Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing president David Malpass said Wednesday. The move, announced during the International Monetary Fund (IMF) and World Bank spring meetings in Washington, is part of an ongoing evolution of the development...

Cairo's foreign reserves fell by about 20 percent in one year to $34.45 billion -- about $28 billion of which are deposits from wealthy Gulf donors. Experts have for months warned that Egypt is among the top five countries at risk of defaulting on its debt, which hit a record...

Under investigation both at home and abroad on suspicion of fraud, money laundering and illicit enrichment, Riad Salameh has been summoned for a hearing in Paris next month. He is part of a political class widely blamed for the country's economic crisis that the World Bank says is of a...

Jump in sales across all regions, including China.

The global economic slowdown and swelling interest rates are pummeling debt-ridden developing countries, the UN warned, urging bold global action to ward off catastrophe. In a fresh report, the United Nations Conference on Trade and Development cautioned that poorer countries were expected to suffer as higher interest rates eat away...

The Mohammed Bin Rashid Space Center in UAE said that Rashid Rover, onboard the HAKUTO-R Mission 1 Lunar Lander, is scheduled to land on the Moon on April 25. At around 7.40 pm (UAE time) on April 25, the Lander carrying Rashid Rover will perform multiple orbital control maneuvers before...

US consumer inflation slowed in March lessening the pressure on the Federal Reserve to maintain its aggressive posture to cool the economy. The rate of inflation year-over-year fell to 5.0 percent last month from 6.0 percent in February, the smallest 12-month increase since May 2021, as per the Bureau of...

Multi-day weddings, feeding the bereaved and homemade bread are all becoming things of the past in rural Egypt.

Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International Monetary Fund warned. China and the United States are responsible for the vast majority of the expected debt increase over the next five years, the head of the IMF's Fiscal...

DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year. According to a report issued by the Dubai Health Authority (DHA), 39% percent of the medical tourists who came to Dubai were from Asian countries, 22% from Europe and the...

The proposed rules set aggressively low standards for emissions of greenhouse gases and criteria pollutants, which is expected to lead to further manufacturing and marketing of EVs amid already considerable investments announced by US and foreign carmakers.

The dividend for H2 of 2022 will be at AED 0.4 per share.

Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP on Tuesday. Prices around the world have surged since the rapid reopening of the global economy after the Covid-19 pandemic. Inflation was further fueled by Russia's invasion of Ukraine last...

It edged out its rival Airbus by just three aircraft.

In the wake of the fall of Silicon Valley Bank, the US Federal Reserve should be cautious in setting interest-rate policy. Chicago Fed president Austan Goolsbee said at a conference in Chicago that caution should be exercised until "we see how much work the headwinds are doing for us in...

The IMF predicted the global economy will grow by 2.8 percent this year and three percent in 2024, a decline of 0.1 percentage point from its previous forecasts in January. The American economy is expected to grow by 1.6 percent in 2023, up 0.2 percentage point on IMP's previous forecast.

Abu Dhabi, UAE-- The UAE and Malta have signed three memoranda of understanding in areas of maritime affairs, youth, and sports. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, received Ian Borg, Minister for Foreign and European Affairs and Trade of the Republic of Malta....

Struggling to recover from its pandemic-driven slump, China, the world's second largest economy, has reported that its consumer price inflation fell below one percent in March, a sign of weak demand. The country is targeting an average inflation rate of three percent for 2023, which is still far below the...

During this week's session, lawmakers will have to endorse the guarantees, but the vote is only symbolic, said Samuel Bendahan, a National Council member and an economics professor at the University of Lausanne's business school. Parliament cannot cancel the government's decision taken under emergency law, and "the money has already...

Most of the participants, in the poll from as far away as Egypt and Lebanon, picked up Dubai to celebrate the festival in, with Doha coming at a distant second.

Successful business leadership requires that we innovate and embrace change. This means a commitment to seek paths untrodden, embracing new technologies, willingness to take risks, experimenting with new ideas and strategies, and focusing on creating sustainable, long-term growth, he adds.

The closely watched non-farm payrolls reading on Friday followed a string of figures last week showing the world's top economy was slowing down and dented investor sentiment. Focus is now on the release of inflation figures later this week, which will play a crucial role in the Fed's decision-making when...

MoU will leverage core competencies of both the firms.

Cairo, Egypt-- Egypt's financial inclusion has widened as total ownership of transactional accounts reached 64.8 percent of the total 65.4 million eligible adult population at the end of 2022. The financial inclusion, according to the country's central bank, increased 147 percent between 2016 and 2022 to 42.3 million citizens who...

Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability. "Growth remains historically weak -— now and in the medium term," IMF...

Dubai, UAE--Dubai Customs has discussed with the Global Innovation Institute (GInI) how they can further enhance their customs services and boost returns on commercial operations. Dr. Hussam Jumaa, Director of Service Innovation at Dubai Customs, and Anthony Mills, the Executive Director of the Global GInI, discussed various initiatives to improve...

MUSCAT, OMAN  -   Oman Ministry of Commerce, Industry and Investment Promotion on Sunday  issued an order to regulate the activities of consumer cooperatives. The order aims at promoting Omani products, establishing new supply chains, supporting national industries, developing governorates and providing new investment opportunities. The regulation consummates the "National Product...

