Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...Economy
UK inflation slows to lowest level since September 2021
ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this...Economy
Credit Suisse takeover prevented Swiss economy collapse: minister
Swiss Finance Minister said that the government had acted in the country's best interests in swiftly arranging the takeover of...The bank takeover talks were hastily conducted at Keller-Sutter's finance ministry in Bern and the $3.25 billion deal was announced on March 19
The minister said the government would have to analyse what happened in full, and then adapt the regulations on banks considered too big to fail
UAE, Saudi Arabia lead GCC in job outsourcing
The latest developments are generating substantial growth opportunities for both local and international service providers in the outsourcing market, a...The latest developments have generated substantial growth opportunities for both local and international service providers in the outsourcing market, a report points out
The UAE's outsourcing market is expected to reach US$6.8 billion in 2023, while Saudi Arabia's outsourcing market is projected to reach US$5.7 billion in 2027, it adds
Collaboration helps strengthen Emirati workforce
“This also opens new horizons for Emiratis to effectively contribute to the UAE's economic development,” adds Farida Al Ali, Assistant...Collaboration with local HR departments, educational institutions, and private sector companies helps connect with local talent, says a UAE official
This also opens new horizons for Emiratis to effectively contribute to the UAE's economic development, adds Farida Al Ali of the country's MoHRE
World Bank could lend $50bn more over decade with reform: Yellen
Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital...In March, the World Bank submitted an evolution plan to be discussed with its development committee on April 12, during the spring meetings.
As global growth slows, the World Bank previously warned that the outlook is especially tough for the poorest economies -- which face sluggish growth driven by heavy debt burdens.
Qatar foreign reserves post 12% jump to US$65bn in March
Doha, Qatar-- Qatar Central Bank has reported an increase in international reserves and foreign currency liquidity in March to $65...At the end of March 2023, balances in foreign banks increased by about $3.29 billion to reach $7.41 billion
Qatar's shares of SDR deposits at the IMF decreased by the end of March 2023 with a value of $38 million
US Treasury Secretary US economy to grow, downplays recession fears
Washington, United States - US Treasury Secretary Janet Yellen expects the world's biggest economy will continue to grow, despite heightened...Yellen said she is committed to ensuring that all deposits are safe and monitoring banking system conditions
After SVB's collapse, US authorities set out plans to ensure its customers would be able to access their deposits
Four Saudi cities find top slots on IMD Smart City Index for 2023
Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the...The holy city of Makkah found its way in the index for the first time this year, achieving the 4th rank in the Arab world
In the global pecking order of cities, Riyadh was ranked 30th, Makkah 52nd, Jeddah 56th, and Madinah ranked 85th in the world
Industrial sector contributes 20% to Ajman’s GDP
Ajman, UAE – The industrial sector contributes approximately 20 percent to Ajman's GDP and is one of the sectors that...This was revealed at a session in Ajman conducted in partnership with the UAE Ministry of Industry and Advanced Technology
The session discussed the launch of the "Make in the UAE" initiative such as the Industrial Technology Transformation programme and others
Future looks bright as businesses meet sustainability
"In Sharjah, we are working hard to bring more balance and harmony to our relationship with the land" she adds,...Sustainability and entrepreneurship is crucial in building a resilient and regenerative world, says Sheikha Bodour Al Qasimi, President of American University of Sharjah
The awareness and commitment to be mindful of our impact on the planet should extend far beyond COP28, she adds while speaking at the Sharjah Ramadan Majlis 2023
SDF signs $240m loan pact for Pakistan hydropower project
Dubai, UAE -- The Saudi Fund for Development (SFD) has signed a US$240 million loan agreement to support Pakistan's Mohmand...The project is co-financed by the Saudi Fund for Development, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development.
By using renewable energy sources, the project will generate 800 MW of electricity production capacity.
