• EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn

    ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and strategic milestones. EDB revealed a significant 80 percent surge in its contribution to the UAE’s industrial GDP, which has grown from US$653 million (AED2.4 billion) in 2022 to US$1.1 billion...
  • UN resolution urges more aid for Gaza as death toll rises

    Fighting between Israel and Hamas in Gaza raged as the UN Security Council approved a much-delayed resolution to boost aid to the besieged Palestinian territory where civilians are struggling to find food. The Hamas-run health ministry said more than 410 people had been killed in Israeli bombardment over 48 hours.
  • GCC chief stresses need for combating corruption to fuel economic growth

    Muscat, Oman-- Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudawi, has underscored the importance of cooperation in investigations into cross-border corruption cases and prosecution of their perpetrators, given the significant impact corruption has on economic development and growth. He made the remarks at the 9th meeting of...
  • Jordan takes measures to cut effect of global crises on food security

    Amman, Jordan-- Jordan has taken measures to hedge against the impact of international crises on food security and lower its impact on families, local communities and the national economy of the kingdom. This was revealed by the kingdom's Minister of Agriculture Khaled Hneifat while speaking the 6th General Assembly meetings...
  • New WEF report reveals technologies to impact world in the next five years

    TIANJIN, CHINA -  The World Economic Forum on Tuesday announced its annual list of breakthrough technologies with the greatest potential to make a positive impact on the world. These include flexible batteries, generative AI and sustainable aviation fuel. The technologies featured in the Top 10 Emerging Technologies Report 2023, produced...
  • More monetary tightening required, says top Federal Reserve official

    The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil on bank lending, a top Federal Reserve official said. "How much further will depend on incoming data on inflation, the real economy and the tightening credit conditions," Federal Reserve governor...
  • Will plant 5m trees in country, says Iraqi Prime Minister

    BASRA, IRAQ -  Iraq's prime minister on Sunday announced a campaign to combat the severe impacts of climate change on the water-scarce country, including by planting five million palms and trees. Oil-rich but war-battered Iraq suffers from extreme summer heat, frequent droughts, desertification and regular dust storms, problems that are all...
  • Jordan, EU sign two financing agreements worth US$69m

    AMMAN, JORDAN  - Confirming its role as one of Jordan’s main supporters, the European Union (EU) on Sunday signed two financing agreements with the Kingdom's Ministry of Planning and International Cooperation providing up to US$69 million (€64 million).The first agreement is financing a US$42 million (€39-million) program: "EU support to...
  • Sharjah EC discusses impact of commercial boards on urban appearance

    SHARJAH, UAE - The Sharjah Executive Council (SEC) discussed on Tuesday a report on commercial boards made for economic institutions and their impact on the general urban appearance of the emirate.  Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Sharjah...
  • IMF says more financing needed for climate change fund

    IMF chief Kristalina Georgieva has regretted the shortage of funds needed to help low-income countries tackle the impacts of climate change. Although IMF has secured $40 billion worth of commitments, its chief still feels that the amount is "nothing in comparison with the needs."
  • World markets plunge on growing recession fears

    Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks this week hiked interest rates to fight inflation. Monetary policymakers have been forced to go on the offensive, warning that short-term hits to economies are less painful than the long-term...
  • Norway skeptical about EU proposal on gas price cap

    Norway, which has replaced Russia as Europe's leading supplier of natural gas, dashed the hopes of EU member states who wanted a cap on gas prices. After his phone call with European Commission President Ursula von der Leyen, Norway's Prime Minister Jonas Gahr Store said he was "skeptical" about a...
  • Stocks slide in Asia and Europe, pound drops to two-year low

    Asian and European stocks tanked Friday, accelerating a global selloff on fears over the impact of interest rate hikes that seek to tackle sky-high inflation. The pound hit a two-year low at $1.2276, one day after the Bank of England (BoE) lifted UK borrowing costs to a 13-year peak and...
  • DMCC to collaborate with C3 to initiate Impact Scale-Up program in Dubai

    C3 is a UAE-based social enterprise empowering impact-driven entrepreneurs across the Middle East, Africa and Turkey.
  • Top energy honchos to meet at Abu Dhabi CEO Roundtable

    More than 30 top energy executives from around the world will come together at the 7th Abu Dhabi CEO Roundtable, hosted by the Abu Dhabi National Oil Company (ADNOC).
  • TikTok, YouTube and Snapchat defend impact on kids

    In their first testimony to US senators, they argued they are built to protect against the mental health and safety risks present on social media.
  • UAE and India resolve to strengthen ‘deep economic ties between the two countries’

    The United Arab Emirates and India have resolved to strengthen ‘the deep economic ties between the two countries,’ while noting the impact of the Covid pandemic on global trade and investment.
  • Majid Al Futtaim’s H1 revenue dips 10 percent

    Majid Al Futtaim, a shopping mall operator in the Middle East, has reported a drop in revenues for the first half of 2021 attributed to the Covid pandemic restrictions.
  • White House frets anxious about high oil prices

    Jen Psaki says there is enough production capacity globally US crude production peaked in Jan 2020 at nearly 13m bpd The White House is worried about the impact of rising oil prices on US consumers but believes producers have ample ability to pump enough crude. “Currently we believe that there...