‘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...Economy
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...Business Banking & Finance Economy
EU energy ministers push gas price talks into next week
Gas prices are high, albeit lower than during the middle of the year, spurring worries that European homes and businesses...Europe has entered a bitingly cold winter with fewer energy options because Russia has reduced gas supplies in retaliation for EU sanctions imposed over its war in Ukraine
Several EU countries, including France, Poland and Spain, criticised the commission proposal as being designed so  the price cap could never be triggered
UK inflation slows to 10.7% in November
The data was published on the eve of an interest rate decision from the Bank of England, which is widely...The Consumer Prices Index eased to 10.7 percent last month, the Office for National Statistics (ONS) said in a statement
The modest slowdown followed falls in the price of motor fuel, but inflation remains high owing to soaring domestic energy and food bills
US Fed expected to slow pace of rate hikes as inflation eases
The consumer price index, a key gauge of inflation, logged its smallest annual increase in nearly a year, fueling optimism...The Federal Reserve has embarked on an all-out campaign to cool demand in the world's biggest economy
It raised rates six times this year with interest-sensitive sectors like housing already reeling from tightening policy
AI-powered mobile app for crop disorder detection launched in Dubai
Called Dr. Nabat, the application is a result of collaboration between ICBA and the University of Barcelona.Called Dr. Nabat, the application is a result of collaboration between ICBA and the University of Barcelona
The application is designed to aid smallholder farmers and extension specialists in spotting crop disorders at early stages
IMF says more financing needed for climate change fund
IMF chief Kristalina Georgieva has regretted the shortage of funds needed to help low-income countries tackle the impacts of climate...She said that the IMF expects more members to commit resources "so we don't end up having to ration support for countries"
WTO Director-General Ngozi Okonjo-Iweala stressed the importance of supply chains when it comes to building resilience in developing countries
UAE economy maintains momentum in 2022: OPEC
The report cited recent economic indicators suggesting strong growth has been maintained in most activities.The report cited recent economic indicators suggesting strong growth has been maintained in most activities
The tourism sector, which accounts for around 6% of the UAE’s GDP, experienced strong growth, the report said
Wealthy nations oppose new biodiversity fund
Montreal, Canada-- Creating a new global fund for biodiversity -- a core demand of developing countries at UN talks in Montreal...COP15 draft targets include a cornerstone pledge to protect 30 percent of the world's land and seas by 2030, eliminating harmful fishing and agriculture subsidies
Dozens of countries, led by Brazil, India, Indonesia and African nations, are demanding financial subsidies of at least $100 billion a year until 2030
Qatar posts budget surplus of $8bn in third quarter
Doha, Qatar - Qatar posted a budget surplus of QR 30 billion ($8 billion) for the third quarter of 2022,...Total revenues for this quarter amounted to $22 billion, of which $21 billion came from oil and gas
Total expenditures in the quarter amounted to $14 billion, of which $4 billion was spent on salaries and wages
KSA, UAE lead GCC growth amidst global woes
Saudi Arabia's GDP witnesses 9.3 percent increase in the third quarter of this year as the rally in oil prices...The International Monetary Fund expects Saudi economy to expand by 7.6% in 2022
The UAE's economy is experiencing sustained momentum in 2022, says OPEC
Sudan inks US$6bn UAE deal for new Red Sea port
Sudan signed an initial US$6 billion deal led by United Arab Emirates' AD Ports Group and Invictus Investment to build...The Abu Amama port, to be built north of the existing key hub of Port Sudan, will include an industrial zone.
The signing came a week after Sudan's military and civilian leaders inked an initial accord aimed at ending the crisis since last year's military coup.
