WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
Interview
Hyperinflation imminent in Lebanon: Nasser Saidi
A crushing economic crisis, a sharp collapse of the local currency and a bankrupt banking sector are adding to the...
- Lebanon's banking sector must reduce the size by at least 50 percent if not more, says senior economist Nasser Saidi
- Lebanon, he says, will take 5–7 years to recover if it agreed to an IMF program within the next three months
Geostrategy
Syria agrees to help Lebanon get gas, electricity
The country has said it is ‘ready’ to help Lebanon with ‘transit for Egyptian gas and Jordanian electricity via Syrian...
- Lebanon’s fuel shortage has reached such proportions that millers have warned they might have to stop making bread
- Meanwhile, Unicef has said 4 million Lebanese could lose access to water as pumps run out of fuel
Business
Bahrain cuts truck wait duration by 15 times
Bahrain’s Customs president hailed importers, traders, and customs agents for the achievement.
- Bahrain said it has reduced the average waiting period for such loaded trucks to just 52 minutes in the first half of August
- This was in comparison to the 757 minutes — more than 12 and a half hours — in the previous years
Economy
Three in four in Lebanon are living in poverty: UN body
That number goes up to 5 out of 6 people when one redefines poverty beyond the usual fiscal lines and...
- Between June 2019 and June 2021, the inflation rate in Lebanon amounted to 281 percent
- This led to a rise in income poverty from 25 percent in 2019 to almost 74 percent in 2021
Economy
UAE pulls up underperforming tax authority, energy ministry
The UAE has said some underperforming government offices and ministries have 90 days to improve their digital services.
- The findings were based on a public poll announced three months ago to gauge efficiency of digital services by government entities
- As part of the poll, 55,000 people gave inputs on the digital services provided by 30 government agencies
Economy
Airbus joins DAX’s 10 new members
From Sept 20, the index of 30 firms will bring its total membership to 40 firms.
- From September 20, the index of 30 companies will bring its total membership to 40 firms, becoming the DAX 40
- Other additions include Puma, Siemens Healthineers, a subsidiary of the already DAX-listed company Siemens, as well as meal-kit company HelloFresh
Economy
Africa data centre expansion plan to cover Morocco, Tunisia, Egypt
The project will involve building 10 hyperscale data centres, in 10 countries, over the next two years at a cost...
- The project will involve building 10 hyperscale data centres, in 10 countries, over the next two years at a cost of more than US$500m
- It is being funded through new equity and facilities from leading development finance institutions and multilateral organisations
Economy
Saudi Arabia’s PIF, Tadawul Group plan carbon trading platform
Companies and institutions seeking to reduce their emissions will increasingly turn to the platform to trade carbon credits
- Companies and institutions seeking to reduce their emissions will increasingly turn to the platform to trade carbon credits
- Its purpose is to align with regulatory entities to develop methods, business models, and governance practices to reduce climate change effects
Why Golden Residency is not a privilege
Global economic transformation has pushed governments to implement various programs and reform investment rules to make them more flexible to...
- The UAE is the only Middle Eastern country that issues Golden Visas.
- In 2010, the first golden visa program was launched in Latvia.
Analysis
GCC can help shipping industry curb emissions
Saudi Arabia and the UAE are already off the starting mark in their efforts to supply alternative fuels to the...
- Hydrogen requires high-pressure tanks when stored as a gas or temperatures of -253°C when stored as a liquid
- Ammonia can be used as marine fuel as the conversion process is economical and involves little fuss
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
Company News
Egypt’s village traditions in peril as costs rise
Arts & Culture
Latest News
Availability of government sukuks boosts investment options for Islamic banks: Fitch
Doha, Qatar--The increasing availability of government sukuk and Islamic liquidity management tools by the Qatar Central Bank supports liquidity management...
Economy
International Security Alliance seizes drugs worth US$750mn in global operation
Abu Dhabi, UAE--The International Security Alliance (ISA) has seized narcotics estimated to be worth US$750 million from a large transnational...
Geostrategy
Qatar Chamber signs MoU with Argentina Chamber to boost economic ties
Doha, Qatar-- Qatar and Argentina are looking to bolster ties and in this regard Qatar Chamber of Commerce and Industry...
Economy
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Economy
Top Abu Dhabi firms to attend Europe’s asset and wealth management conference
Abu Dhabi, UAE-- Prominent Abu Dhabi companies are taking part in Impower Fund Forum, the largest asset and wealth management...
- Set to take place in Monte Carlo, Monaco, it is considered to be the largest asset and wealth managment conference in Europe
- The forum will be an opportune platform for Abu Dhabi companies to showcase their accomplishments and engage with industy players
Economy
UAE national banks provide $11bn in financing to commercial, industrial sectors
Dubai, UAE - National banks in the UAE have increased their credit financing to the business and industrial sectors by...
- The data reveals that the UAE banks provided a total of $201 billion to the business and industrial sectors by April 2023
- Traditional banks were the primary source of credit financing for these sectors, providing $184 billion or 82.5 percent of the total
Economy
HNWIs’ wealth in Middle East grows despite slowdown
Despite a global economic slowdown in 2022, high-net-worth individual wealth in the region experienced growth on the back of strong...
- Despite a global economic slowdown in 2022, high-net-worth individual wealth in the region experienced growth on the back of strong earnings in the oil and gas sectors
- Globally, HNWI wealth and population declined, with North America experiencing the sharpest decline. HNWIs have shifted focus to value and prioritized wealth preservation