UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...Economy
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...Business Economy Geostrategy
Egypt raises fuel prices amid spiraling economic crisis
The Egyptian pound has lost half of its value, propelling annual inflation in the import-dependent country to 26.5 percent in...The Egyptian economy was hit hard after Russia's February 2022 invasion of Ukraine unsettled global investors, leading them to pull billions out of the North African country
The war has sent wheat prices spiralling, heavily impacting Egypt - one of the world's largest grain importers - and piling pressure on its foreign currency reserves
Less than expected fall in EU inflation as food prices surge
Brussels, Belgium - The eurozone annual inflation rate fell to 8.5 percent in February, the EU's statistics agency said Thursday,...Inflation was down last month from 8.6 percent in January but analysts at financial data firm FactSet had forecast a steeper fall to 8.2 percent
A continued decline in the rate of energy costs had pushed consumer prices lower but in February the rise in food and drink costs outpaced that of energy
More interest rate hikes may be needed, says ECB’s Lagarde
FRANKFURT, GERMANY - More interest rate increases may be needed beyond the one coming later this month, European Central Bank president...The ECB has lifted rates at an unprecedented pace in recent months to cool inflation.
ECB president said the pace of future hikes was "impossible" to predict and would be decided by the economic data available at the time.
UAE, Bahrain explore ways to boost collaboration in infrastructure, transport
ABU DHABI, UAE - UAE Minister of Energy and Infrastructure (MoEI) Suhail bin Mohammed Al Mazrouei Thursday had a meeting...Bahrain’s Minister applauded the advanced processes at UAE Ministry of Energy and Infrastructure , particularly the AI-enabled systems for planning new infrastructure projects.
The Bahrain’s Minister and his delegation toured the Road Control Center that was recently established at the ministry’s Sharjah offices.
Poor nations to call for help at Qatar summit
The Fifth United Nations Conference on the Least Developed Countries (LDC5) was twice postponed because of coronavirus. A plan of...Fallout from the Covid-19 pandemic, the Ukraine war's impact on food and fuel supplies and the costly battle against climate change have hit poor countries hard
Leaders from the 33 African nations, 12 from the Asia-Pacific and Haiti in the Caribbean will meet five decades after the UN created the Least Developed Countries category
Lebanese supermarkets mark prices in dollars as local currency tanks
In February, Economy Minister Amin Salaam announced that supermarkets would be able to start pricing items in dollars, while customers...The local currency, now officially pegged at 15,000 to the greenback, was trading Wednesday at almost 90,000 to the dollar
Since the start of the crisis, stores had begun to adjust their prices in pounds to keep up with the fluctuating exchange rate
UAE Banks Federation holds workshop on money laundering
Abu Dhabi, UAE--UAE Banks Federation (UBF) organised a virtual workshop on combating trade-and-credit-documents-based money laundering on Wednesday.The workshop comes as...The workshop comes as part of UBF's ongoing efforts to improve frameworks and procedures necessary to develop and maintain the highest levels of compliance
UAE Banks Federation is taking numerous steps and initiatives to make banks and financial institutions more resilient to risks and educate the customers and public
Gulf boardrooms lag in gender diversity
The Middle East has made significant progress in advancing gender diversity in the workplace through measures such as generous parental...While more companies are paying closer attention to Diversity, Equity and Inclusion issues in the region, only 8% of seats in Saudi Arabia and 17% in UAE went to women last year
However, there's progress in enabling gender diversity in Middle East such as generous parental leave policies and flexible working arrangements for reintegration after long breaks
UAE records fastest growth rate in 10 years, says economy minister
Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE...The country is implementing comprehensive economic initiatives to increase the capacity of the national business environment to attract capital.
The UAE has utilized advanced technologies to develop capacities and meet the growing demand in these sectors.
Lebanon to raise import tariffs for second time in three months
Beirut, Lebanon--Lebanon intends to triple the tariffs it charges on imports in local currency, as the state seeks to boost...Youssef Khalil, caretaker finance minister, requested to change the rate at which customs fees are calculated from 15,000 pounds per USD to 45,000 pounds
Cabinet responded with a letter saying it had no objections given the move would "secure additional revenues to help revive the public sector."
