Consumer inflation in the United States slipped in December to the lowest level in over a year, government data showed, signaling the worst of red-hot price increases may be over. Inflation has eased for a sixth consecutive month alongside the Federal Reserve's aggressive campaign, fueling hope for reprieve from steeply...

GENEVA, SWITZERLAND– The current energy crisis is driving inflation, slowing economic growth, creating social turmoil and the world should not add to this crisis by actions which derail the energy transition, a World Economic Forum (WEF) report says.The report said that steps such as increasing production of electricity from coal...

ABU DHABI, UAE -  The UAE participated in the Global Partnership for Financial Inclusion (GPFI) meeting in the Finance Track of the G20 for 2023 which was held under India’s G20 Presidency.The meeting was held to discuss the GPFI work plan for 2023 and agree on the financial inclusion action...

The global market for key mass-manufactured technologies including solar panels, wind turbines, electric vehicle batteries, heat pumps and electrolyzers for hydrogen will be worth around $650 billion a year by the end of the decade, the IEA predicted in a report.

Abu Dhabi, UAE--The Environment Agency of Abu Dhabi (EAD) has planted one million mangrove seeds using drones as part of the first phase of a drone mangrove plantation project.The Abu Dhabi Mangrove Initiative was announced in February 2021 during Prince William's visit to the UAE.This initiative, which is implemented by...

Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel.

Dubai, United Arab Emirates--The head of the United Arab Emirates' national oil company was named as president of this year's COP28 climate talks on Thursday, promising a "pragmatic" approach to tackling global warming.Sultan Ahmed al-Jaber, who heads up the UAE's Abu Dhabi National Oil Company (ADNOC), will be the first CEO...

FTX, once the world's highest profile crypto exchange, collapsed spectacularly in November leaving nine million customers in the lurch and seeing co-founder Bankman-Fried indicted for fraud by US prosecutors. The downfall of FTX and Bankman-Fried's arrest and extradition from the Bahamas sent a shockwave through the crypto industry after a...

The partnership will strengthen workforce in the UAE.

Seeking to reduce its dependence on crude, the world's biggest oil exporter, Saudi Arabia, has said that the kingdom intends to use its own uranium resources to develop its civilian nuclear program, according to its energy minister, The project is expected to cost the country some $80 billion.

It aims to enhance global cooperation and design joint solutions to today’s geopolitical, social, economic, and human development challenges. Saudi’s delegation will discuss how it addressed challenges posed by the pandemic and share insights into the solutions that helped maintain a robust performance in the face of rising global pressures.

Doha, Qatar-- Qatar's quarterly gross domestic product (GDP) at constant prices increased by 4.3 percent year on year in the third quarter of 2022. According to data released today by the Planning and Statistics Authority, the quarterly GDP at constant prices is estimated at QR 175.028 billion ($47.78 billion) in...

The increases will vary across staff categories, with newly arrived employees likely to see a bump of less than 20 percent, while those in managerial roles or with more experience could earn up to 40 percent more a year. In a statement, Fast Retailing said it hoped the increased pay...

Paris, France--French luxury group LVMH announced a leadership shuffle on Wednesday, naming new chief executives at major brands Christian Dior Couture and Louis Vuitton.Delphine Arnault, a top executive at Louis Vuitton and daughter of billionaire LVMH boss Bernard Arnault, will become CEO of Dior perfume and fashion house, LVMH said in...

United Nations, United States--An estimated five million children under the age of five died in 2021, the United Nations said Tuesday, urging health care investment in underserved communities around the globe to avoid this "immense, intolerable and mostly preventable loss of life.""Every day, far too many parents are facing the trauma of...

Global business leaders, CEOs, and innovators from around the world will gather in Davos next week to discuss what World Economic Forum (WEF) President Børge Brende described as an event to find solutions for a more cohesive world "so that economic growth could be achieved even in challenging times."

Egypt has detained three people for attempting to steal a millennia-old statue with a crane in the ancient southern city of Aswan, some 675 kilometers south of Cairo on the Nile. In a statement the public prosecutor's office said that it had ordered three defendants to be held in custody...

ABU DHABI, UAE - Masdar has announced the signing of an agreement with the Ministry of Energy of Kyrgyz Republic to develop a pipeline of renewable projects in the country.The projects, with a total capacity of up to 1 gigawatt (GW), start with a 200-megawatt (MW) solar photovoltaic (PV) plant.The...

Major stock markets mostly dropped as warnings that US interest rates would continue to rise and remain elevated offset growing optimism over China's economic reopening after Covid lockdowns. Equities enjoyed a strong start to the new year thanks largely to Beijing's decision to throw off the shackles of its strict...

ABU DHABI, UAE - Abu Dhabi Chamber of Commerce and Industry (ADCCI) has launched the updated version of its Effortless Certificate of Origin service, which aims to enhance customers’ experience and reduces the time taken for acquiring the service.This comes as part of its participation in the Abu Dhabi Program...

The investment in the Dammam warehouse will bring the value of Investcorp’s global warehousing logistics investments to over $4 billion.

Cairo, UAE--Egypt's annual urban consumer inflation in December shot up to 21.3 percent from 18.7 percent in November, exceeding analyst expectations.Data from the statistics agency CAPMAS showed on Tuesday that the inflation figure was the highest since December 2017, when it hit 21.9 percent. The price rises followed a currency...

London, United Kingdom--British retailers won a boost from higher prices over the key Christmas trading period but the volume of goods sold slumped as sky-high inflation hits broader buying, data revealed Tuesday.Revenue jumped almost seven percent in December from a year earlier largely thanks to surging food prices, according to a...

