Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...Business Economy
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...Economy
As Libya returns to democracy, urban Benghazi struggles
Libya’s second city Benghazi has mushroomed to twice its size, creating an unplanned and chaotic urban sprawl.The fighting in Libya has displaced countless families, forcing many to build new homes without permits
This has led to a jumble of neighborhoods that often lack infrastructure, from proper roads to schools or sewerage systems
One year from FIFA World Cup, clock ticks ever louder for Qatar
Twelve months before the 21 November, 2022 kick-off, the Qatari capital Doha is dotted with roadworks and building sites that...Twelve months before the 21 November, 2022 kick-off, the Qatari capital Doha is dotted with roadworks and building sites that are causing chaos for its inhabitants
With some Qatari infrastructure projects delayed by the pandemic, the clock is ticking more loudly than organisers might have liked
Joblessness in Egypt grows 7.5% to 2.2m in 3Q
The number of people out of work in Egypt grew 7.5 percent to 2.2 million in the third quarter of...According to the Central Agency for Public Mobilization and Statistics the size of the labor force increased 0.9 percent to 29.4 million from 29.1 million individuals
The bulletin attributed the rise of unemployment and labor force to the influx of new graduates during the months of August and September into the labor market
‘GCC may avoid NMCs, Abraajs with robust norms’
The region’s financial regulators must be extra vigilant to avoid catastrophic debt crises, Khalid Abdulla-Janahi, chairman of Vision 3, UAE,...Strong corporate governance framework is an integral part of ensuring clean flow of money and the GCC region is yet to make some improvements, says Khalid Abdulla-Janahi
The companies in the region should have independent board members and directors with fixed term role to ensure high level of corporate governance, the Vision 3 chief adds
Turkish lira sinks as central bank cuts interest rate
The Turkish lira sank further on Thursday as the central bank slashed interest rates for the third consecutive month following...The bank cut its policy rate from 16 to 15 percent despite rising inflation and a fast-depreciating currency
The lira, the worst performing emerging market currency in 2021, sank to an all-time low of 10.98 against the dollar ahead of the announcement
Dubai Airshow: UAE Armed Forces sign deals worth AED22 bn
The deals were announced by the Executive Director of the Military Organizing Committee of the Dubai Airshow 2021 Major General...The deals were announced by Major General Staff Pilot Ishaq Saleh Al Balushi, and Lt. Col. Pilot Sarah Hamad Al-Hajari, Dubai Airshow spokesperson
AED5,239,207,000.00 in deals were signed on the first day, AED11,284,837,000.00 on the second day, and AED4,257,401,000.00 on the third day.
UAE, Russia sign MoU on hydrogen technology
The MoU was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Denis Manturov,...The collaboration will explore ways of supporting the production, storage and transportation of hydrogen fuel
The UAE’s hydrogen production is now around 300,000 tons annually as a result of ADNOC’s downstream facilities.
Morocco leads the Arab world in economic growth
An unemployment rate of more than 11 percent and the crisis impact on entrepreneurs and startups major concerns in the...Saudi Arabia's economy will grow 2.8 percent, and the United Arab Emirates by 2.2 percent, Qatar by 1.9 percent, and Kuwait by 0.9 percent.
Morocco received $3 billion from the IMF in 2020, which enhanced its liquidity and pushed multiple sectors of the local market.
High packages may help GCC in talent hunt
Global employment, which was severely affected by the pandemic, is beginning to rebound as economies reopen. The UAE, which was...There is a growing competition for the local talent also, necessitating re-evaluation of salary packages.
Working from home is here to stay, and many candidates are increasingly asking about this flexibility.
Robots, big data as Gulf nations bet on AI
The annual growth rate of the Middle East AI market is about 20 to 34 percent, led by the UAE...The annual growth rate of the Middle East AI market is about 20 to 34 percent, led by the UAE and then Saudi Arabia
PwC said in a report that more than 10 percent of the GDP of Saudi Arabia and the UAE will come from AI by 2030
