Almost two-thirds of chief economists believe a global recession is likely in 2023, with 18 percent of them considering it extremely likely – more than twice as many as in the previous survey conducted in September 2022. A third of respondents consider a global recession to be unlikely this year.

DUBAI, UAE - The Chairman of the Dubai Financial Services Authority (DFSA), Fadel Al Ali Monday announced the publication of the DFSA’s Business Plan for 2023-24.The Business Plan has been developed to foster an enabling environment for firms as Dubai and the UAE continue to grow its reputation as a...

DAVOS, SWITZERLAND – A  report launched Monday at the World Economic Forum Annual Meeting 2023 shows how countries can accelerate the food systems transformation. The report Food Nature and Health Transitions - Repeatable Country Models reveals how actions and investments can accelerate a country’s transition towards food systems that deliver...

Doha, Qatar-- Qatar's Consumer Price Index (CPI) rose by 5.93 percent in December 2022 to reach 108.20 points, driven primarily by an increase in prices in the recreation and culture sectors. On monthly basis, the CPI increased by 1.24 percent when compared to CPI of November 2022.The CPI annual increase...

"The exceptional performance of the real estate sector reflects support the goal of the Dubai Economic Agenda D33 launched to double the size of Dubai's economy by 2033. The sector is a key pillar of Dubai's strategy for sustainable development," said Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al...

European investigators began questioning high-profile witnesses in Lebanon as part of a probe into central bank governor Riad Salameh's wealth, a judicial official said. The long-serving central bank chief is among top officials widely blamed for Lebanon's unprecedented economic crisis, dubbed one of the worst globally in recent modern history...

The ILO said deficits in decent work had been worsened by multiple, overlapping crises, including Russia's war in Ukraine, emerging geopolitical tensions, an uneven recovery from the Covid-19 pandemic and continuing supply chain bottlenecks.

Doha, Qatar-- As a windfall of the FIFA World Cup, banks in Qatar are expected to build profits and shore up their capital base and liquidity position in 2023, according to media report citing analysts.Qatari lenders had immense tournament-linked lending opportunities that began years ago, and it will help them...

Petra, Jordan--King Abdullah on Sunday highlighted the importance of further developing the city of Petra, and diversifying its tourism product.During a visit to Petra, King Abdullah said developing tourism services in the "golden triangle" of Petra, Wadi Rum, and Aqaba, will have a positive impact on Petra and Jordan at...

The formation of the bilateral body to govern the Partnership for Accelerating Clean Energy (PACE) will be composed of private sector and government representatives from both countries. Its goal is to catalyze $100 billion in financing, investment and other support and deploy 100 gigawatts of clean energy by 2035.

DAVOS-KLOSTERS, SWITZERLAND  – As part of the World Economic Forum Annual Meeting 2023, this year’s Open Forum Davos from January 16-20 will focus on the environment and climate change.The theme at the Open Forum is Our Environment: Lessons, Challenges and Opportunities.This would be the Open Forum’s 20th year of hosting...

BAGHDAD, IRAQ  - Iraqi Parliamentary Speaker Mohammed al-Halbousi said that an oil pipeline from Basra port to the Jordanian port of Aqaba will soon be operational pointing to many areas of cooperation between the two countries.Al-Halbousi, who spoke at a joint press conference at Baghdad airport with Jordan's Lower House...

UAE Minister of Energy Suhail bin Mohammed Al Mazrouei highlighted the UAE Energy Strategy 2050, the first unified energy strategy by the UAE, which aims to integrate the renewable and clean energy mix to achieve a balance between economic needs and climate goals, in addition to reducing dependency on other...

SHARJAH, UAE - Sharjah Chamber of Commerce and Industry (SCCI) in 2022 continued its role in creating investment environment and reinforcing the position of the emirate of Sharjah as a global business hub.The SCCI also bolstered its competitiveness by protecting the interests of businessmen and supporting its members in the...

While the official exchange rate has been fixed at 1,470 Iraqi dinars against the dollar, the currency was trading at up to 1,600 to the greenback on local markets from mid-November, before settling at about 1,570 dinars, according to state media.

Tunis, Tunisia--The President of Arab States Broadcasting Union (ASBU) and CEO of Saudi Broadcasting Authority Mohammed bin Fahd Al-Harthi has called on media institutions in the Arab countries to develop and keep pace with changes by upgrading the local digital content industry to global standards.Speaking on the sidelines of the...

