Washington, United States - A winner of this yearâs 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...
IEA says gas use to shrink due to high prices, Russian cuts
Gas consumption will contract slightly this year due to high prices and Russian cuts to Europe, with only slow growth over coming years as consumers switch to alternatives, the IEA said Tuesday.Sudan’s coup leader says army stepping back for civilian govt
The decision was taken "to make room for political and revolutionary forces and other national factions" to form a civilian government
Tunisia struggles to grow more wheat to prevent food shortage
Tunisian farmer Mondher Mathali surveys a sea of swaying golden wheat and revs his combine harvester, a rumbling beast from 1976 that he fears could break down at any moment. Since the Ukraine war sent global cereal prices soaring, import-dependent Tunisia has announced a push to grow all its own...
Morocco puts migrants on trial for attempt to cross into Spain
The trial of 36 migrants accused of "illegally entering" Morocco started Monday but was immediately halted, lawyers said, days after a mass attempt to cross into a Spanish enclave.
Jordan, Japan ink pact to build AI ecosystem in Jordan
The two parties agreed on the general framework of the project in addition to a draft record of discussions and the structure of the initial implementation.
China and US discuss global economic challenges, supply chains
Top officials from the United States and China held a "candid" video call on Tuesday to discuss global economic challenges, especially regarding supply chains. The exchange between Chinese Vice Premier Liu He and US Treasury Secretary Janet Yellen came as President Joe Biden considers lifting some tariffs on imports from...
European stocks surge Monday after nosediving last week
Europe's stocks recovered somewhat Monday as investors tentatively regained some optimism following the heavy losses in the financial markets last week on fears that rising interest rates could spark recession. London stocks won 1.1 percent at midday, while Frankfurt and Paris gained 0.5 percent and 1.0 percent respectively in afternoon...
IMF authorities in Tunisia to discuss bailout package
An IMF team said in March that the country faced "major structural challenges", with low growth and investment, along with high unemployment and gaping inequality.High commodity prices to keep inflation up
IMF has said food prices accounted for about 60 percent of last yearâs increase in headline inflation in the MENA region, excluding the GCC countries.
CEPA with India, Israel, Indonesia to help UAE economic growth
The comprehensive economic partnership agreements (CEPA) signed by the UAE with India, Israel and Indonesia this year will help the Gulf country's national economy grow by 2.6 percent by 2030.
Dubai Supreme Council moots monitoring panel for petroleum trading
Dubai Supreme Council of Energy on Monday discussed establishing a permanent committee to monitor petroleum product trading in Dubai and the savings achieved by the Demand Side Management Strategy 2030. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, chaired the meeting held virtually, with...Bezos flays US President for call to lower gasoline prices
Amazon founder Jeff Bezos has criticized President Joe Biden for calling on oil companies to lower sky-high gasoline prices, prompting the White House to come to the US leader's defense on Sunday.
Turkish inflation hits two-decade high of 78.6%
Inflation in Turkey in June soared to an annual rate of 78.6 percent, the highest in 24 years, official data showed on Monday, as President Recep Tayyip Erdogan's unconventional economic policies continued to take their toll. The figure released by Turkey's state statistic agency was the highest since January 1998....Oil prices may hit $380 a barrel if Russia lowers crude output
Global oil prices may hit $380 a barrel if Russia were to announce crude oil cuts in response to the US and European curbs.
Non-Jordanian workers under deportation allowed to rectify status
The grace period decision included undocumented expats, who are currently still in the KingdomA million pilgrims arrive in Mecca for Hajj, first since pandemic
White-robed worshippers from across the world have packed the streets of Mecca as Islam's holiest city prepares to host the biggest hajj pilgrimage since the coronavirus pandemic.
Shark kills 1 Austrian, 1 Romanian tourist in Egypt’s Red Sea
Two women, one Austrian and the other Romanian, were killed in a shark attack this week off the coast of Egypt, Egypt's environment ministry and the tourists' respective foreign ministries said Sunday. "Two women were attacked by a shark while swimming" in the Sahl Hasheesh area south of Hurghada on...
