As part of its monetary policy tightening, the ECB will on Thursday outline the next steps in its efforts to slim down the bank's massive balance sheet. It has already made changes to the terms of an ultra-cheap bank loan scheme, aimed at keeping credit flowing during the pandemic, in...

Dubai, UAE— Dubai Customs and a delegation from South Korea have discussed ways to further develop mutual trade cooperation. Dubai Customs also shared their experience in developing smart customs services and digital systems with the delegation. The meeting, held at Dubai Customs headquarters, shed light on virtual reality programmes that...

Responding to a story published on one of the satellite channels, the bank explained the amount of the total loans in the bank is inaccurate.

More than two years after it was launched, China will retire "Communications Itinerary Card", which tracks people who have been to a high-risk area based on their phone signal. The step is seen as a milestone in the country's rapid turn away from its zero-tolerance coronavirus strategy.

The company announced the completion of production of the Tinrhert gas field at the end of November 2022.

The $1.5bn deal will herald a new energy transition phase.

Riyadh, Saudi Arabia—Saudi Arabia has signed a memorandum of understanding (MoU) with Kuwait on Sunday to develop Al-Durra gas field shared between the two countries. President and CEO of Saudi Arabian Oil Company Eng. Ali Bin Saleh Al Ajmi signed the MoU for the Saudi side, while CEO Kuwait Gulf...

The sector witnessed the manufacturing of 1,210,331 cars in the period.

“It is critical that as we scale up the use of Nature-based Solutions (NbS) we make sure we do not also scale up decent work deficits, such as the informal work, low-pay and low productivity conditions that many workers in NbS currently face,” said Vic van Vuuren, Director, ILO Enterprises...

Riyadh, Saudi Arabia---Saudi Arabia’s real gross domestic product grew by 8.8 percent in the third quarter of 2022 compared to the same period last year, driven by an increase in oil activities, according to a report released by the kingdom's General Authority for Statistics (GASTAT). GASTAT noted that the real...

Russia has assembled a "shadow fleet" of more than 100 vessels seeking to circumnavigate the Western sanctions regime. These ships are reportedly using non-Western insurers and selling oil at higher prices to countries that have not subscribed to the new sanctions.

But the half-point jump analysts expect to see in the Fed's benchmark lending rate will still be a steep rise, as it struggles to cool demand in the United States to bring consumer costs down. Households in the world's biggest economy have been contending with red-hot prices.

A month after Chinese leader Xi Jinping and US President Joe Biden agreed to repair frayed relations, the US is sending its first high-level delegation to China, consisting of Assistant Secretary of State Daniel Kritenbrink and National Security Council Senior Director for China and Taiwan Laura Rosenberger.

After a decade of dynamic growth during the 2010s, Africa's second most populous country has suffered multiple shocks, including the Covid-19 pandemic, a record drought, a two-year war in its northernmost region of Tigray and the global impact of the invasion of Ukraine.

Dubai, UAE— The United Arab Emirates has been ranked as the country with the world's most powerful travel document. That is according to the latest publication of the Passport Index, a global ranking by Montreal-based citizenship financial advisory firm Arton Capital. The UAE has beaten the likes of Germany, Sweden,...

Doha, Qatar— Qatar has witnessed a 34 percent decline in building permits to 645 during the month of November, as against 972 permits issued in October this year. According to the monthly statistics issued by the Planning and Statistics Authority on Saturday, the decrease was noted in the all of...

The apex bank "will continue to take all measures to ensure the maintenance of the integrity of the financial system and ensure the compatibility of all financial transactions in the UAE to the requirements guaranteed by the system of registered hawala brokers,” he adds.

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received 29 expressions of interest (EOIs) to implement the first phase of its 120 Million Gallons Per Day (MIGD) Hassyan Sea Water Reverse Osmosis Plant (SWRO) Project using the Independent Water Producer (IWP) model. This is the first project implemented...

ASHGABAT, TURKMENISTAN - Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber has left the UAE on a working visit to Turkmenistan. Dr. Al Jaber headed a delegation comprising Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE); Mohamed Saif Al Suwaidi, Director-General of...

Geneva, Switzerland— Washington condemned the World Trade Organization's verdict Friday on the punitive US tariffs imposed on national security grounds on steel imports from China and other countries. Former US president Donald Trump's administration introduced the tariffs on steel and aluminium imports from China, Norway, Switzerland and Turkey and his successor,...

Washington, US— The US has commended the decision to hold next year’s 28th UN climate change conference in the UAE. Special Presidential Envoy for Climate John Kerry said that fossil fuel economies should be encouraged to lead the transition to clean energy. “It’s very exciting that the UAE, an OPEC...

A noted Lebanese actor Stephanie Saliba was briefly detained by authorities in Lebanon in connection with a money laundering case. The actor was questioned as a witness in a corruption probe involving the country's central bank governor. She had failed to appear for previous summons in the case.

China has established comprehensive strategic partnership relations with 12 Arab countries separately, says Xi Jinping during Arab-China Summit in Riyadh.

