WTO agri reforms key to global food and climate goals
"Australia maintains that global food security, climate, and biodiversity targets are unattainable without progress in agricultural trade reform, including the...
Economy
Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...
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
Economy
Saudi Arabia contactless payments highest in MENA region
Saudi Arabia had achieved contactless payment adoption of 94 percent, which is higher than even the EU.
- This is part of the Saudi Central Bank’s strategy to build on the goals of the Financial Sector Development Program
- The program aims to reduce cash transactions while raising electronic payments to 70 percent of all transactions by 2025
Business
UAE’s new data law promises privacy
The law to include features of gold-standard data protection regulations such as Europe's GDPR (General Data Protection Regulation), the UK's...
- The law would include the right to be forgotten, the right to access, and the right to information
- It will have a low cost of compliance, so as not to burden Small and Medium Enterprises
Business
Taxation and confiscation to rein in crypto market
Last few years have seen a lot of tension between governments and central banks around the world, on the one...
- Concerns are rising that these currencies could be used to fund illegal actions and for money laundering.
- Several countries have taken strict measures to crack down on the industry that is viewed with suspicion uniformly across the world.
Economy
Regional divergences mark global trade rebound: WTO
Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains and weigh on trade in particular areas,...
- The forecast projects export volume growth in 2021 will be 9.3% in the Middle East
- The current trade projections, according to the forecast, imply that the ratio of trade growth to GDP growth will rise to 2.0:1 in 2021
Infographics
UAE, Saudi Arabia lead regional innovations
The Arab countries have their own share in terms of investment in innovations with the UAE and Saudi Arabia leading...
- Despite human and economic toll of the COVID-19 pandemic, investments in innovation have increased in parts of the world
- The UAE ranks first among the top 12 most innovative Arab countries in 2021 and 33rd in the world, according to the Global Innovation Index
WTO agri reforms key to global food and climate goals
"Australia maintains that global food security, climate, and biodiversity targets are unattainable without progress in agricultural trade reform, including the...
Economy
Company News
Stock markets slip on auto woes, economy fears
Market Report
Latest News
Egyptians caught in devastating economic storm
Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into...
Economy
UAE’s financial advisory market to touch US$239 billion in 2023
Dubai, UAE--The UAE's financial advisory market is expected to reach a market volume of nearly $239 billion by the end...
Economy
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Business
Saudi Arabia’s Al-Ettifaq hires former Liverpool star Steven Gerrard as coach
Riyadh, Saudi Arabia--Former Liverpool captain Steven Gerrard is the latest star name to make the move to Saudi Arabia after...
- Gerrard who was sacked by Aston Villa in October had initially rejected an offer to move to the kingdom, but eventually was lured by the riches on offer
- The Saudi Pro League supported by the kingdom's sovereign wealth fund has lured big names from the major European leagues with the promise of huge salaries
Economy
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...
- The cabinet approved the updated UAE National Energy Strategy, aiming to triple the contribution of the renewable energy over the next 7 years
- It also approved the National Hydrogen Strategy which aims to promote the UAE’s position as a producer and exporter of low-emission hydrogen
Business
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...
- Exports of gallium and germanium, of which China is a major producer, will require a license from August 1, said a Chinese guideline
- China accounted for 80 percent of global gallium production, according to a 2020 report by the European Commission