Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
Business
American celebrities Lindsay Lohan, Jake Paul charged for touting crypto
The charges come as part of a case targeting entrepreneur Justin Sun for manipulating crypto trading on his platform. The...
- The charges come as part of a case targeting Justin Sun for marketing Tronix and BitTorrent crypto assets without registering with the relevant authorities
- Without admitting or denying their guilt, Lindsay Lohan and Jake Paul agreed to pay $40,670 and $101,887 in restitution and fines respectively
Economy
Egypt and World Bank agree US$7bn, five-year partnership
Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on...
- According to the World Bank statement, the program will help create a level playing field for the private sector and to encourage investment and improve resilience to shocks
- Over the past year, Egypt's economy has been under severe pressure, after the fallout from Russia's invasion of Ukraine exposed underlying problems.
Business
Trade between Qatar and Russia reached $143m in 2022: Qatar Chamber
Doha, Qatar - The volume of trade exchange between Qatar and Russia reached QR 566 million ($143 million) in 2022,...
- Qatar is one of the largest foreign investors in Russia from the GCC region, Qatar Chamber board member Eng. Ali Abdullatif Al Misnad said
- The Qatari and Russian entities signed more than 60 MoUs and agreements on investment and trade, sports, tourism and education
Credit Suisse demise puts question mark over lucrative sponsorship deals
The Swiss national football team, the country's top football division, tennis great Roger Federer, golf star Sergio Garcia and Zurich's...
- Golf and equestrian events also relied on Credit Suisse money, as did the Swiss Sport Aid Foundation, which backs talented young athletes in minority sports
- Credit Suisse logo will stay on the national teams' training jackets and jerseys for as long as the bank exists, Swiss Football Association spokesman Adrian Arnold said
Business
Qatar real-estate transactions vault to US$660 million in February
Doha, Qatar-- Qatar has recorded $660 million worth real estate trading in sale contracts during the month of February. The...
- The real estate index shot up by 70 percent in February as against January 2023, while the value of real estate trading index vaulted by 79 percent
- The value of Doha Municipality's transactions amounted to $260 million in the real estate market index for the month of February
Business
Gold jumps as US Fed signals rate-hike pause imminent
Dubai, UAE -- Gold prices climbed on Wednesday after the US Fed toned down its aggressive approach to reining in...
- Spot gold was up 1.7 percent at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2 percent
- The lingering credit concerns are expected to support gold prices in the near term, making it safe haven amid global woes
Economy
Gulf central banks mirror Fed to raise rates by 25 bps
The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised...
- The Saudi Central Bank, also known as SAMA, raised its repo and reverse repo rates by 25 bps each to 5.5 percent and 5 percent, respectively
- The Central Bank of the United Arab Emirates (CBUAE) will raise its base interest rate by 25 basis points to 4.9%, effective Thursday
Business
Tencent 2022 profit falls
Tencent is the owner of popular messaging app WeChat.
- Tencent's profit dropped to $27.3bn in 2022, after making a profit of $32.66bn in 2021.
- The drop in profit comes in the background of increased scrutiny on China's tech sector.
Business
UAE, Pakistan discuss ways to enhance mutual trade, investment
The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan...
- UAE is Pakistan's leading investment partner in the Gulf and fifth at a global level, a report said at the end of 2021.
- The non-oil trade between the two hit the figures of $7 bn in 2022, marking an increase of 30 percent compared to 2021.
Business
Mubadala-Ares joint venture to invest $1bn in credit secondaries
The venture is an extension of Ares’ credit and secondaries platforms, which respectively had approximately $214 billion and $22 billion...
- The JV seeks to capitalize on the anticipated growth and demand from general and limited partners for customized liquidity solutions for credit secondaries asset class.
- Dave Schwartz will serve as partner and head of the credit secondaries strategy and a member of the Ares secondaries executive committee.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
Company News
Latest News
China’s Evergrande says head of EV arm detained
At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of...
Business
Most Read
Economy
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
- The survey reveals that financial services remained a key source of growth at the end of the year and price pressures were still subdued
- The PMI registered 49.8 in December, from 51.5 in November and the latest figure was close to the mark of 50.0, signaling stable business conditions
Germany ready to sell Eurofighter jets to Saudi Arabia: minister
"We do not see ourselves, as the German federal government, opposing British considerations on other Eurofighter (sales)," Baerbock told journalists...
- Annalena Baerbock noted that Saudi Arabia and Israel had "not renounced their policy of normalisation" since war broke out
- "The fact that Saudi Arabia is now intercepting missiles fired by the Houthis at Israel underlines this, and we are grateful for that," she added
Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles