Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such as facilitating connectivity to global supply chains through e-commerce, and ramping up promotion and marketing efforts for domestic products.They also called for expanding outreach to foreign markets, fostering collaboration between...
DFM incentivizes IPOs from companies in key growth sectors
The program encompasses unprecedented incentives including financial support to the cost of private companies’ IPOs on DFM’s Main Market and listing on the Second Market, post listing support through participation on DFM’s international roadshows regionally and globally in addition to a three years’ waiver on listing fees, AGM fees and...Turkey’s troubled lira accelerates record slide
It fell nearly four percent to 10.41 to the dollar before clawing back some of its losses ahead of a meeting Thursday at which the central bank is expected to lower interest rates for the third successive month. Turkey's nominally independent bank has bowed to incessant pressure from President Recep...
Turkey’s troubled lira accelerates record slide
The Turkish lira suffered one of its biggest falls of the year on Tuesday and hit new historic lows to cement its status as the year's worst-performing emerging market currency.Asian markets mixed with focus on inflation, Biden-Xi summit
Global markets have enjoyed about 18 months of healthy gains with many hitting record or multi-year highs .
New service to help start business in Saudi Arabia in three steps
For new investors, the new service will require only three steps: visiting the Saudi Ministry of Foreign Affairs website and applying for "adding a request for attestation of a contract" at the Kingdom's embassies abroad. The service was inaugurated in a number of the Kingdom's embassies.Dubai sets up AED1bn fund to support startups
The Fund, an initiative of the Dubai Securities and Exchange Higher Committee, will focus on supporting efforts to implement the directives of Sheikh Mohammed bin Rashid Al Maktoum to establish 1,000 tech companies in the country within five years and increase startup investments from AED1.5 billion to AED4 billion.
Crude fact: GCC set for big gains from high oil prices
In oil exporting countries, the fiscal deficits in 2020 will be replaced by large surpluses in 2021 and 2022, mainly in GCC. If oil prices average US$ 81/b in 2022, fiscal balances in Saudi Arabia, the UAE, Qatar, Iraq, and Oman are projected to be higher than 3% of GDP.
Kuwaitis complain about rising prices, high inflation
Growing costs and a drop in purchasing power are seen as deterioration of the standard of living Kuwaitis have been accustomed to for years.Saudi Arabia consistent on pension index
The Kingdom ranks 26 in the Mercer Institute Global Pension Index 2021 for the fourth year in a row, with a total of 58.1 points, up from 57.5 last year.‘Make it in the Emirates Lab’ launched with focus on SMEs
The program is the second public-private initiative by MoIAT following the Future of Industry Dialogue initiative, a series of interactive meetings organized in Q1 of 2021 with representatives of leading industrial sectors in the UAE. The training modules have been developed by P&G and are designed to develop core capabilities...China’s factory output, retail sales see jump in October
Industrial production grew 3.5 percent on-year last month, up from September, said the National Bureau of Statistics, as China worked to ease the energy shortage.Saudi Arabia unveils first non-profit city in the world
“This will be the first non-profit city of its kind which will contribute to achieving the goals of Mohammed bin Salman Misk Foundation in supporting innovation, entrepreneurship and qualifying future leaders by defining non-profit work in its internal operational concept and in terms of opportunities and youth training programs it...
Dubai Airshow: UAE MoD signs deals worth AED 5bn
The first deal was signed with Airbus Defence and Space S.A.U., a Spanish company, to purchase refueling aircraft for the Air Force and Air Defense Command.
UAE rich reset life goals after Corona but find confidence shaky: Survey
About 88 percent of the affluent people in the UAE have reset their life goals following the Corona pandemic, and 43 percent of them feel the pandemic has made them less confident to utilize their finances for achieving goals, a Standard Chartered survey has found. The bank surveyed affluent, emerging...
Tunisian town up in arms against trash
As tear gas and protest cries filled the air in the Tunisian city of Agareb, Mabrouka Ben Ibrahim vowed to demonstrate for her daughter, whose death she blames on a nearby rubbish dump.
Drought forces Iraqi farmers to leave their land
Iraqi wheat farmer Khamis Ahmad Abbas lost it all when his battle with drought forced him to abandon his land, pushing him into unemployment.
US-Qatar talks dwell on cooperation
The fourth US-Qatar Strategic Dialogue led to both sides discussing to several economic, commercial, regional, and humanitarian issues.Egypt questions new desert capital and its costs
Egypt President Abdel Fattah al-Sisi is building a new capital, whose construction costs are already under a microscope.
UAE and Brazil discuss ties, sign several agreements
The discussions took place between Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum and Brazil President Jair Bolsonaro at Expo 2020 on Saturday. The meeting saw the signing of several agreements and MoUs between the two sides.
Airbus recovers, Boeing reels
Boeing has endured a series of crises as Airbus recovers.
Libya polls ‘essential next step’ to peace: UN chief
Libya has seen several political and security crises since Muammar Gadaffi was overthrown a decade ago.
Covid-19, conflict and costs pushing Syria beyond limits: WFP
World Food Program Executive Director David Beasley has warned that more people in Syria are in the grips of hunger than at any time in the country’s decade-long conflict. He blamed a deadly combination fighting, climate change, Covid-19, and rising food and fuel costs for the problems.
