The International Monetary Fund (IMF) has raised its economic growth forecast for the Middle East and North Africa this year, despite a gloomy global prediction. The regional economy is now expected to grow by 3.4%, up from 3.1% in April. Globally, growth is forecast at 3.1%, compared to 3.2% three months ago. IMF largely blames the negative outlook on Brexit, saying the financial and oil markets started recovering earlier this year, under the assumption that the UK would remain in the EU.
UAE gains observer status in Eurasian Group to combat money laundering
The UAE has officially joined the Eurasian Group on Combatting Money Laundering and Terrorist Financing (EAG) as an observer, making it the first country in the region to achieve this status.
WTO chief Okonjo-Iweala reinstated for second term as trade wars loom
World Trade Organisation (WTO) chief Ngozi Okonjo-Iweala was reappointed for a second term at a special meeting on Friday, the trade watchdog said, meaning her tenure will coincide with US President-elect Donald Trump's second administration.
Ukraine imposes first wartime tax hikes
President Volodymyr Zelenskiy signed into law on Thursday Ukraine's first wartime tax increases as the war against Russia reaches its 34th month.
Dubai Chambers, Standard Chartered to support global expansion of local businesses
Dubai Chambers and Standard Chartered signed a Memorandum of Understanding (MoU) to enhance collaboration aimed at fostering the growth of UAE businesses and supporting their expansion into promising global markets.
OPEC+ postpones output policy meeting to December 5
The OPEC+ alliance of oil-producing countries has postponed its next meeting on output policy to December 5 from December 1 to avoid a conflict with another event, OPEC said on Thursday.
