Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...Economy
Regulated dollar transactions on the rise in Iraq, says central bank
With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically....Economy
Bank of England hikes interest rate to highest level since 2008
The Bank of England lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation...Global policymakers are battling elevated inflation caused largely by runaway energy bills.
Bank of England warned of "considerable uncertainties" on when UK inflation would return to its two-percent target.
e&, Vodafone form relationship
As per pact, e& is a cornerstone shareholder of Vodafone.e& and Vodafone will explore offering joint cross-border digital services to multi-national customers and public sector organizations.
Services will include fixed and mobile connectivity, Mobile Private Networks, IoT, cybersecurity, and cloud-based services.
Saudi Industrial Production Index up 4.1 percent in March
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 4.1 percent in March 2023, compared to the...The kingdom's General Authority for Statistics (GASTAT) said the IPI rose to 134.8 points in March, according to the base year 2010, compared to 129.5 points in March 2022.
The index of the mining and quarrying activity increased by 1.6 percent and the sub-index of the manufacturing activity increased by 10.5 percent over previous year.
Emirates Group yearly profit $3bn
The group declared a dividend of $1.2 billion to its owner.The Emirates airline business alone banked $2.9 billion after returning a $1.1 billion loss in the previous financial year.
The Middle East's biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in over three decades.
HSBC sees great Middle East-China growth potential
Dubai, UAE: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International...HSBC hosted Chinese ambassador to the UAE Zhang Yiming and a senior delegation from the UAE China Business Council
Trade between China and the UAE reached a record high of $99.27 billion in 2022, marking an annual increase of 37.4%
Egypt’s headline inflation slows to 30.6% in April, first such drop in 9 months
Cairo, Egypt--Egypt's annual urban consumer inflation in April dipped to 30.6% from 32.7% in March, data from the state statistics...Following a series of currency devaluations since March 2022, inflation in the North African country has gone up, fueled by shortage of foreign currency
According to Moody's, the slow implementation of its asset sale plan hobbles the country's foreign exchange liquidity and weakens trust in its currency
UAE’s GDP expected to have grown by 7.6% in 2022: CBUAE
Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up...The bank said that in spite of the rise in global inflation, the UAE's remained below the average rate of 4.8 percent, with a decline expected in 2023
The report noted the bank's efforts to ramp up monetary stability, improve financial sector's resilience, and support economic activity in the UAE
Dana Gas posts fall in profit
Its net profit fell 7 percent to US$50 million in Q1 of 2023.Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
The company attributed the decline in revenue and net profit to a fall in energy prices from high levels
Rise of ChatGPT: GCC might lose 10 million jobs in 5 years
Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might...According to a Goldman Sachs economist, more than 65 percent of occupations will be partially or fully automated in the coming years
Critics of generative artificial intelligence that powers chatbots argue that it can never be able to replace the genius of human mind
Morocco, UK ink pact on climate action, clean energy, green growth
Rabat, Morocco: Morocco and the United Kingdom signed on Tuesday a Strategic Framework for Cooperation on climate action, clean energy...The agreement aims to facilitate Morocco’s accelerated transition from fossil fuels to clean and affordable energy
It also aims at the systemic integration of climate action into government and private sector planning and action
