Economy UAE to advance talks on debt sustainability at global event By Pramod Kumar April 15, 2024, 4:11 AM Unsplash.com/Timelab The UAE wants dialogue to address the ripple effects of geopolitical challenges on global trade The UAE’s finance ministry intends to advance discussions on global macroeconomic stability and debt sustainability at the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). The spring meetings will be held in Washington, D.C., from April 15 to 20. The UAE will also promote a dialogue to address “the ripple effects of geopolitical challenges on global trade and medium-term growth prospects”, minister of state for financial affairs Mohamed bin Hadi Al Hussaini said in a statement. NewsletterGet the Best of AGBI delivered straight to your inbox every week The minister added that it is “vital to strengthen multilateral efforts to accelerate sustainable development”. He added that the spring meetings play a critical role in facilitating extensive dialogue among a wide range of key stakeholders. Middle East exports to rebound as Red Sea fears ease IMF to release $820m from Egypt $8bn loan programme US rate cuts to ease Turkey’s debt and benefit exports On the sidelines of the spring meetings, Al Hussaini will participate in the second G20 finance ministers and central bank governors meeting. He will deliver a keynote address at the international monetary and financial committee plenary and chair the joint WBG-IMF development committee plenary. The minister will also meet with the IMF managing director Kristalina Georgieva and other participating finance ministers, central bank governors, and heads of regional financial institutions in the Middle East, North Africa, Afghanistan, and Pakistan.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 3 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 2 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 2 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 55 mins ago
