Saudi Arabia on Monday pitched aviation industry leaders on its plans to become a global travel hub, drawing scepticism from analysts who questioned how it could compete against regional heavyweights. The kingdom's aviation goals, part of Crown Prince Mohammed bin Salman's wide-ranging "Vision 2030" reforms, include more than tripling annual...

The Chairman of Dubai World Sheikh Ahmed bin Saeed Al Maktoum, inaugurated the 29th edition of the Middle East’s largest travel and tourism exhibition Arabian Travel Market (ATM) on 9 May 2022.

After the Fed Reserve raised interest rates to rein in the 40-year-high inflation, GCC members followed the suit as most of the region's currencies are pegged to the dollar.

Dubai has announced the establishment of a Debt Management Office that would be responsible for government's financing requirements, managing the sovereign debt portfolio and setting strategic objectives and policies. It will also be responsible for pursuing risks to ensure government financial sustainability, as well as maintaining high levels of transparency...

World stock markets mostly sank Monday on stubborn fears over the impact of rising US interest rates, surging inflation and China's Covid lockdowns. Stock markets had dived last week after the Federal Reserve ramped up interest rates by a half-percentage point and flagged more hikes to tackle decades-high inflation.

Dubai Future Foundation said Monday that the jury has finished evaluating the projects that qualified for the final stage of the ‘One Million Arab Coders’ challenge. Launched last year by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, the challenge has provided participants from around the world with the opportunity...

The Indian rupee plunged to an all-time low against the greenback on Monday, as US monetary policy tightening roiled sentiment and foreign investors continued to dump domestic stocks. The rupee fell past its previous record low of 76.98 against the US dollar in March to 77.56 on Monday.

At least 44 migrants drowned on Sunday when their boat capsized off the coast of the Western Sahara, migrant aid agency Caminando Fronteras said. Twelve others survived the tragedy, which happened when the boat sunk off the coast of Cap Boujdour, the agency's Helena Maleno tweeted. The bodies of seven...

"Lockdowns in large cities like Shanghai and rising input costs are major reasons" behind the underwhelming trade figures, analyst Zhaopeng Xing of ANZ Research said.

Russia will celebrate its 1945 victory over Nazi Germany Monday with a show of military might as its army battles Kyiv's forces in the east of Ukraine, where 60 people were killed in an air strike on a school sheltering civilians. Ukrainian President Volodymyr Zelensky confirmed that 60 were killed...

Earlier this year, the UAE rose to the top of Bloomberg’s Covid Resilience Ranking, outperforming European countries in terms of containing the spread of the pandemic

The emirate attracted 418 greenfield FDI projects, Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said. It ranked first in the Middle East and North Africa region and third globally, up from fourth place last year, in FDI capital inflows.

Medium- and low-income Jordanian families spend 45 per cent of their income on food, and are the most impacted group by high prices

The United Nations has stressed on a more strategic approach to address the economic and fiscal crisis faced by the Palestinian Authority and Government. A report issued by the office of the United Nations Special Coordinator for the Middle East Peace Process (UNSCO) for the upcoming meeting of the Ad...

Iraq will have to import wheat this year as it may only grow 2.5-3 million tons of wheat, "not enough for a whole year for the Iraqis," Agriculture ministry spokesman said.

King Salman entered King Faisal Specialist Hospital in the coastal city of Jeddah on Saturday ‘to conduct some medical examinations’.

The country’s National Center for Statistics and Information has announced that the country’s production of natural gas at the end of last March rose 0.8 percent.

In a week truncated by the Eid holidays across the Middle East, stocks on the UAE exchanges shed gains, while there was no trading in Saudi Arabia because of Eid al-Fitr.

The price of tickets means that most of those who waited up to two hours for the chance of a selfie next to the gold trophy will not see the games that start November 21.

The election is expected to be a referendum on the country’s ruling class, which is widely blamed for the economic crisis that has moved more than four out of the country’s five families into poverty.

The investment is expected to be made in nine new projects across the country.

If there is one country in the GCC where the idea of sustainable shopping can take off, it is the UAE. Yet, there is a lot for it to do in order to make the concept work.

World food prices fell slightly last month after hitting a record in March but remain high due to the Ukraine war, the UN's Food and Agriculture Organization said Friday. International sanctions against Russia as well as export flow disruptions resulting from the February 24 invasion have sparked fears of a...

The United States saw another strong month of hiring in April, with the economy adding a better-than-expected 428,000 jobs and the unemployment rate remaining at a low 3.6 percent.

