WEF24: Corruption puts institutions, growth at risk
Despite existing laws, global corruption has not decreased due to lack of enforcement and judicial independence, Francois Valerian of Transparency...Economy
GCC central banks mimic Fed, hold interest rates steady
Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation...Economy
Inflation-fighting BoE poised to unleash big rate hike
The BoE is tipped to lift its main rate by 0.50 percentage points the biggest amount in more than a...The BoE, granted operational independence from the government over monetary policy in 1997, will reveal its latest rate decision at 1100 GMT on Thursday
Economists meanwhile argue that a large rate hike damages the nation's recovery from the coronavirus pandemic and risks the prospect of recession
Aramco, Sinopec to partner on projects in Saudi Arabia, China
This latest collaboration builds on existing joint ventures between the two companies.This latest collaboration builds on existing joint ventures between the two companies
The companies will discuss the establishment of a manufacturing hub in King Salman Energy Park
OPEC+ agrees small oil output rise despite Biden plea
The cartel led by Saudi Arabia and Russia decided to raise production by 100,000 barrels per day for September, much...Biden made a controversial trip to Saudi Arabia in July in part to convince the kingdom to loosen the production taps to curb rampant inflation
Saudi Arabia faced a balancing act between its old ally, Washington, and its OPEC+ partner Moscow, which has been hit by Western sanctions over the Ukraine invasion
Saudi job numbers see big jump in July, highest in three years
Due to an improvement in business conditions in July, Saudi Arabia has posted a strong growth in job numbers in...The report said that the improved business conditions resulted in stronger demand for talents, which has now reached the highest since September 2019
It further added that Saudi Arabia faced slightly lower inflation in July but still marked the second fastest price increase since August 2020
Qatar Broad Money Supply hits $185 billion by June 2022
Qatar’s Total Broad Money Supply (M2) recorded about QR 675.1 billion ($185.4bn) during June 2022, marking an increase of 9.3...Cash equivalents; including Commercial Bank Deposits, attained for approximately QR 984 billion during June 2022.
The report noted the increase in deposits and credit facilities for commercial banks at a monthly rate of 1.7 percent and 0.7 percent.
UAE accounts for 25 percent of MENA digital media subscriptions: Report
UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030,...UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030.
The global media and entertainment services sector will reach $2.4 trillion in 2023.
Respite for Erdogan: Turkish inflation stabilizes at under 80 percent
The official annual rate of consumer price increases reached 79.6 percent in July compared to 78.6 percent in June. Turkey...Turkey now has a real interest rate of negative 64.4 percent the lowest in the world by a substantial margin.
This means that Turks have a strong incentive to spend as much as they can before their liras lose even more value.
Metaverse Strategy set to position emirate as global Web3 hub
Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector.Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector
The DMS aims to support more than 40,000 virtual jobs and add $4 billion to Dubai’s economy
US Fed official sees hope for US and EU to keep recession at bay
A US central bank official still sees hope for the US and EU to avoid recession and achieve a soft...James Bullard said at New York Univeristy that a soft landing is feasible in the US and the EA (euro area)
US inflation hit 9.1 percent in June, the highest in four decades
UAE’s Ministry of Climate Change and EDB partner to help SMEs
The Ministry of Climate Change and Environment (MoCCAE) and Emirates Development Bank (EDB) have joined hands to set up a...The partnership will contribute to the UAE’s sustainable economic development and food security
The MoU aligns with ministry's endeavors to scale up local agricultural production to increase the sector’s role in strengthening the country’s food security
