WTO convenes ministers in UAE with slim hopes for breakthrough
The World Trade Organization's 13th ministerial conference (MC13), scheduled to run until Thursday in Abu Dhabi, the capital of the...
Economy
Economy
Sharjah Chamber to sponsor 12th World Chambers Congress
Running from November 23 to 25, the event will be held under the theme ‘Generation Next: Chambers 4.0’
- Running from November 23 to 25, the event will be held under the theme ‘Generation Next: Chambers 4.0’
- It will bring together more than 1200 participants from international organisations and governments representing 100 countries around the world
Economy
Lebanon in blackout as power stations run out of fuel
State electricity in most places is barely available for an hour a day amid rolling power cuts
- State electricity in most places is barely available for an hour a day amid rolling power cuts
- The Mediterranean country is battling one of the planet's worst economic crises since the 1850s
Investigation
KSA, UAE lead GCC in maritime trade
Saudi Arabia is planning to invest US$36bn in logistics and aims to become a regional hub for the shipping sector,...
- Saudi Arabia is planning to invest US$36bn in logistics and aims to become a regional hub for the shipping sector, a position enjoyed by the UAE for many years
- The UAE has 10 major ports followed by Saudi Arabia (9), Qatar, Oman and Bahrain (5 each) and Kuwait (3)
Economy
Egypt’s non-oil exports leap up to $7.5 billion in Q1 of 2021
Egypt's non-oil exports increased to $7.5 billion in the first quarter of 2021, compared to $6.5 billion in Q4-20, according...
- The country's non-oil balance of trade deficit narrowed by 5% quarter-on-quarter (QoQ) during the January-March period
- Mineral fuels, oils, and distillation products topped the non-oil exports with a value of $809.9 million in Q1-21 from $883.2 million in Q1-20
Geostrategy
UAE to tread ’10 Principles’ path for the next 50 years
President Sheikh Al Nahyan decrees that all ministries, government authorities and institutions should make these 10 Principles as guidelines in...
- The principles direct UAE’s institutions to strengthen the union, build a sustainable economy and harness all possible resources.
- The set of principles is also aimed at fostering positive regional and global relations to achieve national goals.
Economy
Global deal to end tax havens goes through as 136 countries back 15 percent rate
At least 136 countries have backed a landmark agreement to set a new minimum tax rate for companies around the...
- But the agreement still faces a rocky path given that it must be passed by a closely divided U.S. Congress and be approved by each of the countries
- The agreement, which was brokered by the Organisation for Economic Co-operation and Development (OECD), would set a minimum tax rate of 15% from 2023
Economy
Jadwa says a drop in Saudi joblessness a sign of healing economy
A drop in Saudi joblessness during the second quarter of the current fiscal year from 11.7 percent to 11.3 percent...
- Saudi unemployment fell to 11.3 percent in the second quarter of this year, down from 11.7 percent in the three months to April
- The Riyad-based firm said the fall mirrors the economy’s expansionary trend in the first half of this year and expects unemployment to decline even further
Economy
UK and Gulf nations negotiate trade deal
"It brings me great joy and pleasure to officially announce the official launch of FTA negotiations between GCC countries and...
- The UK already enjoys strong economic links with the nations of the GCC, comprised of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait and Oman
- Trade between the UK and the Gulf nations topped 30 billion pounds ($41 billion) in 2020, according to the British government
Economy
GDP of Arab economies down 3.8 percent: World Bank
The region’s average real GDP per capita is forecast to increase by only 1.1 percent in 2021 after declining an...
- Thirteen out of 16 countries in the region will have lower standards of living in 2021 than their pre-Covid levels.
- Pandemic losses are calculated by comparing where the region’s GDP would have been if the pandemic had not hit, the bank said.
Economy
Chief trade negotiators from US, China hold ‘candid exchange’
This was the second consultation between the two countries' chief trade negotiators after relations were seriously damaged under former US...
- This was the second consultation between the two countries' chief trade negotiators after relations were seriously damaged under former US president Donald Trump.
- Talk was "an opportunity for the United States and China to commit to forging a trade relationship that is managed responsibly," a USTR official said
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Company News
Stock markets slip on auto woes, economy fears
Market Report
Latest News
UAE cabinet sets up ministry of investment, approves new strategies
The new ministry will bolster the UAE's business aims and investment policies, apart from promoting its infrastructure as a global...
Economy
China to restrict export of semiconductor making materials
BEIJING, CHINA - China said on Monday it would slap export controls on two rare metals essential for the manufacture of...
Business
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
Business
Most Read
Economy
OPEC+ strives for market balance, sustainable growth
The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...
- UAE updates energy strategies and aligns with climate goals, helping it rank second in global Green Future Index, says a UAE minister
- The Gulf country has invested over $50 billion in clean energy projects and pledges an additional $50 billion over the next decade, he adds
Business
Investcorp buys stake in SEC Newgate
Investcorp buys majority stake in SEC Newgate for $100m.
- SEC Newgate's other shareholders will roll over 100 percent of their equity investment as part of the transaction.
- The deal values Milan- headquartered SEC Newgate at over US$250 million, an Investcorp statement said.
Economy
UAE finance ministry releases annual report, highlights achievements in 2022
ABU DHABI, UAE - UAE Ministry of Finance (MoF) released its annual report for the year 2022 highlighting performance, initiatives,...
- The Ministry of Finance harnesses all capabilities to support the UAE's competitiveness, aligning with the government visions and directions.
- The ministry has been keen on becoming a model and global reference for best practices and international standards in government financial work.