The backbone of the digital economy is upskilling: Jayney Howson
AI won't replace jobs, but reskilling will unlock its true potential—lifelong learning is the key, Jayney Howson, SVP of Learning...Economy
New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...Technology Business Economy Geostrategy Opinion
US Federal Reserve prepared to raise interest rates further
The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down...After 11 rate hikes in less than 18 months, the US benchmark lending rate now sits at a range between 5.25 and 5.5 percent - its highest level for 22 years.
The rapid cycle of interest rate increases has failed to definitively quash inflation, which remains stuck above the Fed's long-term target of two percent.
Lebanon central bank declines to address nation’s deficit through lending
Beirut, Lebanon -- Acting Lebanese Central Bank Governor Wassim Mansouri has said the bank will not be providing government lending...Acting Lebanese Central Bank Governor Wassim Mansouri said it will apply to both Lebanese lira and US dollar.
Mansouri assured that public sector employees would receive their wages for the current month in US dollars, with an exchange rate set at 85,500 liras.
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...Demand for products made from polypropylene is set to rise in the coming decades thanks to its versatility and recyclability.
Polypropylene market in Asia, Africa and the Middle East is valued at $10 billion and is predicted to grow by 5.5 percent annually.
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...The two ministers discussed the available opportunities to enhance trade exchange between Algeria and South Africa.
The aim of trade exchange and joint investment is achieving sustainable development in the region.
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...Turkmenistan is known for its status as a key gas producer regionally and globally
The country’s natural gas reserves are estimated at 50 trillion cubic meters
$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion
The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion
Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...Saudi Arabian Riyal and UAE Dirham maintain stability against US Dollar from 2020 to 2023.
Both the countries witness GDP growth of 45 percent and 43 percent respectively during the period.
Dubai Chambers saves water, works on sustainability agenda
DUBAI, UAE - Dubai Chambers has contributed to the emirate’s drive for sustainability by saving a total of 72,239 litres...The savings were achieved as part of the chambers’ participation in Dubai Can, a sustainability initiative launched by the Crown Prince of Dubai.
Dubai Can is aimed at educating and mobilising all segments of society to reduce waste and protect the environment.
Greek firefighters struggle to control wildfires for sixth day
Athens, Greece--Hundreds of firefighters in Greece struggled Thursday to gain the upper hand against major wildfires burning unchecked for a sixth...Threatening a national park, a huge blaze continued to burn on Mount Parnitha near Athens, in the largest forest adjoining the capital
According to a government minister, Greece was going through the worst summer of fires since fire-risk maps were introduced in 2009
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women
The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier
