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.

Economists expect Germany and another major eurozone economy, Italy, to fall into recession. Britain's economy is already shrinking. Rating agency S&P Global foresees stagnation for the eurozone in 2023. But the International Monetary Fund still expects the world economy to expand in 2023, with growth of 2.7 percent. The OECD...

The executive program includes a specific time frame for implementation, clear indicators for measuring performance, and an electronic system to follow up on achievement.

New York, US--Russia on Tuesday banned oil sales to countries and companies that comply with a price cap agreed by Western nations, briefly helping to lift crude prices."The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly...

Riyadh, Saudi Arabia--Saudi Arabia has invested some $6.12 billion in more than 6,000 projects in Egypt, according to the Minister of Trade and Industry of Egypt Ahmed Samir. The trade minister announced the investment figure during his visit to Riyadh on Dec. 25, where he met Saudi ministers and senior officials...

The UAE - like other oil-rich Arab Gulf states - has often used the public sector as an employment vehicle for its nationals. But times are changing, said 34-year-old Emirati researcher Khalifa al-Suwaidi, who has himself been looking for a private sector job since quitting a government post in June....

It will pay an interim dividend of $12.79m to shareholders.

Banks come second after governments in terms of digital trust since over 60% believe they keep consumers' data confidential, while only 50% trust retailers in the region.

A team of investigators from Europe will visit Lebanon next month to probe into the wealth of central bank governor Riad Salameh blamed widely for the country's unprecedented crisis. The long-serving chief is among top officials held responsible for the crisis dubbed as one of the worst in modern global...

Riyadh, Saudi Arabia - As many as 15 memorandums of understanding were signed between Saudi Arabia and Japan in several fields at the Saudi-Japanese Investment Forum on Tuesday.Organized by the Saudi Ministry of Investment, the Forum discussed investment opportunities and ways to strengthen the investment partnership between the two countries...

One US dollar traded at 1,580 Iraqi dinars on the street Tuesday, against the central bank rate of 1,470 dinars, state news agency INA reported. The drop began about two weeks ago, sparking alarm in the media.

The general budget for this year aims to achieve financial sustainability and enhance the economic competitiveness of the emirate.

Dubai, UAE-- Dubai Chamber of Commerce has unveiled a new financial technology (fintech) and payments business group to join the forces of all companies within the fintech and payments sector.The new entity aligns with the Chamber’s plans to raise the number of business groups representing economic sectors across Dubai in...

The state, saddled with a crippling public wage bill and politically sensitive subsidies, is set to take in around 46.4 billion dinars ($14.8 billion), Boughdiri said. It will need to borrow some 23.5 billion dinars to cover state needs for the coming year, she added. To find the cash, it...

ABU DHABI, UAE  - The Ministry of Economy has announced that Creative Zone, one of the UAE's largest consulting and business establishment companies, has joined the NextGenFDI initiative.The NextGenFDI program, which was launched in July 2022, aims to attract digitally-advanced companies to the UAE and develop the next generation of...

DUBAI, UAE :  The Dubai Land Department (DLD) launched its new strategic plan and vision, shaping the features and landmarks of its directions until 2026.The new plan has been approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of...

DUBAI, UAE -  The Dubai Electricity and Water Authority (DEWA) under-construction pumped-storage hydroelectric power plant site in Hatta is 58.48 percent complete.This is the first station of its kind in the GCC, with investments of up to US$387 million (AED 1.421 billion).The project is planned for completion in the fourth...

Kuwait City, Kuwait-- Kuwait National Petroleum Company has exported the first shipment of the advanced diesel fuel to the European markets in light of the severe shortage of energy sector in the continent.Kuwaiti media reports said the company shipped 66,000 tons, and the shipment was produced with special specifications that...

Algiers, Algeria-- Algeria approved the 2023 budget, the largest in the country's history after President Abdelmadjid Tebboune approved the Finance Law on Sunday.The Algerian government allocated the largest budget since its independence - 6 decades ago - at a value of $98.5 billio), an increase of $24.5 billion over the...

Seeking to deepen energy ties, Saudi Arabia and Japan have signed two sets of cooperation agreements in the fields of hydrogen, fuel ammonia and carbon recycling. The agreements were the latest in Japan's efforts to develop its large-scale supply chains of hydrogen and fuel ammonia in the Middle East.

DUBAI, UAE -  UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri presided over the first meeting of the Farmers’ Council.The meeting was organized by the Ministry of Climate Change and Environment (MOCCAE).The meeting highlighted the government directions to promote sustainable modern farming systems across the UAE...

DUBAI, UAE - The ninth Sustainability Report 2021 issued by Dubai Electricity and Water Authority (DEWA) highlights its efforts and achievements in supporting sustainable development in all its economic, social and environmental aspects.It introduces partners, relevant entities and all stakeholders to its performance and practices in sustainability.The report demonstrates the...

Doha, Qatar-- Qatar Chamber has discussed ways to enhance trade and economic cooperation with Serbia during the meeting of First Vice-chairman of Qatar Chamber Mohammed bin Twar Al-Kuwari with, the President of the Chamber of Commerce and Industry of Serbia Marco Cadez.During the meeting, First Vice-chairman of Qatar Chamber praised...

Riyadh, Saudi Arabia--Saudi Export-Import Bank has announced the signing of a $26 million financing line agreement with Turkyie Finance Katilim Bank to finance Saudi non-oil exports to Turkyie, which is the first direct financing agreement for Saudi non-oil exports to the Republic of Turkyie. It also signed an agreement with...

The introduction of new laws regarding the ownership structure of mainland companies may boost the Gulf country's economy in 2023 as it is expected to attract more investors.