AQABA, JORDAN - The southern city of Aqaba is welcoming an increasing number of local visitors and foreign tourists of various nationalities, especially from Europe, in the winter tourist season. The movement of cruise ships to the ports of Aqaba and flights to King Hussein International Airport is also witnessing...

GENEVA, SWITZERLAND - The International Finance Corporation (IFC) and UNHCR, the UN Refugee Agency, Friday announced a joint initiative to create inclusive economic opportunities that will benefit refugees and their host communities. The initiative aims to mobilize private sector projects over the next five years to demonstrate the viability of...

Global stocks rose on China's slowing inflation and economic reopening, alongside hopes of less aggressive interest rate hikes next week. Sentiment brightened on China's decision to shift away from its nearly three-year zero-Covid strategy of lockdowns and mass testing that slammed the economy. After protests across the country, leaders have...

Venture would start with two aircraft and expand to 15.

Firm fined due to gaps in anti-money laundering controls.

The November 1 election put former premier Netanyahu in a position to form a stable, right-wing government, ending an unprecedented period of political deadlock that forced five elections in less than four years. Netanyahu's 28-day mandate expires at midnight (2200 GMT) Sunday, but late Thursday he asked Herzog for more...

The loan is part of Japanese government's pledges to the Jordanian government at the 2019 London Conference.

Beijing is ready to expand its crude oil trade with Riyadh and will "list Saudi Arabia as a destination country for outbound tourism organized by Chinese citizens, says Xi Jinping.

“Sports economies involve infrastructure, new talents, air traffic, travel, and other components,” Al Marri adds, noting that there are many incentives that serve the sporting community and attract the interest of a wide range of investors. The sports sector is a key component of the new economy, he says.

ABU DHABI, UAE - As part of its participation in the first edition of the Abu Dhabi International Food Exhibition (ADIFE), the Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed three Memoranda of Understanding (MoUs) with local and regional parties. The parties included the Emirates Development Bank, Abu Dhabi...

Doha, Qatar---The foreign currency reserves and liquidity of the Qatar Central Bank (QCB) increased by 6.82 percent to reach QR 223.985 billion ($61.51 billion) in November compared to QR 209.675 billion in November 2021. The figures issued by the QCB show the bank's official reserves increased by the end of...

ALMATY, KAZAKHSTAN - Kazakhstan threatened Thursday to ban global steel giant ArcelorMittal from operating in the Central Asian country after another fatal accident at a factory belonging to the Luxemburg-based company. Kazakhstan's infrastructure and industry minister Kairbek Uskenbayev said "tough decisions" were being made against the company, after a worker...

The World Health Organization called for more funds to help overcome towering challenges in the battle against malaria, which continues to kill hundreds of thousands of mainly African children each year. It warned that the world was currently "off track" to reach its goal of reducing malaria cases and deaths...

GENEVA, SWITZERLAND - Member states of the World Health Organisation (WHO) Thursday agreed to develop the first draft of a legally binding agreement designed to protect the world from future pandemics. This zero draft of the pandemic accord, rooted in the WHO Constitution, will be discussed by member states in...

Analysts note that conditions in the oil market have loosened compared with earlier in the year, adding to oversupply worries at a time when more economists are warning of recession. The pullback in oil prices also comes amid trader disappointment at a recent decision by OPEC oil exporters not to...

The Abu Dhabi Exports Office (ADEX) has signed an agreement with Togo’s Ministry of Economy and Finance to raise the production capacity of the Mohamed bin Zayed Solar Park in the country from the current 50 megawatts to 70 megawatts.

Pentagon announced Wednesday it has awarded $9 billion in cloud computing contracts to Amazon, Google, Microsoft and Oracle.

The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices.

Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as the pace of recovery from the COVID-19 crisis quickens. It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for...

Subsidies on basic goods are a highly sensitive political issue in Tunisia, where a public finance crisis has caused repeated shortages of subsidised flour, sugar and other basic goods. Tunisia is in the grip of a grinding economic downturn exacerbated by inflation that hit 9.8 percent year-on-year in December, according...

Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its own projections. The kingdom's finance ministry said that the surplus for 2022 touched $27 billion, representing 2.6 percent of GDP.

Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the same period last year, to reach AED 1.637 trillion ($445 billion), said UAE's Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, who predicted the trade to...

The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE.

Mumbai, India—India's central bank on Wednesday raised its main interest rate for the fifth time this year, but by a smaller margin as inflation eases and other countries look to slow the pace of hikes. The move by the Reserve Bank of India (RBI) comes after US Federal Reserve chairman Jerome...

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. The coronavirus pandemic, meanwhile, remains a wildcard for the global economy.

The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies.

Cairo, Egypt—Egypt’s non-oil businesses have shown a contraction in November, resulting in output falling at the sharpest rate since the early pandemic as the country continues to face inflationary pressure, according to S&P Global. As a result Egypt’s Purchasing Managers’ Index fell from 47.7 in October to 45.4 in November...