Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...Economy
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...Business Economy Energy Global
Cloud adoption may unlock $181bn for UAE economy
By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says...By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says a report by Amazon Web Services
The UAE outpaces the MENA region in cloud computing, with a 1% increase in cloud usage potentially boosting the GDP by an average of 0.21%, or $854.7m annually, it adds
UAE economy to grow 4.2% in 2023, says Arab Monetary Fund
Abu Dhabi, UAE -- The UAE's economic growth is expected to remain robust, averaging 4.6 percent from 2022 to 2024,...The AMF's "Arab Economic Outlook Report" forecasts a 4.2 growth rate in 2023, accompanied by a decline in the consumer price index to 2.9 percent in 2023 and 2.57 percent in 2024.
With stable oil and gas prices and lower prices for basic goods, such as agricultural products, the report projected a 3.4 percent growth for Arab economies.
RAKEZ presents benefit of investing in UAE industrial zones
RAS AL KHAIMAH, UAE -Â Ras Al Khaimah Economic Zone (RAKEZ) successfully participated in the second edition of the Ministry...Make it in the Emirates Forum brings together investors, prominent stakeholders to discuss the role of industrial zones in driving economic progress.
The forum aimed to position the UAE as a preferred hub for emerging industries on a global scale and promote local production by attracting investors.
US job hiring rises in May but wage gains ease
Hiring in the United States heated up again in May, according to government data released, with the strong labor market...The United States added 339,000 jobs last month, surpassing estimates and picking up from a revised 294,000 figure in April.
Wage gains in the US moderated slightly with average hourly earnings up by 0.3 percent, slightly down from 0.4 percent in April.
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.
Saudi-Russian discord clouds OPEC+ output policy meeting
Analysts are now divided over whether Saudi Arabia and Russia will keep the group on course with its current output...Oil producers are grappling with falling prices and high market volatility amid the Russian invasion of Ukraine, which has upended economies worldwide.
In April, countries were caught off guard when several OPEC+ members agreed to voluntarily cut production by more than one million barrels per day.
ADIA, EQT to buy Dechra Â
The acquisition is expected to complete by early 2024.The offer was pitched at US$48.5 (£38.75) per share - a 44-percent premium from April 12 - before Dechra first revealed it was holding bid talks.
Dechra Pharmaceuticals has over 2,000 employees and seven production sites across the world, and sells veterinary products in 63 countries.
Thales launches initiative to promote UAE-made products, expertise
Dubai, UAE -- French multinational aerospace and defense technologies company Thales has launched 'Go to UAE' initiative with the support...Launched on day two of the Make it in the Emirates Forum, the initiative is being carried out in collaboration with Tawazun Council.
The initiative will help UAE suppliers benefit from this program by integrating with opportunities across Thales Global Supply Chain.
UN evokes ‘specter of food inflation’ as Ukraine grain exports slow down
"In May, 33 vessels departed Ukrainian ports, half of the number compared to April. Only three of those departed from...UN says Russia "has informed of its decision to limit registrations to the port of Yuzhny/Pivdennyi as long as ammonia is not exported"
Moscow is calling in particular for a resumption of operations on the Togliatti-Odessa pipeline for deliveries of ammonia
Will tax the rich to avoid IMF ‘diktats,’ says Tunisia’s Saied
Despite reaching an agreement in principle last October on a bailout package worth nearly $2 billion, talks with the IMF..."Instead of lifting subsidies in the name of rationalisation, it would be possible to introduce additional taxes on those who benefit from them without needing them," Saied said
Tunisian president did not say how such a plan might operate as employees' taxes are deducted at source and many Tunisians in the private sector do not declare their full income