Jordan’s GDP grows 2.5 percent in Q1, hospitality sector biggest gainer
Jordan's Gross Domestic Product (GDP) at constant market prices grew by 2.5 percent in quarter one of 2022, compared to the figure in the same period of 2021. In a quarterly statistical report released Sunday, the Department of Statistics (DoS) said economic sectors rose in quarter one of the current...
Iraq’s June crude oil export revenue $11 billion: Ministry
Iraq received in excess of $11 billion as revenue for crude oil export in June, the Ministry of Oil said. Oil ministry was quoted as saying by the local media that "the total amount of crude oil exports for the month of June, according to the preliminary statistics issued by...
Arab finance ministers mull over food security, Ukraine war
Foreign ministers of Arab nations discussed in Beirut a range of regional crises, with emphasis on food security and the impact of Ukraine war on their countries.
Biggest tax cut in a decade will save British workers millions: Johnson
Speaking at the NATO summit in Madrid, Johnson said the "very, very tight labor market" and difficult "balance of our energy mix" add to inflationary pressures.MENA expects $320bn AI share in economy
Artificial Intelligence market is growing in the Middle East by an estimated 20 percent to 34 percent annually, with GCC region taking the lead.
World Bank and Jordan Chamber discuss investment law
Jordan Chamber of Commerce Vice President discusses with a World Bank team the Kingdom's investment regulation law and the incentives to attract new capital to the country.Jordan imports 12.99mn barrels of crude oil in 2021
Jordan imported 11.8 million barrels of crude oil through the port of Aqaba, while a total of about 1.19 million barrels of Iraqi oil were imported since supply was launched at the beginning of September 2021 until end of 2021
UAE approves 22 policies to speed up circular economy model
The UAE has approved 22 policies that focus on accelerating the implementation of the circular economy model in the UAE in four main sectors â manufacturing, food, infrastructure, and transport. At the UAE Circular Economy Councilâs second meeting of 2022, the Council also identified at least 16 circular economy activities that can...Jordan’s exports to Canada went up by 22 percent since 1997
During the last 25 years Jordanian exports to Canada have increased at an annualized rate of 21.75 percent, from US$885,000 in 1997 to $121.4 million in 2021.
Afghan religious leaders pledge loyalty to Taliban
Thousands of Afghan clerics pledged loyalty to the Taliban Saturday but ended a three-day meeting without recommendations on how the hardline Islamist group should govern the crisis-hit country.
Iran says Turkish offensive in Syria can destabilize region
Iran's foreign minister warned Saturday on a visit to Damascus that Turkish military action in Syria would destabilize the region, after Ankara threatened to launch a new offensive on Kurds in the country's north.
MENA eyes key role in making world carbon neutral
UAE and KSA are spearheading decarbonization efforts in Middle East by encouraging enterprises to minimize carbon footprint. Here are a few things others may learn for them.
Saudi and UAE stock markets end the week lower
The Saudi and UAE stock markets ended the week lower as concerns about slowing global economic growth impacted investor sentiment. Saudi Arabia's market index TASI finished down 1.7 percent at 11,523 points. Abu Dhabi Securities Exchange ended with a loss of 0.3 percent, on Friday the index in Dubai, fell...Tunisia seeks aid package as IMF team set to arrive
The International Monetary Fund is sending a team to Tunisia next week to begin formal talks on a new financial aid package, an IMF official said Friday.Turkey raises minimum wage as inflation spirals out of control
Turkey on Friday substantially raised the minimum wage for the second time in a year to cushion the blow from soaring cost of living increases ahead of next year's general election.Ambitious action required to protect oceans: UN
Oceans produce half the oxygen we breathe, regulate the weather and provide humanity's single largest source of protein.
