China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's shaky economic recovery ahead of a key political gathering expected to focus on deepening reform.The manufacturing purchasing managers' index (PMI) -- a key measure of factory output -- registered at...
UAE invests Dh62.6b in Jordan development projects
Abu Dhabi Development Fund for Development has financed AED6.5 billion worth of development projects in Jordan.
Saudi Arabia to form national land alliance: Minister at GLF
The forum will discuss issues like land decentralization, climate crisis, youth and land-based opportunities in rural areas, and building partnerships.
Global issues slowing down labor market recovery: ILO
Labor incomes have not yet recovered for the majority of workers. In 2021, three in five workers lived in countries where labor incomes had not returned to the level seen in Q4 2019. The gender gap in hours worked also grew during the pandemic.
To use rather than collect, the second coming of Non-Fungible Tokens
The non-fungible token (NFT) craze, just over a year old, has given the world works that have sold for millions and includes collections from the "Bored Ape Yacht Club" to an image of a naked Donald Trump following his 2020 election defeat.
SRTI Park launches Advanced Industry Accelerator 2.0
The accelerator programme will provided local and regional start-ups with innovative solutions and strong support system within the thriving SRTI Park ecosystem.
‘Digitization transforming Islamic banking in GCC’
The use of CX capabilities, digital media, predictive analytics can help banks develop personalized Shariah-compliant services, says Dubai Islamic Bank Group CEO Dr Adnan Chilwan.
Young Lebanese voters shake grip of traditional parties
The Iran-backed Shiite Hezbollah group and its allies fell just short of the 65 seats needed to control the 128-seat parliament.
Iconic Iran river threatened by droughts, diversions
Iran, like other nearby countries, has suffered chronic dry spells and heat waves for years.
Algeria president sacks central bank chief
Algerian President Abdelmadjid Tebboune on Monday sacked central bank chief Rostom Fadli, in office for less than two years, the presidency announced without giving any further explanation. Tebboune "on Monday ended the functions of the Governor of the Bank of Algeria, Mr. Rostom Fadli, and appointed Mr. Salah Eddine Taleb...
Digitization to see more GCC women enter workforce
Although the number of female STEM graduates is high in GCC, this couldn't translate into proportionate increase in workforce, says Christine Harb from Global Brand Council at VISA.‘Central bank digital currencies can transform financial system’
More countries are experimenting with CBDCs and some are beginning to bring them to market, potentially offering lessons for the rest of the world.Sri Lanka inflation hit seventh consecutive record high in April
Hammered by a foreign exchange crisis, the country's 22 million people have been enduring acute shortages of essentials.Iran signs multiple trade deals with Oman during president’s visit
A delegation of 50 Iranian businessmen travelled to Oman last week, with Iran's minister for roads and urban development announcing plans for a joint shipping line and tourist flights.
Global ESG assets could reach $50 trillion by 2025 : PIF Governor
Global environmental, social, and governance assets are expected to hit $41 trillion by the end of this year, and $50 trillion by 2025, Yasir Al-Rumayyan, governor of the Saudi sovereign fund said. The growth in assets is due to the fact that Public Investment Fund continues to enhance ESG integration...
13 countries to join new Asia-Pacific trade framework: Biden
"The US and Japan, together with 11 other nations will be launching" the Indo-Pacific Economic Framework for Prosperity, Biden said at a press conference.
More than 100 million people forcibly displaced: UN
Russia's war in Ukraine has pushed the number of forcibly displaced people around the world above 100 million for the first time ever, the United Nations said Monday. The "alarming" figure must shake the world into ending the conflicts forcing record numbers to flee their own homes, the UNHCR said...France sees no EU entry for Ukraine before ’15 or 20 years’
A bid by Ukraine to join the European Union would not be finalized for "15 or 20 years," France's Europe minister said Sunday, pouring cold water on Kyiv's hopes for quick entry in the wake of Russia's invasion. "We have to be honest. If you say Ukraine is going to...Qatar all set to successfully begin the FIFA World Cup : Official
Qatar is ready for the launch of a safe and exceptional tournament, the Head of the FIFA World Cup Qatar 2022 Safety & Security Operations Committee, Brig. Ibrahim Khalil Al-Mohannadi said. Local media reports quoted Al-Mohannadi as saying the FIFA World Cup Qatar 2022 Security Last-Mile Conference, which kicked off...
Iraq’s financial reserves may reach $40 billion by 2022 end: Official
Iraq's financial reserves are expected to reach $40 billion in case the current fiscal year ends without enacting a budget law, according to Mazhar Muhammad Salih, advisor to Iraq's Prime Minister Mustafa al-Kadhimi. Local media reports quoted Salih as saying that "it is not possible to pass any law by...
Iraq will have a surplus of the difference in selling oil: FM
Iraq's Finance minister said during a Television interview, "Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars," stressing that "in light of the current financial abundance, it is unlikely to resort to borrowing."
Central Bank of Iraq increases its capital to $3.42 billion
The Central Bank of Iraq has announced an increase in its capital to 5 trillion dinars ($3.42 billion) Iraqi media reports said recently that the bank decided to its capital from 3 trillion dinars to 5 trillion dinars. "This increase comes to enhance the results of its balanced policies with...Strong demand spurs Dubai’s realty growth
The market performed well in 2021, with average home prices and rents increasing by 9.3 percent and 8.3 percent, respectively. Last year's price growth was also the highest since January 2015.
