4,000 apiarists have ramped up output of the sweet and sticky golden substance long praised for its anti-inflammatory and other health benefits
- Even if there is no scientific consensus that honey helps fight Covid, many of those infected have used it to soothe symptoms such as sore throats
Economy
Saudi Arabia and France sign MoU to deepen ties in energy sector
Riyadh, Saudi Arabia--Saudi Arabia and France have signed a memorandum of understanding (MoU) to cooperate in the field of energy,...
- The MoU mandates Saudi Arabia and France to ramp up cooperation in developing and sustaining supply chains for the energy sectors
- The joint statement said that addressing climate change and promoting sustainable supplies of energy were priorities of both countries