OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...Business Economy Energy Geostrategy
Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.Business Energy
Sisi of Egypt praises WHO for vaccine know-how to Africa
Egyptian President Abdel Fattah El-Sisi has praised the World Health Organization for its decision to pick Egypt and five other...In his speech at the European Union — African Union Summit, he stressed Egypt’s ability to use this technology to ensure the continued availability of vaccines to his country
The WHO announced that Egypt, Tunisia, Kenya, Nigeria, Senegal and South Africa will be the first countries on the continent to obtain technology required to produce vaccine
A Saudi study sees tourism a provider of thousands of jobs
A study undertaken by the Saudi Ministry of Tourism sees the sector providing thousands of jobs for the young people...The study showed that 75 percent of the study participants were positive about the job opportunities available in the sector
Some 80 percent of the study participants expressed that there are many opportunities for career learning and professional development in these areas
IMF praises UAE for the handling of economy during pandemic
The UAE government has been praised by no less than the International Monetary Fund for the handling of its economy...The IMF said that the economic recovery is gaining momentum due to the UAE's accelerated efforts and health responses and continued supportive macroeconomic policies
Overall gross domestic product growth is projected at 2.2 percent in 2021, driven by non-oil growth of 3.2 percent
UN estimates global trade to slow down in 2022
A year after it posted sharp growth, global trade in goods and services is expected to slow down, according to...The value of global trade reached a record level of $28.5 trillion in 2021, a 25 percent increase compared to the previous year and 13 percent higher compared to 2019
Trade in services rose by $50 billion to reach $1.6 trillion, just above pre-pandemic levels in the same period
Digital banks help Kuwait keep pace with global trends: CBK official
Executive Director of the Supervision Sector at the Central Bank of Kuwait, Waleed Al-Awadhi said that the digital banks will...Executive Director of the Supervision Sector at the Central Bank of Kuwait, Waleed Al-Awadhi said that the digital banks will have no branches
This tech-based model saves cost and time, he clarified, adding that these banks do not have the paperwork complications of the traditional counterparts
Morocco fish production reaches 1.4 million tons in 2021
This remarkable performance was recorded in the three segments of fisheries: artisanal fishing, coastal fishing and deep-sea fishing.This remarkable performance was recorded in the three segments of fisheries: artisanal fishing, coastal fishing and deep-sea fishing
Artisanal fishing has benefited from the increase in the turnover of octopus due in particular to the rise in its average price by 53 percent
New UAE decree boosts safety of construction workers
The decree details the responsibilities of both employees and employers to ensure work stability and increase productivity in the workplace.Establishments with 50 or more workers, where the individual wage is less than AED1,500 per month, need to provide labor accommodation
Construction and industrial workers are not permitted to work outdoors or under the sun from 12:30 pm to 3 pm from June 15 to September 15
GCC eyes floating hotels, eateries to buoy tourism
Floating restaurants and hotels could be a significant supporting player as the GCC region aspires to increase its footprint as...The UAE is well known for its floating restaurants and five-star floating hotels
Qatar aims to construct 16 floating hotels for 2022 FIFA World Cup visitors
Europe’s Investment in Palestinian economy touches $1.61bn
Around 60% of $1.61 billion were committed only in the last two years showing remarkable growth in mobilization of finance...A high-level policy meeting on Friday in Ramallah revealed this data of European Investments in Palestine
A big bulk of investments is for boosting access to finance for SMEs, the backbone of the Palestinian economy
Venture capital invests $548m in Saudi start-ups
The investment spans several sectors including e-commerce, financial technology, education and transportationThis was up from SR236 million ($63 million) in 2018, according to a Saudi Venture Capital (SVC) Impact Report
The number of investors in Saudi startups rose by 192 percent, reaching 76 in 2021, up from 26 three years earlier
