UAE a unique model of emerging industrial power: Al Mazroui

Hanover: The UAE is a unique model of the emerging industrial power that is inspired by the values of innovation and global prosperity and seeks to devote it to both local and global levels, Suhail Bin Mohammad Faraj Faris Al Mazroui, Minister of Energy and Industry, noted. This came during the UAE’s participation in Hannover […]

UAE private sector activity rebounds in March

Dubai: Private sector economic activity in the UAE gained momentum in March with both business output and new orders increasing at a faster rate than in February, with output rising at the fastest pace since August 2018. Emirates NBD Purchasing Managers’ Index (PMI) for the UAE rose to 55.7 in March from 53.4 in February, […]

From bust to boom, Rwanda’s meteoritic raise

In 1994, the last year of Rwanda’s civil war, the country’s per capita GDP was just $146 (Dh536.1). Since then, due a raft of economic initiatives lead by President Paul Kigame, that figure has jumped to a projected $819.65 by the end of 2018. It’s just one of the many figures that shows how well […]

Dubai’s share in talent and technology-driven FDI surges

Dubai: The Dubai FDI Results and Rankings Report 2018 has added a new index that monitors the contribution of FDI to job creation that explains the correlation between FDI and job growth. As per the index, about 25,000 new jobs were created in 2018, an increase of 77 per cent compared to 14,065 jobs in […]

China’s March forex reserves rise to $3.09tr

Beijing/Singapore: China’s foreign exchange reserves rose for a fifth straight month in March as growing optimism about the prospects for a US-China trade deal offset concerns over slowing economic growth. Chinese reserves, the world’s largest, rose by $9 billion (Dh33 billion) in March to $3.099 trillion, central bank data showed on Sunday. Economists polled by […]

Jordan seeks $1 billion World Bank loan to cut debt burden

Jordan is talking to the World Bank about a $1 billion soft loan as it seeks to cut the cost of its debt repayments and revive an economy strained by more than a million Syrian refugees. The government’s “moving on several fronts to reduce the high debt burden by considering concessional loans and focusing on […]

UAE-Saudi double taxation agreement comes into effect

Dubai: The Avoidance of Double Taxation Agreement signed between the UAE and Saudi Arabia has come into effect at the beginning of this month, after both countries completed the necessary procedures in accordance with their regulations. The UAE, represented by the Ministry of Finance (MoF), signed an agreement with Saudi Arabia on the avoidance of […]