No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...Business
Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...Business
Dubai mega-wheel billed as world’s largest stops turning
Ain Dubai (Dubai Eye) was designed as a tourist-luring landmark in the United Arab Emirates' glam-hub, which is home to...The giant wheel, made of more steel than the Eiffel Tower, features prominently on the list of Dubai's top tourist attractions
With no official explanation, rumours are rife on the Ferris wheel's apparent technical issues, especially among employees at Bluewaters
Oman’s natural gas production climbs up 2.3 percent at June end
Muscat, Oman-- Oman's total domestic production of natural gas shot up 2.3 percent to 26.19 billion cubic meters (CBM) until...According to the National Center for Statistics and Information (NCSI), industrial projects accounted for 58.7 percent of the natural gas use at 15.39 billion cubic meters
Data showed that the total use of natural gas for oil fields amounted to 6.76 billion cubic meters, power plants at 3.89 and industrial areas at 131.50 million cubic meters
To boost tourism, Saudi Arabia expands visitor e-visa to eight more countries
Riyadh, Saudi Arabia-- Looking to boost leisure, business and religious travel to the kingdom, Saudi Arabia will grant visitor e-visa...The kingdom's visitor e-visa is valid for an entire year, grants multiple entries, and permits a stay of up to 90 days
The oil-rich country has seen rapid growth in tourism due to its visa initiatives, which now include 57 nations
UAE tops MENA startup funding, followed by KSA, Egypt
MENA startups secured US$95 million in July 2023 across 31 deals; equity investments hit US$55 million, boosted by One Moto's...MENA startups secured US$95 million in July 2023 across 31 deals; equity investments hit US$55 million, boosted by One Moto's US$ 40 million round
UAE startups garnered US$14 million without One Moto's contribution, while Saudi' Arabia's Foodtech Kaso clinched US$10.5 million in its Seed round
Office rents in Saudi Arabia’s capital grow 12-14 percent in Q2: Report
Riyadh, Saudi Arabia -- Most of Saudi Arabia's real estate market sectors recorded growth in the second quarter of 2023,...Grade A office rents in the capital Riyadh growing by 12.2 percent and Grade B rents rising by 14.4 percent year-on-year.
The residential sector saw a decline in transaction volumes by 38.1 percent in the year to June 2023.
Saudi Arabia’s PIF creates 181,000 jobs in 2022, boosts economy
Saudi Arabia's employment figures received a significant boost in 2022, thanks to the efforts of the Public Investment Fund (PIF),...The sovereign fund has ambitious goals and aims to increase its assets under management to SAR4 trillion by 2025.
The fund's assets under management also saw substantial growth, increasing by 12.8 percent to $595 billion in 2022.
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Jordan-Egypt trade expands to US$355.43m in first five months of 2023
Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to...The exports to Egypt however showed a decline in the five month period, falling to $63.46 million as against $93 million for the same period last year
There was a fall in the imports from Egypt to Jordan too, declining to $292 million by the end of May, as compared to $333 million last year
Musk offers legal aid for users in trouble at work over X posts
Since Musk bought the social media platform for $44 billion last October, its advertising business has collapsed, in part because...In December, Musk reinstated former US president Donald Trump's Twitter account, although Trump has yet to return to the platform
X recently reinstated rapper and designer Kanye West around eight months after his account was suspended, according to media reports
One missing after tugboat sinks in Suez collision with tanker
The authorities in charge of the waterway said that a tugboat sank and a cew member had gone missing after...The vessel Hong Kong-flagged LPG tanker Chinagas Legend involved in the collision was headed from Singapore to the US
Two years back the giant ship Ever Given caused a nearly week-long stoppage in Suez traffic after it got stuck in the waterway
