Washington, United States - A winner of this year’s Nobel prize in economics warned Monday that artificial intelligence offers "amazing possibilities" but should be regulated because of its job-destroying potential. The remarks from Canadian Peter Howitt, professor emeritus at Brown University in the United States, came amid growing concerns about...
World markets plunge on growing recession fears
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks this week hiked interest rates to fight inflation. Monetary policymakers have been forced to go on the offensive, warning that short-term hits to economies are less painful than the long-term...
‘Barakah Nuclear Power Plant promotes clean, safe energy’
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the start-up of Unit 3 of Barakah Nuclear Energy Plant contributes to achieving one of the most important objectives of the country's vision and strategy for the energy sector.61 dead in migrant shipwreck off Syria coast, says Lebanon
At least 61 migrants drowned when a boat they boarded in Lebanon sank off Syria's coast, a Lebanese minister said, the deadliest such shipwreck from Lebanon in recent years.
Central Bank of Egypt keeps interest rates unchanged
The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
South Africa seeks wind energy to resolve power situation
South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening blackouts in the continent's most industrialized economy.
Ukraine suffered nearly $1 trillion in losses since Russian invasion
The figure was equivalent to five times Ukraine's annual GDP before the invasion in February, Oleg Ustenko, economic advisor to President Volodymyr Zelensky, said at an event hosted by the German Council on Foreign Relations in Berlin.UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.
Saudi-UAE non-oil trade increased by 92.5 percent in past decade
The value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around AED205.5 billion, while re-exports were valued at AED471.7 billion, and imports at AED227 billion.Xiamen Airlines to buy aircraft
The airline plans to buy 40 A320neo aircraft from Airbus.‘Hungary wants EU sanctions on Russia lifted by year end’
Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a pro-government daily newspaper said. Orban, who has sought close ties with Russian President Vladimir Putin in recent years, has frequently railed against the sanctions, saying they are hurting Europe more...Markets drop as Fed and European central banks hike rates
European markets were down in afternoon trades, with London's FTSE 100 shedding 0.5 percent after the Bank of England raised its rate again to combat inflation and signaled that the UK entered recession in the current quarter.UAE, Jordan ink pact to standardize specifications
The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a Memorandum of Understanding (MoU) with the Jordan Standards and Metrology Organization (JSMO) to strengthen ties around standards, regulations, conformity assessment, specifications and national hallmarks.Saudi Education Minister meets founder of edX platform in US
Saudi Arabia's Minister of Education Dr. Hamad bin Mohammed Al AlSheikh has met with the leaders of edX platform at Boston University in the United States.Truss at UN vows UK military aid ‘until Ukraine prevails’
Truss became the latest Western leader at the UN General Assembly in New York to rail against Russian President Vladimir Putin, who hours earlier mobilized reservists in a clear sign he is in no rush to end the conflict. Putin's move only highlights the "catastrophic failure" of Russia's invasion of...
Saudi Arabia emerges as one of the world’s top eSports hubs
The PUBG Mobile tournament was part of Gamers8, a summer festival spotlighting Saudi Arabia's emergence as a global eSports dynamo -- one that officials hope can compete with powerhouses like China and South Korea. Much like with Formula One and professional golf, the world's biggest oil exporter has in recent...
GCC central banks up interest rates, tracking US Fed
Taking a cue from Federal Reserve, GCC central banks have raised interest rates, tracking a hike in the US Fed's benchmark rate. The US central bank announced its third consecutive interest rate increase of 0.75 percentage point, continuing the forceful action to tamp down inflation that has surged to the...
IMF condemns Lebanon’s ‘very slow’ progress on reforms
Lebanon and the IMF reached a conditional agreement on the loan in April to help the country stem its economic crisis, which the World Bank has branded one of the planet's worst in modern times. But Lebanon has yet to enact the reforms needed to unlock the funds.
