‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...
Economy
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
Economy
US, EU step up Yemen aid but UN warns millions face hunger
The United States promised an additional $290 million but said the ultimate solution was to end the war
- The United States promised an additional $290 million but said the ultimate solution was to end the war
- Oxfam said around $600 million was pledged in total, although the UN plea for $3.9 billion to help Yemen was still underfunded by around $1 billion
Business
Dubai records $327m realty deals in week ending Wednesday
The deals consisted of 266 real estate sales transactions worth AED849.88 million.
- August 2021 was the second-highest month since December 2013 in terms of the number of sales transactions in one month.
- The real estate market in Dubai is seeing sustained growth in the run-up to Expo 2020 Dubai.
Economy
UAE, India talk on Economic Partnership Agreement
It is the second deal that Dr. Al Zeyoudi is pursuing this month, following negotiations with Indonesia, as the UAE...
- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, is in New Delhi to discuss trade and investment relations
- It is the second CEPA deal that Dr. Al Zeyoudi is pursuing this month, following negotiations with Indonesia, as the UAE accelerates its global trade agenda
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.
‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...
Economy
Company News
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Jordan’s exports to non-Arab Asian countries climb to US$1.16bn in Q1
Amman, Jordan-- Trade between Jordan and non-Arab Asian countries has shot up in the first quarter of 2023, with the...
Economy
France charges Lebanon central bank chief’s ex-assistant in graft probe
A former assistant of Riad Salameh, the governor of Lebanon's central bank, has been charged with money laundering by France....
Economy
MENA region trails in global race for gender parity
The Middle East and North Africa region scores only 62.6% in gender parity, and at the current pace, the region...
Economy
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Business
Apple tops $3trn in market value
Wall Street rises as US consumer inflation moderates.
- The personal consumption expenditure index measure of inflation eased to 3.8 percent year-on-year in May.
- The data comes on the heels of other upbeat economic reports this week adding to hopes the US economy can avoid a recession.
Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
- The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
- Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Business
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...
- This robust growth represents a remarkable 132 percent increase compared to the same period in 2022.
- The majority of these investors are from countries such as India, Pakistan, the UK, Egypt and Russia.