Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...Economy
Early economic measures tame Saudi inflation at 1.7% in Sept: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September...CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items. The prices are collected through field visits to points of sale.
Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, the IMF said recently.
Dubai’s economy grows 3.2 percent in H1 2023
DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance...Trade activities achieved an added value of US$14.5 billion in H1 2023, growing by 1.7 percent compared to the same period in 2022.
Trade activities are vital for Dubai’s economy and for the wider region, as they effectively contribute to sustainability and economic prosperity.
UAE allots US$200m to boost growth in low-income countries
Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing...The minister made the announcement during the International Monetary and Financial Committee (IMFC) gathering in Marrakech
The allotment of money aligns with the UAE’s efforts to realize the United Nations’ Sustainable Development Goal to eradicate poverty
Collaboration crucial for renewable energy transition
"World peace and security, along with social, economic, and political stability, hinge on two pivotal factors: addressing climate issues and...The UAE is actively supporting global efforts to mitigate the effects of climate change at both regional and international levels
World peace, security and stability hinge on addressing climate issues and investing in clean and renewable energy sources
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...The quotas, which are based on the size of a country's economy, determine how much funding a nation should provide to the IMF.
IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's meetings to urge members to step up funding.
UAE, South Korea ink MoU to enhance air transport relations
ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum...This MoU includes an agreement to increase the number of national carrier flights between the two countries to 21 flights per week.
The signing of this MoU followed discussions held in Seoul on October 12 and 13, 2023, with representatives from both countries' aviation sectors.
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund Annual Meetings in Morocco.
The US$20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital.
Kuwait Fund and Central American Bank sign MoU
Marrakesh, Morocco-- Kuwait Fund for Arab Economic Development (KFAED) and the Central American Bank for Economic Integration (CABEI) have signed...The MoU between the two entities is designed to respond to humanitarian crises and natural disasters, and to exchange information
The agreement was signed by KFAED's Director-General Waleed Al-Bahar and CABEI's Executive Vice President Jaime Palacios in Marrakech
UAE economy robust, bolstered by tourism and real estate: OPEC
Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate,...OPEC’s Monthly Oil Market Report (MOMR) for October 2023 noted that the UAE tourism sector continued to rebound and exceeded the pre-pandemic level
The report added that the government launched reforms to attract further investments, such as allowing 100% foreign ownership of onshore companies
Gold prices soar over 3% amid escalating Middle East conflict
Dubai, UAE - Gold prices surged over 3% on Friday, heading for their most robust weekly performance in seven months,...Investors closely monitored the intensifying conflict in the Middle East, which has been unsettling markets
Meanwhile, spot silver saw a 4% rise to $22.72 per ounce, marking its first weekly gain in three weeks
