WEF25: Saudi delegation calls for nations to put “greater good” first
The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to...Economy
UAE leads solar energy growth with strategic projects
Abu Dhabi, UAE - A new report highlighted the UAE's leadership in the regional solar energy sector, driven by initiatives...Economy Energy
Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...The report said many participants emphasized the risks of moving too quickly and noted the importance of carefully assessing incoming data
The recent data revealing a weakening demand in the US restricted the rise in oil prices, as the crude oil stocks in the country increased by 7.1m barrels
IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...A soft landing, described as an economic slowdown resulting from a central bank's cautious interest rate increases, aims to avoid a recession
The IMF suggested that global economic growth could surpass expectations if disinflation progresses faster than anticipated, prompting earlier monetary policy easing
Arab League organizes workshop to discuss BRICS role in MENA region
Cairo, Egypt--The Arab League (AL) on Sunday organized a workshop in Cairo to discuss the role of BRICS for African...
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...The rise follows Bitcoin's climb above $54,000 on Monday, a milestone not reached since December 3, 2021
The cryptocurrency has been experiencing a bullish trend since January 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs
‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...Sweden remains committed to the rules-based international trade system amidst rising geopolitical tendencies.
Swedish Minister Johan Forssell calls for enhancing competitiveness over subsidy reliance for economic development.
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...In the first month of 2024, Iranian steel mills produced a total of 2.6 million tons of steel.
The world's 71 steel-producing countries produced 148.1 million tons of steel in January 2024.
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...A penalty of US$2,722 (AED10,000) will be imposed on businesses that do not submit their Corporate Tax registration applications on time.
The penalty was implemented to prompt taxpayer compliance with laws through timely corporate tax registration.
Morocco aims to increase exports by 12% in 2024, says kingdom’s trade minister
Dubai, UAE-- Morocco hopes to increase its exports by 12 percent this year, according to the kingdom's minister of industry...The minister said in Dubai the Moroccan government's economic growth forecasts are around 3.7 percent this year
He said the WTO conference is an opportunity for dialogue toward fairer and more transparent trade measures
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...Comoros and Timor-Leste sign Protocols of Accession, set to join WTO within 30 days.
Accessions signify global confidence in the WTO and promise their economic growth.
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...EDB’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth.
EDB has approved $353 million in financing under the Credit Guarantee Scheme with partner banks in UAE.
