The cost of living in Beirut is also more than its purchasing power, which is the lowest among Arab cities. Lebanon is experiencing its worst ever economic crisis.

With price surges in major economies approaching 10 percent, central banks must stay the course and continue to raise interest rates until inflation retreats, the IMF's chief economist said.

Turkey will resume gas exploration off its coast in the Mediterranean on August 9, the energy ministry said Tuesday. "Turkish drilling ship Adbulhamid Han will start a mission in the Mediterranean on August 9 departing from the Mersin port" in the south of the country, it said in a statement.

A futuristic Saudi megacity is to feature two skyscrapers extending across a swathe of desert and mountain terrain, according to the latest disclosures on the project by the kingdom's Crown Prince Mohammed bin Salman. The parallel structures of mirror-encased skyscrapers extending over 170 kilometres (more than 100 miles), known collectively...

Lebanon's parliament approved on Tuesday a $150 million World Bank loan to import wheat, as shortages of subsidized bread intensify in the cash-strapped country, local media reported. Long lines have formed in front of bakeries and supermarkets where people wait hours for a bag of subsidized Arabic bread -- in...

In its latest World Economic Outlook, the International Monetary Fund cut the 2022 global GDP estimate to 3.2 percent, four-tenths of a point lower than the April forecast, and about half the rate seen last year.

Moroccan authorities on Monday retrieved the bodies of eight migrants off the southern shores of the North African kingdom, local officials said.

The Marina and terminal will contribute to transforming Jeddah’s coastline.

Crown Prince Mohammed bin Salman bin Abdulaziz, and Chairman of the NEOM Board of Directors, Monday announced the designs of THE LINE, a civilizational revolution that puts humans first, providing an unprecedented urban living experience while preserving the surrounding nature.

Prime Minister of Egypt Mostafa Kamal Madbouly witnessed a signing ceremony Monday in Cairo that welcomed Bahrain as the fourth country to join the Industrial Partnership for Sustainable Economic Development, which includes the UAE, Jordan and Egypt.

Saudi Ministry of Energy has put forward renewable energy projects with a production capacity of 7.1 gigawatts (GWs), which are now in various stages of completion, media reports said, quoting S&P Global. An additional 15 GWs are expected in 2022 and 2023, the agency cited the ministry as saying. The...

The Abu Dhabi International Boat Show (ADIBS), organized by the Abu Dhabi National Exhibitions Company (ADNEC), has entered into a three-year sponsorship agreement with Abu Dhabi Maritime to support the event’s upcoming editions.

A survey in the GCC region reveals that almost all the respondents believe that rising inflation will impact their cost of living by at least 10 percent while over two-thirds said they still view equity markets favorably.

The Kingdom of Saudi Arabia’s overall merchandise exports increased by 83.4 percent in May 2022 compared to May 2021, the General Authority for Statistics (GASTAT) revealed.

Mercer’s 2022 Cost of Living City Ranking ranks the emirate the 31st most expensive city in the world.

The Higher Committee for Development and Citizens Affairs, chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, approved immediate allocation of 2,000 residential plots at Umm Nahad Fourth area.

A Joint Operations Center for Saudi Banks tasked with following up and monitoring cases of financial fraud that bank customers may be exposed to has been inaugurated by Saudi Central Bank Governor (SAMA) Dr. Fahd bin Abdullah Al-Mubarak. The center brings together all Saudi banks under one roof to improve...

Dubai Electricity and Water Authority (DEWA) has commissioned 287 11kV substations in Dubai in the first half of 2022. This is part of its efforts to provide a state-of-the-art infrastructure as per the best international standards.

US central bankers face an increasingly difficult balancing act as they struggle to douse scorching inflation while still keeping the economy growing, though they have made it clear they are willing to risk a recession.

The Kingdom has allocated $5.3bn to deal with the fallout of rising global prices, with half of the fund going to social insurance beneficiaries and the Citizens' Account program.

The Permanent Committee for Labor Affairs has reiterated its commitment to collaborate with private and social organizations to consolidate the UAE’s and Dubai’s drive to implement progressive labor policies that integrate global best practices.

Kristalina Georgieva in a statement.said that the Washington-based organization would immediately begin implementing the strategy.

Abu Dhabi's real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over US$6.13 billion (approx) as per the latest report released by the Department of Municipalities and Transport (DMT).

