UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...Business Economy
UAE banking sector sees $71.87 billion in savings deposits until October 2023
Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the...Economy
OPEC Fund extends $80m loan to Afreximbank
The OPEC Fund’s support will assist in boosting Afreximbank’s liquidity to grow its loan portfolio as it finances exports and...The OPEC Fund’s support will assist in boosting Afreximbank’s liquidity to grow its loan portfolio as it finances exports and imports in critical sectors across Africa
The OPEC Fund’s loan will help address some of the challenges, which are also impacted by the COVID 19 pandemic
67 countries reach ‘historic’ deal on trade in services at WTO
Washington hailed Thursday's deal in a statement, saying it would "improve the transparency and fairness of processes for obtaining authorisations...The countries, which account for just over a third of all WTO members, concluded the accord after four years of negotiations
WTO chief Ngozi Okonjo-Iweala hailed the deal as "historic", saying it would lower the costs associated with the services trade by as much as $150 billion each year
Saudi Arabia’s Rijal Almaa in list of best tourist villages in world
UNWTO selected Rijal Almaa among 175 participating entities representing 75 countries.UNWTO selected Rijal Almaa among 175 participating entities representing 75 countries
The village consists of 60 multi-storey palaces, built of natural mud stone and wood
Escaping slow death in Beirut, Lebanese embrace farm life
Lebanon's unprecedented economic crisis and the coronavirus pandemic have dimmed the cosmopolitan appeal of the capital.Lebanon's unprecedented economic crisis and the coronavirus pandemic have dimmed the cosmopolitan appeal of the capital
A long-standing trend towards rapid urbanisation seems to be slowing partly due to diminishing job prospects in major cities
European Union fines major banks 344 million euros over forex cartel
Brussels slapped fines totaling 344 million euros (390 million dollars) Thursday on Barclays, RBS, HSBC and Credit Suisse after finding...Barclays, RBS, HSBC and Credit Suisse were fined and UBS's fine was reduced to zero as it voluntarily came forward to cooperate with regulators.
These fines brought to an end the third part of an investigation that has been ongoing since 2013 and which had already resulted in more than one billion euros in fines in 2019.
EBRD launches e-learning program on capital markets in Morocco
The European Bank for Reconstruction and Development (EBRD) has said it will support the Moroccan financial system by launching an...Participants’ progress will be tracked on a learning management system and given a certificate on completion of training.
The participants would learn about managing and pricing credit risk, raising funds via fixed-income and money markets.
Jordan, FAO forge technical partnership on irrigation
Under the agreement, a mobile irrigation application will be developed to serve Jordanian farmers, specifically in the Jordan Valley.Under the agreement, a mobile irrigation application will be developed to serve Jordanian farmers, specifically in the Jordan Valley
The application will provide the farmers with accurate scientific information on irrigation dates and the required quantities of water
Saudi Arabia, UAE report first Omicron cases in Gulf
Saudi Arabi on Wednesday recorded its first case of Omicron variant infection, in a citizen its health ministry said had...The variant was first announced by South Africa but has since been discovered to have been present earlier in Europe
It has prompted governments around the globe to reimpose travel restrictions, despite warnings from the WHO against such a move
Tel Aviv residents face soaring costs in world’s priciest city
Israel's cultural capital Tel Aviv is now more expensive than Paris, Singapore, Zurich, Hong Kong and New York.Israel's cultural capital Tel Aviv is now more expensive than Paris, Singapore, Zurich, Hong Kong and New York
It climbed the list partly due to the strength of the national currency, the shekel, against the dollar, as well as increases in prices for transport and groceries
Turkey’s Erdogan replaces finance minister amid economic turmoil
Turkish president accepted the resignation of Lutfi Elvan and appointed his deputy Nureddin Nebati as the new finance minister.Turkish president accepted the resignation of Lutfi Elvan and appointed his deputy Nureddin Nebati as the new finance minister
Since 2019, Erdogan has sacked three central bank governors who opposed his desire for lower interest rates
