Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...Economy
China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
The decline in IPI is the largest since April 2021, when it recorded a drop of 24Â percent.
Russia to cancel tourist visas to four Gulf countries
Speaking at the Eastern Economic Forum (EEF), Russia's Minister of Economic Development Maxim Reshetnikov said that his country has offered...He said the countries of the Middle East and Southeast Asia are among those "with which we interact"
The minister added, "this is where incremental growth of premium class tourists is possible in particular"
Iran’s oil exports to China touch all-time record in August
Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according...According to data released by Kpler, a French firm, oil exports to China had reached an average of 1.5 million barrels per day (bpd) in August
It is estimated that Iran’s revenues from August sales of oil to China had amounted to some $3.5 billion, which it said was equal to entire oil sales in 2020
Global aid pours into Morocco as quake death toll passes 2,100
The International Federation for Red Cross and Red Crescent Societies has warned that the next 24 to 48 hours will...Countries such as Turkey, Switzerland, Belgium, Italy, Poland, and Israel have also offered assistance
A team of French volunteer firefighters has arrived in Morocco as US says it is ready to provide assistance
‘Saudi Arabia emerges as a leader in digital economy’
"Today, the Kingdom takes pride in its advanced technological sector, which has solidified its regional and global position as a...Saudi Arabia ranks second in digital competitiveness among G20 countries, fourth globally in the Digital Readiness Index, and garnered $446m in venture capital investments in H1
Women's participation in Saudi sectors rose from 7% to 33%, the Kingdom launched the world's largest virtual hospital, and introduced the first Arab and Muslim female astronaut
GCC chief highlights private sector’s role in sustainable Gulf economy
Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient...The secretary general was speaking at the the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain
He pleaded for increased cooperation between the GCC and the Gulf private sector to tackle the myriad challenges facing the region
Kuwait unveils economic reform program, to focus on diversification
Kuwait City - Kuwait has announced a comprehensive economic reform plan for 2023-2027 to address various challenges facing the country’s...The program aims to upgrade Kuwait's monetary markets rating in FTSE Russell Indexes from emerging markets to advanced emerging markets
In the petrochemical and oil sector, the government aims to increase oil production to 3.15 million barrels a day and refinery capacity to 1.45 million barrels a day
Keen on promoting digital payments in India, UAE, says RBI
NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems,...India and UAE have signed two MoUs to strengthen the use of national currencies for bilateral trade, link payment and financial messaging systems.
The RBI official said the two countries can work together to further develop digital payments and make them more efficient and convenient.
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...The aid will contribute to ameliorate the socio-economic challenges faced by the people and will help in achieving significant SDG targets.
IsDB had made an emergency intervention to support the communities affected by the conflict in Sudan.
Inflation in Egypt hits record high of nearly 40 percent, says government
Annual inflation in Egypt hit 39.7 percent in August, official figures showed, an all-time high for the country as it...Food and drink prices in Egypt alone registered a 71.9 percent increase compared to August 2022, state statistics agency CAPMAS said.
Even before the current crisis, 30 percent of Egyptians were living below the poverty line, according to the World Bank.
