Economy
Business and economy news
1542 articles in this section
Egypt Pivots to Fuel Oil for Power Plants Amid Soaring Natural Gas Prices
Egypt is increasing its use of fuel oil for electricity generation, shifting from natural gas due to soaring global prices. This move offers significant cost savings despite lower efficiency, with fuel oil costing approximately $16.10 per million BTU compared to natural gas at around $30.
UAE E-Invoicing Rules Eased Ahead of Implementation Deadline
The UAE's Ministry of Finance has amended e-invoicing regulations, introducing a temporary exclusion for intra-tax group transactions and easing data storage requirements ahead of the October 30 compliance deadline.
Egyptian Gold Prices Surge to 3-Week High, Driven by Strong US Dollar
Gold prices in Egypt have climbed to a three-week high, driven by a strengthening US dollar against the Egyptian pound. This local surge occurred despite a decline in global gold prices.
Athens' Pro-Palestine Enclave Faces Resentment as Israeli Buyers Fuel Property Boom
In Athens' Exarchia neighborhood, a district known for its pro-Palestine stance, Israeli property investments are fueling gentrification and local resentment. Residents are mapping foreign acquisitions, which they say are transforming the area into short-term rentals and displacing long-term inhabitants.
Dubai Investments Set to Revitalize UAE IPO Market with DIP Holding Listing
Dubai Investments is set to launch the UAE's first IPO of the year by offering a 20% stake in its subsidiary, DIP Holding, aiming to revitalize the local stock market. The offering is expected to begin trading on the Dubai Financial Market in November.
Oman's Strategic Pivot: A New Anchor for Gulf Energy Security Amidst Regional Tensions
Oman is strategically positioning itself as a key player in Gulf energy security, leveraging its location and developing new infrastructure to bypass chokepoints like the Strait of Hormuz. However, this pivot comes with significant risks, including potential escalation of regional conflicts and competition with existing energy hubs.
Syria and World Bank Launch Major Reconstruction Fund Amidst Ongoing Rebuilding Efforts
Syria and the World Bank have established a new multi-donor trust fund, the 'Start' fund, to support the country's extensive recovery and reconstruction efforts following a decade of civil war. The initiative aims to provide financing, investment guarantees, and technical assistance, with significant interest from international partners and US companies.
Gaza Families Brace for Food Scarcity as Israel Halts Commercial Imports Amid Price Surge
Gaza faces escalating food prices and fears of shortages as Israel halts commercial imports for five days amid a fee dispute. Families are struggling to afford basic goods, with prices for staples like flour and eggs soaring.
Abu Dhabi to Host Prestigious 2029 World Bank and IMF Annual Meetings
The UAE has officially signed an agreement to host the 2029 annual meetings of the World Bank and IMF in Abu Dhabi, highlighting growing international confidence in its financial ecosystem. This event will bring together global leaders to discuss economic stability and development.
Tunisia's Youth Face Bleak Future Amid Deepening Economic Crisis and Unfulfilled Promises
Tunisian university graduates are protesting against deepening economic hardship, high unemployment rates, and unfulfilled government promises for public-sector jobs. The 'Dignity March' and widespread demonstrations highlight growing frustration with President Kais Saied's government and the nation's bleak economic outlook.
Dubai's Economy Navigates Regional Turmoil, Reaching Dh473 Billion Amidst Sectoral Shifts
Dubai's economy reached Dh473 billion in the first half of 2026, a slight decrease from the previous year, as growth in financial services, healthcare, and construction offset declines in tourism and transport due to regional conflicts. The emirate continues to invest in major projects and pursue its D33 economic agenda to strengthen its global business standing.
Iraq's Dinar Devaluation Sparks Consumer Fears Amidst Oil Revenue Woes
Iraq's Central Bank devalued the dinar by 15%, raising the dollar selling rate to 1,520 dinars. This move aims to protect public finances amid falling oil revenues but has sparked concerns among residents about rising living costs and eroding purchasing power.
