Baghdad, Iraq---Iraqi telecommunications worker Youssef Ahmed is married with a five-year-old son, but lives with his parents because he is unable to afford his own home amid soaring property prices."Even if your income increases, it will never be up to the exorbitant prices of houses or land", said 29-year-old Ahmed, who...

Abu Dhabi, UAE--The bilateral trade between Pakistan and the United Arab Emirates is expected to double from the US$10.6 billion, according to Pakistan's ambassador to the UAE Faisal Niaz Tirmizi.The last calendar year recorded a US$10.6 billion in trade “the highest volume Pakistan had in the Middle East and North...

According to data recently released by the CBJ, Jordanian expatriates' remittances in the first ten months of 2022 increased by 0.6 percent.

Washington, United States--Two World Bank entities provided a record $75 billion in financing last year, said a letter by its president, as developing countries faced crises like climate change and Russia's invasion of Ukraine.The aid comes as countries emerging from the Covid-19 pandemic were hit by fallout from war in Ukraine...

Doha, Qatar-- Qatar has recycled some 80 percent of waste collected from stadiums during the FIFA World Cup games.According to Bodour Al Meer, the Sustainability Executive Director at the Supreme Committee for Delivery & Legacy, nearly 54 percent of the waste has been converted into compost, 22 percent into plastic,...

The summit is being held in partnership with the Hydrogen Council, Atlantic Council, International Renewable Energy Agency and Dii Desert Energy.

Cairo, Egypt--Public anger has been growing for months in Egypt over a severe dollar crunch and soaring food prices. But for many a money-saving tip from a state body has been the last straw.As families have struggled to purchase household staples, an Egyptian government agency praised an alternative, cheap protein source...

Tunisian authorities are hoping to secure a nearly $2-billion bailout from the International Monetary Fund they hope will unlock other sources of international financing. Saied said the plan unveiled Tuesday, which is based on growth of 2.1 percent this year -- compared to 1.8 percent last year -- was "realistic...

At present, the data center industry as a whole uses approximately 150 billion kilowatt-hours of electricity annually, which is about 3 percent of the world’s electricity usage.

Ducab's supplying medium voltage and earthing cable.

SHARJAH, UAE - The Sharjah Executive Council (SEC) discussed on Tuesday a report on commercial boards made for economic institutions and their impact on the general urban appearance of the emirate. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Sharjah Executive...

SHARJAH,  UAE - Expo Centre Sharjah (ECS) has announced the completion of all preparations for the 18th edition of the SteelFab (SteelFab 2023) exhibition, the largest event of its kind in the Middle East and North Africa region.The event is being organized by ECS, with the support of the Sharjah...

Analysts attribute the sharp slowdown to the so-called base effect, which makes year-on-year price increases look smaller when compared to extremely high levels 12 months earlier. The latest reading is still higher than in any another other emerging market except for Argentina. But it fulfils Erdogan's campaign promise that inflation...

Beijing, China--China Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown on excessive borrowing and rampant speculation in the real estate sector.In an email seen by AFP, chairman Hui Ka Yan told staff that "2023 is a key year for Evergrande...

Erdogan explained that Turkish exports made their way to the markets of 197 countries and regions around the world.

Baghdad, Iraq--The Iraqi Prime Minister Mohammed S. Al Sudani has stressed the need for economic reform and supporting the sectors of agriculture, industry, tourism and trade.The prime minister highlighted the need to fortify Iraq, in order for it not to be a passage for smuggling hard currency and money laundering.Al...

Growth in the fourth quarter came in at 2.2 percent, sharply down from 4.2 percent in July-September, according to advance estimates by the trade ministry.

Almost a year after the Dubai Financial Services Authority (DFSA) imposed a heavy penalty on Arif Naqvi, the founder of Abraaj, for what it termed as fraud, the Financial Markets Tribunal has now upheld the DFSA decision to slap a penalty to the tune of $135.56 million, the largest-ever fine...

RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization (UNESCO) has praised the achievements of Saudi Arabia in e-education governance.In its publication "Guide to measuring information and communication technologies (ICT) in education",  UNESCO said that Saudi Arabia's National E-Learning Center is an example to be followed at...

A mild winter has enabled countries to tap less gas from stocks that were built up in anticipation of cuts in supplies from Russia, which was Europe's main supplier before the war.

TUNIS, TUNISIA - Tram and bus workers in the Tunisian capital staged a strike over delays in salaries and the lack of an end-of-year bonus Monday, creating traffic jams across Tunis.The strike is the latest in a string of similar actions as Tunisia grapples with a grinding economic crisis, with frequent...

Abu Dhabi, UAE-- The UAE and Azerbaijan have reviewed bilateral relations between the two countries and pledged to deepen ties across all the fields.In this connection, Sheikh Abdullah bin Zayed Al Nahyan, UAE's Minister of Foreign Affairs and Jeyhun Bayramov, Minister of Foreign Affairs of Azerbaijan, reiterated their resolve to...

Many experts have also said the ban on foreign buyers -- who accounted for less than five percent of home ownership in Canada, according to the national statistical agency -- would not have the desired effect of making homes more affordable.

Migrant issue has become a huge political problem for the Conservative government, which has promised to bring down illegal immigration and break the smuggling gangs that carry out the crossings.

