CBUAE joins the Gulf payments system AFAQ
Abu Dhabi, UAE -Â The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...Business Economy
Jordan’s mission to save its ancient olive trees
Jordan's culture ministry, Gharaibeh's organization is working to add the trees to the UNESCO Intangible World Heritage List, hoping this...Business Economy
Iraqi cement-makers angry at fuel subsidy cut
The oil ministry earlier this month raised the price of fuel sold to cement manufacturers from 150 dinars per litre...The measure has caused industry outrage in the crisis-hit country, where some regions are still waiting for post-war reconstruction
The subsidised fuel price for cement manufacturers was originally approved in exchange for their commitment to cap the price of cement
Fed may hint at ending stimulus, but no big moves expected
The growing consensus is that the much-anticipated first step will not be announced until November and ultimately begin in December.The growing consensus is that the much-anticipated first step will not be announced until November and ultimately begin in December
But Fed Chair Jerome Powell could still provide details on the plans to start to taper the massive bond buying program
Gulf region poised for higher growth in 2021: Expert
The economies of the region are recovering fast on the back of the rising oil prices and speedy vaccination programs,...The economies of the region are recovering fast on the back of the rising oil prices and a reasonably speedy vaccination program
In 2022, tourism should also significantly boost growth, resulting in recovery in the non-oil sector as domestic consumption and investment demand improves
Dubai expected to record 3.1% economic growth in 2021
Dubai’s economy would grow by a further 3.4 percent in 2022, ‘spurred by the hosting of Expo 2020’.Dubai’s economy had seen a growth of 1 percent during Q1 2021, compared to Q4 2020
This signaled that the emirate’s economy was on the path to recovery, said Dubai’s Department of Economic Development
OECD lowers global, US economic growth forecasts
The forecast for China remained unchanged at 8.5 percent. The growth prospects of Argentina, Brazil, Mexico, South Africa, South Korea...The recovery remains very uneven, with strikingly different outcomes across countries, OECD said.
Global gross domestic product has surpassed its pre-pandemic level following last year's Covid-induced recession.
Investment in agritech key to UAE’s food security
Investing in agricultural technologies can take the UAE closer to its goal of being one of the top 10 countries...Over 100 entities use organic farming techniques in the UAE, including advanced farms that utilize modern agricultural technologies.
The Abu Dhabi Investment Office is investing at least US$100m in agritech startups as part of their food security strategy.
Asian markets stabilize but Evergrande fears linger
The battle in Washington to raise the US debt limit was also fuelling concern that the government could miss payments...Dubai led declines among stock markets in the Gulf on Monday, as its main share index fell 1.2 percent.
Hong Kong's Hang Seng Index, which plunged more than three percent Monday, edged up 0.2 percent.
‘Apathy and despair’ as Iraq looks to October election
The polls were initially scheduled for 2022, but moved forward to June this year, then postponed to October.Respondents have said only the candidates’ faces are newer while the political ideals are unchanged
Issues like constant power cuts and non-upgradation of infrastructure are also weighing on voters’ minds
Saudi holdings of US treasury bills rose to $128.1bn in July
For the second month in a row, Saudi Arabia’s holding of US Treasury securities rose in July, touching $128.1 billion.The Kingdom is the 16th largest holder of US debt
This increase in June and July is in line with global trends, as countries around the world increased their holdings by 5.7 percent
Lebanon’s health sector is about to collapse: WHO
Lebanon is undergoing one of the worst economic crises in the world, with economists predicting that hyperinflation is imminent in...Basic and life-saving medicines are in short supply, with restrictions in foreign currency severely limiting import
This has been caused by the Lebanese pound losing 90 percent of its purchasing power since end-2019, and subsequent government policies
