UAE’s economy rides on tech and renewable energy
"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering...
Economy
Female founders flourish in UAE’s startup ecosystem
Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international...
Economy
Economy
IMF: Global inflation nearing peak, stabilizing next year
The full report will be published next Tuesday and updates the estimates the IMF made in July, when it predicted...
- In its latest forecast, the IMF pointed to commodity shortages, supply chain snarls and the resumption of economic activity
- Among emerging and developing economies, the institution predicts inflation will decline to four percent from the 6.8 percent peak it will hit later this year
Economy
Thousands of Gazans apply for Israeli work permits
The total number of permits being granted by Israel to Palestinian labourers in Gaza is 7,000.
- The total number of permits being granted by Israel to Palestinian labourers in Gaza is 7,000.
- The impoverished territory of two million inhabitants with an unemployment rate of about 50% has been blockaded by Israel for nearly 15 years
Economy
Lebanon’s telecom, internet sector could collapse in days
Telecom companies in Lebanon have joined the long list of at-risk industries and institutions because of the financial and economic...
- Touch and Alfa mobile companies and the state-run telecommunications company Ogero operate fixed lines and fixed internet
- The quantity of diesel they have is enough for them to run for only a few days
Economy
Jordan to support industry with national projects
Jordan’s Ministry of Industry, Trade and Supply will be establishing these projects as part of its implementation of the government's...
- The move is expected to boost the competitiveness of Jordanian industry locally and abroad
- The establishment of the national projects is also expected to include the building of a fund to support and develop local industry
Business
Kuwait private sector partner in boosting trade ties: UAE chambers
KUWAIT: A delegation from the Federation of UAE Chambers of Commerce and Industry and officials of the Kuwait Chamber of...
- Federation of UAE Chambers and Kuwait Chamber hold a meeting to discuss ways of promoting investment opportunities.
- Kuwait Chamber chairman expects Kuwait-Abu Dhabi cooperation in healthcare, education and food security.
Geostrategy
In Iraq vote, big blocs lurk behind ‘independents’
A new electoral law in Iraq will mean that when Iraqis go to the polls on Sunday, they will vote...
- The elections will have voters choose individuals running as independents rather than members of political blocs.
- Those disillusioned with the political class fear these individuals will spend no time supporting blocs when elected.
Business
Bahrain VAT rate hike may boost sales of UAE retailers
Bahrain plans to double its VAT rate to 10 percent, which is likely to drive its citizens to shop in...
- In the GCC, Saudi Arabia and the UAE were the first to introduce a VAT system in January 2018
- Bahrain followed a year later, and Oman brought in the tax in April 2021
Economy
Saudi non-oil private sector grows fastest in seven years in September: IHS
There has been a sharp growth in Saudi Arabia’s non-oil private sector in September, the fastest in seven years, according...
- The relaxation of the regulations boosted customer demand, the latest IHS Markit report said, helping businesses expand their output
- The seasonally adjusted Purchasing Managers’ Index (PMI) surged to 58.6 in September from 54.1 in August
UAE, Australia discuss economic relations
UAE Minister of State Ahmed Ali Al Sayegh recently met with Australian Minister for Trade, Tourism and Investment Dan Tehan...
- The volume of non-oil trade exchange between the two countries during 2016-2020 amounted to about $15.7 billion
- The value of mutual investments between the two countries since 2003 exceeded $5 billion
Economy
DFSA enhances regulatory framework for the future of finance
The DFSA set up the Innovation Testing Licence (ITL) Programme to encourage innovation in the Dubai International Financial Centre and...
- The DFSA set up the Innovation Testing Licence (ITL) Programme to encourage innovation in the Dubai International Financial Centre and protect the market against risks
- The authority hosts RegTech events focusing on driving compliance through innovation
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
UAE’s economy rides on tech and renewable energy
"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering...
Economy
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Stocks mixed, dollar firms on rate-hike fears
Market Report
Jordan’s exports to non-Arab Asian countries climb to US$1.16bn in Q1
Amman, Jordan-- Trade between Jordan and non-Arab Asian countries has shot up in the first quarter of 2023, with the...
Economy
France charges Lebanon central bank chief’s ex-assistant in graft probe
A former assistant of Riad Salameh, the governor of Lebanon's central bank, has been charged with money laundering by France....
Economy
MENA region trails in global race for gender parity
The Middle East and North Africa region scores only 62.6% in gender parity, and at the current pace, the region...
Economy
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Business
Apple tops $3trn in market value
Wall Street rises as US consumer inflation moderates.
- The personal consumption expenditure index measure of inflation eased to 3.8 percent year-on-year in May.
- The data comes on the heels of other upbeat economic reports this week adding to hopes the US economy can avoid a recession.
Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
- The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
- Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Business
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...
- This robust growth represents a remarkable 132 percent increase compared to the same period in 2022.
- The majority of these investors are from countries such as India, Pakistan, the UK, Egypt and Russia.