Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...Business Economy
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...Business Opinion Uncategorized
Protests erupt in Lebanon against harsh economic policies
A group of engineers in Lebanon held a sit-in protest outside the Central Bank branch in Sidon, in conjunction with...The headline of the protest was, “Until rights are restored” & “For the right to hospitalization and a decent retirement
They deemed that “the banks are seizing the funds and savings of engineers and depositors in general, and imposing controls
Fitness Time posts $54.9m net profit
The operator of the largest Saudi gym chain also sees growth in revenues.This was buoyed by a growth in revenues of SR223 million, a SR9.75 million decrease in the cost of revenue, and a fall in other costs by SR32.3 million
The income from personal training was up SR20.5 million and rental income surged due to new rental contracts during the year.
UN lauds ‘constructive’ talks in Yemen on rusting oil tanker
The UN's humanitarian coordinator for war-torn Yemen said he held constructive talks with government officials and Houthi rebels over dealing...Experts warn of the risk of a major environmental disaster posed by the 45-year-old FSO Safer, which lacks both power and a functioning fire fighting system
"The risk of imminent catastrophe is very real," stressed the UN's David Gressly in a statement
Saudi sovereign wealth fund PIF has $1.2 bn stakes in two Japan gaming firms
RIYADH: Saudi Arabia’s biggest sovereign wealth fund, Public Investment Fund, has stakes of more than 5 percent in two Japan-listed...The PIF has stake of more than 5 percent in Capcom Co., the maker of the Street Fighter and Resident Evil franchises, and online games provider Nexon Co.
PIF’s stake in Capcom is worth about $332 million based on Friday’s share price, according to Bloomberg.
Saudi Arabia’s Nomu to see two listings
Gas Arabian Services and Obeikan Glass will make debut on the parallel market.Gas Arabian Services, having been run by the family for 30 years, aims to spend an average of 2 years on Nomu before moving to the main market
Riyadh-based Obeikan Glass was founded in 2007 and specializes in glass manufacturing and retail
3,000 new rooms added to Egypt’s total hotel capacity, says tourism ministry
Egypt has added 3,000 new hotel rooms to its total hotel capacity with the opening of 19 new hotel facilities,...Construction of 19 new hotel facilities in several governorates has led to the creation of these rooms.
According to tourism ministry officials, the new facilities have created 2,500 job opportunities.
Iran wants better relation with neighbors, says official
Since connecting with neighbors is of utmost importance in Iran’s foreign policy, the current administration has set a transparent framework...President Ebrahim Raisi has time and again emphasized the development of mutual ties with neighboring countries, said the official
The country's Ministry of Foreign Affairs has put on agenda several programs regarding its neighbors nations
Second anti-drug judge shot dead in 6 months in Iraq
Judge Ahmed Faisal was headed home in his car in the city of Amara when unknown assailants blocked his route...Drug consumption was rare in Iraq during the reign of dictator Saddam Hussein, with both users and dealers facing the death penalty if found guilty
But after his 2003 ouster it boomed across Iraq, which had long been a transit route for drugs going to Europe from Afghanistan and Iran
Data cover: GCC sees rise in cyber insurance demand
Compared to Europe and US, cyber insurance is a profitable proposition for GCC firms due to amenable market factors such...For the Gulf region, cyber insurance is still a viable and profitable proposition when compared to Europe, Asian and US markets
There has been an increase in demand from the SME and mid-market client pool as well as financial institutions in the region
Iran says Russia will invest $83.58m in Sirik power plant
Iran has confirmed that Russia will invest $83.58 million in Sirik power plant based in southern Iran.After discussions, the Russian Ministry of Finance agreed to invest in the 1400-megawatt (MW) gas-powered plant
Some seven Iranian companies are working in the project, employing 250 manpower directly and indirectly
