Iran FM in Saudi for talks on Gaza and Lebanon
Iranian Foreign Minister Abbas Araghchi's arrival in Saudi Arabia aims to address Israeli military aggression in Gaza and Lebanon, seeking...
Geostrategy
Qatar outpaces Saudi Arabia and UAE in tourism growth with 147% surge
Doha, Qatar - Qatar has emerged as the leading player in the Middle East tourism sector, boasting an impressive 147%...
Economy
Economy
OPEC projects world oil demand to average 101.9 mb/d in 2023
Vienna, Austria – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3...
- The world economic growth forecast for 2023 is expected at 2.6% y-o-y, following growth of 3.2% in 2022
- On crude oil futures prices, OPEC said, the prospect of oil demand recovery in China limited futures price losses
Economy
UAE GDP grew by 7.6%, FDI flows surged to $172bn in 2022: Minister
New Delhi, India - The GDP of the UAE went up by 7.6 percent in 2022 and the FDI inflows...
- The country’s non-oil foreign trade also witnessed unprecedented growth as it crossed the $0.5 trillion and $59 billion mark, Bin Touq said
- Economic fragmentation is likely to cost us dearly because the greater the fragmentation of trade, the greater the economic costs, he added
Economy
Oil prices fall 2% as Silicon Valley Bank demise rattles markets
New York, United States - Oil prices fell over 2 percent in volatile trading on Monday as the collapse of...
- US West Texas Intermediate crude futures (WTI) dropped $1.88, or 2.5 percent, to $74.80 a barrel. WTI earlier declined to $72.30 a barrel, its lowest price since December
- In the past twelve months, the oil market has absorbed the impact of Russia's invasion of Ukraine and the sanctions imposed in response by the United States and the EU
Turkish current account deficit rises to 40-year high
Istanbul, Turkey - Turkey's current account deficit increased to $9.85 billion in January, the highest monthly deficit since 1984, the...
- Turkey's trade deficit widened 38 percent in January to $14.24 billion, largely due to the sharp rise in gold imports and the rising cost of energy imports
- Excluding gold and energy, the current account showed a surplus of $2.6 billion in January, as opposed to a surplus of $1.7 billion in the same month last year
Geostrategy
UNHCR urges more support for Turkey, Syria earthquake survivors
ISTANBUL, TURKEY - United Nations High Commissioner for Refugees (UNHCR) president Filippo Grandi concluded a five-day visit to earthquake-devastated areas...
- UNHCR president reviewed and discussed the immediate humanitarian response with authorities in Turkey and Syria.
- UNHCR has delivered tens of thousands of tents, beds, mattresses, thermal blankets to the quake survivors in the two countries.
Geostrategy
Video: Leaders find ways to unite fragmented world
Efforts were made to bring together a divided world and find solutions to the ongoing global crises during the World...
- Efforts were made to bring together a divided world and find solutions to the ongoing global crises during the World Economic Forum's Annual Meeting held in Davos earlier this year
- Despite the ongoing pandemic and continuing restrictions, the meeting in Davos garnered heightened interest due to the conflict in Ukraine, and its economic repercussions
Science
First fully Bahrain satellite to be named ‘Al Munther’
Manama, Bahrain -- The first fully Bahraini satellite will be named “Al Munther”, Bahrain News Agency (BNA) reported on Sunday,...
- The mission of the satellite will include capturing images of Bahrain and its regional waters and collecting data that will feed into several sectors
- It will provide space data on Bahrain that will be analysed using a line-up of Bahraini innovations that will be part of the satellite's load
Geostrategy
COP28 President Designate meets with key US government officials
WASHINGTON DC, US - UAE Minister of Industry and Advanced Technology and COP28 President Designate Dr. Sultan bin Ahmed Al...
- The UAE minister discussed multilateral development bank reform as weel as an update on recent US climate policy action.
- They discussed the need to invest in global clean energy supply chains, and the role of the US-UAE Partnership for Accelerating Clean Energy.
Economy
Egypt inflation soars to 31.9%, highest in five and a half years
Cairo, Egypt - Egypt's official annual headline inflation rate rose in February to 31.9 percent, the highest in five and...
- The jump in inflation is likely to further squeeze households already struggling with high unemployment and poverty
- Soaring inflation follows currency devaluations in March 2022, a prolonged foreign currency shortage, and a backlog of imports
Geostrategy
In Israel, Pentagon chief raises Iran, Ukraine concerns amid judicial reform stir
Austin's talks with his hosts were centred on the changing geopolitics of the region, which is currently roiled by rising...
- Netanyahu and his defence minister raised concerns Iran is developing nuclear weapons, something the Islamic republic has always denied
- Austin said "diplomacy is the best way to prevent Iran from getting a nuclear weapon", while adding the US would not allow that to happen
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Iran FM in Saudi for talks on Gaza and Lebanon
Iranian Foreign Minister Abbas Araghchi's arrival in Saudi Arabia aims to address Israeli military aggression in Gaza and Lebanon, seeking...
Geostrategy
Company News
Latest News
Iranian Army reveals advanced Kaman 19 drone
Geostrategy
Saudi Arabia launches skill verification program in Egypt
Riyadh, Saudi Arabia - Saudi Arabia, through its Ministry of Human Resources and Social Development (MHRSD), has initiated the first...
Economy
Israel rejects Hamas’ new proposal for release of Gaza hostages: report
Washington, United States - Israel has rejected a new proposal from Hamas through Qatari and Egyptian mediators for a deal...
Geostrategy
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...
Business
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Business
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
- This change reflects a continuous trend observed in the fuel prices over the past few months.
- September and October witnessing increases and November and December seeing reductions.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
Geostrategy
ACC holds workshop in Jordan on dangers of human trafficking
AMMAN, JORDAN - Amman Chamber of Commerce (ACC), in cooperation with Ministry of Justice and Jordan Judicial Council (JJC), organized...
- The workshop aims to introduce human trafficking crime in Jordanian law and global pacts and the measures taken at the national level to help victims.
- The workshop reflects the "important" role played by national institutions in combating human trafficking and raise awareness of its dangers.