Turkey central bank cuts rate to 42.5% as inflation eases
Istanbul, Turkey - Turkey's central bank on Thursday lowered its key interest rate for a third consecutive time as inflation...
Economy
PKK declares ceasefire with Turkey after 40 years of armed struggle
Istanbul, Turkey - Outlawed Kurdish militants on Saturday declared a ceasefire with Turkey following a landmark call by jailed PKK...
Economy
Iran’s steel production sees 4.1% growth in first 7 months of 2023
Tehran, Iran - The World Steel Association (WSA) has reported a significant 4.1% increase in Iran's steel production during the...
- In July 2023, Iran's crude steel production slightly decreased by 1.5% compared to the same month in the previous year
- China remains the top global steel producer, contributing 626.5 million tons, followed by India, Japan, the United States, and Russia
Economy
Saudi Arabia and Germany discuss cooperation in industrial, mining sectors
Riyadh, Saudi Arabia - Saudi Arabia and Germany have decided to strengthen cooperation in the industrial and mining sectors. A...
- Both parties explored opportunities to collaborate with the University of Munich for Applied Sciences
- The focus was on reviewing the university's educational curricula and academic programs in various fields related to industries and mining
Peace between Saudi Arabia and Israel not imminent: White House advisor
Washington, United States - The US National Security Advisor Jake Sullivan on Tuesday said that the prospect of a peace...
- Asked if a deal would be announced soon, Sullivan said "There are still ways to travel... but peace between Israel and Saudi Arabia will be a big deal."
- The White House's efforts to foster a reconciliation between Saudi Arabia and Israel stem from its belief that such an outcome would be in US national security interests
UAE stands ready to host COP28: Almheiri at the start of 100 day countdown
Abu Dhabi, UAE - The UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri, affirmed on Tuesday...
- Almheiri underscored the UAE's pivotal role in advancing global climate initiatives and safeguarding natural environment and earth
- She said that in the context of the UAE’s 'Year of Sustainability' in 2023, the 100 days before COP28 will see the launch of myriad of initiatives
Geostrategy
Dubai Customs foils two attempts to smuggle 171,600 pills
DUBAI, UAE - The Customs Intelligence Management within Dubai Customs has successfully thwarted two separate attempts to smuggle controlled drugs...
- In the first operation, a shipment consisting of three parcels concealed 96,600 pills of the controlled medication Cipralex, weighing 57 kg.
- The second operation revealed 75,000 capsules of the prohibited drug Pregabalin, weighing 64 kg and distributed across three parcels.
Economy
UAE, KSA optimistic as BRICS leaders weigh expansion
South Africa has revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations,...
- South Africa revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations, notably UAE and Saudi Arabia
- Analysts suggest that BRICS' potential expansion could strain relations with major powers, highlight the bloc's diverse appeal, but also raise concerns about diluted influence
Business
Among the airlines, SAUDIA Airlines had the fewest complaints in July
Riyadh, Saudi Arabia – A total of 1,873 complaints were filed by travelers against air carriers in Saudi Arabia last...
- The GACA has released its monthly classification index for air transport service providers, based on the number of complaints filed by travelers to GACA during July 2023
- Flynas followed with 29 complaints per 100,000 travelers and a resolution rate of 98 percent, while Flyadeal had 167 complaints per 100,000 travelers
Business
SRMG Ventures invests $5m in Anghami, MENA’s music streaming platform
Riyadh, Saudi Arabia - SRMG Ventures, the venture capital arm of the largest integrated media group in the MENA region,...
- The music and audio sector in the MENA region is projected to reach $700 million by 2026
- Anghami boasts 120 million registered users, up from its 75 million users in 2021
Geostrategy
Algeria party leader criticises UAE’s regional role
Algiers, Algeria - Abdelkader Bengrina, the leader of Algeria's National Construction Movement and a member of the government coalition, has...
- Bengrina accused the UAE of focusing its regional role on promoting the normalization of ties with Israel and influencing other Arab nations through financial means
- He alleged that the UAE's actions, driven by financial incentives, have led to discord and turmoil in several countries, including Morocco, Niger, Mali, Libya, and Tunisia
Geostrategy
India keen to finalize Chabahar port development pact with Iran
Tehran, Iran - Indian prime minister Narendra Modi has expressed his eagerness to expedite the completion of the port at...
- President Raisi underlined the importance of strengthening ties with India, particularly in domains such as transit, energy, and regional security
- He advocated for enhanced cooperation in transportation, including the North-South Corridor, and urged the swift activation of Chabahar Port facilities
Most Read
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
Turkey central bank cuts rate to 42.5% as inflation eases
Istanbul, Turkey - Turkey's central bank on Thursday lowered its key interest rate for a third consecutive time as inflation...
Economy
Company News
Latest News
UAE F&B sector set to soar, projected to reach $20bn in 2024
Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial...
Saudi Arabia takes the lead in global road connectivity rankings: minister
Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of...
Economy
Most Read
Business
Middle East emerges as a major player in global CEO appointments: report
Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a...
- Companies in the region boasting the highest global percentage of CEOs with prior C-suite experience, standing at an impressive 90 percent
- Surprisingly, the Middle East also leads globally in terms of CEO age, boasting the youngest average CEO age at 54.5 years
Business
89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...
- A remarkable 71% of Saudi CEOs have observed a 5% or more increase in market share over the past three years, surpassing the global average of 49%
- The Vision 2030 initiative, with its focus on reducing oil dependency, has propelled Saudi Arabia to the 17th largest global economy by GDP size in 2022
Economy
Web Summit: 24 MoUs signed between Qatari institutions and global tech firms
Doha, Qatar - Web Summit Qatar 2024, the world's largest tech events debut in the Middle East and Africa, ended...
- The MoUs included the one between and the Web Summit whereby the former will sponsor the summit over the next four years
- Over four days, the summit hosted 15,453 attendees from 118 countries, who witnessed the tech innovations, 10 percent of which came from Qatar