economy
In 2018, Chad McGehee opened Side Hustle Brews and Spirits, an Abu Dhabi-branded brewery and distillery with funky camels on its cans and playful names familiar to anyone living in the United Arab Emirates. The only problem was it was illegal to produce alcohol in the country, so his company made its hoppy India pale ale (IPA) in the United States and then imported it to the UAE for sale. That's all changed as Abu Dhabi has overhauled its laws to allow for the micro and craft breweries that have taken the rest of the world by storm, part of a wider reconsideration of alcohol policies in the Is...
The New Arab
Preparatory meetings on Tuesday and Wednesday for an Arab League summit in Bahrain were marked by tension as the UAE expressed reservations over support for the Palestinian Authority's budget, making this conditional on the appointment of a technocratic government. Abu Dhabi reserved support for two important items on providing financial help, The New Arab's Arabic-language edition Al-Araby Al-Jadeed reported. Sources told Al-Araby Al-Jadeed that preparatory committee decisions related to financial support for the PA's budget were amended based on the UAE's strongly worded reservations, with t...
The New Arab
Egypt received $14 billion from the United Arab Emirates on Wednesday as a second payment for the development of Ras al-Hekma peninsula west of Alexandria, a cabinet statement said. The deal with Abu Dhabi sovereign fund ADQ to develop the 200 km (125 mile) peninsula includes a total of $35 billion in investments and is one of the biggest deals of its kind. Egypt has also started working with the UAE to waive an Emirati deposit of $6 billion in the Egyptian central bank and convert its value to the equivalent in Egyptian pounds (EGP), Egyptian prime minister Mostafa Madbouly added in the state...
The New Arab
In a move prompted by safety and security considerations, a Canadian-based global engineering company and its Turkish subcontractor have decided to withdraw staff and temporarily suspend operations at the Khor Mor gas field expansion project in the Iraqi Kurdistan region. This decision comes in the wake of a recent drone attack, as revealed by exclusive information obtained by The New Arab from two credible sources. The unfortunate incident occurred late on April 26, resulting in the loss of four Yemeni nationals and injuries to two others when a suicide drone struck the Khor Mor gas field in ...
The New Arab
The Palestine Monetary Authority said on Monday it was investigating a spate of bank thefts in the war-ravaged Gaza Strip, following a report that $70 million had been grabbed in a matter of weeks. The independent body that oversees the financial system in Palestine acknowledged that banks in Gaza had faced "increased challenges" linked to the war raging there, and that there had been cases of "looting and stealing the contents of destroyed branches". "Efforts are continuing to assess the damage caused by the war on the assets of the banking system in the Gaza Strip, including… the thefts that...
The New Arab
Panicked EasyJet customers dashed to book alternative routes for their holidays this week after the low-cost carrier mistakenly sent an email saying some flights had been cancelled "due to evolving events in Israel". Passengers for flights on 30 April from Belfast to Faro, Corfu, Luton and Newcastle, Edinburgh to Bristol, Geneva and Santorini, London Stansted to Glasgow, and Glasgow to London Gatwick - all thousands of miles from Gaza and Israel - were sent emails two days earlier telling them of the cancellations, according toThe Mirror. Another email was sent out by EasyJet shortly after inf...
The New Arab
Algeria signed a $3.5 billion deal with Qatar's largest dairy producer Baladna on Wednesday, establishing a vast cattle-breeding farm for powdered milk, a highly sought-after product in the North African country. With an expected yield of 200,000 tonnes of powdered milk per year, the project would help meet 50 percent of national demand for the product, according to reports. The project, which covers an area of 170,000 hectares in the Adrar province, includes a farm for growing cattle feed, "a farm for cattle and producing milk and meat, and a factory for the production of powdered milk," the ...
The New Arab
Explosive documents obtained from Iraq's Federal Board of Supreme Audit have laid bare a staggering corruption scheme involving the illicit acquisition of US currency by over 151,000 citizens. Shockingly, these individuals obtained dollars at the official state rate for travel purposes but never left the country, hence locally called 'ghost travellers'. The corruption involved a network that spans Iraq's Central Bank employees, private banks, currency exchange entities, and tourism companies. As investigations unfold, the scope of complicity among key players in Iraq's financial landscape beco...
The New Arab
Oil prices rallied and equities fell Friday as reports said explosions had been heard in Iran and Syria, fuelling fears of an escalation of the Middle East crisis after last weekend's missile attack on Israel by Tehran. The reports followed another batch of data indicating the US economy remained in rude health and compounded concerns that the Federal Reserve will hold off cutting interest rates this year or even hike them again. Traders have been on edge since Saturday's retaliatory strike by Iran against Israel, which Israel's army chief General Herzi Halevi warned would be met with an attac...
The New Arab
Ratings agency S&P Global on Thursday cut Israel's long-term ratings to A-plus from AA-minus after the confrontation with Iran heightened last weekend and amidst the already elevated geopolitical risks for Israel. "We forecast that Israel's general government deficit will widen to 8% of GDP in 2024, mostly as a result of increased defense spending," S&P Global said in its statement. The negative outlook reflects the risk that the war on Gaza and the confrontation with Hezbollah could escalate or affect Israel's economy more than the agency currently expects. "We currently see several possible ...
The New Arab
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