EU looks to build a strategic partnership with GCC
GCC Secretary-General, Dr. Nayef Falah Mubarak Al-Hajraf, had welcomed the European High Representative for Foreign Affairs and Security Josep Borrell’s announcement of the adoption of joint working paper of the European Parliament and the European Commission
Dubai’s luxury retail on the rebound
The government initiatives make the emirate a safe refuge for both inhabitants and tourists which has fuelled consumer activity. Expat-friendly laws have brighten up the prospects for growth in luxury retail sector.Russian army says Mariupol steelworks ‘totally liberated’
Russia's Defense Minister Sergei Shoigu informed president Putin of "the end of the operation and the complete liberation of the (Azovstal) industrial complex and the city of Mariupol".
Lebanon cabinet passes financial recovery plan during last session
The cabinet of bankrupt Lebanon, at its final session on Friday, passed a financial recovery plan needed to secure international aid, but its implementation will depend on the fractious incoming parliament. The session came five days after Lebanon held its first election since an economic crisis, widely blamed on corruption...Key Iraq irrigation reservoir close to drying out
Iraq's Lake Hamrin, a once-vast reservoir northeast of Baghdad that is the sole source of water for irrigation across Diyala province, has nearly dried out, a senior official said Friday. Successive years of low rainfall and a sharp reduction in the flow of water down the Sirwan River from neighbouring...GCC ready to deal with global inflation, sectoral shifts
However, Hamade believes that the markets in the Gulf region are better prepared to navigate the economic headwinds given the proactive stance they have witnessed across the sectors attracting foreign direct investments, relocation of businesses, and even market sentiment.
Saudi Arabia elected head of ICAO’s Regional Aviation Safety Group
The election took place during the ninth session of the group’s meetings hosted in Riyadh from February 14-17.
IEA calls on G7 to be ‘first movers’ in lowering CO2 emissions
The International Energy Agency (IEA) has said that G7 economies are well placed to be first movers on driving down carbon dioxide emissions from heavy industry.Egypt raises overnight interest rates to tame inflation
In order to tame soaring prices in the country, the Central Bank of Egypt has raised its overnight interest rates by 200 basis points.Smart money is in video games, Web3: Futurist at TOP CEO event
Raford contended that people should invest in video games, as it is the only successful digital economy so far.
China to cut key interest rate as it seeks to boost economy
China on Friday announced it would cut a key interest rate as the country fights to boost its virus-hit economy and Covid-19 restrictions rip across major cities. Prolonged virus lockdowns have constricted supply chains, quelled demand and stalled manufacturing.
UAE tourism sector set new record in Q1 2022 : Tourism Minister
Tourism is deemed one of the future sectors and a key focus area in the UAE’s development vision for the next 50 years
All work-related leaves in UAE fall under contribution period: GPSSA
Government sector employers are mandated to bear full contributions due from the insured in cases where he/she is accompanying a spouse for study leave
Alpha Dhabi to invest $2.5 bn in Chimera
The fund will target investments in tech-enabled businesses.‘Lifeline’ of renewable energy can steer world out of climate crisis: UN chief
"We must end fossil fuel pollution and accelerate the renewable energy transition before we incinerate our only home," Secretary-General António Guterres said.Nearly 60 mn people internally displaced worldwide in 2021
Last year, new internal displacements from conflict surged to 14.4 million marking a 50-percent jump from 2020 and more than doubling since 2012, the report showed.UN expert calls US sanctions on Iran ‘devastating’
An independent United Nations expert said Wednesday that the impact of sanctions imposed by the United States on Iran was "devastating", describing them as illegal and urging they be lifted. "During our visit, we were able to identify (the) devastating humanitarian impact of sanctions," said Alena Douhan, the UN special...Experts at GALF call for consolidating data to formulate policies
A panel deliberated on the advances in integrated, automated, electric mobility in the airport environment.
Egypt to host 2022 annual meetings of Islamic Development Bank
The meetings this year are being held to deliberate major economic and geopolitical developments characterized by the noticeable decline in the COVID-19 pandemic.Soaring food prices stoke inflation worries for KSA
Saudi Arabia may see a rise in inflation as global food and energy prices surge amidst the ongoing Russia-Ukraine war, Alexander Perjessy of Moody’s Investors Service tells TRENDS.TOP CEO 2022 Winners List: And the award goes to…
The most transparent and credible business awards in the Arabian Gulf celebrate leaders of the stock market-listed companies in the region.Record wheat prices a global worry, put poor countries at risk of poverty
Low rainfall or droughts in major producing countries were already causing worries before Russia's invasion of Ukraine in February sent markets soaring. There are only a dozen countries that produce a lot and can export it, particularly Russia, Ukraine, the US and Australia.
UK inflation highest in 40 years on rocketing energy costs
Official data showed Tuesday that Britain's unemployment rate has fallen further to a near five-decade low, but the value of wages continues to erode as inflation soars.Morocco ‘breathing again’ as tourists return after Covid curbs
Morocco this week reopened land borders with the Spanish enclaves of Ceuta and Melilla, two years after they were shut due to Covid and a major diplomatic rowIMF and Pakistan to discuss release of funds as economy falters
Pakistani Prime Minister Shehbaz Sharif, who took power with a coalition that removed Khan in a no-confidence vote last month, has vowed to jumpstart the moribund economyJapan economy shrank as Omicron wave hit
Japan's economy shrank slightly in the first quarter of 2022, official data showed Wednesday, hit by Covid-19 restrictions and higher prices. Growth was also hit by the rising cost of imports with energy prices surging and the yen falling to its lowest level against the dollar in 20 years.
Stocks recover as Shanghai set to ease lockdown, reopen business
The impact of Beijing's zero-Covid strategy on the world's second-largest economy was revealed Monday when official data showed that retail sales and industrial production in April on-year had slumped to their lowest levels in more than two years.
Julphar Q1 sales up by 156 percent
Acquisition of Planet Pharmacies and growth in segment ops led to growth.
