Beijing, China -- China accused the United States of "double standards" on Sunday, after President Donald Trump threatened an additional 100 percent tariff on the world's second-largest economy. Trump reignited his trade war with China on Friday, accusing Beijing of imposing "extraordinarily aggressive" new export curbs relating to rare earths....
G7 summit to inflict more pain on Russia over Ukraine invasion
Leaders at the upcoming G7 summit in Germany will announce new measures aimed at pressuring Russia over its invasion of Ukraine, a senior US official said Wednesday.
Earthquake destroys more than 2,000 homes in Afghanistan
An estimated 2,000 homes have been destroyed by the deadly earthquake in Afghanistan, and a lack of machinery is hampering a rush to find survivors, a UN envoy said Wednesday. The earthquake struck a remote border region of Afghanistan overnight killing at least 1,000 people and injuring hundreds more, with...
Israel to reinstate increase in entry permits for Gaza workers
Israel on Wednesday said it was reinstating an increase in entry permits for Palestinian workers from the blockaded Gaza Strip, cancelling a suspension announced days earlier.US President calls for fuel tax break to fight off inflation woes
Joe Biden pitched a temporary fuel tax break Wednesday to help American drivers face the highest inflation in four decades, but critics called it window dressing by an unpopular US president ahead of difficult midterm elections.US Fed chair admits recession a ‘possibility’ after rate hikes
The US economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger a recession, Federal Reserve Chair Jerome Powell cautioned Wednesday. Powell, whose testimony before senators was closely watched by investors and analysts, also said the world's largest economy faces an "uncertain"...
Oil prices and equities decline on recession fears
Oil prices fell Wednesday on worries over weakening demand in the slowing global economy as Federal Reserve Chief Jerome Powell acknowledged interest rate hikes could lead to a recession. US stocks had a choppy session, pushing into positive territory for a time after Powell reiterated the need to counter soaring...UN official lauds UAE’s for environment conservation, SDG pursuit
UN Resident Coordinator for UAE Dr. Dena Assaf has praised the UAE’s environmentally-friendly endeavours to protect the environment and achieve sustainable development goals. The UN official hailed Abu Dhabi's decision to ban the use of single-use plastic bags from 1st June, as the first city in the Middle East. This...
Oil, stocks fall again as economic recession looms large
Surging energy costs are fueling global inflation, with official data Wednesday showing the British annual rate hitting a fresh 40-year high above nine percent.Saudi-Jordan trade value reaches $.4.4 billion riyals in 2021
The trade exchange volume between Saudi Arabia and Jordan reached 16.6 billion riyals ($4.42 billion) in 2021, compared to 11.6 bn riyals in 2020. The federation of Saudi Chambers of Commerce and Industry said this in its economic report released Wednesday 22 June 2022. Moreover, the volume of Saudi exports...
UAE public spending $3 billion in Q1, public services take major share
UAE’s Ministry of Finance has announced that the revenues of federal authorities in the first quarter of 2022 amounted to AED11.339 billion ($3 billion) while their expenditures amounted to some AED11.354 billion during the same period. In the financial performance report of the outcomes of the implementation of the general...More than 100 killed in Afghanistan earthquake
Afghanistan is frequently hit by earthquakes especially in the Hindu Kush mountain range, which lies near the junction of the Eurasian and Indian tectonic plates.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".
