US trade gap widened to a record in 2022, though expanding less than expected in December, government data said, capping off the year on robust imports and strong spending. The overall trade gap grew US$103 billion from 2021 to $948.1 billion last year, according to Commerce Department data, on a...

DUBAI, UAE -  Dubai Electricity and Water Authority (DEWA) has updated its strategic plan, adding achieving net-zero by 2050 to its vision.This move is as per its commitment of keeping pace with the government plans and strategies that aim to achieve net-zero by 2050 and the UAE’s efforts to promote...

ABU DHABI, UAE - The General Pension and Social Security Authority (GPSSA) of UAE has announced its key strategic objectives for 2023.The authority said that it will focus on raising awareness on insurance among Emirati employees, serving the community with utmost promptness and professionalism, while reinforcing the UAE Pension Authority’s...

Lebanese Banks Association is demanding a capital control law that would enshrine informal restrictions on withdrawals in hard currency and Lebanese pounds.

Hours after the earthquake killed at least 1,000 people and caused massive level of destruction in Syria, the UAE has pledged humanitarian assistance worth around $13.6 million to the war-scarred country, according to state media. The quake struck near the Turkish city of Gaziantep on Monday, killing more than 1,651...

Israeli premier Benjamin Netanyahu says the 'reform', which will give Israel's parliament the power to override court decisions with a bare majority, won't impact the economy.

The Rothschild family is set to take its investment bank private as its holding company announced plans to buy out the shares it does not own. Concordia, which holds almost 40 percent of the capital of Rothschild & Co. said it was in negotiations with investors and banks to finalize...

If the deal is sealed, it would be gold sector's largest acquisition.

The high occupancy was achieved despite a 16 per cent increase in room supply in 2022 compared to 2019.

Kabul, Afghanistan-- Qatar has renewed its pledge to Afghanistan to help the war-ravaged country in fields of education, development, politics, and economy.This was reiterated in a meeting between the visiting Special Envoy of the Minister of Foreign Affairs for Counterterrorism and Mediation in Conflict Resolution Dr. Mutlaq bin Majed Al...

The latest data from the United Nations World Tourism Organisation (UNWTO) shows that global tourist travel in 2022 was 37 percent lower than 2019.

The two biggest economies of the region are leaving no stone unturned to hire the most talented professionals in order to run the ever-expanding companies.

DUBAI, UAE - Dubai Customs and Dubai Chambers discussed supporting  businesses and the private sector and enhance the emirate’s competitiveness following Dubai's strategic plans and vision.These were the highlights of the meeting between Ahmed Mahboob Musabih, Director-General of Dubai Customs, CEO of Ports, Customs and Free Zone Corporation and Mohammad...

SHARJAH, UAE - Sharjah Economic Development Department (SEDD) received a delegation from Matajer - one of the most important commercial shopping groups affiliated with Sharjah Holding Company - established under a partnership between Majid Al Futtaim Properties and Sharjah Asset Management.This comes within SEDD’s interest to strengthen partnerships with leading...

Doha, Qatar-- Qatar has received more than 614,000 visitors during the month of December 2022, a monthly increase of 3.7 percent as against November 2022.The highest number of visitors were from the Gulf Cooperation Council at 40 percent. As for visitors by type of port, the visitors via air make...

Abu Nawas grew up spending much of his time watching football matches, analysing the teams and playing football video games.

Amman, Jordan--Jordanians are increasingly adopting electric cars in a push towards abandoning the fuel-guzzling cars that have become so hard to run in the face of high fuel prices.Speaking at a workshop on the future of eco-friendly vehicles in Jordan, Khalaf Humeisat, Chairman of the Board of Directors of the...

ABU DHABI, UAE - Ruler's Representative in Al Dhafra Region and Chairman of the Board of Directors of the Environment Agency - Abu Dhabi (EAD) Sheikh Hamdan bin Zayed Al Nahyan has emphasized the UAE’s commitment to achieving sustainability and protecting and preserving natural resources for future generations.In a statement...

The United Arab Emirates, France and India have issued a joint statement announcing the establishment of a trilateral cooperation initiative and the roadmap to begin its implementation. In the statement the three countries said the initiative will promote the design and execution of cooperation projects in various fields, including energy...

AMMAN, JORDAN - Chairman of the Jordan Chamber of Commerce (JCC), Khalil Haj Tawfiq said Iraq is an "important" trade partner and gateway for Jordan's economy. Haj Tawfiq said, "Jordan and Iraq have wide, prolific potentials, fields and grounds to build economic integration, in light of the strong brotherly relations,...

ABU DHABI, UAE - The UAE recently participated in the first Sustainable Finance Working Group (SFWG) meeting within the G20 Finance Track for 2023, which was held for the first time under the Indian Presidency.The meeting, which was held at Guwahati, Assam, India, sought to discuss the 2023 SFWG work...

