World Bank cuts growth forecast on trade tumult, warns of ‘deep’ harm
The bank lowered its projection for global GDP growth to 2.3 percent in its latest economic prospects report, down from...
Economy
Saudi Arabia’s real GDP grows by 3.4 percent in Q1 mainly on non-oil activities
Riyadh, Saudi Arabia -- Saudi Arabia’s first quarter real Gross Domestic Product (GDP) grew by 3.4 percent year-on-year, according to...
Economy
Business
Israel weathers criticism to host Miss Universe finale
Women from 80 countries vied for the Miss Universe crown in the Israeli city of Eilat on Sunday, with several...
- The 70th edition of the annual pageant, being held in Israel for the first time, has also faced complications from the coronavirus pandemic
- South Africa's Ministry of Sports, Culture and Arts had urged its contestant to stay away from Eilat, citing "atrocities committed by Israel against Palestinians"
Economy
Iran to cut oil output, prioritize defense in new budget
The 2022-2023 budget allocates about $5 billion to boost "defense capacities and strategic research", up from $4 billion the previous...
- Iranian news agencies reported that the draft, presented Sunday, projects GDP growth of eight percent.
- President Ebrahim Raisi submitted the draft to parliament for a vote expected by the end of 2021.
Arts & Culture
Verstappen ecstatic at ‘unbelievable’ last-lap Formula One win
An emotional Max Verstappen described his journey to 2021 Formula One world champion as "insane" after he beat rival Lewis...
- The race marked the end of an epic contest with seven-time champion Hamilton which has seen the two tangle on the track and off it.
- Verstappen and Hamilton went into the last race level on points and it appeared that the Mercedes driver was going to hang on to win an eighth world title.
Geostrategy
G7 issues warnings on Iran nuke program, Russia’s Ukraine plans
The G7 on Sunday said time was running out for Iran to agree to a deal to curb its nuclear...
- Foreign ministers from the world's richest nations have held a two-day meeting in Liverpool, England, seeking to present a strong, united front against global threats.
- Biden earlier this week held a virtual summit with his Russian counterpart Vladimir Putin to voice Western concerns.
Geostrategy
Libya defers list of presidential election candidates
Libya’s election commission delayed publication of a final list of candidates for a presidential election scheduled in less than two...
- It is just the latest twist in a UN-led effort targeting December 24 presidential polls intended to help the oil-rich North African country move past a decade of violence
- Publication of the final candidate list is supposed to mark the formal start of the election campaign, but the election commission did not give a new date for issuing the list
Economy
Arab youths are increasingly saving, investing with fintech
The region's economic instability, exacerbated by the coronavirus pandemic, has spurred many to turn to online banking and financial tools.
- S&P Global said in a 2019 report that indicators showed Gulf Arab countries appeared the readiest for fintech adoption
- The key driver was expected to be demand and a preference by clients for digital banking
Business
UAE launch trials of autonomous taxis
The UAE last month approved a temporary license to test self driving taxis on the roads with safety officer sitting...
- Bayanat started the trial of two electric and two hybrid taxis under the name TXAI
- Dubai will launch 4,000 self driving taxis by 2030
Arts & Culture
Proposed bill in Iran looks to ban pets including cats, dogs
The animals that may be banned under the proposed law include 'crocodiles, turtles, snakes, lizards, cats, mice, rabbits, dogs and...
- A total of 75 MPs of the Irani parliament have signed a proposed legislation that prohibits pet animals
- Offenders of this new law would be fined by $98, which is equal to 10 to 30 times of minimum monthly working wage
Economy
Morocco’s economy to grow 6.3% in 2021, says IMF
Morocco’s new government aims to narrow the wealth gap in the country where unemployment is running at almost 13 percent....
- After shrinking at 6.3% in 2020, Morocco's GDP is expected to grow at 6.3% in this year
- Morocco's health crisis caused by coronavirus has been controlled
Economy
North Syria feels the pinch as Turkey lira nosedives
Inflation in Syria is soaring just as fast as it is in neighboring Turkey, with basic food items such as...
- The town of Al-Bab lies in northern Syria in recent years has turned into a de facto Turkish protectorate
- Because the Turkish lira is now the main currency in the area, its recent nosedive has heaped further pain on the people living there
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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
World Bank cuts growth forecast on trade tumult, warns of ‘deep’ harm
The bank lowered its projection for global GDP growth to 2.3 percent in its latest economic prospects report, down from...
Economy
Company News
Latest News
Nokia to slash 14,000 jobs
Business
Indians queue for Israel jobs as war in Gaza rages
India's urban unemployment rate -- the percentage of people wanting work who cannot find a job -- dipped to 5.1...
Economy
Alaska Airlines to take US$150m hit
It grounded the Boeing 737 MAX after in-flight safety episode.
Business
CIA chief heading to Europe for Gaza negotiations: US media
According to Axios, Israel has offered Hamas a two-month pause in fighting in Gaza in exchange for the release of...
Most Read
Economy
US economy defy expectations to grow stronger in Q4 2023
Washington, US - US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering...
- The US economy expanded at an annual rate of 3.3 percent in the fourth quarter, fueled by a resilient jobs market and consumer spending, the Commerce Department said
- The fourth quarter GDP jump "reflected increases in consumer spending, exports, state and local government spending" and other areas, it added
Geostrategy
Libya requires $1.8bn to rebuild flood-devastated areas, says report
TRIPOLI, LIBYA - The flood that devastated Libya's eastern port city of Derna last year has impacted up to 1.5 million...
- Nearly 44,800 people were displaced by the disaster, including 16,000 children, and their access to care and education has severely deteriorated since.
- UN humanitarian agency OCHA confirmed 4,352 deaths and over 8,000 missing persons, "making Storm Daniel the deadliest storm in Africa since 1900".
Business
Microsoft lays off 1,900 staff
The move comes after Activision Blizzard gaming buyout.
- Alongside the layoffs, Blizzard president Mike Ybarra said he was leaving the company.
- Microsoft launched its blockbuster takeover in January 2022, an acquisition that made it the world's third-largest gaming company by revenue.