UAE to provide US$10m grant to support WTO initiatives, says foreign minister
ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE...
Geostrategy
Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
Economy
Economy
Dubai approves $17.7 billion over 20 years for citizens’ housing
The outlay is for the next 20 years, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said.
- The government intends to increase the number of beneficiaries fourfold.
- In 2020, Abu Dhabi government announced $2 billion worth of housing loans, homes and land to more than 6,100 citizens.
Business
Iraqi cement-makers angry at fuel subsidy cut
The oil ministry earlier this month raised the price of fuel sold to cement manufacturers from 150 dinars per litre...
- The measure has caused industry outrage in the crisis-hit country, where some regions are still waiting for post-war reconstruction
- The subsidised fuel price for cement manufacturers was originally approved in exchange for their commitment to cap the price of cement
Economy
Fed may hint at ending stimulus, but no big moves expected
The growing consensus is that the much-anticipated first step will not be announced until November and ultimately begin in December.
- The growing consensus is that the much-anticipated first step will not be announced until November and ultimately begin in December
- But Fed Chair Jerome Powell could still provide details on the plans to start to taper the massive bond buying program
Interview
Gulf region poised for higher growth in 2021: Expert
The economies of the region are recovering fast on the back of the rising oil prices and speedy vaccination programs,...
- The economies of the region are recovering fast on the back of the rising oil prices and a reasonably speedy vaccination program
- In 2022, tourism should also significantly boost growth, resulting in recovery in the non-oil sector as domestic consumption and investment demand improves
Economy
Dubai expected to record 3.1% economic growth in 2021
Dubai’s economy would grow by a further 3.4 percent in 2022, ‘spurred by the hosting of Expo 2020’.
- Dubai’s economy had seen a growth of 1 percent during Q1 2021, compared to Q4 2020
- This signaled that the emirate’s economy was on the path to recovery, said Dubai’s Department of Economic Development
Economy
OECD lowers global, US economic growth forecasts
The forecast for China remained unchanged at 8.5 percent. The growth prospects of Argentina, Brazil, Mexico, South Africa, South Korea...
- The recovery remains very uneven, with strikingly different outcomes across countries, OECD said.
- Global gross domestic product has surpassed its pre-pandemic level following last year's Covid-induced recession.
Analysis
Investment in agritech key to UAE’s food security
Investing in agricultural technologies can take the UAE closer to its goal of being one of the top 10 countries...
- Over 100 entities use organic farming techniques in the UAE, including advanced farms that utilize modern agricultural technologies.
- The Abu Dhabi Investment Office is investing at least US$100m in agritech startups as part of their food security strategy.
Economy
Asian markets stabilize but Evergrande fears linger
The battle in Washington to raise the US debt limit was also fuelling concern that the government could miss payments...
- Dubai led declines among stock markets in the Gulf on Monday, as its main share index fell 1.2 percent.
- Hong Kong's Hang Seng Index, which plunged more than three percent Monday, edged up 0.2 percent.
Analysis
‘Apathy and despair’ as Iraq looks to October election
The polls were initially scheduled for 2022, but moved forward to June this year, then postponed to October.
- Respondents have said only the candidates’ faces are newer while the political ideals are unchanged
- Issues like constant power cuts and non-upgradation of infrastructure are also weighing on voters’ minds
Economy
Saudi holdings of US treasury bills rose to $128.1bn in July
For the second month in a row, Saudi Arabia’s holding of US Treasury securities rose in July, touching $128.1 billion.
- The Kingdom is the 16th largest holder of US debt
- This increase in June and July is in line with global trends, as countries around the world increased their holdings by 5.7 percent
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UAE to provide US$10m grant to support WTO initiatives, says foreign minister
ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE...
Geostrategy
Company News
Hermes Q1 revenue at US$3.7bn
Business
Latest News
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...
Economy
Italy warns against ECB decision to increase interest rates
The central bank has hiked rates at the fastest pace ever over the past year in a bid to cool...
Economy
Markets rise as upbeat US data plays against rates outlook
Wall Street popped higher Tuesday after a string of readings soothed concerns about a possible recession, while traders were also...
Economy
Most Read
Geostrategy
Rescue ship saves 86 migrants off Libyan coast: charity
The UN's International Organization for Migration estimates that 1,724 migrants had disappeared trying to cross the Mediterranean to Europe so...
- Spokesman for the charity said that most of the migrants were minors, trying to cross the Mediterranean on their own, without family
- Italian authorities said the passengers can disembark at its port of Bari, which the charity said was still a three-day voyage away
Economy
Qatar to ramp up investment and economic cooperation with Iran
Tehran, Iran-- Qatar has renewed its willingness to boost economic cooperation with Iran, ramping up investment in order to strengthen...
- The resolve to boost ties was expressed in a phone call between the Emir of Qatar Sheikh Tamim bin Hamad Al Thani and the Iranian President Ebrahim Raisi
- The Iranian president on his part said the Islamic Republic has always emphasized the promotion of relations and expansion of ties between the two countries
Economy
Sharjah Football Company signs Tunisian star Mohamed Firas Belarbi
Sharjah, UAE--Sharjah Football Company has signed Mohamed Firas Belarbi, the Tunisian international defender, from the Ajman Club for an undisclosed...
- Belarbi considered to be one of the most effective attacking midfielders in the UAE championships over the past two years took part in all 26 league matches, scoring 12 goals
- Sharjah Football Company, founded in 2007, is a joint venture between Sharjah Sports Club and the Sharjah Investment and Development Authority