The war in Ukraine has undercut the global recovery, slowing expected economic growth in most countries in the world, IMF Managing Director Kristalina Georgieva said Thursday. Families already were struggling with higher energy and food prices and "the war has made this much worse."

European Central Bank policymakers meet on Thursday faced with the challenge of threading a response between record-high inflation figures and weak growth due to the war in Ukraine.

The study calls for the stability of the business environment by reforming relevant laws.

The IMF plans to raise at least $45 billion for a new trust to help ‘low-income and vulnerable middle-income countries’.

Major international organizations issued an appeal on Wednesday for urgent measures to deal with rising food insecurity in poor countries.

Company workers had gathered Sunday to urge the state to save the factory, local media said.

The UAE will allow unvaccinated individuals to travel on April 19 if they present a negative PCR test result taken 48 hours before their departure, and fill out the Al Hosn app travel application to change their status to green, the Official Spokesman of the National Crisis and Emergency Management...

Tens of billions of dollars in Iranian money were blocked in many countries including China, South Korea and Japan.

The shopping behavior has changed a lot in the region in past two years as consumers are looking for promotions and offers especially in food, perishables, groceries and home appliances. Studies suggest that consumers are spending more on cross-border goods, particularly consumer packaged products, during Ramadan this year.

Saudi Arabia and Kuwait will develop a disputed gas field despite Iranian objections, while urging Tehran to engage in negotiations, a statement said Wednesday. The Gulf allies will honour their deal, branded "illegal" by Iran, to develop the Arash/Dorra maritime gas field, the Saudi foreign ministry said.

Dubai Next, the digital crowdfunding platform that has attracted many young innovators and start-up ideas, is anticipating an increase in fund-seekers and contributors.

The yen hit its lowest level against the dollar in two decades on Wednesday, extending recent falls as the gap widens between Japan's ultra-loose monetary policy and US tightening. One dollar bought 126 yen on Wednesday afternoon, the lowest rate since 2002.

Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its invasion of Ukraine, according to the IEA, which advises developed countries on their energy policies.

"The Russia-Ukraine war has added further fuel to the blazing rate of inflation," Kathy Bostjancic of Oxford Economics said.

UAE, Saudi Arabia and Kuwait are the three top performing GCC markets when it comes to appetite for high-end cars, Hamid Haqparwar, MD of BMW Group Middle East, tells TRENDS.

Dubai Multi Commodities Centre, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, welcomed 665 companies to its Free Zone in Dubai during the first quarter of 2022. This represents DMCC’s best first quarter since its inception over twenty years ago, a 13 percent...

A business delegation of Czech Republic visited Bahrain to explore investment opportunities and expansion of economic projects between the two countries. The delegation expressed keenness on cooperating with Bahrain for investment in various private sectors. Industry, Commerce and Tourism Minister Zayed bin Rashid Al Zayani said that Bahrain welcomes all...

The plan includes allocating interest-free loan packages to farmers through the Agricultural Credit Corporation.

An agreement to increase the number of flights between Qatar and Iran was also signed.

The cost of wheat flour in Palestine has already surged by nearly 25 percent because of the Ukraine crisis.

The decision also grants visa holders a temporary three-month stay that is obtained directly at border posts on each trip.

Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions placed on Moscow.

Russia's invasion created a crisis of 'immense proportions' and a 'severe blow' to the global economy. Russia's war in Ukraine could almost halve world trade growth this year and drag down global GDP growth too, the World Trade Organization (WTO) projected Monday. The WTO said that the Russian invasion dealt...

The United Arab Emirates (UAE) has given go-ahead to the formation of a digital economy council in a cabinet meeting. It also approved a plan according to which the digital economy can contribute 20 percent to the gross non-oil national economy in the coming years.

The conflict also has caused prices of grains and energy to soar.

Dubai has issued 24,662 new business licenses in Q1 2022, a report by the Department of Economy and Tourism (DET) said. This marked a growth of 58 percent from Q1 2021, when 15,580 licenses were issued. DET Business Registration and Licensing (BRL) issued its first-quarter 2022 report on the business...