ECB interest rates could be back in positive territory by year's end, the head of the French central bank said Friday, as soaring inflation puts pressure on policymakers. Record inflation in the eurozone has increased calls for the ECB to draw a line under its stimulus and follow other central...

The Central Bank of Jordan (CBJ) on Thursday decided to increase the interest rate on its various monetary policy instruments by 50 basis points, effective Sunday, May 8. Local media reports said the decision comes in line with the CBJ's objective to maintain monetary and financial stability in Jordan, and...

Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.

German sportswear giant was hurt by China lockdowns.

Turkey is experiencing the highest inflation among major emerging markets and industrialized G20 economies.

Mass testing of China's vast population could bring fresh misery to the economy, experts warned Friday, after Beijing vowed to regain control of the narrative around a zero-Covid policy that has strangled growth and fanned anger across the country. Leaders have taken a hardline approach to stamping out virus outbreaks,...

Expatriates began voting at 7 am (0500 GMT) Beirut time on Friday in nine Arab countries and in Iran, while the rest will vote in 48 other countries on Sunday.

Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the US met the president and COO of Omnicom Media Group Daryl Simm.

Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy project to achieve net-zero emissions by 2050. Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world. The solar park has a planned capacity...

Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the month of June. Prices had soared on Wednesday, with Brent North Sea crude closing above $110 a barrel.

Financial institutions are exposed to significant risks posed by depleted and contaminated water supplies, a report released by non-profit Carbon Disclosure Project (CDP) and Planet Tracker said. The analysis, the first-of-its-kind, shows how global companies in key industries are already losing billions as a result of the global water crisis....

The Bank of England on Thursday raised its main interest rate by a quarter point to one percent to tackle runaway UK inflation that is causing a cost-of-living crisis. It was the fourth straight rate rise by the BoE, which added that British annual inflation would top 10 percent this...

In order to curb the soaring inflation in the kingdom, the Saudi Central Bank (SAMA) has raised its main interest rates by 50 basis points, in tandem with the US Federal Reserve decision to hike the rate.

Turkey's official inflation rate spiraled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil.

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points, effective from Thursday. This decision was taken following the US Federal Reserve Board’s announcement on Wednesday to increase the Interest on Reserve Balances (IORB) by...

State Department spokesman voiced skepticism about the ceasefire, saying that Moscow has repeatedly resumed shelling after announcing pauses.

Turkey's official inflation rate spiralled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil. The consumer price index rose by 69.97 percent year-on-year in April compared with 61.14 percent...

Industry specialists in the region believe that the sector is becoming more sustainable despite many conflicting goals and complex challenges. “When tackling climate change it is, therefore, critical to address not only the operational carbon of buildings but also the embodied carbon and sustainable material use in construction,” Saeed Al...

With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the American people, expressing concern for the pain caused by rising prices, and pledging to use all available tools to bring them down. But he told reporters he remains confident the...

Salaries in Britain's financial sector have surged in recent months, widening inequality amid the nation's cost-of-living crisis, a study showed Wednesday. Average monthly pay in the industry jumped 31 percent in February from December 2019, propelled by high-earners, the Institute for Fiscal studies (IFS) said in a report. The performance,...

India's central bank announced a surprise interest rate hike of 0.4 percentage points on Wednesday, as Asia's third-biggest economy reels from galloping inflation in the wake of the Ukraine war. In its first increase in borrowing costs since August 2018, Reserve Bank of India governor Shaktikanta Das said it would...

In Iraq, "maku" means "nothing", and father-of-five Issa al-Zamzoum says "maku" a lot: no electricity, no home, no rebuilding and no job. Eight years after heavy fighting between Islamic State jihadists and the army, the reconstruction of his war-ravaged village in northern Iraq is at a standstill.

Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March. Saudi Gazette, citing data released by the Saudi Central Bank (SAMA), said that compared to the previous month, remittances from expatriates in Saudi Arabia jumped 31 percent, or SR3.5 billion. The...

Saudi Arabia's real estate sector continues to show promising signs, with increasing tourist numbers, consumers returning to retail stores, and more demand for office space.

The unemployment rate in the eurozone reached its lowest level ever recorded in March, the EU's official statistics agency said on Tuesday. Eurostat said 6.8 percent of the workforce were without a job, down 0.1 percentage point from February. The February figure was revised upwards fractionally from the 6.8 percent...

A Russian carmaker has asked Iran to supply it with key components it cannot access due to Western sanctions imposed after the invasion of Ukraine, Tehran's state media reported. Hossein Bahrainian, from the Iranian Auto Parts Makers Association, said a Russian automaker had enquired about purchasing parts, without specifying the company by...