Markets drop as Fed hike looms, Putin move lifts dollar and oil
Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up borrowing costs to combat the highest inflation in decades, which has been compounded by the Ukraine war and supply chain snarls.Saudi Tourism Authority organizes promotional tour in GCC countries
The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and regional markets.
We are helping Lebanon to deal with economic challenges: Blinken
The United States Secretary of State Antony Blinken said the US is supporting Lebanon through its incredibly challenging economic issues.UAE GDP grows 18.8% at current prices in 2021, says federal body
The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared to around $0.27 trillion in 2020.
Pandemic resilience gives Abu Dhabi economy an edge
Health remains key focus as the UAE capital leads global bid to combat the pandemic, as evidenced by its role in clinical trials for COVID-19 vaccines and therapeutic innovations.Commodities drop amidst darkening growth outlook
In addition, demand in China continues to linger after the IEA said the world's largest importer of oil was heading for its biggest annual drop in demand in more than three decades. Meanwhile, the US walked back on its SPR refill stance by saying that it didn’t include a strike...ADB cuts ‘developing Asia’ growth forecast as China lockdowns bite
China's growth forecast for 2022 was reduced to 3.3 percent from 5.0 percent, as Beijing pursues a zero-Covid strategy that has devastated the world's second-largest economy. Chinese officials are under pressure to curb even the smallest virus outbreaks swiftly, ahead of a key political meeting in October where President Xi...
Air passengers number up, reveals global aviation meet in Dubai
Some of the greatest minds in the aviation industry took to the stage at this year’s Global Aviation Conference in Dubai, UAE.
UAE, France, India share vision on sustainable growth: Sheikh Abdullah
New York, USA - UAE, France and India have discussed the need for enhancing global cooperation to counter energy and good security challenges. The foreign ministers of the three countries met on the sidelines of 77th session of the United Nations General Assembly in New York. Sheikh Abdullah bin Zayed...
Putin accuses European Union of blocking Russian fertilizer
Putin accused the European Union of blocking 300,000 tons of Russian fertilizer from reaching the world's poorest countries. "Our offer... to transfer for free 300,000 tons of Russian fertilizer blocked in European ports because of sanctions to countries that need it is still without an answer," he said.Aramco says global energy transition goals unrealistic
Oil giant Saudi Aramco's chief blasted "unrealistic" energy transition plans, calling for a "new global energy consensus", including ramped-up investments in fossil fuels to address painful shortages. Speaking at a conference in Switzerland, Amin Nasser lamented a "deep misunderstanding" of what caused the current energy crunch.
DEWA, Desolenator ink pact
Dutch firm will provide water desalination technology
‘Standardization key to enhancing quality of local products’
UAE Minister of Industry and Advanced Technology (MoIAT) Dr. Sultan bin Ahmed Al Jaber said that hosting the International Organization for Standardization (ISO) Annual Meeting 2022 in Abu Dhabi aligns with the government's desire to benefit from global expertise.World Bank urges Sahel nations to diversify economies
Alerting five West African countries to the danger posed by climate change, the World Bank has urged them to diversify economies as they are extremely vulnerable to extreme weather patterns. The five countries in the arid Sahel region are vulnerable to droughts, floods, and heatwaves, according to a report.
Sports sector contributes US$2.45bn to Dubai economy
The sports sector has contributed some $2.45 billion to the Dubai economy in 2021, representing 2.3 percent of the emirate's annual gross domestic product. According to the Dubai Sports Council 105,000 jobs will be created in the sector, which will account for 3.8 percent of total employment in Dubai.
