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
Tunisians take to streets to protest economic woes
Head of Tunisia's trade union confederation Noureddine Taboubi said in a speech to protestors that the economic and social situation...
Economy
Geostrategy
Top oil producers to assess output amid pressure to open up the taps
The powerful producers led by Saudi Arabia and Russia in the so-called OPEC+ grouping are expected to re-affirm a decision...
- There is pressure from the US and other big consumers to open up the taps much more decisively.
- OPEC+ members seem to prefer to stick to their plan of easing cuts by 400,000 barrels per day per month.
Economy
UAE, Spain seek to increase collaboration in life sciences sector
The UAE hosted its second "Sci-Tech Virtual Tour" for a high-level Spanish delegation to highlight the country’s economic and scientific...
- The UAE hosted its second "Sci-Tech Virtual Tour" for a high-level Spanish delegation to highlight the country’s economic and scientific achievements
- The two-day event was organized in cooperation with the UAE’s Ministry of Foreign Affairs and International Cooperation and the UAE Embassy in the Kingdom of Spain.
Economy
Israel passes first state budget in 3 years
Israeli MPs approved a 609-billion-shekel ($194-billion) spending plan for 2021 and are to resume debate later on 573 billion shekels...
- The government had till November 14 to get the budget approved to prevent parliament from being dissolved
- It would have triggered the fifth election in three years during which Israel has not seen a single budget passed
Economy
COP26 sees new coalition for net-zero tourism
The SGTC will be headquartered in Riyadh, Saudi Arabia, and may open regional offices in other countries.
- The STGC is a multi-country, multi-stakeholder coalition established to lead, accelerate, and track the tourism industry’s transition to net-zero emissions
- It is also expected to drive action to protect nature and support communities
Economy
Oil-rich UAE to burn waste to make power
As the UAE has mushroomed from a desert outpost to a thriving business hub, waste has multiplied. So has power...
- The Sharjah facility, the first one to be built, will burn more than 300,000 tonnes of waste per year
- The plant will also reduce UAE’s reliance on gas-fuelled electricity stations
Economy
Arab nations’ pledge bolsters COP26 message
The UAE, Saudi Arabia, and Egypt have made some strong climate-action pledges at or before COP26.
- The summit may not achieve its target of reducing carbon emissions by 45 percent by 2030
- COP26 wants governments to adopt carbon emission targets through 2030
Economy
Dubai SME extends AED75.6 million in financial facilities to Global Village
The 25 kiosks were allocated for startups in the food and beverage (F&B) sector, chiefly restaurants and cafes, wholly owned...
- Under the agreement, 25 kiosks have been allocated for Emiratis within Global Village to launch and grow their business
- Dubai SME, through its online registration portal, received more than 200 applications for Global Village
Business
Three agreements signed in Dubai for self-driving solutions
The first agreement was signed between Careem and Kiwibot to develop food and grocery delivery robots.
- The first agreement was signed between Careem and Kiwibot to develop food and grocery delivery robots
- Majid Al Futtaim and Yandex have partnered to explore the independent technology solutions to enhance the scope of the last-mile delivery of Carrefour orders
Economy
UAE accounts for 40% of Netherlands’ exports to GCC: Dutch minister
Tom de Bruijn’s comments came during a business forum hosted in Dubai as part of a high-level trade mission to...
- The forum was organised by the Consulate General of the Netherlands in Dubai in cooperation with Dubai Chamber
- The UAE’s non-oil trade with the Netherlands has reached about $3 billion in 2020
Interview
‘Oil unlikely to hit US$100 in 2022’
The oil prices would average US$70 per barrel in 2021, Garbis Iradian, chief economist for MENA at IIF, tells TRENDS...
- Garbis Iradian, chief economist for MENA at Institute of International Finance (IIF), tells TRENDS in an exclusive interview that the prices would average US$70 per barrel in 2021
- There are expectations of the US oil production recovery in 2022, which would increase the supply easing pressure of price
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
Company News
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Eshraq to buyback shares
Business
Kuwait 2023-24 draft budget estimates $22.2 billion deficit
Lower oil prices and volumes attributed to the estimated deficit, according to a newspaper report. MP Osama Al-Zaid said the...
Economy
UAE per capita income rises to 7th rank globally
ABU DHABI, UAE - The UAE ranked seventh in the world in terms of per capita national income, according to...
Economy
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Economy
Middle East firms pay fortune for employee burnout
A TRENDS exclusive report takes a hard look at how tens of thousands of white-collar workers in Middle East are...
- It is estimated that businesses in the Middle East suffer a loss of $100 billion every year on account of mental health challenges due to lost working hours
- It has also been found that only 15 percent of white-collar workers across the MENA region have access to professional mental health resources
Egypt annual inflation surges to record 36.8 percent in June
The Egyptian pound has lost half its value against the dollar since early last year, shooting prices upward and adding...
- The previous record of 34.2 percent in July 2017 came, as it does now, following a sharp currency devaluation connected to a bailout loan from the International Monetary Fund
- Official data had shown skyrocketing inflation appearing to ease in the past few months, before food and drink prices alone registered a 64.9 percent increase compared to June 2022
Economy
Middle East firms pay fortune for employee burnout
A TRENDS exclusive report takes a hard look at how tens of thousands of white-collar workers in Middle East are...
- It is estimated that businesses in the Middle East suffer a loss of $100 billion every year on account of mental health challenges due to lost working hours
- It has also been found that only 15 percent of white-collar workers across the MENA region have access to professional mental health resources