Saudi Arabia leads GCC travel growth to India with a 40% rise in flight searches: report
Riyadh, Saudi Arabia - Wego, the leading travel app and largest online travel marketplace in the Middle East and North...
Defiant Netanyahu to face US Congress amid Biden’s withdrawal
US Secretary of State Antony Blinken, using an American football image, said Friday that negotiators were "inside the 10 yard...
Geostrategy
Business
Islamic banks’ assets reach $166bn by October 2022
According to the Apex Bank, Islamic banks' credit climbed by 5.7 percent year-on-year to $108 billion by the end of...
- According to the Apex Bank, the banks' credit climbed by 5.7 percent year-on-year to $108 billion by October 2022
- Deposits in the banks climbed by around 1 percent year-on-year from $115 billion in October 2021
Science
Global actions should not derail energy transition, says WEF
GENEVA, SWITZERLAND– The current energy crisis is driving inflation, slowing economic growth, creating social turmoil and the world should not...
- The WEF report said that steps such as increasing production of electricity from coal or broad-based consumption subsidies, risk derailing energy transition.
- The report proposes a framework for a secure energy system to guide countries and policy-makers.
Economy
Turkish exports to Africa exceed $21bn during 2022
Turkish Exporters' Assembly pointed out that Turkish exports to African countries during 2022 increased by 12.3 percent, compared to 2021.
- Turkish Exporters' Assembly pointed out that Turkish exports to African countries during 2022 increased by 12.3 percent, compared to 2021
- The assembly added that Turkey's exports value to European Union amounted to $93.6 billion, $32.8 billion to Middle East and $21.8 billion to Africa
Economy
Oil gains 3% on China demand hike, concerns about Russian supplies
Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude...
- Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel
- Previous oil prices witnessed a decline after the release of data revealing an unexpected increase in US crude and fuel inventories, which raised concerns about fuel demand
Business
25 pacts, MoUs inked on 1st day of Saudi Future Minerals Forum
The signing ceremony also witnessed the handing over of the two exploration licenses for Khnaiguiyah and Umm Al-Damar sites to...
- The signing ceremony also witnessed the handing over of the two exploration licenses for Khnaiguiyah and Umm Al-Damar sites to the companies that won their licenses
- The agreements included the areas of mineral exploration, technology, communications and application of sustainability standards
Business
84.6% growth in travel for Middle Eastern airlines in Nov: IATA
Globally, traffic is now at 75.3% of November 2019 levels, according to the report.
- Globally, traffic is now at 75.3% of November 2019 levels, according to the report
- Total traffic in November 2022 rose 41.3% compared to November 2021
Economy
Saudi WEF delegation to highlight progress under Vision 2030
It aims to enhance global cooperation and design joint solutions to today’s geopolitical, social, economic, and human development challenges. Saudi’s...
- Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs of the Kingdom will head the Saudi delegation.
- During their participation at WEF23, the delegation will outline progress achieved under Saudi Vision 2030.
Economy
China’s new yuan loans rise in 2022
In December alone, new yuan loans stood at 1.4 trillion yuan, up 266.5 billion yuan year-on-year, according to the People's...
- In December alone, new yuan loans stood at 1.4 trillion yuan, up 266.5 billion yuan year-on-year, according to the People's Bank of China (PBOC)
- The M2 growth was 0.6 percentage points lower than that at the end of November but was 2.8 percentage points higher than the same period the year before
Business
Oil slips after unexpected build in US crude and fuel inventories
US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 percent, to $74.53 a barrel, while Brent crude...
- US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 percent, to $74.53 a barrel, while Brent crude futures were down 62 cents, or 0.8 percent, at $79.48 a barrel
- US crude stocks jumped by 14.9 million barrels in the week ended Jan. 6, sources said, citing data from the American Petroleum Institute (API)
Business
Foreign assets up 0.41% to $116bn in October 2022
The latest statistics of the Central Bank attributed the monthly increase in foreign assets to the rise in bank balances...
- The latest statistics of the Central Bank attributed the monthly increase in foreign assets to the rise in bank balances with banks abroad by 2.2 percent
- Central Bank statistics indicated that other foreign assets reached AED58.12 billion at the end of last October, a decrease on a monthly basis of 8.3 percent
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Saudi Arabia leads GCC travel growth to India with a 40% rise in flight searches: report
Riyadh, Saudi Arabia - Wego, the leading travel app and largest online travel marketplace in the Middle East and North...
Company News
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Iran, Oman call for using national currencies in mutual trade
Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national...
Economy
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...
Business
2 crew members killed as Saudi fighter jet crashes
An investigation into the cause of the recent accident has been initiated, with Maliki informing the Saudi Press Agency (SPA)...
Most Read
Business
99 percent of world live in areas with air pollution levels above WHO guideline limits
DUBAI, UAE - According to World Health Organization data, 99 percent of the world’s population lives in places where air...
- Leading businesses recognize that they have an important role in reducing air pollution alongside greenhouse gas emissions.
- Business activity contributes significantly to air pollution globally but air pollution is not prioritized nor integrated into climate action.
Saudi Arabia announces e-visa feature for FIFA Club World Cup fans
Riyadh, Saudi Arabia - The Saudi Ministry of Foreign Affairs, in collaboration with the Ministry of Sports, has rolled out...
- Exclusively tailored for FIFA Club World Cup Saudi Arabia 2023 ticket holders, this electronic visa offering enables seamless entry into the Kingdom expressly for the event
- The feature supplements existing options available to citizens of diverse nations, allowing them to visit Saudi Arabia through electronic visit visas or upon arrival
Geostrategy
UK defence minister to visit Middle East to discuss ways to boost Gaza aid
Shapps will also visit Kibbutz Kfar Aza in southern Israel which was attacked by Hamas on October 7 which killed...
- Shapps will also discuss how the UK can support the Palestinian Authority, the recovery of hostages, as well as efforts to prevent further escalation in the Middle East
- Earlier this week Shapps said Britain was considering sending military support vessel RFA Lyme Bay to provide medical and humanitarian aid in the Middle East