Sharjah, UAE--The Sharjah Department of Public Works (SDPW) conducted a workshop on the "Sharjah Ports, Customs and Free Zones Authority Building" project and the lessons learned from the project.Ali bin Shaheen Al Suwaidi, Head of the SDPW, confirmed that the department supports carbon neutrality and zero carbon emissions in its...

Dubai, UAE-- Top industry experts will share first-hand knowledge of the IPO process and the opportunities and challenges of becoming a public company at the MENA IPO Summit, to be held in Dubai from 23 to 25th January. The event will also showcase a roadmap for startups and SMEs in...

The Global Innovation Index ranks the countries on 81 indicators across seven categories, including Business Sophistication, Infrastructure and Technology Outputs among others.

Worldwide acts of piracy fell to their lowest level last year since statistics were first established in 2008, a maritime security body said. The Maritime Information Cooperation and Awareness Center, the France-based branch of the International Maritime Bureau which is headquartered in Malaysia, said there were 300 reported acts of...

The acquisition has been finalized at $1.8billion.

The refinery production from high-octane gasoline will be a grade of 95, with a capacity ranging from 8 to 9 million litres per day.

Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions. The planned job cuts come as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described...

Months after the floods left most of the country devastated, Pakistan will seek billions in international support toward its recovery and to help it better resist climate change. It will co-host a conference with the UN in Geneva, urging countries, organizations and businesses to step up with financial and other...

Doha, Qatar--The Qatar Credit Bureau has disclosed that more than 33,000 credit reports were issued and more than 1,400 complaints were closed during the year 2022.Also read: Qatar’s economy remains strong despite global crisesThe center noted in a tweet about the performance of the electronic services portal during the past...

The year-end statistics for 2022 highlight a 3.2 percent surge in container volumes at 10.355 billion TEUs compared to 10.035 billion TEUs a year earlier.

Across the region, parents struggle to shield children from unsavory elements prowling the cyber world, as risks grow with the spread of the internet.

The UAE's keenness to open up to the world and work to stamp out obstacles to trade and investment flows translates into a consistent Emirati approach, as trade has always represented an integral part of the history and heritage of the country, he adds in an Op-Ed published by Emirates...

A delegation of the UAE Federal National Council's Parliamentary Division, led by Dr. Nidal Mohamed Al-Tunaiji met with Nuzhat Sadiq, Member of the Senate of Pakistan.

SHARJAH, UAE - The Sharjah Consultative Council (SCC), in its seventh session, held as part of the fourth regular session of the tenth legislative term discussed the policy of the Districts and Villages Affairs Department (DVAD).The SCC meeting, at its headquarters in Sharjah, was chaired by Ali Mehd Al Suwaidi,...

The world, according to the latest World Bank report, may be edging toward a global recession this year. Here is the GDP growth forecast for the GCC countries.

DUBAI, UAE  - DEWA has completed 76.8 percent work on the water reservoir project in Hatta. The project has a storage capacity of 30 million imperial gallons (MIG) and is being built at a cost of approximately US$23 million (AED86 million).It is expected to be completed in April 2023.This was...

Doha, Qatar--Qatar Central Bank's (QCB) international reserves and foreign currencies liquidity increased last December by 9.6 percent on an annual basis, to reach $59.31, compared to $54 billion in the same period last year. December recorded a monthly growth of 2.7 percent compared to November 2022.The figures issued by QBC...

Beijing, China--China's foreign exchange reserves rose to US$3.1277 trillion at the end of December 2022, up 0.33 percent from a month earlier, data from the State Administration of Foreign Exchange showed Saturday.The foreign exchange regulator attributed the increase in foreign exchange reserves to the combined impact of currency translation and...

Cairo, Egypt--The Engineering Export Council (EEC) of Egypt has announced that the sector’s exports increased by 10% to $3.32bn from January-November 2022, compared to $3bn in the same period in 2021.Also read: Egypt economy to grow 5.2% in 2021-22According to the EEC's monthly report, the most notable industries with export...

Reduction in hunger, provision of food security and improved nutrition, and promotion of sustainable agriculture contribute to sustainable development in the region, says an expert.

DUBAI,  UAE - A total of 2,173 real estate transactions worth over US$2.72 billion (AED 10 billion) were conducted during the week ending January 6, 2023, according to figures released by the Dubai Land Department (DLD).A total of 270 plots were sold for $612 million (AED 2.25 billion), 1,903 apartments...

The company revealed its plan to raise the Emiratisation percentage to 73 percent of the total engineering jobs by the end of 2023.

Basra, Iraq--Iraq on Friday welcomed football teams from across the region for the Gulf Cup, ending nearly three decades of repeated bans on international matches in the war-torn and corruption-plagued country.The tournament in the southern city of Basra brings together eight teams, with Friday's opening match seeing the host nation...

While a strong labor market may fuel optimism that the world's biggest economy can stave off a major downturn despite an aggressive series of interest rate hikes, it is also an area of concern for the Federal Reserve as high wages can feed into inflation. But in an encouraging sign...

Seven industries - advanced manufacturing services, retail, banking, energy, healthcare, consumer products, and automotive - are poised to be the key gainers, says a report.

AMMAN, JORDAN -  Jordan's total imports of Iraqi oil between September 2021 to December 2022 amounted to 3.65 million barrels, equivalent to 490,000 tons of crude oil."Jordan imports Iraqi crude oil according to the memorandum of understanding (MoU) for the processing of crude oil signed between the Jordanian and Iraqi...

Abu Dhabi Securities Exchange finished 2022 with a gain of almost 20 percent, making it the highest performer among GCC indices. In 2023, Saudi and UAE ended the weekly exchange down or stable.