Sudan economy falls victim to war between rival generals
With most banks out of service, the only exchange rate that matters to ordinary Sudanese is on the black market,...
Geostrategy
Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
Economy
Geostrategy
Cutting fossil fuel use key to environmental protection: IMF
The 'right prices' must fully reflect both supply costs and environmental costs, especially carbon emissions and local air pollution, said...
- Global fossil fuel subsidies amount to around $6 trillion in 2020, which is 6.8 percent of global GDP.
- Emissions would fall by one-third if prices increase to fully reflect environmental and supply costs by 2025, IMF said.
Economy
UAE and KSA: Competing for a real estate pie
Saudi Arabia and the United Arab Emirates contributed about 70 percent of the total value of the Gulf Cooperation Council's...
- Saudi Arabia and the UAE contributed about 70 percent of the total value of the GCC's real estate deals in H1 2021
- Reports published by KAMCO Research claim Saudi Arabia provided 44% of the value of deals in the MENA region in 2021
Economy
Kuwait population down 0.9 percent in H1 due to expat exodus
DUBAI: Kuwait’s population decreased by 0.9 percent in the first six months of this year to 4.62 million, as expatriate...
- More than a third of Kuwait population under 15, likely to put more pressure on the labor market.
- Total employment fell by 1.7 percent in H1 due to moderation in hiring activity among Kuwaiti nationals in the private sector and a drop in expat employment.
Economy
Dubai sees growth in employment opportunities as Covid-19 cases drop
As a result of fewer travel restrictions following vaccination and a decline in Covid-19 cases, Dubai has experienced a turnaround...
- Dubai-based Emirates will hire 3,000 cabin crew members and 500 airport staff workers over the next six months
- Amazon is planning to hire 1,500 people in the UAE this year
Business
$4 billion infrastructure and road projects ready for Expo 2020: RTA
The Road and Transport Authority has charted out technical event management plans and developed a structure for the mobility of...
- The projects included the construction of an Enterprise Command and Control Centre, hailed by RTA as one of the biggest and most sophisticated control centers in the world.
- Dubai Metro Expo 2020 Station will operate on October 1, synchronized with the official opening of Expo 2020.
Economy
Sudan protesters block crucial oil pipelines
Demonstrators blocked the entrance to the airport and a bridge linking Kassala State in the east with the rest of...
- Demonstrators blocked the entrance to the airport and a bridge linking Kassala State in the east with the rest of the country
- The unrest comes as Sudan grapples with deep economic woes left in the wake of Bashir's ouster
Geostrategy
Transformative projects focus of new UAE cabinet
The government work 'will be led by major transformative projects and not just long-term strategic plans, says Sheikh Mohammed.
- The new strategy comes with the government's previous plan, UAE Vision 2021, through which the emirates has achieved all its goals in the past 10 years, Sheikh Mohammed said.
- Unlike previous 5-10 year cycles, the coming cycles of change will be flexible and six months to two years long, he added.
Business
Digital inclusion vital for economic growth: Experts at WEF discussion
DUBAI: An estimated 47 percent of people worldwide are offline, and the cost of available broadband exceeds affordability targets in...
- An estimated 47 percent of people worldwide are offline, and the cost of available broadband exceeds affordability targets in 50 percent of developed countries.
- The UAE’s information and communications technology spending is estimated to reach $23 billion by 2024.
Economy
Fed policy tightening not at all bad for Gulf economies: Jefferies
The impending end of super-loose monetary policy from the Federal Reserve will have both positive and negative effects on the...
- A likely strengthening of the dollar, to which Gulf currencies are pegged, may push down inflation, because it makes imports less expensive
- Higher interest rates on dollar-denominated assets tend to lead to outflows from emerging markets
Economy
IMF chief: ‘Did not pressure anyone’ while at World Bank
An independent investigation found that during her time as World Bank CEO, Georgieva was among top officials who pressured staff...
- An independent investigation found that during her time as World Bank CEO, Georgieva was among top officials who pressured staff into changing data to China's benefit
- The bank has since scrapped the report, while the US Treasury called the findings "serious."
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Sudan economy falls victim to war between rival generals
With most banks out of service, the only exchange rate that matters to ordinary Sudanese is on the black market,...
Geostrategy
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Lack of Lebanon reforms threatens stability, says IMF
The International Monetary Fund warned in a report that Lebanon's failure to implement reforms could have "irreversible" consequences for the...
Geostrategy
US first quarter economic growth 2 percent after strong consumer spending
Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department...
Economy
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...
Business
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Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
- The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
- ABD and its partners financed projects that helped developing members strengthen trade and small businesses.
Economy
Gulf oil states on a charm offensive across South Pacific
The Pacific bloc represents 12 of 55 votes in the United Nations' Asia-Pacific region, which also includes Saudi Arabia and...
- Saudi Arabia and the United Arab Emirates - two of the world's biggest crude oil producers - have been ramping up efforts to shed their reputations as global climate laggards
- Both have been lavishing money and attention on small, isolated and often indebted Pacific nations, where rising sea levels are already creeping up on low-lying coastal communities
Economy
Price monetary policy tools strong in managing public funds: Iraq official
Baghdad, Iraq-- An advisor to Iraq's Prime Minister said the country has effective price monetary policy tools to manage public...
- The advisor to the Iraqi PM said that the budget's financing methods primarily involve Iraqi dinars in exchange for foreign currency
- He further noted that the strength of monetary policy and foreign reserves stand at their highest level in the country's financial history