Dollar droops before Powell testimony; euro weathers France uncertainty
 The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...Economy
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...Economy
US Federal Reserve likely to lift interest rates to 22-year high
The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more...A rate hike on Wednesday would raise the Fed's benchmark lending rate to a range between 5.25 and 5.5 percent - its highest level in 22 years
Futures traders see a probability of close to 99 percent that the Fed will proceed with a quarter percentage-point hike, according to data from CME Group
UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion...The results of financial transactions during the first quarter shows the value of net lending and net borrowing amounted to $6.3 billion
The value of total expenditures worked out $25.0 billion ,comprising net investment in nonfinancial assets and current expenses
Qatar Free Zones Authority, Qatar Development Bank to support foreign investors
Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms...The agreement will enable both to widen the areas of cooperation to serve companies investing in free zones, allowing them to use a variety of services
The partnership is expected to create a suitable investment climate in Qatar and at the same time provide support to investors to achieve growth in businesses
More Arab youth prefer entrepreneurship over govt job
Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant...Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant preference shift from government to private sector jobs
Amid high youth unemployment rates in the region, the ASDA’A BCW Arab Youth Survey points out a rise in entrepreneurial aspirations, particularly in GCC countries
Abu Dhabi-Japan deal to boost economic diversification
“Our cooperation with Japan External Trade Organisation (JETRO) is part of these efforts as Japanese experience and progress reflect role...Rashed Abdulkarim Al Blooshi, Undersecretary of the ADDED, highlights the importance of human development in Abu Dhabi's economic diversification efforts
The Abu Dhabi Residents Office, an ADDED arm, and JETRO have signed an MoU to bolster efforts in attracting specialized talent and investors across the sectors
IMF upgrades growth projection for 2023 on resilient service sector
The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent...The global growth forecast for this year was raised by 0.2 percentage points from the IMF's last forecast in April.
However, IMF said global growth is expected to slow to three percent this year and then stay there.
US Federal Reserve meets to consider raising rates to 22-year high
After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest...Futures traders assign a probability of close to 99 percent that the Fed will lift its base rate by 25 basis points on Wednesday, according to CME Group.
The quarter percentage-point hike predicted by analysts and traders would raise the Fed's benchmark lending rate to a range between 5.25-5.50%, its highest level in 22 years.
Saudi Arabia’s oil exports fell by nearly 38 percent in May
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...Non-oil exports (including re-exports) decreased by 8.7 percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
The value of imports amounted to SAR 67.7 billion in May 2023Â compared to SAR 56.0 billion in May 2022.
Jordan and Iraqi PMs renew pledge to boost economic ties
Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister...The two prime ministers resolved to boost volume of trade exchange, expanding cooperation in the economic, trade and investment fields
They also lay stress on ramping up cooperation in the field of energy, completion of the electrical interconnection project between the two countries
KNPC exports first shipment of 95 octane motor fuel to Europe
Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...The deputy CEO of the company said that the first shipment was loaded on board the oil tanker Pacific Sarah from Mina Al-Ahmadi
He said the shipment was dispatched in close cooperation and coordination with Kuwait Petroleum Corporation's international marketing sector
