A million people have crossed Sudan's borders since April, fleeing the devastating war between the Sudanese army and the paramilitary Rapid Support Forces, according to the United Nations. That figure would probably be higher, were it not for the fact that many like Omar needed passports renewed or issued from...

Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation between the two countries’ technological companies. In a meeting held in Havana on Friday, Iran’s Vice-President for Science and Technology Ruhollah Dehqani and Cuba’s Minister of Science, Technology and Environment...

The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a level not seen for 22 years as it tackles inflation still stubbornly above its long-term target of two percent. Goldman Sachs cut their forecast for a recession in the US...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart programs and applications to support its operations. The move is part of DEWA’s efforts to utilise the latest global technologies in all areas and benefit from the capabilities of generative...

Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...

RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic development and implement awareness programs, in line with Saudi Vision 2030 goals. Under the MoU, the two parties will cooperate to promote economic development, activate academic research, implement awareness programs...

SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured employees in accordance with the relevant laws and regulations. This aligns with the law's objectives and the fund's strategies aimed at enhancing the well-being of employees and providing them with...

Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC). The agreement was signed during the eighth Belt and Road Summit, a two-day event themed "Ten Years of Cooperation for Mutual Benefit," which saw participation from...

Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector, and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told a media outlet. The Fund will strongly urge...

Moscow, Russia--The UAE and Russia are looking to strengthen the bilateral cooperation in higher education, scientific research, space, and engineering between the two countries. In this regard, Ahmad Belhoul Al Falasi, Minister of Education, and Valery Falkov, Minister of Science and Higher Education of Russia, held discussions in Moscow. Al...

Several aid organizations have warned of the outbreak of disease in the port city of Derna, after Sunday's flood submerged it, washing thousands of people and homes out to sea. The flooding left behind a trail of devastation after two upstream dams burst under the pressure of torrential rains triggered...

New York, US--The UAE has announced the launch of a new digital response platform that will support disaster-affected countries to quickly and efficiently communicate their humanitarian needs to the international community.The UAE made the announcement during a United Nations Security Council open debate titled “Maintenance of international peace and security:...

The International Monetary Fund renewed its criticism of Lebanon for failing to enact reforms demanded by creditors in return for releasing billions of dollars in emergency bailout loans. “Lebanon has not undertaken the urgently needed reforms,” said the IMF's Ernesto Ramirez Rigo in a statement at the end of a...

Egypt is one of the largest recipients of US military aid, dating to its historic normalization of relations with Israel in 1980, the first for an Arab state. The latest package of military aid includes $980 million that was not subject to restrictions.

TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries will be strong in all areas, including trade, economy and investment. Speaking to IRNA in Tehran, the Saudi envoy expressed satisfaction with the start of a new chapter in his...

According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected to restrain near-term growth prospects for major GCC economies. However, non-oil growth is anticipated to bolster the region's economies, particularly in Saudi Arabia and the UAE.

Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such as advanced biofuels or hydrogen, in the aviation sector. The RefuelEU aviation rules are part of the “Fit for 55 package”, the EU’s plan to reduce greenhouse gas emissions by...

Military transport aircraft from Middle Eastern and European nations, along with ships, have been ferrying emergency aid to the North African country already scarred by war. In addition to the missing, tens of thousands of people have been displaced after the huge flash flood slammed into the Mediterranean coastal city...

Baghdad, Iraq-- The UAE and Iraq have held discussions to boost economic, investment, educational, cultural, agricultural, food, technological, and energy cooperation. The discussions were held in the tenth session of the UAE-Iraq Joint Committee in the Iraqi capital, Baghdad, co-chaired by Khalifa Shaheen Al Marar, UAE Minister of State, and...

Washington, United States - Consumer inflation in the United States picked up in August for a second straight month, according to government data released Wednesday, putting the heat on policymakers as they work to lower prices. The consumer price index (CPI), a key inflation gauge, jumped 3.7 percent from a year...

Abu Dhabi, UAE - The Arab Monetary Fund said Wednesday that global credit card fraud losses incurred by financial institutions and individuals reached around US$32.3 billion in 2021. The losses increased substantially by 13.8 percent compared to the previous year, WAM reported. The Fund released a study titled "The Role...

The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this year, partly due to resurgent Chinese consumption and jet fuel. But the extension of Saudi and Russian output cuts "will lock in a substantial market deficit" through the last three...

Beijing, China--China on Wednesday denied there was any ban on officials purchasing or using foreign phones, including iPhones, after reports said Beijing was prohibiting civil servants from using Apple handsets. "China has not issued any laws, regulations, and policy documents prohibiting the purchase and use of foreign brand smartphones, including iPhone,"...

Vienna, Austria--The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the UAE's economy grew by 3.8 percent in the first quarter of 2023. In its September 2023 report, OPEC said it expects the UAE's economic expansion to continue, noting that key sectors of the country's economy have seen...

The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of a historic turning point," executive director Fatih Birol wrote in the FT.

Doha, Qatar--The Qatari-Chinese Business Forum kicked off with the participation of over 70 local companies and nearly 60 Chinese companies to discuss investment opportunities in the two countries. Chairman of the Qatar Chamber of Commerce and Industry Sheikh Faisal bin Qassim Al-Thani said in a speech that the forum represents...

