Slower growth expected in MENA region in 2025: IMF
"Growth is still projected to increase in 2025 and 2026, but at a considerably slower pace than anticipated last October,"...Economy Geostrategy
Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips,...Economy
‘Major shifts are reshaping the Arab world’s future’
"Most of the global trends are positive if analyzed in terms of economic value. Countries have developed and lifted millions...Al Gergawi emphasizes the pivotal role of Gulf countries in shaping global agendas, from environmental discussions at COP28 to major events like the World Cup.
He underlines the criticality of understanding the new global changes, including tech advancements, and the balance between positive global trends and challenges.
Penguin, SkyBlue ink MoU
The aim is to redefine outdoor media advertising in Abu Dhabi.Penguin and SkyBlue will collaborate on key advertising locations, with this being the Malaysian firm’s first move into the Abu Dhabi market.
This follows an agreement between the Malaysian outdoor advertising company with the Road and Transport Authority (RTA), Dubai.
Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...December 2023 finished for Dubai Duty Free with record monthly sales of US$221 million, an 8.37 percent increase compared to 2022.
It's 40th anniversary celebrations offered a 25 percent discount on December 20 which led to a shopping spree of $14.8 million in 24 hours.
Private sector funding key to climate transition: World Bank
The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the...On Wednesday, Banga repeated a previous pledge to "fix the plumbing" of World Bank
World Bank estimated that developing countries will need an average of $2.4trn each year
Oil prices jump, stocks slump after Iran blasts
"Heightened tensions in the Middle East following a bomb blast at a ceremony honouring a slain general in Iran have...Oil prices spiked more than three percent after twin bomb blasts ripped through a crowd commemorating Revolutionary Guards general Qasem Soleimani
Equities were also under pressure as investors worried that the stocks rally in the final months of 2023, on hopes of interest rate cuts in 2024, may have gone too far
Jordan’s public debt rises to $46.1bn by Oct 2023 end: Ministry
Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of...The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023.
In Dec, Jordan approved the 2024 budget with a deficit of $1.6 billion, expecting the country's public debt this year would make up 88.3 percent of the GDP.
Turkey’s inflation rate nears 65 percent in December
Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace...Economists expects inflation to start falling from near record highs within four months
The rate reached a decades-long high of 85 percent in October of 2022
Saudi Arabia set to open its first financial center
Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and...Chairman of the Steering Committee at the Ministry of Finance, Abdul Aziz Al-Furaih highlighted the advantages of transitioning to accrual-based accounting
Hamad Al-Kanhal, Deputy Minister of Finance for Financial Affairs and Accounts, underlined the shift to accrual-based accounting as part of Vision 2030
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...China lowered import tariffs on resources and NEVs, aiming to enhance competitiveness and secure supplies.
Tariffs on medicines and food for medical purposes were cut, reflecting a focus on health and consumer needs.
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...Qatar's industrial PPI fell 1.95% in November, driven by oil price drops in mining and some manufacturing sectors.
Electricity prices defied the trend, showing MoM and YoY increases, while water prices dipped MoM but rose slightly YoY.
