Expected impact of the U.S. election on business
35 percent of CEOs worldwide identify #inflation as the most critical #economic issue facing their countries, followed by boosting #consumer...Economy
China’s central bank cuts two key rates to boost economy
Beijing, China - China's central bank on Monday said it had cut two key interest rates to historic lows, in the...Economy
Don’t pause Mideast de-escalation over war, says UAE official
Dubai, UAE - Middle East powers should maintain their push to de-escalate the region through trade and economic ties despite the...According to UAE presidential adviser Anwar Gargash, countries should maintain that strategy even though the war is sending shockwaves through the region.
"National actors are basically trying to use economics as a way to de-escalate tension," Gargash told the World Policy Conference in Abu Dhabi,
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...The two-day forum showcased innovative technologies and transformative solutions to accelerate low-emission, climate-resilient development.
The international event aimed to foster new partnerships to scale up investments and technology transfer to developing countries.
Gaza suffers critical food shortages amid conflict
Gaza faces a dire humanitarian crisis as food supplies near exhaustion and the financial sector falls into chaos amid the...Gaza faces a dire humanitarian crisis as food supplies near exhaustion and the financial sector falls into chaos amid the ongoing conflict, a WFP report indicates.
With a projected drop in Palestine's GDP and daily economic activity at a standstill, WFP calls for global intervention to prevent a full-scale food security disaster.
ADIB publishes ‘sustainable finance framework’ establishing criteria for borrowing
Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which...The bank's framework will determine the eligibility of projects for it to finance or refinance, including the issuance of green, social and sustainability sukuks.
ADIB will give priority to projects with environmental benefits across renewable energy, energy efficiency, green buildings, pollution prevention and control
Saudi Arabian ministry issues 174 industrial licenses
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September,...The total value of the 174 new industrial licenses in September is US$1.4 billion (SAR 5.3 billion).
A total of 82 factories started production in September, with investments worth US$506 million.
Turkish inflation rate holds near 61 percent
Turkey is suffering the worst bout of inflation of President Recep Tayyip Erdogan's two-decade rule. The official annual inflation rate...The rate inched down to 61.36 percent in October from 61.53 percent in September, the TUIK state statistics agency said
Central bank chief Hafize Gaye Erkan said Thursday that the rate will likely peak between 70 and 75 percent next May
Bahrain suspends economic relations with Israel
DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in...Bahrain took the decision to recall the Kingdom’s Ambassador to Israel back to the country, the Council of Representatives said.
It also demanded taking measures to preserve lives of people in the Gaza Strip and other regions of Palestine.
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Jordan becomes UAE’s regional investment hub
“Jordan has become a regional investment hub of choice for the UAE's direct investments, totaling US$4 billion. This represents 14%...The UAE has invested $4 billion directly in Jordan, with non-oil trade reaching $4.5 billion in 2022, reflecting their deep-rooted ties and mutual interests.
In 2022, the UAE, Jordan, Egypt, and Bahrain announced a comprehensive industrial partnership, allocating a $10bn investment fund for collaborative projects.
Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...Federal Reserve's decision to hold interest rates comes amid concerns of persistent inflation
The CBUAE and QCB's decision underscores the link between global and regional monetary policies
