Bahrain to support ‘Arab tourism’ in order to boost cultural integration
Manama, Bahrain--Bahrain will support Arab tourism in order to enhance social, cultural and historical integration among Arab people, according to...
Economy
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Science
UAE reviews food systems transformation at UN
The world must act, and act now, if we are to reach zero hunger by 2030, the UAE’s Minister of...
- There is no more time for planning in the run-up to 2030, which is designated the Decade of Action
- The combined efforts of all actors is necessary for the world to meet the UN’s Sustainable Development Goals
Economy
UN sees $400bn pledge for climate action
The United Nations has called for the world to redouble its renewable energy efforts to avert a climate emergency.
- Governments and the private sector pledged at a high-level summit to spend more than $400 billion on climate efforts
- The amount would also help bring electricity to more of the 760 million people around the world who currently lack it
Analysis
2022 World Cup may help Qatar sustain growth
The projects initiated as part of hosting the tournament include the construction of eight stadiums, Doha Metro Rail, a new...
- Stadiums constructed for the world cup would be later given to local clubs for utilization
- QTA announced new tourism strategy which aims to attract 5.6 million visitors to Qatar annually by 2023
Economy
UAE allots $17.6bn to housing project for Emiratis in Dubai
Dubai ruler and prime minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, has given approval for...
- Land plots allocated to Emirati housing projects in Dubai increased to 1.7 billion square fee
- Sheikh Mohammed issued directives to quadruple the number of Emiratis benefiting from the housing program from next year
Economy
UN starts program to give electricity, water to Lebanon
Helped by the UN, Lebanon will get fuel to keep its healthcare and water-supply facilities for the next three months.
- The plan It is expected to provide fuel to all public hospitals, primary healthcare centers, and dispensaries servicing the most vulnerable communities
- It is also expected to provide fuel to four water establishments to secure continuous water supply to about 2.3 million people across the country
Economy
Lebanon may see complete blackout by month-end
Electricite du Liban, or EDL, is now capable of generating less than 500 megawatts from the fuel it secured through...
- Lebanon has seen worsening shortages of fuel over the past few months
- Power cuts across the country can currently last up to 23 hours a day
Economy
Goldman Sachs says Lebanon’s banking system to suffer $65bn losses
Goldman Sachs, the US investment bank, has estimated that the restructuring of Lebanon’s financial system would leave the crisis-prone banks...
- The investment bank presented a set of macro projections based on the successful implementation of reforms under the auspices of the IMF
- The report believed that the bulk of these losses may fall on the shoulders of the depositors
Business
UAE, US strengthening business cooperation
Both countries signed an MoU to strengthen cooperation in areas of digital economy, innovation, and entrepreneurship.
- Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi
- They met US Secretary of Commerce Gina M Raimondo, in the presence of officials from both countries
Economy
DIC board discusses plans to boost foreign trade
Member companies of Dubai International Chamber will work towards achieving the target of boosting Dubai’s foreign trade to $544bln within...
- Member companies of Dubai International Chamber will work towards achieving the target of boosting Dubai’s foreign trade to $544bln within the next five years
- Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs
Economy
Turkey central bank cuts key rate after Erdogan pleas
The Turkish currency was down around 1.1 percent against the US dollar by 1330 GMT, after the bank announced it...
- The move comes despite high inflation, which reached 19.25 percent in August
- The Bloomberg consensus had been for the rate to be kept stable although one economist predicted a cut of 0.5%
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Bahrain to support ‘Arab tourism’ in order to boost cultural integration
Manama, Bahrain--Bahrain will support Arab tourism in order to enhance social, cultural and historical integration among Arab people, according to...
Economy
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EU presses Tunisia in bid to stem Med migrant flow
In early June, European Union countries reached agreement on a long-stalled revision of the bloc's asylum rules. It aims to...
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...
Business
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...
Economy
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Economy
World Bank approves $1bn for Turkiye’s earthquake reconstruction
Ankara, Turkiye - The World Bank has announced its approval of $1 billion in financing to assist Turkiye in the...
- The bank highlighted that the financing will contribute to the restoration of healthcare services and the reconstruction of damaged or destroyed municipal infrastructure
- The project aims to cover 11 provinces, which have been most severely impacted by the earthquake and where approximately 14 million people reside
Economy
UAE offers the world an eco-friendly economic model
“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...
- The UAE's economy is less than 20 percent reliant on fossil fuels, setting a leading example in the Gulf region, says WMO Secretary-General Prof Jukka Petteri Taalas
- The UAE's commitment to clean energy and the decision to host the IRENA headquarters align with WMO's strategy for addressing climate change, he points out
Economy
US Fed Chair Powell leaves door open to two straight rate hikes ahead
The Fed recently paused its aggressive cycle of rate increases after 10 consecutive hikes, to give policymakers more time to...
- "We believe there's more restriction coming," Powell told a central banking conference in Portugal on Wednesday.
- Powell said that US monetary policy will likely take more time to act against high inflation, and bring it down to the Fed's long-term target of two percent.