3 ways travel drives economic growth while enhancing global connections and sustainability
WTTC research shows that, having endured estimated losses of $4.5 trillion and 62 million jobs in 2020 alone, travel and...Economy Opinion
World Bank announces record $100 bn support for world’s poorest countries
The World Bank announced Thursday that it had raised close to $24 billion to provide loans and grants for some...Economy
Kuwait’s annual inflation jumps to 3.79% in November
According to the Kuwait Central Statistical Bureau, the upward trend was mainly attributed to rising prices across all major groups...There was a 6.86% jump in the clothing group and a 3.13% rise in housing services
Culture and entertainment sectors surged by 3.54%, and education costs rose by 0.72%
‘Use AI to bridge global economic gaps, promote peace’
“To ensure AI makes ethical, inclusive, and prosperous decisions, we must educate ourselves on its workings. It’s crucial to manage...Omran Sharaf, the UAE's Assistant Foreign Minister, stresses the importance of respecting differences for proper AI development in national and regional contexts.
He underscores AI's role in technological advancement, sustainable development, and the need for an effective international AI governance framework.
FTA issues guide to determine natural persons subject to corporate tax
ABU DHABI, UAE - The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural...The guide provides a comprehensive and simplified explanation and instructions for natural persons earning in the UAE.
The FTA emphasized the importance of understanding the comprehensive content and definitions outlined in the guide.
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...The project will improve the efficiency of Mauritania's water, irrigation and drainage facilities, while delivering agricultural equipment and potable water to farmers.
Since 1979, the fund has contributed toward 20 development projects in Mauritania, at a value of over $665 million.
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...Additionally, loans were not extended to countries with long-term creditworthiness ratings below B- from Fitch or Standard & Poor’s, or below B3 from Moody’s.
Under the new decree, Russia will no longer adhere to international institutions' recommendations when extending loans to other countries.
Export Bahrain and HKTDC sign agreement to ramp up trade ties
Manama, Bahrain--Export Bahrain and Hong Kong Trade Development Council (HKTDC) have signed a strategic partnership agreement to strengthen trade ties...The agreement between the two sides looks to foster mutually beneficial trade and economic cooperation
As per the dea, both sides will facilitate access to a wide range of opportunities for enterprises in both countries
Qatar’s customs and tax departments link up e-services to ‘facilitate’ business
Doha, Qatar--The General Authority of Customs and the General Tax Authority have announced the launch of the interconnection between their...The launch of interconnection is expected to achieve automation and integration of procedures, with the aim of providing the best services to taxpayers
The chairman of customs said that the e-connection between customs and tax services is part of Qatar's vision to leverage technology and provide advanced and effective services
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister...The Qatari finance minister said the high inflation in Qatar during 2023 was linked to high food prices, and it was a temporary phenomenon
The minister said the total expenditure in the 2024 budget will be US$55.1 billion, a one percent compared to the current year's budget
UAE, Mauritius conclude CEPA talks, set to boost trade
The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...Mauritius posted an 8.5 percent GDP growth in 2022 — the fastest in 35 years
The deal is also expected to drive FDI into fintech, healthcare and tourism sectors