Egypt’s annual inflation rate hit 12.1 percent in March, official figures showed Sunday, as foreign reserves declined by $4 billion during the same month, according to the central bank. "The annual headline inflation rate recorded 12.1 percent for March 2022, compared to 4.8 percent for the same month last year,"...

The 200 volunteers at work in Baghdad remove garbage from a stretch of one of the mighty rivers that gave birth to the ancient civilizations of Mesopotamia.

Iraq is particularly vulnerable to climate change, having already witnessed record low rainfall and high temperatures in recent years.

Across the MENA region, people are struggling to secure even the most basic staples in view of soaring food and fuel prices triggered by Russia's February invasion of Ukraine.

Countries like the UAE, Saudi Arabia, and Oman appear on track to take giant strides in diversifying their portfolios when it comes to power generation.

The GCC's main indices closed higher toward the end of week, spurred by higher oil prices. The Saudi index "TASI" reached 13,314 points, achieving an increase of 0.4 percent on Thursday, its last trading day. At the same time, the Dubai index increased by 0.2 percent during the week as...

Credit rating agency S&P Global Ratings on Saturday downgraded Russia's foreign currency payments rating to "selective default" after Moscow paid a dollar-denominated debt in rubles this week.

Kuwait's long and short-term foreign and local currency sovereign credit ratings have been affirmed at 'A+/A-1' by Standard & Poor's Global Ratings agency with a negative outlook. "The negative outlook primarily reflects risks over the next 12-24 months relating to the government's ability to overcome the institutional roadblocks preventing it...

A North Sea oilfield project off Scotland's coast opposed by environmentalists and paused after energy giant Shell decided to exit the Cambo initiative has been boosted by an Israeli takeover. Ithaca Energy, owned by Tel Aviv-listed Delek Group, announced late Thursday a deal to buy Siccar Point Energy for an...

Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month.

After a historic collapse in the wake of Russia's military offensive in Ukraine, the ruble has staged a spectacular bounceback, supported by strict capital controls and energy exports. Four days after President Vladimir Putin sent troops into the pro-Western country, the central bank more than doubled its key interest rate...

The UAE has earned a unique distinction of becoming the only Arab country to be propelled into the premier club of nations with the most technologically advanced governments.

UAE and UK authorities met for a series of technical workshops in March 2022 in both Abu Dhabi and London to share information on issues of mutual concern and enable participants to better understand illicit finance risks, threats, and typologies. The workshops were held under the UAE-UK Partnership to Tackle...

Russia's invasion of Ukraine sent ‘shocks’ through markets for staple grains and vegetable oils, the UN's Food and Agriculture Organization has said.

Abu Dhabi issued 25,427 new economic licenses in 2021, an increase of 21.5 percent compared to the 2020 figure of 20,925, according to the 2021 Business Activity Report published by the Abu Dhabi Business Center at the Abu Dhabi Department of Economic Development (ADDED) . The report said that renewed...

Beijing has refused to budge from its strict zero-Covid strategy, and that has forced many companies to halt production and slow new projects, while those still operating are struggling with a shortage of truck drivers on top of onerous permit and Covid testing requirements.

The Committee for Ifta pointed out that ideas have value according to the regulations issued in this regard, and therefore an infringement on them is not permissible.

The UAE's Gross Domestic Product (GDP) for 2021 has exceeded expectations, registering the highest rate in the region of AED 1.489 trillion. "In a turbulent and changing world, the UAE has been moving steadily forward,” Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum said ...

The IMF announced Thursday a conditional agreement to provide Lebanon with $3 billion in aid to help it emerge from a severe economic crisis, following months of negotiations. The deal is "a visa stamp for donor countries to begin co-operating with Lebanon and to put Lebanon back on the global...

The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in interest rates by half a percentage point.

The country has been battered by triple-digit inflation, soaring poverty rates, and the collapse of its currency since a 2020 debt default, and officials in Beirut applauded the announcement as it will open the door to additional financial support.

The two will explore potential collaboration in the aluminum value chain.

The IEA members which include the United States, European countries, Australia and Japan, among others had already pledged last month to release 62.7 million barrels of oil.

"First the pandemic and now the war (in Ukraine) are putting a severe strain on this sector which represents one of the jewels of Italy," said Italy's Economic Development Minister.