Global maritime trade sails into geopolitical storm
Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which...Business Economy
FAO says global food prices fell 13.7 percent in 2023
World food prices fell in 2023, with considerable declines for grains and oils as supply concerns eased, the UN's Food...Economy Global
Dubai Maritime City launches $38 million infrastructure project
DP World’s purpose-built maritime hub, Dubai Maritime City (DMC), has launched an infrastructure project at a cost of AED140 million...The infrastructure project includes developing networks for deep sewage, stormwater, fire, irrigation, potable water, telecommunication, and roads.
The new infrastructure will integrate DMC with the Mina Rashid area that includes the QE2 Hotel, P&O Marinas and Marina Cubes.
Egypt sets up $50m venture capital fund for startups
The World Bank and MSMEDA is eager to review and develop the needs of startups.The World Bank is supporting the operation of the program, aimed at tech-based startups
The fund was announced by Egypt's Minister of Trade and Industry, Nevine Gamea
Ras Al Khaimah provided $1.9m package to local businesses during pandemic
The Ras Al Khaimah Department of Economic Development (RAK-DED) offered AED 7 million ($1.9 million) in economic stimulus package to...The package was provided to support the local economy and ensure business continuity during the COVID-19 pandemic.
RAK said the package included licenses registered with RAK-DED and affected by the pandemic such as infrastructure projects and SMEs.
SWIFT: The Russia sanctions threat for Ukraine invasion
Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded...Founded in 1973, the Society for Worldwide Interbank Financial Telecommunication, actually doesn't handle any fund-transfers itself
But its messaging system, developed in the 1970s, provides banks the means to communicate rapidly, securely, and inexpensively
Ukraine crisis challenges oil industry caution at high prices
As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players such as...As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players like Devon Energy have chosen to only lift capital investment modestly
That approach has reflected the clear preference within the investment community for producers to steer extra cash to debt reduction and shareholder givebacks
UAE aims to increase economy to more than $800bn by 2030
This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, said Minister of Economy Abdullah...The UAE aims to increase the size of its economy from AED1.4 trillion ($ billion) to AED3 trillion ($816.88 billion) by 2030
In 2020, the UAE attracted FDIs worth some $20 billion, which was an increase of 17 percent compared to the previous year
US Fed official sees big hike at March meeting, warns of Ukraine impact
Russia’s invasion of Ukraine threatens to drive up global commodity prices and disrupt the US recovery at a time of...Russia’s invasion of Ukraine threatening to drive up global commodity prices and disrupt the US recovery at a time of high inflation
The central bank typically increases by a quarter percent, but Waller said an increase at the March 15-16 meeting of half a percentage point
North Africa-Europe migrant deaths at sea up 155%: UN
The surge in deaths came alongside evidence of both increased arrivals in at least one key destination and rising interceptions.The central Mediterranean route, running from Tunisia and Libya to Italy and Malta, has claimed more than 18,000 migrant lives since 2014
The Western Africa-Atlantic crossing to Spain's Canary Islands was the second most deadly during the first half of last year, with 250 fatalities
New US sanctions hit Russian banks, elites; spare energy
Washington said the penalties will be severe, and will have lasting impact on Russia's economy.The US Treasury added five more Russian banks to the sanctions list, including the country's two largest
Western allies banned exports of key high-tech goods aimed at choking off the Russian military's capabilities
IMF, World Bank warn of global impacts as Russia invades Ukraine
The World Bank and IMF warned on Thursday that Russia's invasion of Ukraine would have repercussions for the global economic...IMF Managing Director Kristalina Georgieva said the conflict ‘adds significant economic risk for the region & the world’
World Bank President David Malpass warned that ‘the devastating developments’ would have ‘far-reaching economic and social impacts’
