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
Arab countries public expenditure climbs to US$957.5bn in 2022: AMF
Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to...Economy
GCC central banks up interest rates, tracking US Fed
Taking a cue from Federal Reserve, GCC central banks have raised interest rates, tracking a hike in the US Fed's...The UAE central bank raised the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 2.4% to 3.15%
The US central bank announced its third consecutive interest rate increase of 0.75 percentage point, continuing the forceful action to tamp down inflation
ENOC Group announces 50% Emiratisation during Careers UAE 2022
The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE.The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE
ENOC is recruiting young talented Emirati nationals in the energy sector in specialisations including chemical, mechanical, and electrical engineering
IMF condemns Lebanon’s ‘very slow’ progress on reforms
Lebanon and the IMF reached a conditional agreement on the loan in April to help the country stem its economic...The IMF conditioned the funds on a series of measures, notably parliament approving a 2022 budget and a reformed bank secrecy law as well as restructuring the banking sector.
Lebanese have grown increasingly desperate after nearly three years of economic meltdown, with at least seven people storming their own banks last week to withdraw frozen savings.
Markets drop as Fed hike looms, Putin move lifts dollar and oil
Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up...In Washington, the Fed is due to conclude its latest policy meeting, with most analysts predicting it will announce another 75 basis-point lift.
Fed officials have for months stuck to the mantra that they will only ease up on their hawkish drive when inflation comes down and remains subdued.
Social media greenwashing by fossil fuel interests ‘rampant’: study
This is a widespread corporate practice researchers call "redirecting responsibility" in which individual behavior, rather than the actions of governments...Entitled "Three Shades of Green(washing)," the report released during New York's Climate Week found that only one in five "green" car ads actually present a product for sale
Silvia Pastorelli, a Greenpeace campaigner, said in a statement that the report highlighted techniques that had been "hiding in plain sight."
Saudi Tourism Authority organizes promotional tour in GCC countries
The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and...The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and regional markets
Earlier, Saudi Arabia passed a new tourism law which is expected to accelerate the development of an internationally competitive tourism sector
We are helping Lebanon to deal with economic challenges: Blinken
The United States Secretary of State Antony Blinken said the US is supporting Lebanon through its incredibly challenging economic issues.The United States Secretary of State Antony Blinken said the US is supporting Lebanon through its incredibly challenging economic issues
Prime minister Mikati thanked Blinken for his support and the opportunity to talk about Lebanon’s problems.
UAE GDP grows 18.8% at current prices in 2021, says federal body
The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared...The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared to around $0.27 trillion in 2020
According to the FCSC, the contribution of extractive industries, such as crude oil and natural gas, to GDP at fixed prices fell from 28.7 percent in 2020 to 27.4 percent in 2021
Pandemic resilience gives Abu Dhabi economy an edge
Health remains key focus as the UAE capital leads global bid to combat the pandemic, as evidenced by its role...Health remains key focus as the UAE capital leads global bid to combat the pandemic, as evidenced by its role in clinical trials for COVID-19 vaccines and therapeutic innovations
Abu Dhabi has been again named the world's top pandemic-resilient city in 2022 in appreciation of its sophisticated and robust healthcare infrastructure, commitment and leadership
ADB cuts ‘developing Asia’ growth forecast as China lockdowns bite
China's growth forecast for 2022 was reduced to 3.3 percent from 5.0 percent, as Beijing pursues a zero-Covid strategy that...ADB chief economist Albert Park warned "risks loom large" for the region's outlook and urged governments to remain "vigilant."
The bank also raised its inflation forecast to 4.5 percent from 3.7 percent, as Russia's invasion of Ukraine and supply chain disruptions drive up food and energy prices
