Paris, France -- The OECD on Wednesday slightly raised its world economic growth forecast for 2024 but called for higher property and environmental taxes to combat soaring debt in many countries.In its twice-yearly economic outlook report titled "Turning the Corner", the Paris-based organization said global gross domestic product would expand by...

Russian President Vladimir Putin said Wednesday he expected his Turkish counterpart Recep Tayyip Erdogan to attend a BRICS summit in Russia next month after Türkiye requested to join the group of emerging economies. Putin said he was due to meet Erdogan on October 23, a day after the start of...

The sheer scale of destruction from the deadliest war in Gaza's history has made the road to recovery difficult to imagine. Also, 11 months of war in Gaza has battered Israel's economy with poverty threatening communities.

The 30% general wage hike improves upon the 25% in the earlier offer.

Israeli Prime Minister Benjamin Netanyahu said Sunday that Israel has dealt serious blows to the Lebanese group Hezbollah, as rapidly escalating cross-border exchanges raised fears of an all-out war. Netanyahu's remarks follow a night of intense rocket fire at northern Israel that had sent hundreds of thousands of people to...

A blast caused by a gas leak at an Iranian coal mine has killed at least 51 people, state media said Sunday, in one of the country's deadliest work accidents in years. "The number of dead workers increased to 51" in the explosion at the Tabas mine in eastern Iran,...

A second wave of device explosions killed 20 people and wounded more than 450 in Lebanon on Wednesday, officials said, stoking fears of an all-out war in the region. On Tuesday, pager explosions killed 12 and injured more than 2,800 people in Lebanon blamed on Israel.

The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as a global leisure destination by 2030.

The WTO's 2024 report on global trade looked at the role that commerce has played to narrow the gap between economies since its creation in 1995. "Perhaps the biggest takeaway from the report is its reaffirmation of trade's transformative role in reducing poverty and creating shared prosperity," WTO Director-General Ngozi...

Jordanians will head to the polls on Tuesday to vote for a new parliament amid widespread frustrations over a lagging economy and the ongoing war in Gaza.Just two days ahead of the vote, in a rare surge of violence, a Jordanian killed three Israeli guards at the border crossing between...

Since US Federal Reserve Chairman Jerome Powell stated last month that the time for interest rates to begin coming down and the pace would depend on economic data, investors have been keenly awaiting the latest jobs numbers. Dismal July job figures caused markets to panic last month.

China, the world's number two economy, is Africa's largest trading partner

The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis, and regulation updates.

While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly real estate, a key growth driver. The non-manufacturing PMI, which includes services, was in positive territory in August at 50.3 points compared with 50.2 a month earlier.

The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in the world's largest economy ahead of November's presidential elections, in which inflation and the cost of living have taken a central role.

The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial markets about the Fed's thinking, a few weeks after he said policymakers could cut rates "as soon as" September.

The company is Chinese smartphone and household tech giant.

Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing supply risks, while leading oil importer China's economic weakness threatened to curb demand, Reuters reportedBrent crude futures settled at $77.66 a barrel, dropping $2.02, or 2.5%. U.S. West Texas Intermediate...

Beijing, China - Youth unemployment in China ticked up to 17.1 percent in July, official figures showed, the highest level this year as the world's second-largest economy faces mounting headwinds.China is battling soaring joblessness among young people, a heavily indebted property sector and intensifying trade issues with the West.Chinese Premier Li...

Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of AED50.1 billion ($13.6 billion). Although the market continued to grow, the year-on-year increase slowed to 33% from 53% in June, reflecting a high base effect from the same period in...

Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to green financing and technologies could worsen existing economic inequalities. The report, Accelerating an Equitable Transition: A Data-Driven Approach, stresses the urgent need for an institutional response to ensure that the...

The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line with international standards.

San Francisco, United States - US credit rating agency Fitch downgraded Israel a notch on Monday, warning that its ongoing conflict against Hamas in Gaza could last "well into 2025" and weigh on economic activity.Fitch lowered Israel's rating from "A+" to "A"."The conflict in Gaza could last well into 2025 and...