AL-MAHRA, YEMEN - The second batch of the new Saudi oil derivatives grant of 4,491,000 metric tons of diesel was delivered in Al Mahrah. The grant comes as part of the Kingdom's support for the Yemeni people under the directives of King Salman and the Crown Prince to help Yemen...

Saudi market's primary index fell for the eighth week in a row. Abu Dhabi index fell for four of five days. Dubai's main index fell three days out of five this week.

DUBAI, UAE - The UAE Council for Environmental and Municipal Work held its second meeting, chaired by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment.The meeting saw the roll-out of the Waste-free Schools project that aims to promote the adoption of circular economy principles in schools.The meeting...

Riyadh, Saudi Arabia-- Egypt’s economic growth is expected to decline to 4.5 percent in the fiscal year 2022-23 from 6.6 percent in 2021-22, affected by the Russia-Ukraine war overlapped with persisting COVID19-related disruptions, according to the World Bank’s Egypt Economic Monitor report.But the growth is forecast to inch up after...

Kyiv, Ukraine--Ukraine estimates its grain harvest fell by around 40 percent year on year due to the Russian invasion, a representative for the country's industry told AFP Friday."We expect a grain harvest of 65-66 million tonnes" by the end of the year, the head of the Ukrainian Grain Association Sergiy Ivashchenko...

The bill requires Boeing to make some enhancements to the jets, but allows the Federal Aviation Administration to approve both the 737 MAX 7 and 737 MAX 10 without mandating an overhaul of the crew alerting systems. The bill requires the enhancements to be installed on other MAX models within...

In order to achieve the Vision 2030 goals, the PIF and its portfolio companies seek to help the kingdom grow its annual non-oil GDP by about seven percent.

Abu Dhabi, UAE-- The UAE Public Prosecution has ordered the arrest of a private company director who was proven to have faked the employment of Emirati citizens.The suspect allegedly forged e-documents, faked employment contracts, and falsely stated that his company had hired Emirati citizens, with the aim of obtaining the...

A key indicator of US inflation edged down from a year ago in November, according to government data, in welcome news to households grappling with soaring costs while spending slowed. This extends a downward inflation trend in recent months, though it is unlikely to bring quick relief from an aggressive...

"The problem with Lebanon is that we must solve people's problems and get rid of those who cannot do it," Macron said, referring to the country's entrenched political class -- widely blamed for the country's financial collapse since late 2019.

Iraq's prime minister appealed to visiting Italian counterpart Giorgia Meloni for closer economic ties with his oil-rich country suffering from power cuts and decaying infrastructure. Meloni, who leads the eurozone's third-largest economy, is on her first bilateral trip outside Europe. She is on a pre-Christmas visit to Italian troops posted...

The move will help Dubai in becoming a cashless economy.

Complicating matters has been the loss of EU workers in sectors such as health, hospitality and agriculture, even if some of those returning home have been replaced by staff from non-EU countries. Witnessing the fallout, some high-profile bosses who voted for Brexit are calling on the government to relax the...

Abu Dhabi, UAE--The UAE-led ‘Beyond2020’ humanitarian initiative has provided a safe source of water for about 20,000 residents of the villages of ‘Tawit’ and ‘Tahjr’ in Kassala State, eastern Sudan.Under the initiative, two small solar-powered water basins were erected in accordance with a groundwater pumping system to provide 20 liters...

The new 5-year agreement, which commences on December 23, succeeds the development and production sharing agreement signed in December 1997.

Cairo, Egypt-- The Central Bank of Egypt has raised the overnight interest rates by 300 basis points, exceeding expectations.The Monetary Policy Committee (MPC) of the Central Bank of Egypt raised the overnight deposit rate, overnight lending rate, and the rate of the main operation to 16.25 percent, 17.25 percent, and 16.75...

High growth rates in the UAE and Saudi Arabia economies are positive indicators for consultancies, says Vijay Valecha, Chief Investment Officer, Century Financial.

Allaying fears over the future of the Suez Canal, its chairman said the waterway 'is not for sale. The fear was stocked over a draft law in parliament seeking to establish a sovereign wealth fund to "carry out all economic and investment activities" for the Suez Canal Authority.

The November figure is well below the sky-high levels that have sparked concern in the United States, Britain and elsewhere, but far exceeds the Bank of Japan's long-term goal of 2.0 percent. Even excluding fresh food and energy, the index was up 2.8 percent. "Although low by international standards, Japanese...

With 283 deals worth $23.8 billion in the first three quarters of 2022, the region’s M&A activity has returned to pre-pandemic levels, a BCG report has highlighted.

Turkey's latest economic crisis started when Erdogan -- a lifelong opponent of high interest rates -- pressured the central bank to bring down chronically high consumer prices by lowering borrowing costs.

The firm must stand trial to face US$12 billion damages claim

Muscat, Oman - Saeed bin Hamoud Al Maawali, Omani Minister of Transport, Communications and Information Technology, has said that the digital economy of the Gulf Cooperation Council (GCC) region is advancing at a rapid and significant pace, noting its major importance to GDP.He noted the importance of promoting cooperation between...

Mikati said the economy had grown by nearly two percent in 2022 after two straight years of severe recession that saw Gross Domestic Product fall by 25.9 percent in 2020 and by 10.5 percent in 2021.

Riyadh, Saudi Arabia-- Saudi Arabia's merchandise exports increased by 13.9 percent in October 2022 to SAR 120.7 billion ($32.10 billion), compared to SAR 106.0 billion in October 2021, according to the International Trade Report for October 2022 released today by the General Authority for Statistics (GASTAT).The rise was mainly due...