The airline spokesperson said that 68 passengers were on board along with four crew members and that rescue is underway. The plane crashed between the old and new Pokhara airports in central Nepal. The wreckage was on fire and rescue workers were trying to put out the blaze, according to...

Around 1,700 people make a living from Petra as tour guides, trinket sellers or by taking visitors through the site on donkeys, horses, camels or electric buggies.

Abu Dhabi, UAE-- The UAE has stressed the need for speeding up new investments in the energy sector in order to meet rising global demand as a number of OPEC+ member countries cut output.Speaking on the sidelines of the Global Energy Forum in Abu Dhab, Suhail bin Mohammed Al Mazrouei,...

The move aims at supporting Kingdom's infrastructure development, boosting logistics and providing unique business environment in transport sector, air traffic and ports.

ABU DHABI, UAE -  UAE Minister of Energy and Infrastructure and Romanian Minister of Energy discussed ways to enhance cooperation in the energy and climate action fields between the two countries.UAE minister Suhail bin Mohammed Al Mazrouei received Romanian Minister  Virgil-Daniel Popescu at the Energy Ministry's headquarters in Abu Dhabi...

Hundreds of Tunisians, including supporters of the Islamist-inspired Ennahdha party, marched Saturday after opponents of President Kais Saied called for protests over worsening economic crisis. Ennahdha had dominated parliament until Saied grabbed power on July 25, 2021, sacking the government and freezing parliament before appointing a new cabinet and ruling...

ABU DHABI,  UAE - Masdar signed an agreement with four Dutch companies to explore the development of a green hydrogen supply chain between Abu Dhabi and Amsterdam to support Dutch and European markets.Masdar, , one of the world’s leading clean energy companies, inked an agreement with Port of Amsterdam, SkyNRG,...

ABU DHABI, UAE - European countries will eventually resume higher imports of Russian gas, Qatar's energy minister and gas company CEO predicted on Saturday, warning that market volatility could last for years.Russian gas exports to Europe plunged after Moscow's invasion of Ukraine but Saad Sherida al-Kaabi, head of QatarEnergy, said...

Abu Dhabi, UAE--The president of this year's COP28 climate talks, who heads one of the world's biggest oil companies, on Saturday urged a focus on lower emissions, warning global energy needs were set to accelerate.Sultan Al Jaber, the United Arab Emirates' special envoy for climate change and CEO of the...

Despite the challenges of the digital transition in some MENA countries and the rising unemployment, about 90% of professionals in the region remain enthusiastic about 2023.

ABU DHABI,  UAE - UAE Ministry of Energy and Infrastructure signed a Memorandum of Understanding (MoU) with UK Department for Business, Energy & Industrial Strategy.The memorandum aims to exchange information, knowledge, expertise and studies in the field of energy and promote it for the vital role it plays in sustainable...

The Saudi market's general index, TASI, rose 1.19%, Dubai Financial Market 0.47%, Abu Dhabi Stock Market Vadax 15 index 0.133% by the end of the trading session.

DUBAI, UAE - The 28th edition of the Dubai International Pharmaceutical Technologies Conference and Exhibition (DUPHAT) 2023 concluded. The three-day event, which concluded Thursday, took place at the Dubai World Trade Center and drew more than 26,000 visitors and participants from 82 countries.Dr. Ali Al Sayed Hussain, Director of the Pharmaceutical...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has organized 157 training courses and awareness sessions on occupational health and safety during 2022, with the participation of 2,170 employees from various divisions.DEWA also organized its 20th Internal Health and Safety Week, which featured various activities in all aspects of...

Exports fell 9.9 percent year-on-year to $30.6 billion, China customs said, their second consecutive month of decline and the biggest fall since the early days of the pandemic in 2020. They fell 8.7 percent in November. Imports were also down again in December, sinking 7.5 percent, following a 10.6 percent...

According to secretary general of the government's High Commission for Planning (HCP) Ayache Khellaf, assuming recovery of agricultural activities, the national economy should show a 3.3-percent increase in 2023. The HCP in July had projected a 3.7-percent increase in Gross Domestic Product this year after just 1.3 percent in 2022.

The agreement comes as Pakistan grapples with a major foreign exchange crisis, holding enough reserves to pay for just three weeks of imports.

BAGHDAD, IRAQ - Iraq's Prime Minister Mohammad Shia al-Sudani left Thursday for Berlin to meet with German Chancellor Olaf Scholz and discuss projects to address chronic power shortages, the premier's office said.Despite its oil riches, Iraq is beset by crumbling infrastructure, endemic corruption and decades of war.Dependent on its powerful neighbor...

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."