South Korea presses for enhanced ties with UAE in high tech and AI
Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...Economy
Bahrain to host ‘smart cities summit 2024’ in March
Manama, Bahrain--Bahrain will hold the seventh edition of the "Bahrain Smart Cities Summit 2024" from March 5 to 6 under...Economy
EU proposes new Russia sanctions including oil price cap
European Union also plans to expand its travel blacklist and asset freezes to include high-ranking Russian defense officials and organizers...The EU will also look to ban Russian exports worth $7 billion and tighten restrictions on goods flowing from the EU that could help Russia's war machine
The push for an oil price cap is aimed at limiting how much third countries, such as China and India, pay for Russian crude
UAE economy achieves pre-pandemic level growth: WB regional director
Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and...Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and fiscal stimulus packages
He added that the GCC region is projected to expand by 5.9 percent in 2022 before moderating to 3.7 percent and 3.3 percent in 2023 and 2024, respectively
$3 billion joint-venture railway to link Oman and UAE
The 303km railway, with passenger trains traveling up to 200kmper hour, will join up with the UAE's national network that...The railway will link Abu Dhabi with Oman's deep-sea Sohar port, which bills itself as a nexus of trade between Asia and Europe.
A multi-billion dollar railway linking the six Gulf Cooperation Council countries has languished since a feasibility study was approved in 2004.
EU proposes new sanctions on Russian exports
The EU's executive proposed a new round of sanctions on Moscow over its latest "escalation" in Ukraine, including an oil...As part of the new round of sanctions the commission is laying out a 'legal basis' for a price cap on Russian oil
It will also look to ban Russian exports worth $7 billion and tighten restrictions on goods flowing from the EU.
Lebanon to devalue currency first time in two decades: Official
The exchange rate has been officially pegged at 1,507 Lebanese pounds to the dollar since 1997, but will drop to...Lebanon's local currency has lost more than 95 percent of its value on the black market since the 2019 onset of the country's financial crisis, branded by the World Bank.
The decision to shift the peg follows a visit last week by a delegation from the International Monetary Fund, which is pressing Lebanon to implement reforms.
UAE, Japan sign comprehensive strategic partnership pact
Minister of Industry and Advanced Technology and UAE Special Envoy to Japan Dr. Sultan bin Ahmed Al Jaber and the...The UAE-Japan strategic partnership agreement aims to bolster relations between the two countries to advance their common interests.
The key areas of the partnership include diplomacy, enhancing international development, humanitarian aid efforts, business, trade, energy.
Jordan, Germany discuss scientific research, ties in water sector
Jordan's The Royal Scientific Society (RSS) and the Princess Sumaya University for Technology (PSUT) discussed with the German Research Foundation...A German Research Foundation (DFG) delegation visits Jordan and discusses scientific and research ties in the water sector.
The delegation included 22 researchers, professors and representatives from the German Academic Exchange Service (DAAD).
IHC buys 54% stake in Emircom
Firm buys stake for $68 million via its subsidiary IHC DigitalEmircom is the Middle East’s leading information and communications technology (ICT) provider.
This $68 million purchase comes as part of IHC’s strategy to grow its digital assets portfolio and expand into new growth areas.
Last three Turkish banks to drop Russia’s Mir bank cards
The decision follows weeks of intensifying pressure from Washington for NATO member Turkey to limit its booming economic relations with...Two private Turkish lenders that began processing Mir after President Erdogan met Russian counterpart Vladimir Putin in August suspended the transactions early this month
Mir cards offer millions of Russians that vacation in Turkey each year a way to access their rubles and pay for everything from restaurants to hotels
WTO chief warns world edging into ‘global recession’
WTO Director-General Ngozi Okonjo-Iweala said Russia's war in Ukraine, the climate crisis, food price and energy shocks plus the aftermath...She noted that the World Bank and the International Monetary Fund had both downgraded global growth forecasts, while indicators on trade numbers were "not looking too good".
She urged central banks to determine whether inflation was being caused by strong demand or whether the rise in prices was linked to structural problems on the supply side.