Federal data shows that some depositors at small banks did head for the exits, moving some $120 billion in a single week into larger banks sometimes viewed as too big to fail. But minnows like Leader Bank of Massachusetts and Heritage Bank of Minnesota also have a solution to the...

Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023, representing 122% growth compared to the same period in 2022, indicating a strong start to the year for the economic zone. RAKEZ Group CEO Ramy Jallad commented on this achievement:...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has completed preparations to launch its second nanosatellite for remote sensing applications in April 2023. The 6U nanosatellite is part of DEWA’s Space-D programme. DEWA Sat-2 will be launched by SpaceX Falcon 9 rocket from Vandenberg Air Force Base in California, USA. The...

Swiss Finance Minister said that the government had acted in the country's best interests in swiftly arranging the takeover of Switzerland's second-biggest bank by its larger domestic rival UBS. Amid fears of a global banking crisis last month, investor confidence in Credit Suisse collapsed on March 15, with the government...

Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital for the International Monetary Fund and World Bank's spring meetings in the coming week. A key topic of discussion will be the World Bank's evolution, amid a push for lenders...

Doha, Qatar-- Qatar Central Bank has reported an increase in international reserves and foreign currency liquidity in March to $65 billion, an increase of 11.7 percent, compared to $58 billion in the same month last year. The figures issued by the Qatar Central Bank today showed an increase in its...

Washington, United States - US Treasury Secretary Janet Yellen expects the world's biggest economy will continue to grow, despite heightened recession concerns following recent turmoil in the banking sector. The dramatic collapse of Silicon Valley Bank (SVB) and Signature Bank last month had rattled the industry, prompting US authorities including...

Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the index, released by the International Institute for Management Development (IMD), the Saudi capital city of Riyadh maintained its position as the third smartest Arab city. Makkah entered in the index...

Ajman, UAE – The industrial sector contributes approximately 20 percent to Ajman's GDP and is one of the sectors that the emirate is focused on developing through various partnerships, including strategic collaboration with the Ministry of Industry and Advanced Technology, Director-General of Ajman Department of Economic Development (DED) Abdullah Ahmed...

US job gains eased in March for a second straight month, government data showed, adding to signs that the economy is cooling as policymakers push on in their fight against inflation. The country added 236,000 jobs in March, slightly less than expected, while the unemployment rate inched down to 3.5...

World food prices are still high but have fallen by a fifth compared to a year ago when prices soared to a monthly record high after Russia invaded agricultural powerhouse Ukraine, UN data showed. Prices have fallen 20.5 percent since March 2022 after a 12th straight monthly drop, the Food...

Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end of 2022, said the country's Minister of Economy Abdullah bin Touq Al Marri. He said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by...

Experts say developing nations are struggling to find the funds needed to stop burning planet-heating fossil fuels and prepare for tomorrow's climate disasters, as they grapple with rising costs, soaring debts and extreme weather events. Reform plans are gaining momentum because they fill a "policy vacuum" over funding for the...

Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22% of the total trade value. The UAE was the 11th largest exporter of commodities in the world and ranked 18th in terms of global merchandise goods trade imports.

Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive economic partnership agreement (CEPA). The document was signed by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Nguyen Hong Dien, Minister of Industry and Trade of...

The IMF was originally expected to approve a bailout deal on December 19, but that was delayed pending a Tunisian budget, which has since passed, and a law to stop banks charging excessive interest.

A continued slowdown in almost all the world's advanced economies is expected to drag global growth below three percent this year, the International Monetary Fund's managing director warned. "With rising geopolitical tensions and high inflation, a robust recovery remains elusive," Kristalina Georgieva said in remarks ahead of the IMF and...

Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of polymer for circulation in the market. The new banknote will be available at banks and exchange houses from 10 April 2023. It will be in circulation alongside the current AED1000...

London rose but Frankfurt and Paris slipped in muted trade during a holiday-shortened week, while Asian indices slipped lower. "Markets are drifting as investor thoughts start to turn towards the scale of severity, as the likelihood of a recession later in the year in the US increases," said Richard Hunter,...

Paris, France--Earth had its second-warmest March on record with Antarctic sea ice shrinking to its second-lowest extent, the EU's climate monitoring agency said on Thursday. "The month was jointly the second warmest March globally," said a report from the Copernicus Climate Change Service. The report is based on computer-generated analyses...

Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) announced today it has achieved financial close on three solar photovoltaic (PV) projects it is developing in Uzbekistan. Construction will begin imminently on the plants, which will have a combined capacity of around 900 megawatts – the largest solar development programme in...

Beijing, China--French and EU leaders will on Thursday seek to make Europe's case for bringing an end to the conflict in Ukraine in a Beijing meeting with Xi Jinping, a close ally of Vladimir Putin. French President Emmanuel Macron and European Commission chief Ursula von der Leyen will be greeted late...

Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over US$4.8 billion in 2018 and is expected to reach US$6.8 billion in 2023. This was highlighted in a new report by Boston Consulting Group (BCG) in collaboration with Forward MENA...