‘Bombshell’ OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...Economy
Massive GCC infrastructure investments set stage for rising foreign equity: Franklin Templeton
The Franklin Templeton Emerging Markets Equity outlook emphasizes how GCC countries have reduced their dependence on oil and gas, opened...Economy
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...As the world confronts the challenges of global warming and the transition to a sustainable future, the impact on labor markets looms large.
The direct consequences of climate change, including displacement, migration, and fluctuations have become increasingly pervasive.
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
China’s economy to grow steadily in 2024, say analysts
Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last...Many experts believe that China needs to set an annual GDP growth target of around 5 percent to boost business confidence
The Chinese economy grew 5.2% in the fourth quarter of 2023 year-on-year, following a 4.9% growth in the third quarter
Dubai at forefront of sustainable energy innovations
“We're witnessing strong, growing, and sustainable demand for energy and water in Dubai. In 2023, the peak electricity load rose...DEWA’s state-of-the-art infrastructure bolsters Dubai's global economic and trade hub status.
World's largest solar-powered desalination plant is set to enhance the emirate's water security.
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.The move came after the US Supreme Court on Tuesday declined to hear appeals by Apple and Epic of a lower court ruling in which the iPhone maker was seen as the victor.
Epic in 2020 launched a case aiming to break Apple's grip on the App Store, accusing the tech giant of operating a monopoly in its shop for digital services
WTO head ‘less optimistic’ for world trade due to Red Sea strikes
The head of the international trade body said weaker global economic growth, "worsening geopolitical tensions, the new disruptions we see...Before the outbreak of war in Gaza, the WTO had predicted trade would grow by 0.8 percent in 2023 and projected growth of 3.3 percent this year.
"We think there are a lot of downside risks to the forecasts we had made last year of 3.3% of growth of merchandise volumes this year. So we expect weaker performance," she said.
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated...The WEF report offers a re-evaluation of global economic growth, introducing a new framework that takes a holistic look at GDP
The report adds that high income economies in 2023 saw average annual GDP per capita growth of 1.01% over the past five years
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since 4th December 2023
The US Dollar Index, which gauges the dollar's strength against a basket of major currencies from key US trading partners has surpassed the 103.30 level
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.Saudi Arabia's overall ports recorded a 9.01% increase in annual container handling for 2023, reaching 11,380,302 TEU compared to 10,439,620 TEU in 2022
Transshipment containers also experienced an 8.96% increase in volume, with 3,237,490 TEU transshipped in 2023 compared to 2,971,233 TEU in 2022
CBUAE balance sheet touches US$182 billion in November 2023
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at...The UAE central bank's balance sheet maintained a steady 21.2% growth rate throughout the first eleven months of 2023
According to the CBUAE, investments and deposits also played a huge role, totaling $56.63 billion and $26.53 billion respectively
