Saudi Arabia ranks 1st in international tourist arrivals growth in 2023
Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023...Economy
Saudi Arabia set to establish more smart industrial zones
Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing,...Economy Uncategorized
Unemployment Insurance Scheme comes into force in UAE
The Ministry of Human Resources and Emiratization (MoHRE) of UAE announced that an 'Unemployment Insurance Scheme' for employees of the...The insured will be compensated with cash for a specific period of time if they lost their job until they find another employment
The compensation will be paid monthly, calculated at 60 percent of the employee’s subscription salary.
US climate spending could spark tariff war, says Scholz
German Chancellor Olaf Scholz criticized US climate protection plans that would shield domestic companies from foreign competition, saying they could...European Union officials have in recent weeks spoken out against planned US tax credits for the domestic electric vehicle market.
South Korea has also voiced its displeasure, calling the new rules favoring American e-cars a "betrayal".
54 poor nations urgently need debt relief: UN
The agency's report, published ahead of meetings of International Monetary Fund, the World Bank, and also of G20 finance ministers...The UNDP warned that dozens of developing nations were facing a rapidly deepening debt crisis and that the risks of inaction are dire.
The UN agency said debt troubles had been brewing in many of the affected countries long before the Covid-19 pandemic hit
Turkey says Erdogan to meet Putin in Astana on Wednesday
Erdogan still hopes to bring Putin and Ukrainian President Volodymyr Zelensky together for truce talks that neither side particularly wants...Erdogan has not yet commented on the mass Russian strikes across Ukraine on Monday, which killed at least 19 people and wounded more than 100
Turkish ForeigN Minister held a phone call with Ukrainian counterpart Dmytro Kuleba after the attacks, a Turkish diplomatic source said, without elaborating further
Oxfam says world failing to address ‘dangerous’ inequality
The UN and Oxfam have previously decried the unequal distribution of vaccines from richer Western countries to lower-income ones, particularly...Oxfam also found that two-thirds of countries failed to increase their minimum wage in line with gross domestic product
It delivered a withering criticism of most nations, arguing that the pandemic should have been a "wake-up call" to act on poverty in general
BoE widens action on ‘UK financial stability’ fears
The week had already seen action taken by the BoE and UK government aimed at bringing calm to markets. The...In a statement, the BoE said the latest action would "act as a further backstop to restore orderly market conditions".
In more positive news, official data Tuesday revealed British unemployment fell to a near 50-year low at 3.5 percent
China’s Central Bank, European Central Bank renew currency swap deal
The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of...The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market
A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations
Iraq drought displaces 1,200 families in parched south
The Mesopotamian Marshes, a UNESCO World Heritage site, have been battered by low rainfall and reduced flows in the Tigris...The mass exodus began in April after more than 2,000 buffaloes had died as a result of the drought
Iraq's water resources minister said that 2022 has been "one of the driest years Iraq has seen since 1930."
Dubai records over US$435m in realty transactions Monday
Dubai real estate market recorded 445 sales transactions worth US$321 million, in addition to 68 mortgage deals of $121 million...Dubai real estate market recorded 445 sales transactions worth $321 million.
The market witnessed 68 mortgage deals of $121 million and 37 gifts deals amounting to $16 million.
Saudi Arabia’s Industrial Production Index in August up by 6.8 percent
Riyadh, Saudi Arabia-- Saudi Arabia's Industrial Production Index in August 2022 increased by 6.8 percent compared to August 2021. The...In August 2022, mining and quarrying grew by 15.5 percent compared to August 2021.
The manufacturing activity increased by 22 percent compared to the same month of the previous year. The electricity and gas supplies increased by 11.3 percent.
