IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...
Economy
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
Business
Business
Dubai non-oil external trade up 31 percent, exports grow 45 percent
The results show Dubai has reinforced its status as one of the world’s fastest-growing business hubs, said Dubai crown prince...
- Imports rose by 29.3 percent YoY to AED414 billion from AED320 billion. Re-exports grew 28.3 percent YoY to AED198.6 from AED154.79.
- China maintained its position as Dubai’s biggest trading partner in H1 2021 with AED86.7 billion worth of trade compared to AED66.3 billion in H1 2020, up 30.7 percent YoY.
Business
Sharjah to showcase its FDI potential at Dubai Expo 2020
Invest in Sharjah has confirmed participation at the world’s biggest fair and announced it will host discussions and specialized activities...
- Sectors that will be promoted include culture and tourism, mobility and logistics, health and wellbeing and Greentech.
- Emirate's investor-friendly climate is reflected in six free zones and the integrated business and licensing services, said Invest in Sharjah.
Videos
Watch: Saudi GDP to grow faster than expected in 2021
The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the...
- The Saudi economy grew 1.8 percent in Q2 of 2021
- This was the second time it had risen since Q2 2019
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.
IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...
Economy
Company News
Stocks mixed, dollar firms on rate-hike fears
Market Report
Latest News
Saudi Arabia to compete for 17-title categories at 15th Arab Games
Riyadh, Saudi Arabia--Saudi Arabia will take part in the 15th Arab Games, "Algeria 2023," which is set to commence next...
Economy
Iran makes US$54 billion in revenue from export of oil in 2022
Tehran, Iran-- Iran has earned revenue to the tune of $54 billion last year from the export of oil, according...
Business
Oman’s GDP climbs up 4.7 percent to touch US$22.59bn in Q1
Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion...
Economy
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Economy
51% techies satisfied with their pay in Middle East
Middle Eastern technology professionals are more open to office-based roles than their counterparts in Central Eastern Europe, Southern Europe, and...
- Middle Eastern tech professionals are more open to office-based roles than their counterparts in Central Eastern Europe, Southern Europe, and France and Benelux, says a report
- Career development remains a top priority for Middle East tech professionals, with 51% ranking it in their top three considerations for a new role, adds the latest report by Hays
Business
Jordan medical, pharmaceutical exports see 30% growth in first 5 months of 2023
AMMAN, JORDAN Â -Â The pharmaceutical and medical supplies sector of Jordan has experienced an impressive 29.7 percent growth in exports...
- Jordan's exports from the pharmaceutical, medical supplies sector for the first five months of 2023 reached approximately US$375 million.
- The growth has been possible due to regularization, recovery of supply chains, and uninterrupted supply of raw materials and production inputs.
Business
Botswana inks new deal with De Beers
GABORONE, BOTSWANA -  Botswana has reached an eleventh-hour deal with diamond giant De Beers after months of tense negotiations that saw...
- The agreement provides for a new 10-year agreement to sell the rough diamonds produced by Debswana.
- Debswana is a JV equally owned by the government and De Beers - and a 25-year extension of its mining licenses.