IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...Economy Energy Geostrategy
In Middle East, ‘manufacturing’ is a new buzzword
From Saudi Arabia to the UAE and Qatar to Kuwait, governments across the region compete to jumpstart industrial sector but...Economy
Saudi Arabia ranks first in G20 visitors flow rating: report
According to the report, the number of foreign tourists visiting the kingdom has surged 121 percent from January to July...According to the report, the number of foreign tourists visiting the kingdom has surged 121 percent from January to July 2022
Saudi tourism sector is currently recovering from the fallout of the pandemic following preventive measures taken by the government
ADB boosts Asia-Pacific food security financing to $14 billion
The bank, which has 49 members stretching from the Cook Islands in the Pacific to Kazakhstan in Central Asia, usually...The financing would target among other things food production and distribution. ADB says 1.1 billion people in the region "lack healthy diets due to poverty and food prices".
The announcement comes after the bank recently cut its 2022 growth forecast for the region, to 4.3 percent from its April projection of 5.2 percent.
In wealthy Dubai, poor get free bread from machines
Ten vending machines were installed last week in supermarkets, with a computer touch screen allowing people to select different types:...According to government figures, the food price index, which tracks the monthly change in the cost of a basket of food commodities, rose by 8.75% in July YoY.
The UAE has a population of nearly 10 million people, 90 percent of them foreigners, many labourers from Asia and Africa.
Nord Stream 1 gas pipeline hit by leaks in Baltic Sea: authorities
Following the leaks, Jorgensen said the authorities called for "higher levels of preparedness in the electricity and gas sector" in...The Nord Stream 1 leaks were first spotted Monday evening, hour after a drop in pressure was reported in Nord Stream 2, according to the Swedish Maritime Administration
As a result of the leaks, navigational warnings have also been issued for a distance of five nautical miles and a flight height of 1,000 meters
Lebanon approves budget, a key condition for IMF bailout
Prodded by the IMF to implement reforms, Lebanon's parliament has approved the 2022 budget setting expenditures at $1.2 billion. The...Lebanon is in the throes of an economic meltdown that the World Bank has branded one of the world's worst crises in modern times
The IMF has conditioned its loan on a series of measures, including the approval of the budget as well as reforms to bank secrecy laws, restructuring the banking sector
UAE to relax COVID-19 restrictions from Sept. 28
The UAE will be relaxing COVID-19 restrictions nationwide which will come into effect starting September 28. Dr. Saif Al Dhaheri,...Official websites of the Ministry of Health and Prevention, the Federal Competitiveness and Statistics Centre and NCEMA will continue to issue updated data.
COVID-19 daily cases announcement will be discontinued.
UAE-Oman non-oil trade $98.56 billion in past decade
The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.Trade between the two recorded a growth of 98.9 percent to reach AED46.5 billion by 2021 end, compared to AED23.4 by 2012 end.
It said non-oil exports accounted for 33 percent of the total non-oil trade during the past ten years, recording a value of AED120 billion.
‘Global economy will suffer due to Ukraine war’
The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war...OECD Secretary-General Mathias Cormann said that the world is paying a very heavy price for Russia's aggression against Ukraine.
Global growth stalled in the Q2 in 2022 and data in many economies now point to an extended period of subdued growth.
UAE takes part in financial group meeting in Indonesia
The UAE recently participated in the fifth International Financial Architecture (IFA) Working Group meeting within the G20 Finance Track for...The meeting discussed issues related to global financial development and stability.
UAE stressed on the need to work on a comprehensive regulatory framework for central digital currencies.
‘Firms in UAE resist employee demands for hike in salary’
Several firms in the UAE have received requests from employees to adjust compensation packages in line with the inflation in...Firms plan pay rises of 5 percent in 2023 as over 66 percent of companies receive requests for higher salaries.
Over 200 global and local companies from all sectors were surveyed.
