IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...
Economy
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
Business
Economy
Israel approves $10bn to improve conditions in Arab sector
The expenditure is expected to improve socio-economic conditions for Israel’s Arab minority, which has long complained of marginalization.
- The plan was approved by Prime Minister Nafatli Bennett's government late on Sunday
- It calls for $9.35 billion to be spent over five years to "close the gap in the Arab sector" compared with conditions in the Jewish community
Business
Ministry of Economy and LinkedIn sign MoU to promote UAE as talent destination
The UAE's Ministry of Economy has signed an agreement with LinkedIn for developing a framework for skills-based talent besides identifying,...
- The agreement is geared towards achieving UAE Strategy for Talent Attraction and Retention.
- LinkedIn will collaborate with the ministry’s team to make joint action plans supporting the ministry’s national strategies.
Business
Evergrande shares rise
The Chinese firm has restarted work on 10 projects.
- Evergrande owes various lenders close to $300 billion, but speculations are rife that it may not be able to pay all of it back
- However, after the project restart announcement, shares in the firm rallied more than four percent in early trade
Infographics
How major Arab economies performed since 1975
At a time when the future of the global economy is going to change following the trends from regional economies,...
- The region's dynamics have changed a lot due to oil exports from 1975 to 2021.
- The Arab countries are now among top-world investors in high-tech companies
Economy
Bahraini Farmers Market returns with Covid-19 precautions
The market, which reportedly aims to promote Bahrain’s agricultural products and highlight the development taking place in the country’s agricultural...
- This edition of the market will be limited to shops selling local agricultural produce
- It will also feature a number of restaurants without the accompanying recreational activities
Economy
Turkish lira touches all-time low of 9.85 after Erdogan seeks expulsions
On Saturday, Erdogan announced that he had ordered his foreign ministry to expel the envoys for seeking the release of...
- The lira subsequently rebounded, last fetching 9.7150 and was quoted at 9.7200-9.7600 at 0441 GMT
- Last week, the Turkish currency plunged to record lows after the Turkish central bank cut its policy rate by 200 basis points
Economy
Saudi non-oil exports leap up 26.8% to SR23bn in August
Non-oil exports of Saudi Arabia vaulted 26.8 percent to SR23 billion in August, compared to SR18.1 billion in the same...
- Growth was driven mainly by higher exports of plastics and chemicals, which surged by 56.6 percent and 66.2 percent year-on-year
- Non-oil exports including re-exports increased from 18.9 billion riyals in July 2021 by 1.9 billion riyals or 8.9 percent
Economy
Bahrain says will achieve net-zero emissions by 2060
The announcement came on Sunday, October 24, a day after Saudi Arabia announced the exact same goal.
- According to a report from the official news agency BNA, Bahrain has already reduced emissions while growing the national economy
- It is said to have done this by placing clean, green, and sustainable growth at the heart of Bahrain Economic Vision 2030
Economy
UAE banking industry in recovery mode: UBF Chief
Al Ghurair said that the strong Q2 financial results of the UAE banks was an indication that the banking industry...
- UBF chief said that the federation will take on an enhanced role in facilitating skill development and employment opportunities for UAE nationals
- He also praised the UAE’s new visa guidelines, observing that "the decision to liberalise residency guidelines is a landmark step.”
Business
560 foreign firms operate in Al Wusta governorate of Oman: Official
As many as 560 foreign companies are operating in the Omani governorate of Al Wusta and their capital investments by...
- By the end of Sept. 2021, the capital investment of these firms reached $3.37 billion.
- The number of industrial licenses registered in Al Wusta during the first nine months of 2021 was 177.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...
Economy
Company News
Barclays Q1 net profit at $2.2bn
Business
Latest News
Iran summons UK envoy to protest new sanctions: state media
The new British sanctions regime will expand existing penalties imposed by creating new criteria under which individuals and entities can...
UAE commits $15m to rebuild Palestinian city of Jenin after Israeli attack
Dubai, UAE - The United Arab Emirates (UAE) pledged on Thursday $15 million to support the rebuilding efforts in the...
Economy
Rise in unemployment affects Saudi women the most
The Kingdom's unemployment rose to 8.5% in the first quarter of 2023, up from 8% in Q4 2022, driven by...
Economy
Most Read
Business
Energy prices may jump if output slashed, warns Shell CEO
LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...
- The official warned that strengthening demand from China and cold winter weather in Europe could send energy prices and bills surging.
- Domestic electricity and gas bills sky-rocketed after key energy producer Russia invaded neighboring Ukraine early last year.
Business
Dubai logs over $871m in realty transactions on Thursday
DUBAI, UAE - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...
- DLD said 134 mortgage deals totaling US$73 million and 89 gift deals amounting to US$27 million.
- The sales included 567 villas and apartments worth US501 million and land plots worth US$294 million.
Geostrategy
Iraq join Egmont Group of financial intelligence units
BAGHDAD, IRAQ - Iraq joined the Egmont Group of Financial Intelligence Units, the Supreme Judicial Council announced. "The efforts made...
- The membership, "concerns the exchange of information between the financial investigation units for combating money laundering and financing terrorism."
- Egmont Group provides support to member states by enhancing secure communication between financial investigation units