Oil-exporter UAE accepts future is not oil: US delegation
UAE officials "recognise reality", delegation member and House of Representatives Majority Leader Steny Hoyer said after talks with Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum. "They know the world is working very hard not to be in a position to buy their product anymore, because they're going to alternative energy,"...Lebanon is failing its people, says UN envoy
Lebanon's government, formed in September, has yet to take serious action to stop its downward spiral.
Kuwait’s budget deficit spikes 175 percent to $35.5bn
Budget deficit of Kuwait has spiraled 175 percent to $35.5 billion in 2020-2021, the highest in the country’s history.This week, Gulf markets closed on a high
Stock markets in the Arab region were mostly in the green in the week gone by.Model Cargo Village at King Fahd Airport is Saudi economic engine
The village seeks to be an advanced logistics center that provides all means for logistics service providers and technical support companies.Zero-carbon not the end of oil and gas
Some people conflate the target of zero carbon emissions with the notion that the era of oil, gas, coal, and other fossil fuels is ending. Even though we are experiencing a trend toward generating energy from renewable sources such as the sun and the wind, this is inaccurate.
Trillions needed to fight climate threat: UN draft report
The draft Intergovernmental Panel for Climate Change report is scheduled for release early next year.
UAE, Bahrain to establish joint investment fund in both countries
“The governments of the UAE and Bahrain, in light of the fraternal ties and long-term mutual interests between the two countries, consider their joint objectives and interests embodied in the articles of incorporation of the Gulf Cooperation Council (GCC),” said a joint statement quoted by Reuters.
ADX, Bahrain Bourse partner to unlock joint opportunities
The parties agreed on a strategic plan to implement new measures over the next nine months to strengthen ties between investors based in both countries by enabling the seamless placement of orders on both securities markets, while reducing transaction costs.
World economy watches as China activity slows down
The economy of China is weighed down by electricity shortages and a vast real-estate crisis.ADX proposes region’s first SPAC regulatory framework
The ADX and ADDED, in conjunction with legal and investment specialists, have worked together to produce the proposed SPAC regulations, assessing the regulatory landscape and benchmarking US and international SPAC regulations. Following its review by the SCA, the SPAC proposal will require formal regulatory approval.Mercer says UAE firms to hire more staff next year
UAE firms are expected to hire more staff and increase salaries next year to attract and retain talents as the economic conditions improves, according to a report by Mercer.
Saudi Arabia’s real GDP grows by 6.8 percent in Q3 on rising global oil demand
Saudi Arabia's GDP has risen by 6.8 percent in the third quarter of 2021 compared to Q3 2020, according to the kingdom's General Authority for Statistics (GASTAT). The authority attributed the growth to an increase in oil activities by 9 percent as a result of the rising global demand for...39% of Sub-Saharan Africa firms lack anti-bribery controls: survey
The report surveyed risk and compliance professionals and business leaders across 47 countries in SSA.Slow steps for Palestinian economic recovery: World Bank
The lack of progress towards peace and reconciliation and Covid-19 caused an unsustainable economic situation in the Palestinian territories.Where do Arab countries stand on fintech?
Financial technology, or fintech, automates and improves the delivery of financial services.Climate change will crush world’s poorest economies, says study
Countries with poor economies will face severe consequences of climate change caused by the rich nations.Colombia starts business forum at Expo 2020
The Matchmaking Forum is one of the most important commercial initiatives of ProColombia, which is being organized at Expo 2020 Dubai as part of the Colombian national strategy to take advantage of Free Trade Agreements and to promote the exports of the country’s companies.
Abu Dhabi Chamber discusses partnerships with Azerbaijan official
Two sides discussed the prospects of boosting trade exchange and the flow of goods between the two countries.Here’s how much Lebanon depends on GCC
The economy of Lebanon is in crisis. Here’s a look at which countries it depends on for trade and aid, and how much.
Organic farmers find fertile ground in North Africa
In Tunisia, the land dedicated to organic farming has multiplied 20-fold since 2001. In Morocco, the area of farmland certified for organic production has more than doubled in two decades.How much does fuel cost in Arab countries?
Merely producing great quantities of oil or having a shortage does not dictate whether a country will have the cheapest or costliest gasoline.Egypt turns to apps in new age of money-pooling
Gameya is a cooperative system that allows people to save and borrow money, and is popular in several parts of the world, including Africa and Latin America. Participants put an equal amount each month in a pot and take turns to collect the sum that has accumulated.
Jadwa says Saudi fiscal budget deficit might contract this year
Saudi Arabia might see a contraction in fiscal budget deficit this year, according to Riyadh-based Jadwa Investment.
Dubai to merge economy and tourism departments
Dubai intends to merge the departments of economy and tourism in order to attract some 25 million tourists by 2025 and to widen the emirate’s foreign trade. The merged entity will be headed by Helal Al Marri.
US Congress passes giant Biden infrastructure package
The passage of the infrastructure spending marks a legacy-making achievement for Biden, amid plunging personal approval ratings and a humiliating upset defeat for his Democratic Party in the Virginia gubernatorial election. His spokeswoman Jen Psaki said the success was “proof that delivering for the American people is worth all the...
Moody’s revises Saudi Arabia’s outlook to stable
The agency predicted the Saudi economy will return to positive growth in 2021, and the current account level will return to surplus as the fiscal deficit shrinks in 2021, accompanied by a reduction in the level of debt in the medium term.
GCC works from home with digitalization
The Covid-19 pandemic has been the primary driver of businesses and governments embracing remote-work opportunities.