UAE-Indonesia CEPA to launch new era of strategic cooperationâ: Emirati ministers
The CEPA with Indonesia is the third of its kind to be signed by the UAE since the year started, following the ones signed with India and Israel in February and May, respectively.Taliban, US talk on quake aid, foreign reserves in Doha
Talks between the United States and the Taliban continued in Doha earlier this week to discuss earthquake aid, the State Department said Friday, months after the two parties last meet in the Qatari capital in March.
Free trade pact with UAE will help Indonesia, says envoy
The Comprehensive Economic Partnership Agreement (CEPA) signed between Indonesia and the UAE on Friday will bring economic prosperity to a large section of the population of the Southeast Asian nationAbu Dhabi Industrial Strategy to boost growth, says Dr Al Jaber
UAE Minister of Industry and Advanced Technology Dr Sultan bin Ahmed Al Jaber said the country continues to empower the industrial sector and increase its competitiveness by leveraging its resources, advantages and capabilities‘Industrial sector a key player in Abu Dhabiâs economy’
Industrial sector performs key role in Abu Dhabiâs economy and a new industrial financing entity will soon be established for large industries and SMEs, says ADDED ChairmanEurope revives Syria phosphate imports, profiting Russian firm
Syrian phosphates used for fertiliser are being exported to Europe in bulk, benefitting a Russian firm and the sanctions-hit Damascus regime, a report said Thursday. Italy, Bulgaria, Spain and Poland are among the EU states receiving Syrian phosphates, according to the report by a consortium of investigative journalists led by...
Russia warns G7 price cap on oil would increase its price
Moscow said Thursday that G7 plans to cap the price of Russian oil would lead to a shortfall on world markets and soaring prices for European consumers. "This is another attempt to interfere in market mechanisms, which can only lead to market imbalance," Deputy Prime Minister Alexander Novak said, warning...US price increases held steady, consumer spending growth down: Report
The world's largest economy has been battered for months by a cresting inflation wave, made more painful by the surge in energy prices sparked after Russia's invasion of Ukraine.UAE, South Korea ink pact to support entrepreneurs, SMEs
The UAE and South Korea sign an agreement to launch a joint cooperation program to support entrepreneurs and SMEs. During the 11-month program, the two sides will discuss and cooperate in entrepreneurship and SME development.
‘Effective steps needed to tackle situation due to Ukraine crisis’
Jordan's Minister of Foreign Affairs and Expatriates has called for concrete and effective steps to address the effects of the Ukrainian crisis on food security, energy prices and supply chainsTaliban and US to discuss release of frozen funds after quake
The United States and the Taliban plan talks Thursday in Qatar on unlocking some of Afghanistan's reserves following a devastating earthquake, officials said, with Washington seeking ways to ensure the money goes to help the population.Recession fears drag down European, Asian stocks
Asian and European stock markets nursed losses Wednesday on resurgent fears that sharp interest rate hikes aimed at tackling runaway inflation could spark recession.Metaverse can contribute $4bn to UAE economy
The Dubai Metaverse Strategy anticipates that 42,000 jobs will be virtualized through the metaverse by 2030 while also improving resident surgeon performance by 230 percent and engineer productivity by 30 percent, he adds.UAE Minister promotes trade, friendly ties during Florida visit
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi concluded a two-day visit to Florida which focused on expanding the bilateral UAE-US trade and commercial ties.US stocks on defensive amid inflation and slowdown anxiety
Wall Street stocks were mixed early Wednesday, treading water after the prior session's pullback that came amid worries over soaring inflation and an economic slowdown. After last week's rally, stocks were back on the defensive Tuesday, falling hard after downcast consumer confidence reading. But early in the session Wednesday "there...Ocean-based climate solutions important, says UAE Minister
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said that leveraging nature-based solutions, especially blue carbon ecosystems, to mitigate and adapt to the impacts of climate change is required at the UN Ocean Conference.
Qatar trade balance surplus surged 120 percent in May
The year-on-year increase in total exports was mainly due to higher exports of petroleum gases and other gaseous hydrocarbons reaching QR 30.3 billion in May 2022.