UAE says global pacts can help face labor related challenges
The UAE highlighted the significance of complying with international work standards and developing partnerships that empower countries to overcome the future challenges of the labor markets across the globe.Arab economies expected to grow by 5.4 percent in 2022: AMF
Arab economies grew by 3.5% in 2021. The higher growth in 2022 is attributed to an improvement in global demand levels and the growth of the oil and gas sectors. Aid by Arab governments to support economic recovery is another reason for the growth, the Fund said.Treated sewage water improves wheat growth, production in UAE
A study by an Emirati researcher has shown that wheat growth can be accelerated and production improved using treated sewage water.Dubai reduced carbon emissions by 21 percent in 2021
The Dubai Supreme Council of Energy had a virtual meeting in which it was revealed that Dubai had reduced carbon emissions by 21 percent in 2021.
Bahrain central bank’s $185m treasury bills oversubscribed 216%
Manama, Bahrain—Bahrain’s latest government treasury bills, valued at Bahrain Dinar 70 million ($185 million), have been oversubscribed by 216 percent. The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government. The issue date of the bills is 21...
Markets drop again as traders brace for another big Fed hike
With recent data showing US inflation rooted at four-decade highs, investors are increasingly pessimistic about the outlook for the global economy. Some observers have warned of a sharp recession in many countries caused by the huge rate increases, which are hitting families in the pocket.UAE financial restructuring body holds second meeting
The UAE finance ministry's Financial Restructuring Committee (FRC) recently held the second meeting of its Consultative Council.Lebanese currency slides to record low amid bank closures
With four out of five Lebanese now considered poor according to the United Nations, the country has been desperately seeking a bailout from the International Monetary Fund.
Iran takes battle of frozen US assets before UN’s top court
Iran wants billions of dollars in US assets to be unfrozen and returned to it, while the US says money must go to victims of terrorist attacks blamed on Tehran. Tehran took Washington to the Hague-based ICJ in 2016 after the US Supreme Court ordered some $2 billion in Iranian...
Metaverse helps UAE boost growth, productivity
Adoption of metaverse technologies is part of the UAE government's strategy to diversify its economy away from oil as the country focuses on innovation and talent development.
Electricity shortage pushes South Africa towards blackouts
On an eight-notch scale of rolling blackouts, the country has reached the sixth critical stage. Level six was seen in June in the middle of the southern winter amid an increase in energy consumption and pressure on production.Saudi NDF pumped $7.45 billion into Covid relief measures
Riyadh, Saudi Arabia— The National Development Fund (NDF) of Saudi Arabia has since March 2020 financed SAR28 billion ($7.45 billion) to aid the healthcare and education sectors, support citizens and stimulate the local economy that was affected by Covid-19 pandemic. NDF closely monitored the consequences of the pandemic and directed...
ISO Annual Meeting 2022 to begin Monday in UAE, trade on agenda
The International Organization for Standardization (ISO) Annual Meeting 2022 starts Monday at the ADNOC Business Center in UAE's Abu Dhabi.UAE health ministry inks pact with Mediclinic Middle East
UAE Ministry of Health and Prevention (MoHAP) has signed a memorandum of cooperation (MoC) with Mediclinic Middle East to strengthen mutual cooperation between the Ministry’s National Center for Health Research (NCHR) and the group in health and medical research.DEWA CEO briefs Utah House of Representatives delegation
MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer met a delegation from the Unified Economic Opportunity Commission of the Utah House of Representatives, USA.
Sharjah Chamber suggests measures for strengthening PPPs
The Sharjah Chamber of Commerce and Industry (SCCI) has recommended several measures to strengthen the emirate’s public-private partnerships (PPPs).Steep Fed rate hike seen as certainty after ugly inflation data
Soaring prices have pushed annual inflation to a 40-year high, inflicting pain on American consumers and businesses, despite the welcome drop in gasoline prices at the pump in recent weeks. The disappointing consumer price report for August, released last week, showed housing, food and medical costs continued to rise.Jebel Ali Free Zone propels automotive markets growth
Jebel Ali Free Zone (Jafza), facilitated over 1.2 million metric tonnes (MT) from Dubai’s total volume of around 4.8 million MT of vehicle and transport commodities which transited through the emirate in 2021.