Twitter reported disappointing results on Friday, a miss that the social network attributed to "headwinds" including the uncertainty related to Elon Musk's buyout bid.

The French Ambassador to the UAE, Xavier Chatel, described the first official visit to France of UAE President Sheikh Mohamed bin Zayed Al Nahyan as successful and important in all domains.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister has issued a decree regulating the grant of title to allotted industrial and commercial land in Dubai

French oil group TotalEnergies and shipping giant CMA CGM announced price cuts on Friday as demanded by the government amid growing calls for windfall taxes on their profits

The Federal Tax Authority expanded its efforts in collaboration with various government departments, ministries and authorities to protect consumers from non-compliant products, combat tax evasion and ensure compliance with tax laws and procedures.

The number of insurance policies increased Y-o-Y by 10.4 percent in Q1 2022 to 2.3 million policies compared to 2.1 million policies.

Russia's state atomic energy corporation Rosatom has launched the construction of Egypt's first nuclear power plant, a $25-billion project billed as the largest venture between the two countries in decades. Egyptian Electricity Minister Mohamed Shaker and Rosatom chief Alexey Likhachev on Wednesday poured concrete into what will serve as the...

The Dubai Health Authority recently signed a Memorandum of Understanding (MoU) with Visa with the aim of enhancing Dubai's competitiveness as an ideal destination for health tourism.

Russia on Thursday resumed critical gas supplies to Europe through Germany, reopening the Nord Stream gas pipeline after 10 days, but uncertainty lingered whether the continent could avert an energy crisis this winter. "It's working," a Nord Stream spokesman said, without specifying the amount of gas being delivered.

Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million.

The number of tourists visiting the kingdom rose by 1.4 million to 1.9 million.

Washington wants to foster billions of dollars of investment in Africa, the head of its delegation to a US-Africa business summit that began in Morocco on Wednesday told AFP. Alice Albright, chief executive of US development agency Millennium Challenge Corporation, said Washington "is seeking to catalyze billions of dollars in...

The IT spending in the MENA region will hit US$1.7bn in 2022 as the governments are using technology to streamline digital services and improve residents' experiences.

Studies suggest the electric vehicles may not eliminate all emissions even by 2050, particularly those related to mining and battery production. Affordability is also a concern.

Noura bint Mohammed Al Kaabi, UAE’s Minister of Culture and Youth, discussed cultural cooperation with Rima Abdul Malak, Minister of Culture of France on Wednesday. The meeting between the two was held at the ministry’s headquarters in Paris on the sidelines of UAE’s President Sheikh Mohammed bin Zayed Al Nahyan...

The revenues of the medical and recovery tourism, globally, is around $100 billion annually, said Bandar Al Fihaid, President of the Arab Tourism Organization (ATO). He noted the revenue is expected to double over the next 10 years, while saying the Arab tourists expenditure amounts to nearly $30 billion. It indicates...

The North African country has seen its economy crippled by a crisis exacerbated by the coronavirus pandemic and the war in Ukraine, which has sent public debt soaring.

Moody’s has projected the economy of Saudi Arabia to post growth rate of around 3.9 percent from 2022 to 2026.

Dubai issued 45,653 new business licenses in the first half (H1) of 2022, registering a growth of 25 percent compared to the same period last year. The numbers reaffirm the success of the government's innovative new strategic approaches and policy amendments that have revitalized the economy.

A study in the journal Nature Climate Change found that within this century, parts of the Gulf region could be hit by "unprecedented events of deadly heat as a result of climate change".

Egypt's President Abdul Fattah Al-Sisi underscored the importance of coordination and cooperation among all countries of the world to confront the energy crisis.

Demand for energy in Dubai has shot up 6.3 percent to 23,096 GWh in the first half of the current year, according to Saeed Mohammed Al Tayer, MD&CEO of Dubai Electricity and Water Authority (DEWA).

National guard units in the north, center, east and south thwarted 37 attempts to cross, Tunisia's maritime borders, the National Guard said in a statement.

The combined investments in the MENA power sector includes US$93 billion which has already been committed.

This represents a 4.3 percent increase in nominal terms and the equivalent to 0.49 percent of collective Gross National Income.

Germany is looking to partner with Egypt to build the hydrogen economy as Europe seeks to diversify away from its current reliance on Russian gas.

A Tunisian soldier was killed Monday on the country's southern border during a clash with smugglers trying to transfer vehicles from Libya to Algeria, the Tunisian defense ministry said.