World Bank announces Lebanon, Syria reconstruction projects
Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and...
Economy
Iraq’s water reserves lowest in 80 years after a dry rainy season
Baghdad, Iraq -- Iraq's water reserves are at their lowest in 80 years after a dry rainy season, a government...
Geostrategy
Geostrategy
UAE says citizens can again travel to Lebanon
The announcement comes after Lebanon's President Joseph Aoun met with his UAE counterpart Mohamed bin Zayed in Abu Dhabi on...
- UAE imposed the travel ban and withdrew diplomats from Beirut in solidarity with Saudi Arabia, after a Lebanese minister criticized the Riyadh-led military intervention in Yemen.
- Lebanese citizens were not banned from travelling to the UAE, although some experienced difficulties obtaining visas.
Business
Luberef net profit falls 7% in Q1
A fall in by-products sales leads to profit dip.
- This is in addition to a decrease in by-products crack margins, despite an increase in base oil crack margins.
- Total shareholders’ equity, no minority interest, stood at SAR 4.07 billion as of March 31, 2025.
Geostrategy
Global rice output in 2024/25 likely to expand by 1.5%: FAO
Rome, Italy -- The Food and Agriculture Organization of the United Nations (FAO) released a new Cereal Supply and Demand...
- FAO’s latest forecast for 2025 wheat production is pegged at 795 million tons, on par with the previous year.
- FAO’s new forecast for world cereal utilization in 2024/25 stands at 2 870 million tons, a 1.0 percent increase over the 2023/24 level.
Business
SABIC net loss $322 million
The company's net profit was $66m in Q1 2024
- Losses were driven by a SAR 1.05 billion drop in gross profit on higher feedstock prices.
- On a sequential basis, net loss shrank from SAR 1.89 billion in Q4 2024.
Business
Loyalty Lost: How brands need to adapt to the modern traveler
Dubai, UAE: As 2025 unfolds, travel brands are facing a significant challenge: customer loyalty. Traditional rewards programmes, often based on points systems,...
- To stay competitive, brands must move away from price-based rewards like discounts, which can boost short-term sales but impact profitability
- Instead, focusing on personalised offers, exclusive experiences, and tiered memberships is key to fostering long-term customer loyalty
Gen Z travellers in UAE seek purposeful, tech-enabled journeys: Wyndham study
Dubai, UAE - Gen Z travellers in the UAE are reshaping the future of tourism, prioritizing cultural immersion, sustainability, and...
- The study, conducted by YouGov, found that nearly two-thirds (63%) of Gen Z respondents prefer accommodations that reflect local culture
- Meanwhile, social media platforms like Instagram and TikTok are driving travel choices for 26% of them, with 79% already using or eager to use AI tools to plan their trips
Economy
The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
- The hardline positions of the US and China on trade and tariffs are putting the world economy at risk, writes Richard Samans
- Yet, Europe could broker a 'positive off-ramp' that fires on all of the cylinders of international cooperation
Economy
Morocco volunteers on Sahara clean-up mission as part Nomads Festival
M'HAMID EL GHIZLANE, Morocco - It may be the gateway to the vast Sahara desert, but that does not mean...
- Bottles, plastic bags -- "there are all kinds", noted one helper who has joined the initiative cleaning up the edge of a village bordering the Sahara
- The rubbish is "mainly linked to the massive production of plastic products, low recycling rates and atmospheric pollutants carried by the wind."
Geostrategy
Israel PM accuses security chief of investigating minister without his consent
Prime Minister Benjamin Netanyahu on Monday accused Israel's internal security chief, whose dismissal was blocked by the supreme court, of...
- "The claim that the prime minister authorised Shin Bet chief Ronen Bar to gather evidence against Minister Ben Gvir is yet another exposed lie," Netanyahu said
- He was responding to a report that Bar's agency had spent months investigating far-right infiltration of the police and its links to Ben Gvir
Geostrategy
Israel presses ground offensive in Gaza, encircles part of Rafah city
Israel's military pressed ground operations across the Gaza Strip on Sunday, encircling part of Rafah city near Egypt almost a...
- Israeli troops on Sunday encircled Tal al-Sultan in Rafah, the military said in a statement, adding its objective was to dismantle terrorist infrastructure
- Three weeks ago Israel blocked the entry of humanitarian aid into Gaza and cut electricity in a bid to force Hamas to accept the Israeli terms for an extension of the truce
World Bank announces Lebanon, Syria reconstruction projects
Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and...
Economy
Company News
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Xiaomi launches new advanced in-house mobile chip
Beijing, China -- Tech giant Xiaomi unveiled a new advanced in-house mobile chip on Thursday, a significant milestone for the...
Business
May 2025 Islamic Treasury Sukuk auction attracts bids worth $1.88bn
Abu Dhabi, UAE -- The Ministry of Finance (MoF), in its capacity as the issuer and in collaboration with the...
Business
Ads pressured to evolve as AI changes Google search
San Francisco, United States -- As Google races to lead in artificial intelligence, it faces the challenge of making sure...
Business
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Geostrategy
Iran-US nuclear talks set for Rome this week: Oman mediator
Iran and the United States will hold the next round of talks on the Islamic republic's nuclear programme in Rome...
- The arch-foes have held four rounds of nuclear talks since April 12, the highest-level contact between them since US President Donald Trump abandoned the 2015 nuclear deal
- Western countries, including the United States, have long accused Iran of seeking to acquire atomic weapons, while Iran insists its nuclear programme is for peaceful purposes
Geostrategy
Israeli ‘warning’ fire at diplomats sparks outcry amid Gaza pressure
EU foreign policy chief Kaja Kallas urged Israel to hold to account those responsible for the shooting near Jenin, a...
- The Palestinian foreign ministry accused Israel of having "deliberately targeted by live fire an accredited diplomatic delegation".
- The incident came as international pressure intensified over the war in Gaza, where Palestinians were desperate for supplies after a two-month aid blockade was eased.
Business
Cyberattack to cost UK retailer Marks & Spencer $404 million
London, United Kingdom -- British clothes-to-food retailer Marks and Spencer on Wednesday said a cyberattack affecting its online service is...
- Marks last week revealed that some personal data of its customers had been stolen in a cyberattack that has crippled its online services for weeks.
- The news came as Marks on Wednesday reported operating profit before adjusting items of £985 million for its financial year to the end of March.