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IMF’s Lagarde: Improvement in global growth means time for reforms

Tuesday, 23 January 2018

The International Monetary Fund on Monday forecast global growth of 3.7 percent for 2017, which would be the most substantial annual growth since 2011, and to 3.9 percent for this year and 2019. “Global growth has been accelerating since 2016, and all signs point to a continuous strengthening of that growth,” IMF Managing Director Christine Lagarde said in a press conference at the World Economic Forum’s annual meeting in Davos, Switzerland. “This is very welcome ...

Globalization is losing its luster, India’s Modi tells Davos summit

Tuesday, 23 January 2018

Protectionism is gaining ground and globalization is losing its appeal, but India is open for business, Indian Prime Minister Narendra Modi told the World Economic Forum on Tuesday. Modi is leading a big government and business delegation to the summit in Davos, the first Indian prime minister do so in 21 years, aiming to showcase India as a fast-growing economic power and a potential driver of global growth. His comments on rising trade barriers came ahead of an address to the forum later this ...

How does the World Economic Forum impact Davos?

Tuesday, 23 January 2018

Davos - The participation of over 2,500 world leaders, businessmen, representatives of international organizations and civil society institutions, academics and journalists at the World Economic Forum at Davos will have major economic benefits on hotels, apartments and restaurants. Neighboring areas will benefit too specifically Klosters where part of Al Arabiya’s team is staying to cover this year’s forum. For instance, a one-bedroom apartment in Klosters will cost 2,500 AED a night ...

Saudi finance ministry sells 5.85 bln riyals of domestic sukuk

Tuesday, 23 January 2018

Saudi Arabia's government sold 5.85 billion riyals ($1.56 billion) of domestic sukuk in its fifth monthly offer of domestic sukuk, the Ministry of Finance said on Monday.The ministry sold 4.125 billion riyals of five-year sukuk, 225 million riyals of seven-year and 1.5 billion riyals of 10-year.Last month, the ministry sold 4.775 billion riyals of domestic sukuk.

IMF raises Saudi Arabia’s growth prospects over higher oil prices

Monday, 22 January 2018

The International Monetary Fund on Monday raised its growth projection for the Saudi economy on the back of higher oil prices but retained its estimates for the region. In its World Economic Outlook update, the IMF said the Saudi economy is expected to grow by 1.6 percent in 2018, up 0.5 percent on its October estimates. The Saudi economy is also projected to grow by 2.2 percent next year, up 0.6 percent on the previous estimate, it said. The IMF however maintained its October projections for ...

US requiring enhanced cargo screening from Middle Eastern airports

Monday, 22 January 2018

The US Transportation Security Administration said Monday it is requiring six Middle Eastern carriers to participate in an enhanced cargo screening program as part of an effort to raise global aviation security. The emergency amendment covers Egypt Air operating out of Cairo International Airport, Royal Jordanian operating out of Queen Alia International Airport, Saudia operating out of King Abdul-Aziz International Airport and King Khalid International Airport, Qatar Airways ...

Dubai port operator inks $3 bn investment deal with Indian fund

Monday, 22 January 2018

Dubai-owned mammoth port operator DP World has formed a $3-billion joint investment platform with India's government-backed National Investment and Infrastructure Fund, a statement said on Monday.The platform will invest in ports, terminals, transportation and logistics businesses in India by acquiring assets and developing projects, the statement said, without giving a time frame.It will also look at opportunities beyond sea ports, such as inland river ports and transportation, freight ...

Russia, Saudi Arabia to discuss joint energy projects - Moscow

Monday, 22 January 2018

Russia and Saudi Arabia at a meeting due in February will discuss implementation of joint energy projects, Russia’s Energy Minister Alexander Novak told the Rossiya 24 TV channel on Sunday. Russian TASS news agency quoted the minister as saying "Russia and Saudi Arabia have a roadmap on implementation of about 30 projects." OPEC+ ministers have a meeting in Oman on Sunday to discuss the deal’s implementation under condition of growing oil prices. Earlier Novak told ...

New employment app uses AI to help jobseekers in the Gulf

Monday, 22 January 2018

A new Saudi employment app is using artificial intelligence (AI) to help job hunting in the GCC. Gulfy.com is currently the fastest growing platform in the region, with more than 120,000 users after six months, and approximately 2,000 people registering daily. Over 800 companies have also signed up. According to a statement, the service uses “bespoke, sophisticated – and closely guarded – machine learning algorithms to filter and rank candidates. “It gives each candidate ...

France drops 2025 world expo bid over cash worries

Monday, 22 January 2018

France has withdrawn its bid for Paris to host the 2025 World Expo citing financial risks as the country gears up to organize both the Olympics and Rugby World Cup.The decision was revealed by the Journal du Dimanche newspaper on Sunday after Prime Minister Edouard Philippe announced it in a letter to organizers on Friday.Philippe said the French bid for the event, which sees nations from around the world showcase their achievements, was being called off due to “adjustments in public ...

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