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
Ramadan drives MENA online shopping boom, UAE takes the lead
As Eid Al-Fitr approaches, online shopping is expected to reach new heights, with anticipated growth in categories like flowers, cakes,...Economy
Tawuniya Q1 2023 net profit $20m
Insurance services results in Q1 improved by US$55 million.The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.
European Central Bank raises rates for eighth consecutive time
The hike was the highest since 2001, despite a darkening economic outlook. The ECB increased rates by another 25 basis...Like all central banks, the ECB has to walk a fine line in raising interest rates sufficiently to dampen demand and contain inflation, without provoking a sharp economic slowdown.
The ECB also slightly raised its inflation outlook, predicting it will reach 5.4 percent in 2023, 3.0 percent in 2024 and 2.2 percent in 2025.
Saudi inflation in May rises slightly to 2.8% on higher rents
Dubai, UAE -- Saudi Arabia’s inflation increased by 2.8%, compared to May 2022, slightly higher than April 2023 (2.7 percent),...The main driver of CPI inflation in May was the higher prices of housing, water, electricity, gas, and other fuels by 8.4 percent, and food and beverages by 0.9 percent.
The cost-of-living index for May rose to 109.37 points, according to the base year 2018, from 106.42 points in the same month a year earlier.
ESG, Q Holding form joint venture
JV to develop accommodation project in Abu Dhabi island.This project aims to address the diverse housing needs of employees in sectors such as healthcare, transportation.
Upon completion, the project will cater to approximately 5,000 staff, offering a convenient environment.
UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...The MoU supports national strategic objectives to boost the growth of the industrial and advanced technology sectors.
It aligns with the National ICV program's aims to enhance economic growth by redirecting government expenditure into the national economy.
At UN, UAE plays up link between climate change and peace
Exhorting the Security Council to adopt what she called as innovative attempts to address the interplay between climate change, peace...The minister exhorted the council to approach conflicts through a climate-sensitive lens, strengthening the capacity of relevant peace operations
Chairing presidency of the UN Security Council for June, the UAE held the debate under the title "threats to international peace and security"
High oil prices fuel Saudi Arabia’s economy as GDP grows to 8.7% in 2022
Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against...The kingdom's growth was driven by oil, which contributed 15.4 percent to the overall GDP growth, while non-oil activities also made a positive contribution of 5.4%
In 2023, stable commodity and food prices are expected to limit upward pressure on imported goods as the dollar continues to gain strength
Qatar and Iran look to boost monetary, banking ties to propel trade
Tehran, Iran--Qatar and Iran are looking to boost monetary and banking cooperation that would propel all-round development of trade between...The establishment of monetary and banking relations between Doha and Tehran will drive the volume of trade between the two countries significantly
Referring to Tehran-Doha joint cooperation, Qatar's central bank governor said that there are many opportunities to increase trade between Qatar and Iran
Dubai Airshow 2023 to show off latest trends in aerial mobility
Dubai, UAE-- Dubai Airshow 2023 will show off the latest trends in the advanced aerial mobility (AAM) market as disruptive...The airshow in Dubai will lure global industry players and thought leaders from across aerospace, space and defense later this year to showcase the latest innovative solutions
Participants at the airshow will have the chance to look up a host of aerial transport solutions, including drones, UAVs, UAMs and eVTOLs, at the brand new AAM pavilion
Private sector share in UAE GDP rise to over 70%
Geneva, UAE - The private sector has increased its contribution to the UAE GDP to more than 70 percent, making...The UAE economy grew by 7.6 percent in 2022 and the total economic licences registered in the country reached over 1,014,000 licences
The country will discuss enhancing the resilience of the global economy to face crises and climate change at this COP28 later this year
