IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...Economy Geostrategy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...Economy Energy
Qatar’s industry PPI down by 2.56 percent in March
The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed...The PPI include four main industry sectors-- mining (82.46 percent), manufacturing (15.85 percent), electricity (1.15 percent) and Water (0.52 percent).
The prices decrease is seen in refined petroleum products by 2.39 percent, followed chemicals and chemical products by 0.95 percent
US regulators seize First Republic Bank, sell to JPMorgan Chase
With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank...JPMorgan will assume "all deposits, including those uninsured, and a majority of the assets," California's Department of Financial Protection and Innovation said
First Republic had failed to come up with a workable rescue plan and last week disclosed that it had lost more than $100 billion in deposits in the first quarter
Japan’s investment in Egypt soars, but bilateral trade contracts
Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments...In 2022, Egypt sent exports worth $261 million to Japan, including fuel, minerals, fruit, iron and steel products, carpets, and animal feed
Japan exported goods worth $889 million to Egypt in 2022, including boilers, machinery, equipment, cars, tractors, bicycles and pharmaceutical products
Saudi CMA cancels its share in sukuk, bonds trading commission
Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission...It is designed to lower costs for participants in the market, boost liquidity and expand domestic investors' based in government debt issues
With this step, the CMA hopes to develop a diversified financial sector and create an advanced capital market in line with the Vision 2030 objectives
Iran-Turkey trade hits $1.3bn in 3 months
Tehran, Iran - Iran and Turkey have traded $1.379 billion worth of goods in the first quarter of 2023, according...Eurostat also reported a 17 percent decrease in Iranian gas exports to Turkey, totaling 1.567 billion cubic meters in the same period
The two nations have set a target of $30 billion in annual trade and to achieve this, both governments have been working to remove trade barriers
UAE to deepen economic ties with Morocco in several sectors
Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the...Having invested US$14 billion at the end of 2021, the UAE is the largest Arab investor in Morocco and second in the world
The UAE and Morocco will double the volume of trade and investment during the next few years and also ramp up cooperation in many sectors
Alkhaleej Insurance posts profit
Its net profit soared 33% to US$7.49mn for Q1 of 2023.Its EPS stood at QR 0.107 at the end of March 31, 2023 as against EPS QR 0.080 for the same period in 2022
Qatar Islamic Insurance reported a 7.16 percent jump in the net profit to $8.04 million in net profit in the first three months of 2023
UAE launches guide to aid adoption of AI technology
Dubai, UAE - The UAE government has launched a comprehensive guide for the adoption of generative AI applications in the...The guide provides a comprehensive exposition of generative artificial intelligence, explores the challenges and opportunities inherent in diverse digital technologies
The guide showcases 100 use-cases of generative AI, including image and video synthesis, language translation, music composition, and text creation
Abu Dhabi aims to draw 24 million visitors by end of 2023
Abu Dhabi, UAE--The emirate of Abu Dhabi is looking to draw some 24 million visitors by the end of 2023,...In 2022, the Abu Dhabi hotel occupancy rate touched 70 percent as 18 million visitors trooped into the emirate, posting a 13 percent jump
The emirate received the highest number of international visitors from India, Saudi Arabia, the United Kingdom, and the United States
EU reports employment rate of 75 percent in 2022
BRUSSELS, BELGIUM - In the European Union countries, 75 percent (193.5 million) of people in the 20-64-year- age group were...The employment rate in the EU dropped to 72 percent in 2020 due to the COVID-19 pandemic.
In 2022, the EU over-qualification rate was 22 percent, with 21 percent for men and 23 percent for women.
