Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...Economy
Indian workers replace Palestinians in Israel’s construction sector amid post-war labour void
Indians, long employed in Israel as caregivers, diamond traders, and IT professionals, are now increasingly recruited for the construction sector...Economy
Gulf countries eye global metal recycling hub status
Amidst an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to...Amid an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to double metal prices.
Gulf countries are positioned to become global recycling hubs, offering a solution to the impending crisis and aiding the transition to clean energy.
The UAE President swears in 3 new ministers
The ministers taking the oath of office were Dr Amna bint Abdullah Al Dahak Al Shamsi who was appointed as...President Sheikh Mohamed extended his best wishes to the ministers for success in their new roles
Sheikh Mohammed bin Rashid said that the UAE leadership places great importance on enriching the government's workforce
US consumer inflation jumps more than expected to 3.4 percent
Washington, US - Consumer inflation in the United States rose more than anticipated in December, government data showed Thursday, underscoring the...The Department of Labor's consumer price index (CPI), a key measure of inflation, was up 3.4 percent from a year ago and higher than November's figure
But underlying pressures still appear to be ebbing, as a "core" metric that strips out volatile food and energy prices cooled to 3.9 percent in the last month of 2023
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...Aquellum is hidden within a breathtaking 450-meter-high mountain range.
The subterranean digitalized community creates vibrancy and interconnectivity.
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...The agreement will enable to form an electronic link between the two entities, allowing the authority to directly access credit reports provided by the bureau
The collaboration, according to officials from the two entities, will set a framework for bilateral cooperation, strengthening efforts to ensure high rates of tax compliance
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia
UAE passport most powerful in MENA region, 11th in global index
Abu Dhabi, UAE - The UAE passport has climbed two positions to secure the 11th spot in the 2024 Passport...The UAE has been the most improved nation on the Index over the past decade, adding an impressive 106 destinations to its visa-on-arrival list since 2014
The country's passport continues to lead the region, outpacing other Gulf nations, with Qatar at 53rd, Kuwait at 55th, Bahrain at 59th, Oman at 60th, and Saudi Arabia at 61st
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...The IEA said the largest growth took place in China, with wind power additions rising by 66%
Europe, the US and Brazil also hit all-time highs in renewable energy capacity
US regulators authorize first bitcoin funds on public markets
The authorization of the ETFs - which are comparable to stocks or mutual funds as far as accessibility to everyday...Regulators approved proposals for 11 ETFs to list on leading exchanges including the New York Stock Exchange, the Securities and Exchange Commission said in a 22-page order
Exchange-traded funds are traded on public markets, granting investors exposure to price movements in asset prices without taking direct ownership of the underlying assets
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.
