UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...Economy
US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...Economy
Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...The Iranian diplomat said that his country has an ambitious vision to diversify its economy away from crude oil revenues.
He said that this includes expanding the transportation infrastructure in Iran to significantly increase its cargo transit revenues.
Global rice prices hit 15-year high after India curbs: FAO
Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".
The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence said.
RAKEZ, Indian Economic Trade Organization ink MoU to boost business ties
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed...The collaboration focuses on initiating trade missions and investment forums to help Indian businesses understand what RAKEZ offers.
The agreement promises customized business services for Indian companies that are tailored to their aspiration of expanding into the MENA region.
UAE vows full backing for GCC economic integration by 2025
Dubai, UAE - The United Arab Emirates (UAE) has reaffirmed its commitment to advancing the economic integration of the Gulf...The UAE Minister of Economy Abdulla bin Touq Al Marri, Minister Bin Touq called for developing the mechanisms of economic integration within the GCC
The UAE urged finalization of the customs union, the establishment of a common GCC market, and the utilization of AI to bolster developmental endeavors
US interest rates in ‘good place,’ for now: Fed officials
The comments from three regional Fed presidents with a vote on setting interest rates will likely solidify expectations that the...Analysts have raised the chances of the Fed successfully cutting inflation while avoiding recession, which is also known as a "soft landing"
Earlier this week, the Fed said robust tourism spending was helping to keep the wheels of the world's largest economy turning
Gig economy accounts for up to 12% of the global labor market: WB
Washington, US – The ‘gig economy’ accounts for up to 12 percent of the global labor market—much higher than previously...While developed countries currently dominate the demand for gig workers, the demand in developing countries is growing at a much faster rate
Almost 60 percent of firms surveyed in poorer countries reported increased outsourcing to gig workers. In wealthier countries, less than half said the same
Expansion may offer limited economic boost to BRICS
The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them,...The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them, and foster increased bilateral collaboration
After expansion, the bloc will represent 30% of global GDP, 45% of the population, control 80% of oil production, and account for 16% of global trade by next year
Qatar real estate trading crosses $143m in August 27-31 2023
DOHA, QATAR - The volume of real estate trading in non-residential sales contracts at the Department of Real Estate Registration...The total sales contracts for residential units in the Real Estate Bulletin during August 27-31 reached US$75 million.
The real estate trading in sales contracts in the non-residential category during August 27-31 reached US$ 68 million.
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...The Russian president and the Saudi crown prince discussed the outlook for BRICS expansion.
The two leaders reviewed cooperation between the two countries within the OPEC+ agreement framework.
US Treasury pushing to increase IMF funding by raising quota obligations
The comments from Jay Shambaugh, the Treasury's under secretary for international affairs, underscore the Biden administration's push for the IMF...An increase in quotas "will reduce its reliance on borrowed resources and provide the IMF with a more consistent and predictable level of resources," said Jay Shambaugh.
The Treasury is also looking at ways to expand the influence of emerging markets and developing economies at the top of the IMF, he said.
