Low-pressure system eases over UAE: Dubai Airport delays remain
The Ministry of Interior has announced the end of the low-pressure weather system that wreaked havoc for many Dubai International...Economy
MENA region is leading the on-demand talent revolution: report
Agile work models and diverse skill demands propel MENA's freelance economy, empowering businesses to thrive amid modernization and digital transformation.Economy
‘EU acknowledges, appreciates Qatar’s labor reforms’
The EU also lauds the exceptional execution of FIFA 2022 in Qatar. It helped refine Qatar's reputation and correct misconceptions....European Union commends Qatar's successful organization of FIFA World Cup and its positive impact
The bloc has also vowed to strengthen relations with Islamic countries and combat hatred against Islam
Turkey raises minimum wage by 34% to tackle inflation
Ankara, Turkey - Turkish government has announced a 34 percent increase in the monthly minimum wage, effective from July 1. The...The decision was reached by the minimum wage assessment commission, following negotiations between workers and employers
President Tayyip Erdogan, who was re-elected, has indicated a willingness to implement interest rate hike in an attempt to stabilize the economy
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Remittances to MENA may rise by 1.7% after drop in 2022: World Bank
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023...The remittances are likely to increase by 1.7 percent in 2023 and by 1.8 percent the following year, the World Bank said in its Migration and Development report.
The 3.8 percent drop in the flows in 2022 was driven mainly by a drop in flows to Egypt and downturns in flows to Algeria and Jordan.
US supports China’s bid to advance Middle East peace
Saudi-Iran peace deal will reduce tensions in the region and would solve some of the problems if not all, says...Blinken spoke of his recent visit to the Middle East where he met with the GCC leaders who, according to him, still see the US as the preferred partner
On Taiwan, Blinken said the US has real concerns about the direction it has taken and blamed China for what he called as reckless actions
Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global economic activity.
Oman's real GDP rose by 4.3 percent in 2022, basically on an expansion of the hydrocarbon sector.
