Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...Economy
European stocks rise, China rate cut fails to ease worries
European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris...There are concerns that the US Federal Reserve could raise interest rates further and keep them elevated for longer.
Focus turns this week to a symposium of top central bankers and business leaders at Jackson Hole, Wyoming, with dealers hoping for guidance on rates.
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...The MoU also aims to establish a framework for cooperation that advances trade, investment and economic relationships between the UAE and Ethiopia.
The signing of the MoU was held on the sideline of the UAE delegation's visit to the Federal Democratic Republic of Ethiopia.
Arab Parliament endorses call to support victims of terrorism
Cairo, Egypt-- Arab Parliament on Monday endorsed the call for victims of terrorism in the Arab world to be supported...The parliament said the victims of terrorism in the Arab world must be supported with money to overcome their tragedies
The parliament expressed solidarity to coincide with the International Day of Remembrance and Tribute to the Victims of Terrorism
China cuts key interest rate to support economy
The measures, which run counter to rising interest rates around the world as other major economies work to curb inflation,...The one-year loan prime rate was reduced from 3.55 percent to 3.45 percent, the People's Bank of China said in a statement
The decision is intended to encourage commercial banks to grant more loans and at more advantageous rates
UAE’s ERC unveils housing project for victims of February quake in Syria
Latakia, Syria--The Emirates Red Crescent (ERC) has inaugurated the Al Naqa housing project in the Latakia Governorate in Syria.The ERC...In April the ERC had announced its intention to build 1,000 prefabricated housing units in seven areas in the Latakia Governorate for the victims of earthquake
The governor of Latakia, Amer Hilal, expressed his gratitdue to the UAE for implementing relief projects in Syria since the early days of the earthquake
Saudi Arabia issues tax warning to businesses: Pay up or face hefty fines
Riyadh, Saudi Arabia - Saudi authorities have issued a clear warning to businesses operating within the country: settle your outstanding...The warning specifically targets businesses in the commercial sector that fall under the purview of value-added tax
VAT serves as one of Saudi Arabia’s prevailing tax systems and functions as an indirect tax levied on the purchase and sale of goods and services
GCC steps up to diversify Europe’s natural gas supply
Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia...Amid the Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia offering alternative natural gas options
These countries have signed several long-term agreements to supply Europe with liquefied natural gas, helping to diversify Europe's energy sources and enhance energy security
Rival branches of Central Bank of Libya reunite
Libya's central bank announced that its two rival branches in the west and east are reuniting after nearly a decade...Libya has seen 12 years of stop-start conflict since the 2011 NATO-backed revolt that toppled strongman Moamer Kadhafi.
The Central Bank of Libya said it has "again become a unified sovereign institution", in a statement issued by the governor and his deputy.
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...Iran-EU trade exchanges declined by 10 percent compared to the last year’s corresponding period.
Germany, Italy and the Netherlands accounted for most of the export of products to Iran from January to June 2023.
