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Stories related to finance and economics.

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UAE prepares to address the economic challenges of the future

UAE prepares to address the economic challenges of the future

The United Arab Emirates (UAE) has announced measures to help diversify its economy away from dependency on hydrocarbons, and to create jobs for Emiratis in new private-sector opportunities. The package includes an investment of AED24 billion to create 75,000 new private-sector jobs. The UAE government is looking to balance between creating incentives for expats to relocate to the UAE and creating employment opportunities for its own population.
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Cairo's underbridges on a path of transformation

Cairo's underbridges on a path of transformation

Egypt's capital, Cairo, is home to hundreds of bridges and bridge extensions scattered all over the metropolis. For long, under bridges were a place for the homeless, renegades and illicit activities but the scene is rapidly changing now as underbridges turn into cafes and social corners. 

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Commentary: Mohammed bin Salman and his quest to reinterpret the relationship between state and religion  in Saudi Arabia

Commentary: Mohammed bin Salman and his quest to reinterpret the relationship between state and religion in Saudi Arabia

In a recent wide-ranging interview Saudi Arabia's Crown Prince, Mohammed bin Salman, appeared to be reinterpreting – if not exactly redefining – the relationship between state and religion in the Kingdom. This is highly dangerous and uncharted territory for a Saudi leader, but something that is absolutely necessary if the Kingdom is to reinvent itself as a modern progressive state, whilst respecting the religious foundations which are part of its legacy and legitimacy.
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No sign of progress in Tunisia's political crisis

No sign of progress in Tunisia's political crisis

Tunisian politics are in stalemate following the president's continued refusal to formalise a ministerial reshuffle in the cabinet of the prime minister, Hichem Mechichi. According to the Ennahda movement, Tunisia’s President Kais Saied refused a proposal for a roundtable talk with Ennahda leader and the speaker of the parliament, Rashid Ghannouchi, and Prime Minister Hichem Mechichi. 
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Pandemic puts pressure on Gulf States sovereign wealth funds

Pandemic puts pressure on Gulf States sovereign wealth funds

Sovereign wealth funds in the Gulf countries are facing unprecedented challenges due to the rise of deficit and pressure to increase financial obligations to their public budgets. The drop in crude oil prices, caused by the pandemic last year, forced Gulf countries to increase their borrowing and thereby withdraw from their sovereign wealth funds.
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Azerbaijan to spend $59 billion to rehabilitate territories, but development also requires peace

Azerbaijan to spend $59 billion to rehabilitate territories, but development also requires peace

Azerbaijan plans to spend up to $59 billion over the next ten years to rehabilitate the territories it has recently taken back after being for decades under Armenian control. It is a huge sum even for an oil rich country, but for President Ilham Aliyev developing the new territories now has become the primary mission of his presidency.
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Bahrain looks forward to reopening of King Fahd Causeway to ease post-Covid economic recovery

Bahrain looks forward to reopening of King Fahd Causeway to ease post-Covid economic recovery

Bahrain expects a quick return to pre-pandemic levels in tourist arrivals when the Gulf island nation reopens the King Fahd Causeway which links it to Saudi Arabia. The causeway was scheduled to open on 31 March, but that has now been delayed to 17 May. The causeway has been closed since 8 March of last year.