Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
Business
Oil prices higher on China boost, Syria uncertainty
Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for...
Business
Business
OPEC Fund to support SMEs in Paraguay with US$50mn funding
Vienna, Austria— Continuing with its initiative to support businesses across the world, the OPEC Fund for International Development (the OPEC...
- OPEC Fund Director-General Abdulhamid Alkhalifa said that supporting food-exporting countries like Paraguay is vital for global food security
- The fund set up its Food Security Action Plan in 2022, alloting US$1 billion for providing assistance in order to cover the import costs of grains and fertilizers
Economy
Private sector sees 13% increase in Emirati workers
More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis...
- More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis employed in the private sector to over 66,000
- Trends point to a positive job market outlook as employment experts predict an average increase of 2-5 percent in employee salaries in 2023, varying by sector and role
Geostrategy
Proposed judicial overhaul threatens Gulf investment in Israel, Abraham Accords: Experts
The weakening of the judiciary and concentration of power will harm the high tech sector, deter foreign investment and make...
- The leaders of the high tech industry worry that, after the overhaul, there won’t be independent courts to protect investments
- High tech is the main growth engine of the Israeli economy, accounting for nearly half of the country's exports in 2022
Business
China becomes first Asian country to get a share of Qatar’s landmark natural gas field
Doha, Qatar: Chinese oil giant Sinopec on Wednesday became the first Asian firm to get a stake in Qatar's expansion...
- North Field contains the world's biggest natural gas reserves and extends under the Gulf into Iranian territory
- China is already the biggest customer for Qatar's liquefied natural gas and one of the world's top LNG importers
Business
DEWA, Siemens Energy discuss enhancing cooperation
DUBAI, UAE -Â MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed enhancing cooperation...
- DEWA is implementing clean and renewable energy and water desalination projects.
- The firm attaches great importance to research in sustainable and renewable energy.
Business
Swiss federal prosecutors probe UBS takeover of Credit Suisse
Geneva, Switzerland--Swiss federal prosecutors said Sunday that they had opened an inquiry into the UBS takeover of its embattled banking rival...
- According to prosecutors, investigation will look to ensure that the country's financial center remains "clean" and spot any criminal offenses
- Both the financial giants, UBS and Credit Suisse, belong to a select group of lenders deemed very vital to the global banking system
Economy
UAE Central Bank projects 4.3% GDP growth in 2024
The bank cited the real estate and construction sectors as key drivers, as well as a dynamic manufacturing sector, like...
- As for inflation, the review projects it to decelerate to 3.2 percent in 2023, “on the back of softer price increases in all categories."
- Oil production is expected to moderate in line with the OPEC+ agreements but the non-oil sector is anticipated to continue to grow
Banks face reduced profits as CBDCs gain traction
The emergence of interoperable central bank digital currencies may lower costs and reduce settlement risks, but may hit bank revenues...
- The emergence of interoperable central bank digital currencies may lower costs and reduce settlement risks, but may hit bank revenues from cross-border transactions, warns Moody's
- Although CBDCs promise faster, cheaper, and safer services, they could diminish banks' roles in the new economic landscape, affecting revenues from cross-border payments, it adds
Saudi Arabia’s Women’s National Team enters FIFA World Ranking
The national team, commonly known as the ‘Green Falcons’, are currently led by Finish Head Coach Rosa Lappi-Seppälä, who took...
- Historic moment forms part of the country’s massive investment in the women’s game in recent years
- The Women’s Football Department of the Saudi Arabian Football Federation was established in 2019
Geostrategy
Saudi Arabia crown prince shows new pragmatism with Iran deal
Mohammed bin Salman has also worked to mend rifts with regional rivals like Qatar and Turkey, and even offered up...
- Mohammed bin Salman has also worked to mend rifts with regional rivals like Qatar and Turkey, and offered up the Gulf kingdom as a mediator for the war in Ukraine
- On his watch, the formerly closed-off kingdom sidelined the religious police, allowed women to drive, opened cinemas and started granting tourist visas
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
Business
Company News
TAQA Q1 net income $571m
Business
Latest News
Equinox and NEOM announce Equinox Resort Treyam in Magna
New York, US -- Luxury hospitality group Equinox Hotels has announced plans for the opening of Equinox Resort Treyam, one...
Business
Israeli settlers beat foreign volunteers in occupied West Bank
Nablus, Palestinian Territories -- Israeli settlers on Sunday attacked a group of foreign volunteers helping Palestinian farmers in the occupied West...
Geostrategy
Iraq to import electricity from Turkey for northern provinces
Baghdad, Iraq -- Iraq said Sunday a new power line will bring electricity from Turkey to its northern provinces as authorities...
Geostrategy
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Geostrategy
Antivirus update sparks global tech chaos: Flights, banks hit
Air passengers crowded into airports to wait for news as dozens of flights were cancelled and operators struggled to keep...
- Reports from the Netherlands and Britain suggested health services may have been affected by the disruption, meaning the full impact might not yet be known.
- Banks in Kenya and Ukraine reported issues with their digital services, supermarkets in Australia had problems with payments.
Geostrategy
Israel lawmakers vote to oppose Palestinian state
The vote, which drew swift criticism from the Palestinian leadership and the international community, is largely symbolic but laid down...
- The establishment of a Palestinian state on lands occupied by Israel in 1967 has been the cornerstone of the international community's efforts to resolve the conflict.
- UN chief Antonio Guterres warned Wednesday that "recent developments are driving a stake through the heart of any prospect for a two-state solution".
Economy
IMF maintains 2024 global growth forecast, warns of inflation risk
The International Monetary Fund expects the world economy to grow 3.2 percent this year, unchanged from its April forecast, according...
- But even as many countries saw better growth than anticipated early this year, the IMF flagged surprises in Japan and the United States.
- The IMF's report warned that a resurgence of tariffs can trigger retaliation and a "costly race to the bottom."