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Tag: Arab

IMF’s Christine Lagarde praises the ‘courage’ of Arab countries undergoing economic reform

IMF’s Christine Lagarde praises the ‘courage’ of Arab countries undergoing economic reform

Finance
Changes in the world economy and the price of oil mean that many countries across the Arab world will need to undergo significant changes in order to survive, and those that are doing so should be praised, Christine Lagarde, the managing director of the International Monetary Fund (IMF) told CNBC."These countries have gone through a massive transition. Those that were exporting oil have clearly seen a big drop in their growth rates. But those economies have to transition from an oil-fed economy to a more diversified, more inclusive, reformed economy," Lagarde said at the World Government Summit in Dubai.Some countries are ahead of the game, she described, while others are working on reforms. "But certainly we will be seeing different countries in a few years' time, given where the price of...
Raytheon forms new company in United Arab Emirates

Raytheon forms new company in United Arab Emirates

Business
Dec. 8 (UPI) -- Raytheon has started a subsidiary in the United Arab Emirates that will focus on cybersecurity, effectors, air defense and sustainment, and advanced technology.Named Raytheon Emirates, the new wholly-owned subsidiary coincides with Raytheon's 30th anniversary of partnership with the UAE, the company announced on Thursday."The establishment of Raytheon Emirates is a strong step forward in our longstanding alliance with the United Arab Emirates," Thomas A. Kennedy, Raytheon's chairman and chief executive officer, said in a press release. "Through partnerships with government, industry and academia, Raytheon is committed to helping the UAE achieve its economic goals while providing trusted, innovative solutions that support the nation's defense and security requirements."The n...
Arab ministers demand reversal of Trump Jerusalem decision

Arab ministers demand reversal of Trump Jerusalem decision

World
Arab foreign ministers on Sunday demanded that the United States rescind President Donald Trump's decision to recognize Jerusalem as Israel's capital, calling it a "grave" development that puts Washington on the same side as "occupation" and the violation of international law. In a resolution long on rhetoric but short on concrete actions, the ministers also called for the U.N. Security Council to adopt a resolution condemning Trump's decision, but acknowledged that Washington would most likely veto it. If the U.S. vetoes the resolution, the Arabs would seek a similar resolution in the U.N. General Assembly, Palestinian Foreign Minister Riyad Al-Maliki told a pre-dawn news conference in Cairo. A two-page resolution adopted by the emergency meeting, which began Saturday night, did not incl...
Qatar row: Arab states send list of steep demands

Qatar row: Arab states send list of steep demands

World
Four Arab states have sent Qatar a list of 13 demands it must meet if it wants them to lift their sanctions.Saudi Arabia, Egypt, the United Arab Emirates and Bahrain are asking the Gulf state to shut down its broadcaster, Al Jazeera.They are also asking Qatar to reduce ties with Iran and close a Turkish military base - all within 10 days.Qatar, which sought to raise its profile in recent years, denies funding terrorism and fostering instability. It has been subjected to more than two weeks of unprecedented diplomatic and economic sanctions, in the worst political crisis among Gulf countries in decades. Qatar crisis deepens as Gulf allies dig inWhy Qatar is the focus of terrorism claimsFive surprising facts about QatarThere was no immediate response from Qatar but Foreign Minister Sheikh Mo...