Federal Reserve begins two-day talk on interest rates
Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to...
Economy
Economy
Libya oil production returns to pre-blockade levels: official
Libya's oil production has returned to the volume recorded before a months-long blockade that paralysed the economy, official sources said...
- Oil production fell to around 400,000 barrels of crude per day during the mid-April to mid-July blockade
- On July 15, Libya's new oil chief lifted force majeure at all the country's oil fields and export terminals
Business
Arab Bank H1 profit $252m
The profits grew by 38 percent to $252 million.
- The Group maintained its strong capital base with a total equity of $10.2 billion.
- The Group loan portfolio grew by 6 percent to reach $35.7 billion as of June 30, 2022 compared to $33.8 billion for the same period last year.
Business
Grape and Seasonal Fruit Festival begins in Saudi province
The four-day Grape and Seasonal Fruit Festival began in Asir region of Saudi Arabia on Sunday. The festival will be...
- The festival will be attended by 35 farmers who will display the products of their own farms, such as numerous varieties of grapes.
- The date of the festival coincides with the Abha Summer Festival 2022.
Geostrategy
First grain cargo ship could leave Ukraine port Monday, says Turkey
A spokesman for the Turkish presidency said there was a "high probability" that a first ship carrying Ukrainian grain could...
- The resumption of exports was discussed in talks between the Turkish and Ukrainian defense ministers
- A Joint Coordination Centre is charged with controlling Ukrainian grain exports via the Black Sea
Geostrategy
Saudi Arabia, Poland sign agreement on air transport
Saudi General Authority of Civil Aviation (GACA) signed a Memorandum of Understanding (MOU) with Poland to organize the operational framework...
- From the Saudi side, Ali Rajab, Executive Vice President at GACA -Economic Policies & International Cooperation signed the MoU
- From the Polish side, Piotr Samson, President of the Polish Civil Aviation Authority inked the pact in Warsaw
Economy
Saudi Arabia GDP climbs nearly 12% in Q2 on oil price hike
Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year, according...
- Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year
- The Middle East's largest economy has benefited from a spike in oil prices triggered by Russia's invasion of Ukraine
Business
Hamriyah Free Zone and Rafid to set up technical center
The Hamriyah Free Zone Authority (HFZA) has partnered with Rafid Automotive Solutions to establish an integrated technical center within the...
- The center will provide vehicle repair, maintenance, inspection, as well as registration services and roadside assistance.
- The agreement will also fuel the effort by both parties to upgrade their services to investors in free zones, HFZA said.
Arts & Culture
Sheikh Hamdan bin Zayed issues directives for ADIHEX 2022
Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region and Chairman of the Emirates Falconers’ Club (EFC),...
- Chairman of the Emirates Falconers’ Club has issued directives for development of the strategy of Abu Dhabi International Hunting and Equestrian Exhibition
- The development of ADIHEX strategy is to enhance its role in preserving UAE's cultural heritage, protecting the environment and promoting sustainable hunting
Business
Crypto lender’s meltdown crashes dreams
An Irishman at risk of losing his farm. An American having suicidal thoughts. An 84-year-old widow's lost life savings: People...
- Celsius owed $4.7 billion to its users, according to a court filing earlier this month
- Celsius clients reported heavy stress and feelings of deep shame for putting their money in the firm and now begging for refund
Business
CBUAE hikes DBR of SZHP loan beneficiaries to 60%
The Central Bank of the UAE (CBUAE) has decided to increase the debt burden ratio of the beneficiaries of home...
- The notice included details of the CBUAE decision, in agreement with SZHP and in line with Article (5) of the Regulations Regarding Mortgage Loans, issued in 2013
- The decision also stated that UAE nationals, with long-term loans, shall be provided the flexibility to obtain housing loans of SZHP
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Company News
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SAB sees $26m negotiated deal
Business
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
Business
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Business
Saudi Electricity Company signs $3 billion financing agreement
Riyadh, Saudi Arabia -- The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated...
- The financing agreement has a tenure of five years and requires no guarantees from the SEC.
- Participating banks include Dubai Islamic Bank, Kuwait Finance House, Mashreq Bank and Saudi National Bank.
Business
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.
- The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
- The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Business
Saudi exports, services grow by 135% in Q2: Economy Minister at FII7
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a...
- Speaking at the seventh Future Investment Initiative forum in Riyadh, Alibrahim said Saudi Arabia is seeing a diverse range of sectors fueling non-oil activity growth.
- He said the Kingdom provided one of the most investment-friendly environments in the form of cost-effective and clean energy, legislations and manpower.