Tehran, Iran-- Iran and Russia are looking to build a research spacecraft within two years and in this connection top universities from Iran and Russia have signed an agreement. In an interview with Tasnim news agency, the president of the University of Tehran said the academic center has recently signed...

Abu Dhabi, UAE-- UAE President Sheikh Mohamed bin Zayed and Nigerian President Bola Ahmed Tinubu discussed opportunities for further bilateral collaboration in areas that serve both countries’ sustainable economic growth, including the economic, development, energy, and climate action fields in a meeting in Abu Dhabi. Sheikh Mohamed expressed his hope...

Pact was signed on the sidelines of G20 Summit in New Delhi.

TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United States in the first seven months of 2023 registered a 26 percent growth compared to the same period last year. The two countries traded over $31 million worth of non-oil...

Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by 9.8 percent year-on-year (YoY) in July. Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI retreated to 122.03 points in July, according to the base year 2010,...

Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according to data from a major international energy data company. The Sunday report by Fars news agency said Iran’s oil exports to China had reached an average of 1.5 million barrels...

The International Federation for Red Cross and Red Crescent Societies has warned that the next 24 to 48 hours will be critical for saving lives as the death toll keeps rising. At the same time, global aid and support has begun to pour into Morocco, led by the UAE, Qatar,...

Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient Gulf economy. Al-Budaiwi made these remarks during his speech at the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain. The meeting was chaired by...

Kuwait City - Kuwait has announced a comprehensive economic reform plan for 2023-2027 to address various challenges facing the country’s economy, including the need for diversification and improved performance. The Kuwaiti government has presented an ambitious program for the legislative term of 2023-2027, titled "Correcting the Path: A Productive Economy...

NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems, said that the country is looking forward to more meaningful cooperation with the UAE in the field of digital payments. Speaking to the Emirates News Agency (WAM) on the sidelines...

JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects worth US$800 million for improving the living conditions of the people in member countries and attaining Sustainable Development Goals (SDGs). IsDB President Dr. Mohammed Al-Jasser said that the projects were...

Annual inflation in Egypt hit 39.7 percent in August, official figures showed, an all-time high for the country as it grapples with a punishing economic crisis. It comes after an unrelenting economic crisis that has seen the currency shed half its value against the US dollar since early last year.

More bad news for the wind energy sector, which is at the heart of the UK's plan to become a net zero carbon emitter by 2050, arrived this week when the government's auction of permits to build offshore wind farms failed due to a lack of takers. Russia's invasion of...

New Delhi, India-- Appealing to G20 members to lead by example in delivering on the promise of US$100 billion per year for climate finance, International Monetary Fund (IMF) Managing Director Kristalina Georgieva has underscored the need for cohesive effort to prevent grave risks to economic well-being and macro-financial stability from...

Doha, Qatar--The Qatar Financial Centre Authority (QFCA), Qatar Stock Exchange and Malaysian Rating Corporation Berhad (MARC) have entered into a memorandum of collaboration (MoC) to pursue a range of strategic initiatives aimed at advancing the financial landscape with a specific emphasis on bonds and Sukuk The scope of the collaboration...

Led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations revealed that its Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 121.4 points in August, down 2.1% from July and as much as 24% below...

Following the devastating earthquake in Morocco on Saturday that killed more than 1,000 people so far, the UAE, Iran, Iraq, Jordan, Algeria and Israel along with several other countries offered condolences, support, and assistance. UAE President Sheikh Mohamed bin Zayed Al-Nahyan emphasized solidarity with Morocco and ordered critical relief delivery.

NEW DELHI, INDIA - UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met to discuss the Comprehensive Strategic Partnership and Comprehensive Economic Partnership between the two countries. The two leaders also discussed sustainable development and strengthening ties between the countries and their people. The...

AMMAN, JORDAN - Chairman of the Amman Chamber of Commerce (ACC) Khalil Haj Tawfiq said the Jordanian Economic Forum with some countries of Association of Southeast Asian Nations (ASEAN) will be held in March 2024. In a statement on Saturday, he said the agreement to set a date for the...

Major G20 partners are set to unveil ambitious plans on Saturday to enhance trade among India, the Middle East, and Europe. This modern-day Spice Route aims to integrate regions that represent about a third of the global economy. Washington, Saudi Arabia, the EU, the UAE, and other nations plan to...

Tehran, Iran--Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to the Islamic Republic of Iran, the bank announced on Thursday. The service is available to both individuals and businesses using their Sber accounts, according to the bank.   “The money transfer service...

TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held in early May here, Iran’s deputy foreign minister for economic diplomacy affairs said.   Mehdi Safari said on Thursday that Iran seeks to break new records in foreign investment attraction and...

Rice is a major world food staple and prices on international markets have soared in the wake of the Covid pandemic, the war in Ukraine and the impact of the El Nino weather phenomenon on production levels. India announced in July a ban on exports of non-basmati white rice, which account for...

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed a Memorandum of Understanding (MoU) to strengthen trade and investment ties between the UAE and India. The MoU was signed by RAKEZ Chief Commercial Officer Anas Hijjawi and IETO President...