China’s annual political conclave starts as economy sputters
Proceedings kick off Monday at 3:00 pm with the opening ceremony of China's People's Political Consultative Conference (CPPCC), which will...
Economy
Saudi labor market booms amid economic shifts
Employers in the Kingdom anticipate workforce expansions and salary hikes, though grappling with talent shortages and evolving work models, says...
Economy
Business
MEASA’s biggest food processing and packaging show opens in Dubai
Gulfood Manufacturing, the largest food and beverage processing and packaging show for the Middle East, Africa, and South Asia (MEASA),...
- The event will run for three days and address the sector’s sustainable packaging, automation, and F&B supply chain issues.
- UAE’s trade in food commodities contributed more than seven percent of the country's GDP for 2020.
Business
Organic farmers find fertile ground in North Africa
In Tunisia, the land dedicated to organic farming has multiplied 20-fold since 2001. In Morocco, the area of farmland certified...
- Despite its small size, Tunisia ranks 30th in the world and first in Africa in terms of area certified for organic farming.
- Moroccan authorities are trying to develop the sector with the Green Morocco Plan, which helps farmers cover the costs of getting certified.
Business
Axa insurance Q3 premiums down 7 percent
Q3 net profit down 18 percent from the same period last year.
- The firm's total comprehensive income also dropped 36 percent to 38 million riyals.
- Axa said the fall in net profit can be attributed to the overall decrease in insurance results and an increase in investment income.
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
Videos
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
China’s annual political conclave starts as economy sputters
Proceedings kick off Monday at 3:00 pm with the opening ceremony of China's People's Political Consultative Conference (CPPCC), which will...
Economy
Company News
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Wall Street stocks up amid signs of broadening in equity market
New York, United States - Wall Street stocks mostly rose early Tuesday amid signs of greater broadening in the equity market...
Business
Dubai Investments, E20 Investment to develop agricultural land in Angola
Dubai, UAE--Dubai Investments and E20 Investment have signed a memorandum of understanding (MOU) to develop 3,750 Ha of agricultural land...
Economy
UAE and Mongolia to ramp up trade and investment ties
Ulaanbaatar, Mangolia--The UAE and Mongolia are looking to boost trade and investment cooperation with a focus on the agriculture sector....
Economy
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Economy
Abu Dhabi to provide UAE nationals with 5,000 jobs in health sector
Abu Dhabi, UAE-- Some 5,000 new jobs have been opened up in the healthcare facilities by the Department of Health,...
- The department has directed the healthcare facilities to work toward achieving the set targets under the Emiratisation program within their staff
- The Emiratisation initiative is designed to boost the number of Emiratis working in medical profession as doctors and nursing staff
Economy
AI ‘disrupts economy’ but Middle East optimistic
The Boston Consulting Group survey found that 58 percent of Middle East employees, managers, and leaders believe that AI will...
- An overwhelming 78 percent of respondents are confident that the rewards of GenAI outweigh the risks
- 76 percent of all respondents believe that AI-specific regulations are necessary to manage the risks
Business
4 bids for Al Ajban power project
There will be a process to select the best proposal.
- Al Ajban Solar PV is EWEC’s third world-leading solar power project.
- Abu Dhabi is home to world’s three largest single-site solar power plants.