Global economy under pressure could slow to 2.3 percent: UNCTAD
UNCTAD report '"Trade and Development Foresights 2025 – Under pressure: Uncertainty reshapes global economic prospects” cited mounting threats including trade...Economy
Trump admits trade war ‘cost’ as markets hit
Jitters about US tariffs hammered Asian stocks again early Friday as President Donald Trump acknowledged a "cost" to his surging...Economy
Saudi Arabia, Russia extend voluntary oil cuts until March 2024
Saudi Arabia will extend its voluntary cut of 1 million barrels per day. The latest Saudi cut is in addition...Russia meanwhile said on Thursday it would deepen its voluntary oil supply cut to 500,000 barrels per day (bpd) and extend it until the end of the first quarter of 2024.
Along with its OPEC+ oil partners, Russia has been holding back its oil output and exports in a bid to boost global prices.
Fed’s inflation gauge slows in October as energy, goods prices drop
Washington, United States - A key inflation measure used by the US Federal Reserve to set interest rates eased further last...The annual personal consumption expenditures (PCE) price index rose 3.0 percent in October, down 0.4 percentage points from a month earlier
On a monthly basis, PCE inflation was virtually flat in October, while core PCE rose by 0.2 percent from September, the Commerce Department said Thursday
MoHRE asks over 12,000 private firms to meet Emiratization targets
DUBAI, UAE – The Ministry of Human Resources and Emiratization (MoHRE) has notified over 12,000 private companies with 20-49 workers...Companies with 20-49 workers will be required to hire one UAE national in 2024 and another one in 2025.
This step is expected to create around 12,000 jobs annually for UAE nationals in 2024 and 2025 in various sectors.
Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...The settlement of debts is subject to specific and strict laws and standards regarding the quality of loans and their areas of expenditure.
Officials of banks, financial institutions and national companies expressed their pleasure and pride in taking part in this national initiative.
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...The meeting also covered the UN Climate Change Conference (COP28), starting today at Expo City Dubai
The two leaders exchanged views on regional and international developments and a number of other issues
Time to transform climate commitments into action
"At COP28, governments need to focus on two timeframes: an immediate surge in climate action and a springboard for the...The climate crisis escalates, demanding bold action at COP28 in Dubai, says UN Climate Change Executive Secretary Simon Stiell.
Developing nations require substantial financial support for climate resilience and renewable energy initiatives, he adds.
Oil prices inch up on mixed day for US stocks
World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with...Fed Governor Christopher Waller said he was "encouraged" by recent progress on the economy
Market analysts say the gain came "as expectations build on the prospect of another output cut"
Water stress levels vary in Arab countries
Some countries face more intense competition for water resources, leading to potentially severe environmental impacts. The contrast underscores the diverse...The region needs to develop and implement sustainable water management strategies to mitigate the growing water scarcity and its potential impacts.
The high stress levels in GCC, in particular, highlight an urgent need for these nations to develop and implement sustainable water management strategies.
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...Al Khawaja said one of the offerings will be for a family business in the financial sector and foreign exchange and remittances
The fund, according to Al Khawaja, considers family businesses as the key to advancing economic development in Abu Dhabi
UAE to invest $20-25 bn in cash-strapped Pakistan
Abu Dhabi, UAE - The UAE and Pakistan recently sealed a significant deal, potentially injecting between $20 to $25 billion...The move comes as Pakistan grapples with economic challenges, including a balance of payments crisis and dwindling foreign exchange reserves
Pakistan Prime Minister Kakar hailed the signing as a historic milestone that would elevate economic cooperation between the two nations
