US Department of State issues favorable 2024 Bahrain Investment Climate Statement
The investment climate in the Kingdom of Bahrain is positive and relatively stable. Bahrain maintains a business-friendly environment and a proactive approach to attracting foreign investment and business, the US Department of State statement revealed on Wednesday.State-owned enterprises (SOE) are the primary engines for growth, but Bahrain aims to expand...
US pledges support as Israel heads to elect new PM
Blinken, in a telephone call to Foreign Minister Yair Lapid, who will become caretaker prime minister confirmed that President Joe Biden still plans to visit Israel next month
Cubans ditch petrol cars, embrace electric versions
There is a new sight on the streets of Havana: increasing numbers of electric vehicles whizzing among the old American cars so emblematic of the Cuban capital.
Tunisia appeals to IMF to be aware of social impact of reforms
Tunisian President Kais Saied on Tuesday urged the International Monetary Fund to take into account the social impact of any economic reforms it may demand as part of a bailout package.
Equality in economic recovery among countries crucial
The international community must adopt an approach that could translate words and goodwill into practical steps that could achieve equality in economic recovery among countries and salvage the sustainable development goals in a way that could support the poor peoples and those suffering from turmoil and wars, he adds.
UAE’s FRC forms council for financial reorganization
UAE's Financial Restructuring Committee has formed a Consultative Council to provide an open discussion forum between the FRC and experts in the field of financial reorganization of defaulting companies and bankruptcy cases.
Global personal luxury goods market hits US$300bn
The market benefited from an exuberant 2021 holiday shopping season across the regions, with a seven percent increase over the same period in 2019.
Leadership supports growth of UAE as global manufacturing hub: Minister
UAE's Minister of Industry Dr Al Jaber said at the 'Make it in the Emirates' Forum that the national industrial strategy will leverage the country's competitive advantages to build a strong industrial sector and will help develop a diversified, self-sufficient and sustainable economy
Saudi Arabia lifts travel ban on Turkey, India, Ethiopia, Vietnam
The decision was based on the findings of the competent health authorities about the epidemiological situation in these countries.
Inflation poses new challenges to Middle East, GCC
The global inflation wave -- affecting the US, EU and China and spreading to the Gulf countries -- is forcing common people to look for solutions away from the govt actions.
Air traffic to reach full capacity by 2023 despite uncertainty
Air passengers are expected to hit 83 percent of pre-pandemic levels this year and the aviation industry's return to profit is "within reach" in 2023 despite ongoing uncertainty, the International Air Transport Association said on Monday. Industry losses are expected to drop to $9.7 billion this year, a "huge improvement"...
UAE joins global clean energy partnership body
The partnership will enable access to a global hydrogen knowledge database and encourage cooperation with related initiatives and concerned entities.
China’s import of oil from Russia jumps 55% in May
The world's second-biggest economy imported around 8.42 million tons of oil from Russia last month.EU terms blockade of Ukraine grain by Russia ‘real war crime’
EU foreign policy chief Josep Borrell said Monday that Russia should be held "accountable" if it keeps blocking the export of vitally needed grain from Ukraine.
UAE-India trade to rise 120% to US$100bn in 5 years
The agreement is the first of its kind that the UAE has signed with any country, and it is India's first with any country in the Middle East and the Gulf region.Asian markets and oil prices tank on recession concerns
Asian markets fell again Monday and oil prices extended losses on growing fears that central bank moves to rein in soaring inflation will induce a recession. And while the S&P 500 and Nasdaq saw gains on Friday, there is a sense that indexes still have some way down to go...Inflation, subsidy reform hit stomachs in isolated Iran
Inflation is making an unwelcome comeback globally -- stoked by high energy and food prices, driven largely by Russia's invasion of Ukraine, a major wheat producer, and by related sanctions on Moscow. But Iran has been wrestling with rampant price growth for years, exceeding 30 percent annually every year since...UAE to attract super rich, say investment trends
One big factor for more HNWIs making their way to the UAE is the ongoing war in Ukraine which has triggered the biggest emigration of millionaires from Russia over the last six months, with forecast net outflows of 15,000 by the end of 2022 -- a massive 15% of its...Russia eyes improved ties with Saudi Arabia, UAE
Putin and Arab leaders focus on boosting relations in various fields -- including technology, food security and energy -- during Saint Petersburg International Economic Forum 2022.