The United States has adopted the Inflation Reduction Act (IRA), which contains $370 billion in sweeping investments, subsidies and tax cuts to reduce greenhouse gas emissions, making it the largest-ever US programme to combat climate change. But some of its provisions have been criticised by European Union officials as discriminatory...

Over the next decade, the Kingdom's tourism industry is projected to develop at an annual rate of 11 percent, making it the region's fastest-growing tourism market.

US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in over five decades, government data showed. The world's biggest economy added 517,000 jobs in January after a five-month slowdown in hiring, as the jobless rate edged down to 3.4 percent, said the Labor Department in...

MUNICH, GERMANY - The heating plant in Munich's southern Sendling neighborhood has been run for more than a century on gas, often imported from far away.But increasingly, it is the hot waters from deep underground the station that provide the energy.Tacked on to the side of the original 19th-century red-brick plant...

Cairo, Egypt---Thousands of Egyptian bibliophiles weave through a labyrinthine display of books, reviving an annual tradition at the Arab world's largest book fair, but this year it comes at a steep cost.The 54th Cairo International Book Fair was overshadowed by a punishing economic crisis that has seen Egypt's currency, the pound,...

After almost three years of stringent health restrictions, Beijing in December abruptly ended the zero-Covid policy that had battered the economy and provoked widespread protests. The Asian giant posted growth of just three percent in 2022, hammered by stringent lockdowns and a deepening crisis in the key property sector.

Suliman Farajat, chairman of the PDTRA, stated that tourism in the red-rose city swiftly rebounded from the Covid pandemic impact in 2022.

Iraq admitted it had differences with France's TotalEnergies over a US$10-billion contract, including over the distribution of investments, but expressed hope they can be resolved through talks. "We have given ourselves time to continue the dialogue and reach a satisfactory solution for the parties involved regarding certain points of contention,"...

Baghdad is currently heavily dependent on neighboring Iran for its electricity and gas and has sought to diversify its energy sources.

DUBAI, UAE - Dubai Health Authority (DHA) has signed a Memorandum of Understanding (MoU) with Dubai Integrated Economic Zones Authority (DIEZ) to enhance investment opportunities in the healthcare sector and support the formation of healthcare start-ups.The MoU will help to promote cooperation and coordination between the two sides and develop...

Merger of its Malaysian subsidiary with a firm helped.

The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April, up from the $10.3 billion predicted for the current fiscal year, the finance ministry said. Kuwait, a major oil producer and member of the OPEC cartel, has the Gulf's only fully...

According to a study, GEA also authorised permits for almost 1,300 entertainment shows until the end of last year.

High-tech workers organised their second protest against the measures on Tuesday in central Tel Aviv.

Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic outlook remains uncertain and the war in Ukraine drags on.The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh and their 10 allies led by...

The pacts were signed on the sidelines of the Saudi-Omani Investment Forum which is held in Riyadh under the theme of "Partnership and Integration".

Hours after the US Federal Reserve upped its target interest rate by a quarter of a percentage point, many central banks in the GCC region followed suit, raising their respective interest rates. Saudi Arabia, the UAE and Bahrain hiked it by 25 basis points while the central bank of Qatar...

After a months-long dispute between Qatar Airways and Airbus, the two announced on Wednesday the end of a $2.5 billion dollar battle over peeling paint on passengers jets before it became an embarrassing court case. Both sides said they were "please to have reached an amicable and mutually agreeable settlement"...

The majority of the EU's response involves repackaging already existing funds, a stop-gap measure that has earned much criticism. German MEP Markus Ferber described the proposals on Wednesday as "old wine in new bottles" and "predictably disappointing".

The features of the new Standard include standardization of the accounting measurement models for insurance and reinsurance companies around the world.

The index shows that Jordan scored 47 points and is ahead of 119 countries in combating corruption, including Malaysia, China, Bahrain, Kuwait, Turkey and Egypt.

The oil company's profits during Q4 stood at $12.8bn.

Dubai, UAE--The Marine Agency for Wooden Dhows has facilitated the entry of more than 10,500 wooden dhows during 2022, reflecting a 12 percent year-on-year growth.According to Sultan Ahmed bin Sulayem, Chairman of the Dubai’s Ports, Customs and Free Zone Corporation (PCFC), the wooden dhows ferried 1.7 million metric tonnes of...

The company reported a profit of $67.25m for the last fiscal.

The Lebanese pound has been officially pegged at 1,507 to the greenback since 1997, but its market value began to slide in late 2019 and hit record lows of more than 60,000 this month. "Starting tomorrow, one dollar will be worth 15,000," a central bank source told AFP Tuesday. "There...

Iraq's Prime Minister Mohammed Shia al-Sudani has said the country's new banking regulations have revealed fraudulent dollar transactions made from his country. In recent months the country has been seeking to make sure that its banking system is in sync with the international electronic transfer system.

Spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and public subsidies.

Results reflect higher production of oil, natural gas.

"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global fund," said deputy chief executive Trond Grande of Norges Bank Investment Management which manages the Norwegian Government Pension Fund.