The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation goal. At his press conference, Fed Chair Jerome Powell said a rate cut in September is “on the table,” provided the inflation data continues to be encouraging, CNBC reports. The...

Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international overnight visitors in the first half of 2024, marking a 9 percent increase from the 8.55 million visitors during the same period in 2023. The achievement is aligned with the...

The next steps include official visits by FIFA and a comprehensive evaluation of the bid.

New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million, India's Minister of State for External Affairs, Kirti Vardhan Singh, told Parliament yesterday.Indians are employed in a wide range of professions from highly qualified fintech, healthcare, information technology, engineering and...

The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth in credit and deposit balances.

The investment climate in the Kingdom of Bahrain is positive and relatively stable. Bahrain maintains a business-friendly environment and a proactive approach to attracting foreign investment and business, the US Department of State statement revealed on Wednesday.State-owned enterprises (SOE) are the primary engines for growth, but Bahrain aims to expand...

Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates in September following comments from Fed Chair Jerome Powell, CNBC reports.Spot gold pricesGold rose 0.5% to $2,482.29 per ounce, hitting an all-time high according to LSEG data. Gold futures climbed...

The International Monetary Fund expects the world economy to grow 3.2 percent this year, unchanged from its April forecast, according to its World Economic Outlook update. "Global activity and world trade firmed up at the turn of the year, with trade spurred by strong exports from Asia," said the fund....

Led by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the initiative's purpose is to elevate the city's global profile while enhancing local quality of life

Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's shaky economic recovery ahead of a key political gathering expected to focus on deepening reform.The manufacturing purchasing managers' index (PMI) -- a key measure of factory output -- registered at...

Tehran, Iran - Iranians voted in a presidential election on Friday marked by a lone reformist's bid to break through against a divided conservative field.Voting was extended three times and eventually ended at midnight (2030 GMT), with around 61 million Iranians eligible to cast ballots after the death of ultraconservative president...

Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate market forward, creating new opportunities for investors and stakeholders alike.

The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic advancements, and commitment to innovation and sustainable development.

The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following the US Federal Reserve’s decision on Wednesday to keep benchmark lending rate at its current level for the seventh time in a row, Zawya reports.The US Federal Reserve voted unanimously...

Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about the global economy in 2024. More than eight in ten chief economists expect the global economy to either strengthen or remain stable this year – nearly double the proportion in...

Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years, Prime Minister Mostafa Madbouly said.The price of a loaf, long set at five piastres ($0.001), would quadruple to 20 piastres ($0.004) from June 1, Madbouly told a news conference.Madbouly acknowledged...

Beirut, Lebanon -- A third of Lebanese people are impoverished with poverty rates tripling in a decade, the World Bank said Thursday, as the country grapples with years of economic meltdown and war in the south.One in every three Lebanese "was poverty-stricken in 2022," the World Bank said in a report...

Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the level at a 23-year high to fight stubborn price increases.After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 percent, citing a...

The company's cloud, ads, and retail businesses thrive.

The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a new era of growth and innovation.

GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says a report by Oliver Wyman.

MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to pre-pandemic levels by 2023.

For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight a surge in prices, and, since last summer, they have left rates high as they assess whether inflation is under control, according to the New York Times.European Central Bank policymakers...

Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of this year, primarily to China, data from Vortexa reveals. This marks the highest export level since the third quarter of 2018.The success in oil exports highlights the challenges faced by...

"Leadership teams must recognize that the livelihoods of their employees' families hinge on the stability of the business. Understanding that the survival of the business goes beyond mere profitability can serve as a powerful motivator" he adds.

A tech-savvy population sees cryptocurrencies a safe investment option as governments adopt progressive regulatory frameworks, offering innovation and investor protection.

Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after Israel's army chief vowed a response to Iran's unprecedented attack on his country at the weekend.The selling came after Wall Street's three main indexes tanked in response to forecast-beating US...