DCCC holds talks on UAE-India free trade agreement
Dubai Customs Consultative Council held a meeting on the historic UAE-India Comprehensive Economic Partnership Agreement, expected to increase trade between the two countries by 120 percent to US$100 billion within five years.
Germany declares emergency steps to meet energy demand
Berlin has managed to reduce the share of its natural gas supplied by Russia from 55 percent before the invasion to 35 percent -- thanks to increased deliveries from countries like Norway and the Netherlands.
Sheikh Hamdan lauds success of Barakah Nuclear Plant
The UAE is continuing its move towards environmentally friendly energy sources to fulfill its international obligations regarding climate change and the country will achieve the objectives to diversify energy sources and climate neutrality by 2050
Qatar discusses growth of digital economy with US Embassy
In a virtual meeting Qatari minister, US Embassy officials, American Chamber of Commerce personnel, government officials and representatives of the private sector from both countries participated and discussed the growth of the digital economy in the Middle Eastern country.
Israel pounds Gaza with airstrikes after Hamas rocket fire
Israeli warplanes hit Hamas military sites in the Gaza Strip on Saturday in retaliation for rocket fire from the Palestinian enclave run by the Islamist movement, the Israeli army said.Sudan farmers resent government apathy to buy wheat
Over 18 million people, nearly half the Sudanese population, are expected to be pushed into extreme hunger by September, according to United Nations estimates.Growth likely to vary across regions and geographies
While the global economy has been slowing down, the picture looks very different across regions and geographies. This is based on the expectation that inflation will moderate, supply chain constraints ease and geopolitical conflicts do not worsen, a report by Qatar National Bank has highlighted.Services assist Saudi economy recover, diversify fast
The Kingdom's service sector is expected to grow rapidly once the major Vision 2030 tourism and entertainment projects - Qiddiya, the Red Sea project, NEOM, Al-Ula - are completed.
Sharjah, Hungary discuss cooperation in cultural field
A high-level Sharjah's Department of Government Relations delegation was in Hungary to discuss mutual investment opportunities and outline ways to strengthen the role of culture and heritage in advancing sustainable development
‘US$50bn investment a milestone in UAE’s climate action efforts’
The announcement by the President to invest an additional US$50 billion for climate change is a milestone in UAE'S efforts and the amount will be utilized to scale up climate action efforts through the deployment of clean energy solutions at home and abroad.
CBJ asks local banks not to change interest rates on loans
The Central Bank of Jordan issues a circular asking local banks not to change interest rates on loans to individuals. CBJ’s decision comes in light of the current changes to interest rates and to ease the burden of repaying loans for individuals.Gazelles in Iraq die of hunger
Gazelles at an Iraqi wildlife reserve are dropping dead from hunger, making them the latest victims in a country where climate change is compounding hardships after years of war.
Gulf equities fall, imitating global stock markets
Equities in the Middle East imitated the global stock markets, falling as central banks raised interest rates to fight off soaring inflation.‘Delay in govt formation, budget approval to hit Iraq’s economy’
A report issued by the World Bank warns of the delay in forming a government in Iraq and of not approving the budget on the growth of the country's economy.
Venezuelan President calls on Qataris to invest in his country
President of Venezuela Nicolas Maduro, called on Qatari businessmen to invest in his country, to enjoy the benefits offered by his government to investors and reviewed opportunities for tourism and investment cooperation between the two countries
UAE highly values intellectual property system, fosters innovation: Al Marri
The UAE attaches great importance to developing the intellectual property (IP) system and encouraging innovators and creators and the country has made significant progress in this regard by developing a legislative structure for this vital sector and promulgating a number of laws that will help build innovation capabilities and promote...