Europe Gripped by Cost of Living Protests: Belgium, Italy, Portugal, and France Erupt in Unrest
Hundreds of thousands across Belgium, France, Italy, and Portugal have protested the rising cost of living, with demonstrations ranging from peaceful rallies to clashes with police. Experts suggest this unrest may spread to other European nations.
Dubai's SWS Board Technology Secures Prestigious Economy Award for Global Dominance in Kiteboard Manufacturing
Dubai-based SWS Board Technology has won the Dubai-it Award for economic achievement, recognizing its global leadership in manufacturing nearly half of the world's kiteboards and wakeboards. The company, founded by Rainier Nouhra, also produces a significant portion of the world's snowboards and has a strong focus on R&D and circular economy principles.
Moody's Boosts Egypt's Credit Rating to B3 Amid Economic Reforms and Stabilization
Moody's has upgraded Egypt's credit rating to B3, citing economic stabilization, fiscal consolidation, and structural reforms that have reduced public debt and strengthened foreign currency reserves.
Philippines Solar Surge: Geopolitical Tensions and High Energy Costs Drive Demand for Renewable Power
Soaring electricity costs, driven by geopolitical events and currency depreciation, are fueling a surge in solar power adoption among Filipino homeowners. Despite high upfront investment, the long-term savings and desire for energy independence are making solar a compelling alternative.
Egypt's Creditworthiness Bolstered by Moody's Upgrade Amidst Easing Inflation and Rising Investor Confidence
Moody's has upgraded Egypt's sovereign credit rating to B3, citing easing inflation and growing investor confidence driven by economic reforms. The upgrade reflects improved fiscal consolidation, structural reforms, and a strengthened monetary policy framework, enhancing the country's resilience to external shocks.
IMF Chief Warns Poorer Nations Face Dire Straits from Inflation and War Spillovers
The IMF is urging support for poorer nations facing significant economic challenges due to high inflation, rising debt, and the spillovers from ongoing conflicts, according to Managing Director Kristalina Georgieva.
IMF Bolsters Support for Iraq and Lebanon Amid Growing Regional Assistance Efforts
The IMF is accelerating talks with Iraq and Lebanon to provide financial and policy support, as part of broader efforts to assist vulnerable nations in the Middle East and North Africa. Both countries face significant economic challenges, with the IMF expressing confidence in reaching program agreements.
IMF Boosts Egypt's Economic Growth Forecast to 4.7% for 2027 Amidst Reform Success
The International Monetary Fund (IMF) has raised its economic growth forecast for Egypt to 4.7% for 2027, citing successful economic and fiscal reforms. The Minister of Finance highlighted improvements in fiscal performance and a commitment to reducing external debt.
National Council for Women Champions Economic Empowerment and Robust Social Protection for Rural Development
The National Council for Women is pushing for expanded economic empowerment and social protection measures, particularly in rural areas, advocating for greater private sector involvement and integrated support systems.
Egypt and Syria Deepen Economic Ties: Ministers Meet at IMF/World Bank Gatherings
Egyptian Foreign Minister Badr Abdelatty and Syrian Finance Minister Mohammed Yisr Barnieh met in Bangkok to discuss strengthening bilateral economic and financial cooperation. The meeting occurred during the IMF and World Bank annual meetings, with both sides reaffirming historical ties and discussing future collaboration.
Gaza Faces Food Affordability Crisis as Israel Blocks Commercial Goods
Gaza is grappling with growing fears about food affordability as Israel has stopped the flow of commercial goods into the region, potentially worsening the humanitarian crisis.
Qatar to Fund and Operate Major Electricity Project in Lebanon, Boosting Ailing Energy Sector
Qatar has pledged to finance, operate, and modernize Lebanon's energy sector through a new electricity project, aiming to provide a stable and affordable power supply. This initiative, developed in partnership with TotalEnergies, seeks to alleviate Lebanon's dire electricity situation and support its struggling economy.