UAE convenes Security Council meet, urges UN, League of Arab States to cooperate
NEW YORK, US - Minister of State Khalifa Shaheen Al Marar chaired the first signature event of the UAE’s United...
Geostrategy
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
Economy
Investigation
16,000 held in five days for violating Saudi laws
In a wide crackdown against offenders violating various laws of the kingdom, Saudi Arabia has arrested 16,000 people for contravening...
- The authorities transferred 58,317 offenders to their respective diplomatic missions to obtain travel documents
- The Ministry of Interior said that whoever facilitates the entry of violators to the Kingdom, transports them or provides shelter or any other form of support will face imprisonmen
Business
One ton of honey sells in Saudi Arabia in 10 days
At least one ton of honey has been sold in just 10 days at a festival in Baha, Saudi Arabia,...
- Beekeeper Yahya bin Tayran said Baha honey was one of the finest, especially if its source was far from where people lived
- It has a display of different types of liquid honey and honey wax typical of the Baha region
Business
Kuwait International Bank completes sale of NMC Health debt
Kuwait International Bank said it has completed the sale of its exposure in troubled UAE healthcare group, NMC.
- The sale of debt, worth over $13mln, is subject to approvals
- The lender, which was owed $74.11 million by NMC health, in May decided to cut its losses and sell the debt to an unnamed entity for $13.25 million
Geostrategy
Taliban inherit $1 trn trove of minerals
China could take lead to tap the untapped minerals including some that could power the world’s transition to renewable energies.
- Endless wars and poor infrastructure have prevented the country from getting its hands on the metals that could brighten its economic fortunes.
- The resources include bauxite, copper, iron ore, lithium and rare earths, according to a January report by the US Geological Survey.
Economy
Arabs seek freelance jobs as economy recovers
Saudi Arabia has seen a sudden growth in the size of freelance workforce with the number doubling in the first...
- Number of people who obtained a freelance employment document reaches 631, 518
- The ministry also said most freelancers are aged between 20 and 30 years old, with most of them working in graphic design, marketing and advertising, and family businesses
Economy
Six new projects approved for development of Hatta
Tourism and water have been the economic mainstay of Hatta, an inland exclave of Dubai.
- Hatta residents will be allowed to build 200 holiday homes to support domestic tourism.
- 504-km-long chairlifts, waterfalls, hotel among other projects.
Business
Meet to discuss Islamic finance’s role in post Covid-19 recovery
The global forum organized by the Islamic Development Bank on Aug. 28 is being held as a side event to...
- The first panel of the forum will highlight the economic effects of the pandemic and the poverty trends in IsDB member countries.
- The second panel will focus on Islamic finance PPP as a tool to mobilize resources to support IsDB member countries’ economic recovery.
Business
Saudi Arabia remains China’s top crude supplier
Although its supply of crude oil fell ten percent on the month, Saudi Arabia still continued to be China’s top...
- Shipments from Saudi Arabia, according to media reports, totaled 6.69 million metric tons in July, or 1.58 million bpd, compared with June's 1.75 million barrels per day
- Imports from Russia were 6.64 million metric tons last month, or about 1.56 million bpd, versus 1.62 million bpd in June
Business
Iran’s July oil output rises 28% year on year: OPEC
Iran produced 2.485 million barrels per day or bpd of crude oil in July, according to OPEC’s latest monthly report.
- The country’s average crude output for the second quarter of 2021 stood at 2.443 million bpd
- This indicated a 224,000-bpd increase compared to the figure for the first quarter of the year
Economy
More than 4m could lose water in Lebanon, warns Unicef
Unicef is calling for the urgent restoration of power supply, which is the only solution to keep water services running.
- Lebanon is currently suffering from one of the world’s worst economic crises since the mid-1800s
- Matters have only been made worse by the withdrawal of fuel subsidies by the country’s central bank
UAE convenes Security Council meet, urges UN, League of Arab States to cooperate
NEW YORK, US - Minister of State Khalifa Shaheen Al Marar chaired the first signature event of the UAE’s United...
Geostrategy
Company News
AD Ports Group, SEG sign MoUs
Business
Latest News
Qatar’s Museum of Islamic Art to reopen on October 5
One of the world's premier institutions of Islamic art, the MIA will re-open in time for the influx of visitors...
Arts & Culture
Palestinian economy facing formidable challenges: IMF team
The fiscal situation, high political, security and social tensions, rising inflation, movement and access restrictions and an unfinished structural agenda...
Economy
CBUAE imposes sanctions on ‘exchange house’ for violations
The Central Bank of the UAE (CBUAE) has imposed sanctions on the owner and general manager of an exchange house...
Economy
Most Read
Business
Evorra secures extra $1m for data marketing at scale
Evorra CEO Aaron Ritoper said that the company has developed with regular input from a community of brands which believe...
- Evorra CEO Aaron Ritoper said that the company has developed with regular input from a community of brands which believe in the power of a decentralised data service
- Boston-based York IE is set to become lead investor to help the SaaS marketplace company turn marketers into data marketers
Business
Ajlan signs deals worth $7bn
Its collaboration with Malaysia will be in key sectors.
- The deals aim to develop effective programs to promote collaboration between the two countries to invest in key sectors: industrial manufacturing, healthcare, technology
- Ajlan will partner with Malaysian companies such as SilTerra, Cybersecurity Malaysia, Aerodyne, NADI Corp., Malaysian Genomics Resource Centre Berhad, MYEVENTS International
Economy
Realty, banking blue chips continue to power UAE markets
Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively.
- Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively
- Driven by Emaar, Dubai General Index (DFMGI) advanced 0.79 percent to 3,463.5927.16 pts, with the property blue chip closing higher at AED4.80