Abu Dhabi Ports, National Marine Dredging Company set up JV
The Abu Dhabi Ports Group inks deal with National Marine Dredging Company Group to set up a JV to conduct offshore surveys and subsea services in the UAE, the GCC region, and in select international markets
Dubai records decade-high sales transactions in May
Mo’asher’s data for May highlights the continuous positive performance of Dubai's real estate sector throughout 2022.Fuel prices hit record highs in Morocco
Petrol prices rose to record highs in Morocco on Thursday, fuelling anger among unions who demanded the government of energy tycoon Aziz Akhannouch act to protect consumers. Drivers in Morocco, which relies heavily on imported oil products whose prices have soared since Russia's invasion of Ukraine, must now pay 18...
Bank of England hikes interest rate for fifth consecutive time
British economic output declined for the second month in a row in April, weighed down by rocketing prices that are causing a cost-of-living crisis for millions of Britons.
Qatar Airways posts record profit
The profit result was "200 percent above its highest annual historical profit".
Venezuela President talks cooperation with Qatar emir
Venezuela's President Nicolas Maduro met Wednesday with Qatar's Emir Tamim bin Hamad Al-Thani in the gas-rich Gulf nation, his fifth stop of a regional tour. The two heads of state discussed "developing relations of friendship and prospects of joint cooperation" between the two countries, the Qatar News Agency said.
Tunisia union demands salary hike on nationwide strike
Up to three million workers could observe the strike, shuttering 159 state agencies and public companies and bringing public transport, the postal service, and utility firms to a halt.
GCC central banks raise interest rates
Taking a cue from US Federal Reserve's decision to hike interest rate, Saudi Arabia, the UAE, and Bahrain have raised interest rates, too, to tame soaring inflation.
US Fed raises key interest rate by 0.75%, largest since 1994
The US Federal Reserve announced the most aggressive interest rate increase in nearly 30 years on Wednesday, and said it is prepared to do so again next month in an all-out battle to drive down surging inflation. It was the first 75-basis-point increase since November 1994.BoE set for fifth rate hike in row as inflation soars
The Bank of England is expected on Thursday to raise its key interest rate for a fifth straight time to cool runaway inflation that is causing a cost-of-living crisis in Britain. Economists widely forecast that the BoE will use a regular meeting to hike borrowing costs by a quarter-point to...Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering reliable, affordable energy solutions and provides a set of interim targets it aims to achieve by 2035
OIC aims for 25 percent trade among member states by 2025
OIC has set a target of 25 percent trade among member states in the next three years by 2025 and biennial general trade fair and specialized trade fairs are important means for intra-OIC tradeUAE Industry Development Council reviews action plan
Industry Development Council meeting reviews recommendations made at the first meeting, progress in implementing them and discusses the development of a unified platform for industrial dataWTO talks extended in bid to seal fishing subsidy, food security deals
The World Trade Organization's ministerial conference will run over into a fifth day on Thursday in the hope of striking thus-far elusive deals on fishing subsidies, food security and combating Covid-19. The Geneva gathering of trade ministers "will go on for a fifth day until Thursday", the WTO announced on...UAE prohibits export, re-export of Indian wheat, flour for four months
UAE's Ministry of Economy said the "decision comes in view of the international developments that have affected trade flows and in appreciation of the strategic relations that bind the two countries, especially after the signing of the Comprehensive Economic Partnership Agreement.80 percent children in Ghaza suffer ‘distress’ due to years long blockade: report
Four out of five children in Gaza suffer from emotional distress, Save the Children said Wednesday, 15 years after Israel slapped a strict blockade on the Palestinian territory. Israel imposed the measure in June 2007, as fighters of the Hamas movement took control of the densely populated enclave. Israel, and...
