Governments must put creativity at the center of economic strategy: Report
Titled Creative Futures: The Springboard for Sustained Economic Growth and Diversification, the report argues that cultural and creative industries —...
Economy
Qatar announces $430 mn in support for Lebanon
A visiting Qatari official on Monday announced a multi-million dollar aid package for Lebanon, primarily to support the country's crumbling...
Economy
Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
- Aramco announced on January 30 that the energy ministry had ordered it to maintain production capacity at 12 million barrels per day.
- Officials in the world's biggest crude exporter did not explain the move, leaving analysts to speculate that it reflected lack of confidence
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
- The circular included limiting the procedure of deduction from the pension or end-of-service gratuity for the benefit of GPSSA's debt.
- In cases of unlawful disbursement, GPSSA has the right to deduct from other beneficiaries' shares, proportional to their entitlements.
Economy
Global changes call for adaptable fiscal policies
He highlights the UAE's strategic priorities, including the future of fiscal policy, the application of sustainable fiscal policies to foster...
- The Eighth Arab Fiscal Forum, held in Dubai, focuses on sustainable development and economic resilience.
- Key discussions includes balancing public revenues, managing debt, and combatting climate change.
Economy
Bahrain to host ‘smart cities summit 2024’ in March
Manama, Bahrain--Bahrain will hold the seventh edition of the "Bahrain Smart Cities Summit 2024" from March 5 to 6 under...
- The two-day long summit will highlight the best global practices in AI, smart housing, sustainable architecture, and food security
- It will feature an exhibition showing the latest solutions for smart buildings, sustainable energy systems, and artificial intelligence
In Middle East, ‘manufacturing’ is a new buzzword
From Saudi Arabia to the UAE and Qatar to Kuwait, governments across the region compete to jumpstart industrial sector but...
- The industrial sector will contribute up to $1trillion annually to the GDP of the region
- Many experts estimate the sector can generate up to 15 million jobs in the next decade
Economy
In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...
- The industrial sector will contribute up to $1trillion annually to the GDP of the region
- Many experts estimate the sector can generate up to 15 million jobs in the next decade
Business
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
- Red Sea Global will develop the highly anticipated Four Seasons Resort at The Red Sea destination.
- The Four Seasons Resort, situated on Shura Island, is set to be a luxury property offering 159 exquisite guest rooms.
Interview
WEF24: Tech investment drives China’s growth
China's GDP is expected to grow 5 percent this year as the country has significantly recovered from COVID-19, Xiaoyan Zhang...
- China's GDP is expected to grow 5 percent this year as the country has significantly recovered from COVID-19, Xiaoyan Zhang of Tsinghua University tells TRENDS.
- 'People have started to spend more, and there are a lot of innovations happening in China; it will take a lot of work to recover, but we're confident," she adds.
Business
Climate change parches Morocco breadbasket amid policy pitfalls
Berrechid, Morocco -- Around this time every year, Moroccan wheat farmer Abderrahim Mohafid is usually preparing for his spring harvest, but...
- Morocco has seen only about half the rainfall it did during the same period last year, the country's water minister Nizar Baraka told AFP.
- The sector accounts for 14 percent of Morocco's exports, with exported produce seen as more profitable than that sold in domestic markets.
Economy
Arab countries public expenditure climbs to US$957.5bn in 2022: AMF
Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to...
- According to the AMF, the combined public budgets of Arab countries posted a surplus of about $119.6bn in 2022, compared to a deficit of $62.5bn in 2021
- The AMF report said Arab countries' GDP at constant prices climbed by about 6% in 2022, after reaching 3.6% in 2021, while it grew by 24.6% in 2022
Governments must put creativity at the center of economic strategy: Report
Titled Creative Futures: The Springboard for Sustained Economic Growth and Diversification, the report argues that cultural and creative industries —...
Economy
Company News
Latest News
Trump says ‘no extensions’ to Aug 1 tariff deadline
While Trump imposed a sweeping 10 percent tariff on goods from almost all trading partners in April, higher rates customized...
Geostrategy
Trump warns of 10% additional tariff for countries aligning with BRICS’ policies
BRICS leaders on Sunday described Trump's stop-start tariff wars as "indiscriminate", damaging, and illegal, drawing a quick rebuke from the...
Geostrategy
US tariffs to kick in Aug 1 barring trade deals: Treasury Secretary
Washington, United States -- US tariffs will kick in on August 1 if trading partners from Taiwan to the European...
Economy
Most Read
Business
Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
- OpenAI CEO Sam Altman recently complained that Meta has offered $100 million bonuses to lure engineers away from his company.
- Several OpenAI employees have accepted Meta's offers, prompting executives at the ChatGPT maker to scramble to retain their best talent.
Business
Trump metal tariffs wreak havoc on US factory
Belcamp, United States --Â In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
- At Independent Can's factory in Belcamp, Maryland northeast of Baltimore, CEO Rick Huether recounts how he started working at his family's business at age 14.
- Huether, now 73, says he is determined to keep his manufacturing company afloat for generations to come. But Trump's tariffs are complicating this task.
Economy
G7 to exempt US multinationals from global minimum tax
The deal will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home,...
- Nearly 140 countries struck a deal in 2021 to tax multinational companies, an agreement negotiated under the auspices of he Organization for Economic Co-operation and Development.
- That agreement, deeply criticized by Trump, includes two "pillars," the second of which sets a minimum global tax rate of 15 percent.