Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...Economy
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...Economy
UAE sets more norms for ‘Qualifying Investment Funds’
The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate...Except for real estate investment trusts, the new conditions require investment funds to be chiefly involved in investment business activities
The cabinet decision also requires a single investor and its related paties not to hold more than 30% or 50% of the ownership interests in a fund
Qatar National Bank foresees recession in US economy
Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out...The bank notes that the US economy continues to be resilient in spite of headwinds from high inflation, tighter financial conditions
In QNB's analysis while economic momentum should prevent a downturn for the US in 2023, a recession is not unlikely yet for 2024
Saudi Arabia turns to maritime to diversify revenues
Saudi Aramco's King Salman Complex, set to be the largest marine industry hub in the Middle East, is expected to...Saudi Aramco's King Salman Complex, set to be the largest marine industry hub in the Middle East, is expected to boost Saudi Arabia's GDP by over $17 billion
The complex aims to localize technologies and meet the needs for building offshore oil and gas rigs, offshore platforms, offshore support vessels, and crude tankers
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do not comply with their obligations.
Penalties also apply in cases of failing to properly keep records or submitting the required records and other information specified in the Tax Law.
African Union, EU step up pressure on Niger coup leaders
The African Union demanded Niger's military "return to their barracks and restore constitutional authority" within 15 days as the EU...The African Union and the European Union joined the chorus of international condemnation of the power grab, the latest to strike the Sahel region.
The EU's diplomatic chief Josep Borrell said the bloc would not recognize the putschists and announced the suspension of security cooperation with Niger.
Seventh Al Dhaid Date Festival witnesses huge turnout
SHARJAH, UAE – The seventh edition of Al Dhaid Date Festival continues to captivate participants and visitors alike, in a...The event has been organized by the Sharjah Chamber of Commerce and Industry and is hosted at Expo Al Dhaid.
The date festival has also attracted various official delegations and representatives from government institutions.
UAE is fourth biggest market for Indian spices
NEW DELHI, INDIA -Â The UAE ranked fourth in the world among the top 12 markets for Indian spices in...World Spice Congress 2023 is being organized on the sidelines of the G20 Summit to be held in New Delhi in September.
India produces 75 spices out of the 109 varieties listed by the International Organization for Standardization (ISO).
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...The value of the kingdom's imports from the EU during the first five months of 2023 rose 3.6 per cent to $1.66 billion
Germany topped the list of countries from which Jordan imports, with the value of import climbing to $356 million
Strategizing internet use key to halt disinformation
“Handling disinformation is the need of the hour. The Global Media Congress will help devise a strategy to use the...The annual Global Media Congress (GMC) in Abu Dhabi aims to strategize the best ways to use the power of the internet and tackle disinformation
Francisco Chacon Hernandez, Ambassador of Costa Rica to the UAE, sees the importance of the GMC as a platform for policy makers to share best practices
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
The government of Pakistan has already approved a refinery policy for new projects in the country.
