Economy
Jadwa says a drop in Saudi joblessness a sign of healing economy
A drop in Saudi joblessness during the second quarter of the current fiscal year from 11.7 percent to 11.3 percent...
- Saudi unemployment fell to 11.3 percent in the second quarter of this year, down from 11.7 percent in the three months to April
- The Riyad-based firm said the fall mirrors the economy’s expansionary trend in the first half of this year and expects unemployment to decline even further
Arts & Culture
Arab News editor-in-chief lauded for newspaper’s digital, global makeover
Japan's ambassador to Saudi Arabia Iwai Fumio has lauded Arab News editor-in-chief Faisal Abbas's efforts in transforming the newspaper into...
- Faisal Abbas was hosted by Japan's ambassador to Saudi Arabia Iwai Fumio for a commendation reception.
- In 2019, Arab News became the first pan-Arab media outlet to launch a Japanese edition.
Economy
GDP of Arab economies down 3.8 percent: World Bank
The region’s average real GDP per capita is forecast to increase by only 1.1 percent in 2021 after declining an...
- Thirteen out of 16 countries in the region will have lower standards of living in 2021 than their pre-Covid levels.
- Pandemic losses are calculated by comparing where the region’s GDP would have been if the pandemic had not hit, the bank said.
Economy
S&P says global debt could reach about 260 percent of GDP by end of 2021
Global debt levels could reach about 260 percent of gross domestic product (GDP) by the end of 2021, though low...
- Higher leverage and weakened credit metrics amid the recovery will probably trigger more defaults
- The recovery won’t be complete until vaccinations are widespread enough to make people more comfortable to move about
Economy
Didn’t reject 2016 IMF report: Lebanon central bank chief
A Swiss newspaper claimed Riad Salameh struck out 14 pages of a 2016 IMF report that warned of economic crisis...
- Lebanon’s central bank Governor Riad Salameh denied he once rejected portions of an International Monetary Fund report
- Swiss newspaper Le Temps said in an article that Salameh struck out 14 pages of the report because it warned of an economic crisis in Lebanon
Business
DP World and Saudi Ports Authority to give Jeddah Islamic Port a makeover
Dubai Ports World and Saudi Ports Authority (Mawani) have come together to expand the capacity of Jeddah Islamic Port.
- The development work will be carried out in four phases, with the project scheduled to be completed by 2024
- It includes improvements that will enable the terminal to serve five ships simultaneously and deal with the largest container ships
Business
ACWA Power listed on Saudi bourse
ACWA Power shares can be traded on Tadawul from Monday.
- ACWA Power will be allowed a daily price fluctuation limit of 30 percent and a static price fluctuation limit of 10 percent both ways
- After three days, the daily price fluctuation limit of 30 percent will come down to 10 percent, while the static price fluctuation limit will not apply
Science
WHO unveils $8bn Covid-19 vaccination plan
UN Secretary-General Antonio Guterres has said a reduction of cases in any one country will not be sustained over time...
- The strategy aims to make Covid-19 vaccines accessible to everyone, everywhere
- If implemented correctly, it will inoculate 40 percent of people in all countries by the end of the year, and 70 percent by the middle of 2022
Business
Salaries of Saudi staff leap up 5.2 percent in Q2, expats earned lesser
Average monthly salaries of Saudi workers have grown by 5.2 percent to SAR 10,490 during the second quarter of 2021,...
- On a quarterly basis, the salaries declined by 1.03% when compared to their level in Q1-21 at SAR 10,600
- Meanwhile, the average monthly salaries paid to expatriates in the kingdom fell by 1.08% YoY to SAR 4,091 in the April-June period
Science
UN official lauds UAE for resolve to cut carbon emissions to zero by 2050
 The United Arab Emirates will aim to achieve net-zero emissions by 2050, a plan commensurate with the country’s 2050 Strategic...
- UAE aims to reach net zero greenhouse gas emissions by 2050
- The initiative, announced at Expo 2020 Dubai, aims to underpin dynamic economic growth alongside positive environmental impact
Company News
Latest News
Sports sector contributes US$2.45bn to Dubai economy
The sports sector has contributed some $2.45 billion to the Dubai economy in 2021, representing 2.3 percent of the emirate's...
Business
UAE says global pacts can help face labor related challenges
The UAE highlighted the significance of complying with international work standards and developing partnerships that empower countries to overcome the...
Geostrategy
Arab economies expected to grow by 5.4 percent in 2022: AMF
Arab economies grew by 3.5% in 2021. The higher growth in 2022 is attributed to an improvement in global demand...
Economy
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Research
Treated sewage water improves wheat growth, production in UAE
A study by an Emirati researcher has shown that wheat growth can be accelerated and production improved using treated sewage...
- The highest wheat productivity rate was achieved when using treated sewage water.
- key factors that improve wheat quality are the fertility of the soil, which must contain important nutrients and the quality of irrigated water.
Economy
Dubai reduced carbon emissions by 21 percent in 2021
The Dubai Supreme Council of Energy had a virtual meeting in which it was revealed that Dubai had reduced carbon...
- The Dubai Supreme Council of Energy in a meeting discussed increasing the share of solar energy.
- The meeting deliberated waste recycling in power and water production, industry, ground transport and waste treatment.
Economy
Bahrain central bank’s $185m treasury bills oversubscribed 216%
Manama, Bahrain—Bahrain’s latest government treasury bills, valued at Bahrain Dinar 70 million ($185 million), have been oversubscribed by 216 percent....
- The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government.
- The issue date of the bills is 21 September 2022 and the maturity date is 21 December 2022.