Trump fires new 50% tariff threat at EU, drawing stiff response
Washington, United States - President Donald Trump rekindled the US trade war on Friday, threatening to impose a 50 percent...Economy
General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...Business Economy
Abu Dhabi sees 67% annual rise in number of AI company registrations
Abu Dhabi, UAE - The number of AI companies registered in Abu Dhabi grew at a compound annual rate of...The study highlights on Abu Dhabi’s ambitions to maximize the benefits of utilizing AI systems, applications, technologies, and solutions
In recent year, Abu Dhabi Chamber has adopted innovation and digital transformations and implemented supportive policies
UAE sets innovative media policy to propel the country onto global stage
DUBAI – Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the UAE Media Council (UAEMC), has approved a comprehensive legislative...The roadmap emphasizes the importance of aligning national efforts and creating partnerships to boost the UAE’s media sector.
It aims to develop a media industry that embraces global cultures, driven by innovation and youth leadership.
Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...When asked about Israel's economic losses due to the war, Barkat said it could add "anywhere between 150 to 200 billion shekels ($42-55 billion)" to the country's national debt
Barkat said Gaza war could help Israel boost sales of military technology, noting there is "high interest" from many countries, without specifying if Arab states were among them
Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...The report said many participants emphasized the risks of moving too quickly and noted the importance of carefully assessing incoming data
The recent data revealing a weakening demand in the US restricted the rise in oil prices, as the crude oil stocks in the country increased by 7.1m barrels
IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...A soft landing, described as an economic slowdown resulting from a central bank's cautious interest rate increases, aims to avoid a recession
The IMF suggested that global economic growth could surpass expectations if disinflation progresses faster than anticipated, prompting earlier monetary policy easing
Arab League organizes workshop to discuss BRICS role in MENA region
Cairo, Egypt--The Arab League (AL) on Sunday organized a workshop in Cairo to discuss the role of BRICS for African...
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...The rise follows Bitcoin's climb above $54,000 on Monday, a milestone not reached since December 3, 2021
The cryptocurrency has been experiencing a bullish trend since January 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs
‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...Sweden remains committed to the rules-based international trade system amidst rising geopolitical tendencies.
Swedish Minister Johan Forssell calls for enhancing competitiveness over subsidy reliance for economic development.
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...In the first month of 2024, Iranian steel mills produced a total of 2.6 million tons of steel.
The world's 71 steel-producing countries produced 148.1 million tons of steel in January 2024.
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...A penalty of US$2,722 (AED10,000) will be imposed on businesses that do not submit their Corporate Tax registration applications on time.
The penalty was implemented to prompt taxpayer compliance with laws through timely corporate tax registration.
