‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
Economy
China pledges to ‘work with all’ for results at Abu Dhabi WTO conference
Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference...
Economy
Lebanon army giving helicopter rides to tourists for money
While most wages in Lebanon have remained unchanged, the value of the Lebanese pound has gone down more than 90...
- The Lebanese military plans 1,000 hours of helicopter rides for tourists and even Lebanese citizens this year
- With each ride costing $150, the military is eyeing an influx of $300,000 through this route
Economy
Oman readies roadmap for green economy
Oman’s Environment Authority and Petroleum Development Oman have reportedly discussed the policy draft with the United Nations Environment Program.
- The UNEP experts outlined the roadmap to EA and PDO during a virtual meeting that the Omani entities organized
- The first draft included the road ahead for the buildings, water, manufacturing, transportation, waste, and energy sectors
Economy
Inflation eases in Saudi Arabia, lowest in 14 months
Inflation in Saudi Arabia is on the decline for the second month consecutively, dropping to the lowest level since June...
- The consumer price index (CPI) recorded a modest increase in August of 0.3 percent
- The slowdown was led by non-food prices, particularly by weaker inflation in the clothing and transport sectors
Economy
Sudan inflation eases for first time under transition
The inflation rate was recorded at 387. 56 percent (year-on-year) in August, compared to 422.75 percent in July
- The inflation rate was recorded at 387. 56 percent (year-on-year) in August, compared to 422.75 percent in July
- Sudan has long been reeling from economic crises that deepened after the ouster of autocrat Omar al-Bashir in April 2019
Business
Kuwait’s Burgan Bank gets approval to issue $500m senior bonds
Kuwait's Burgan Bank has been allowed to issue up to $500 million senior unsecured bonds under its Euro Medium Term...
- The bank said the proceeds from the bond issuance will help it reinforce its long-term liquidity.
- The bonds will have either a five-year tenor and a fixed coupon, or a six-year tenor with redeem option.
Economy
Dubai 11th popular city for investment visa programs, second for Covid safety
Henley & Partners’ Best Residence-by-Investment Cities for Business Index ranks cities according to lifestyle, tax, education, real estate, healthcare, security,...
- Dubai scored highest overall in the index in the tax category.
- The emirate was second on the index for Covid-19 safety.
Business
UAE’s non-oil trade weathers pandemic to reach $371 billion in 2020
DUBAI: The UAE's non-oil trade rose to AED 1.403 trillion ($371 billion), reflecting the country's robust trade exchanges despite the...
- Imports have hit AED 785 billion, accounting for 56 percent of total merchandise trade.
- China was UAE's main trading partner with the bilateral trade value reaching AED174 bn.
Analysis
The Grand Renaissance Dam: Egypt’s Nile nemesis
Ethiopia's refusal to sign a binding agreement on the dam has dashed hopes of a settlement with Egypt and Sudan.
- Egypt's area under agriculture could lose by up to 72 percent in case of short filing of the dam.
- Ethiopia has said earlier treaties on Nile waters have undermined its rights and the dam will help in the country's development.
Geostrategy
UAE, Israel eye trillion-dollar business
The UAE marks one year since normalising ties with Israel today as the leaders hope the Abraham Accords could reap...
- The economic benefits have come quickly for the UAE and Israel after the US-brokered Abraham Accords
- Both have signed a series of deals ranging from tourism to aviation and financial services
Geostrategy
Abu Dhabi crown prince, Macron discuss bilateral ties
The two leaders discussed bilateral relations, investment opportunities, economy and culture, as well as other vital sectors, to drive sustainable...
- The two leaders review regional developments, which is likely to include Afghanistan
- The UAE has set up an air bridge to deliver tonnes of aid to Afghanistan
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
Economy
Company News
Hermes Q1 revenue at US$3.7bn Â
Business
Latest News
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
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...
Economy
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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.
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...
- "The ECB's simplistic recipe of raising interest rates does not appear to many to be the right way forward," Italian PM Meloni said in a speech.
- Meloni was reacting to ECB President Christine Lagarde's warning Tuesday that the bank would "continue to increase rates in July".