GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...Economy
Oil prices surge, Asian markets fall following Iran explosions
Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent...Economy
World Bank approves $1bn for Turkiye’s earthquake reconstruction
Ankara, Turkiye - The World Bank has announced its approval of $1 billion in financing to assist Turkiye in the...The bank highlighted that the financing will contribute to the restoration of healthcare services and the reconstruction of damaged or destroyed municipal infrastructure
The project aims to cover 11 provinces, which have been most severely impacted by the earthquake and where approximately 14 million people reside
UAE offers the world an eco-friendly economic model
“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...The UAE's economy is less than 20 percent reliant on fossil fuels, setting a leading example in the Gulf region, says WMO Secretary-General Prof Jukka Petteri Taalas
The UAE's commitment to clean energy and the decision to host the IRENA headquarters align with WMO's strategy for addressing climate change, he points out
US Fed Chair Powell leaves door open to two straight rate hikes ahead
The Fed recently paused its aggressive cycle of rate increases after 10 consecutive hikes, to give policymakers more time to..."We believe there's more restriction coming," Powell told a central banking conference in Portugal on Wednesday.
Powell said that US monetary policy will likely take more time to act against high inflation, and bring it down to the Fed's long-term target of two percent.
Italy warns against ECB decision to increase interest rates
The central bank has hiked rates at the fastest pace ever over the past year in a bid to cool..."The ECB's simplistic recipe of raising interest rates does not appear to many to be the right way forward," Italian PM Meloni said in a speech.
Meloni was reacting to ECB President Christine Lagarde's warning Tuesday that the bank would "continue to increase rates in July".
Markets rise as upbeat US data plays against rates outlook
Wall Street popped higher Tuesday after a string of readings soothed concerns about a possible recession, while traders were also...President Joe Biden said on Tuesday that while economists had predicted a contraction was on the way, it still had not materialized.
Investors are now keeping tabs on a meeting in Portugal where speakers include top central bankers including Fed boss Jerome Powell and the head of the European Central Bank.
Qatar’s nominal GDP to hit $227.3bn in 2023, inflation 3%
Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven...The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6 percent in 2024.
The report forecasts the current account surplus to reach 20.8 percent of GDP in 2023 and 22.8 percent of GDP in 2024.
Rescue ship saves 86 migrants off Libyan coast: charity
The UN's International Organization for Migration estimates that 1,724 migrants had disappeared trying to cross the Mediterranean to Europe so...Spokesman for the charity said that most of the migrants were minors, trying to cross the Mediterranean on their own, without family
Italian authorities said the passengers can disembark at its port of Bari, which the charity said was still a three-day voyage away
Qatar to ramp up investment and economic cooperation with Iran
Tehran, Iran-- Qatar has renewed its willingness to boost economic cooperation with Iran, ramping up investment in order to strengthen...The resolve to boost ties was expressed in a phone call between the Emir of Qatar Sheikh Tamim bin Hamad Al Thani and the Iranian President Ebrahim Raisi
The Iranian president on his part said the Islamic Republic has always emphasized the promotion of relations and expansion of ties between the two countries
Sharjah Football Company signs Tunisian star Mohamed Firas Belarbi
Sharjah, UAE--Sharjah Football Company has signed Mohamed Firas Belarbi, the Tunisian international defender, from the Ajman Club for an undisclosed...Belarbi considered to be one of the most effective attacking midfielders in the UAE championships over the past two years took part in all 26 league matches, scoring 12 goals
Sharjah Football Company, founded in 2007, is a joint venture between Sharjah Sports Club and the Sharjah Investment and Development Authority
Doha, Dubai most competitive job markets globally
Despite international scrutiny over labor practices, Qatar and the UAE continue to attract job seekers with attractive policies like tax-free...Despite international scrutiny over labor practices, Qatar and the UAE continue to attract job seekers with attractive policies like tax-free income, a recent study points out
Cities in Northern California, particularly San Jose and San Francisco, have demonstrated high competitiveness due to major layoffs in tech firms, adds the Resume.io study