Doha, Qatar-- Qatar Financial Centre (QFC) is managing assets worth $28.3 billion and has more than 1,500 local and global enterprises operating in the financial and non-financial sectors.This was disclosed by Chief Executive Officer of QFC Yousuf Mohamed Al Jaida in an interview to the media. Al Jaida said that...

The year 2022 was crowned with excellent ratings for the Qatari economy, as the S&P's credit rating agency raised the rating of the State of Qatar from "-AA" to "AA" during the year 2022, and Moody's credit rating agency raised the outlook for the country from stable to positive.

Through Dubai Metaverse Strategy, the emirate looks to create 40,000 virtual jobs and add $4 billion to the economy over the next five years.

DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) confirmed that 2,166,821 riders used its public transport, shared mobility means and taxis during the New Year’s Eve 2023.The figure reflects a 33 percent rise from last year’s number, which was 1,632,552 riders.The breakdown of ridership was as follows: Metro: 958,161...

DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) has announced that the production capacity of clean energy has reached 2,027 megawatts (MW) which is about 14 percent of Dubai’s total power production capacity of 14,517 MW.Saeed Mohammed Al Tayer made the announcement during his visit...

the Moroccan foreign ministry said in a statement that authorities in the North African country "decided to forbid access to territory of the Kingdom of Morocco for all travelers, whatever their nationality, coming from the People's Republic of China."

Experts say the adoption of the euro will help shield Croatia's economy at a time when inflation is soaring worldwide after Russia's invasion of Ukraine sent food and fuel prices through the roof.

RIYADH, SAUDI ARABIA -  Saudi Ministry of Industry and Mineral Resources has signed a memorandum of understanding with Hyundai Motor Company for building an assembly plant in the country.The MoU was signed in the presence of  Minister of Industry and Mineral Resources Bandar Al-Khorayef, Minister of Economy and Planning Faisal...

Cairo, Egypt--Egypt’s President Abdel Fattah El-Sisi on Thursday approved a document outlining 62 economic activities the state will withdraw from and turn over the private sector, a cabinet statement said.The document’s approval was required by the International Monetary Fund, which this month approved a 46-month, $3 billion financial support package...

For more than two years, China had insisted on a zero-Covid strategy of stamping out outbreaks with strict quarantines, lockdowns and mass testing - a hardline policy that reverberated across the global economy. On December 7, Beijing abruptly loosened pandemic restrictions, but despite that, the country is still struggling to...

Japan imported a total of 77.53 million barrels in the month, according to the Japanese Ministry of Economy, Trade and Industry.

Abu Dhabi--The UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion, according to the Arab Monetary Fund (AMF).According to the AMF's Joint Arab Economic Report, the UAE's manufacturing industry exports account for 43.9 percent of...

Gold prices moved up on Friday, as the non-yielding metal is on course to close its best quarter since June 2020.

The country profiles -- arranged in alphabetical order -- summarize recent data, presenting statistical narratives of a country that include economic, political, sociological, environmental, and cultural factors. The profiles also include their performance in 2022 and estimations for 2023.

DUBAI, UAE  - A total of 2,790 real estate transactions worth US$2.6 billion (AED9.6 billion) were conducted during the week ending December 30, 2022, according to figures released by the Dubai Land Department (DLD).The DLD report showed that 179 plots were sold for US$378 million (AED 1.39 billion), while 2,071...

In Britain, the average domestic energy bill has roughly doubled over the last 12 months. That has helped push inflation to the highest level in four decades, in turn creating a cost-of-living crisis as wages fail to keep pace, despite the government's partial subsidy for fuel.

Turkish media say the total number of debt recovery cases rose by about 1.5 million in a year and exceeded 24 million at the height of the crisis in August. Turkey's most recent economic problems started when President Recep Tayyip Erdogan - a lifelong foe of high interest rates -...

Hospitals across China have been overwhelmed by an explosion of infections following Beijing's decision to lift strict rules that had largely kept the virus at bay but tanked the economy and sparked widespread protests. China said this week it would end mandatory quarantine on arrival, prompting many Chinese to make...

Many markets in the Middle East and Africa show a larger gap between affluent and non-affluent households in 2019 vs 2022 discretionary spending.

ABU DHABI, UAE - Participants in the second Justice Partners Forum organized by Abu Dhabi Judicial Department (ADJD) discussed the Federal Decree-Law No. 35 of 2022 Promulgating the Law of Evidence in Civil and Commercial Transactions.Held under the title Legislative Developments for a Fair Environment Enhancing Development and Investment, the...

The Unemployment Insurance Scheme (UIS) aims to create a low-cost job safety net that supports employees in their professional journey.

The volume of investments is the outcome of the UAE's ongoing efforts to attract foreign investors.

Saied lashed out at unnamed critics, accusing such rivals of "drowning in corruption and treachery" and of "plotting against the state" and its "internal and external security". "This cannot continue, and these people cannot go unpunished," he said, in a video posted on his office's Facebook page. The president's power...

The Saudi and UAE construction sectors contributed the most to their countries' GDPs, with around $45.5 billion and $36.8 billion, respectively, AMF report said.

In a statement, it said that "foreigners heading to the south of the country" who have tours booked with licenced local companies could obtain visas "on arrival at airports and land borders, instead of going through normal visa procedures". It also boasts 1,200 kilometres (745 miles) of Mediterranean coastline and...

Luxury segment is set to hit US$ 11bn by 2023 as retailers in the GCC are reporting increased sales due to rising inflation and consumer spending on basics, says a survey.