Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
Geostrategy
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
Business
Business
Dubal Holding signs deal with MOIAT
The deal will foster industrial cooperation between the two.
- Both the parties have agreed to cooperate in developing a framework for advancing the industrial and technology sectors in line with the directives of the UAE’s leadership
- Some of the projects currently being explored include Non-Recyclable Plastics to Liquid and Secondary Lead Smelter & Refinery through Recycling of Used Lead Acid Batteries
Business
Oil prices and equities decline on recession fears
Oil prices fell Wednesday on worries over weakening demand in the slowing global economy as Federal Reserve Chief Jerome Powell...
- The S&P 500 finished just 0.1 percent lower, meaning it maintained most of the gains from Tuesday's heady session
- Oil prices were feeling the heat from recessionary fears, with both main contracts tanking more than six percent at one point
Business
Google first paying customer for Wikipedia’s commercial venture
Wikipedia, one of the world's most visited websites, is free to use, updated by volunteers and relies on donations to...
- Google said it had already made deals with hundreds of news outlets across Europe, Agence France-Presse among them.
- Google has previously given money to Wikipedia through donations and grants.
Business
Oil, stocks fall again as economic recession looms large
Surging energy costs are fueling global inflation, with official data Wednesday showing the British annual rate hitting a fresh 40-year...
- Oil prices were feeling the heat from recessionary fears, with both main contracts tanking more than five percent at one point.
- Crude and gas prices have soared in recent months after major economies lifted pandemic lockdowns and invasion of Ukraine.
Business
Saudi-Jordan trade value reaches $.4.4 billion riyals in 2021
The trade exchange volume between Saudi Arabia and Jordan reached 16.6 billion riyals ($4.42 billion) in 2021, compared to 11.6...
- Saudi Arabia invested $14 billion through 900 projects in Jordan, according to Saudi media reports.
- The volume of Saudi exports to Jordan amounted to 11.6 billion riyals.
Business
World Cup officials target ‘price-gouging’ as 1.2m tickets sold
Costs soar for the Qatari capital's limited accommodation. FIFA president Gianni Infantino said there were five million requests for tickets...
- Doha, with a population of about 2.4 million, is bracing itself for the huge influx of visitors. The 32-team tournament will be held at eight stadiums in and around the capital.
- Qatar says there will be 130,000 rooms in hotels, apartments, cruise ships and desert camps, where there will be 1,000 tents besides shared rooms for as little as $85 a night.
Business
A ‘small revolution’ in Iran’s pistachio trade
Abbas Emami, 88, Iran's oldest pistachio wholesaler, readies to hand his business to daughter Marjan in male-dominated trade.
- The pistachios are generally grown in the provinces of Kerman and Semnan.
- The exports brought in the equivalent of $900 million, making the industry a sizeable contributor to Iran's economy.
Business
UAE technology ministry, EDB and EDGE sign manufacturing pact
The UAE Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank (EDB), and EDGE Group, one of the world’s...
- Under the agreement, MoIAT will support EDGE to expand global exports of cutting-edge domestically manufactured products and solutions to over 40 countries.
- The agreement is in line with the UAE’s Fourth Industrial Revolution program, Industry 4.0, and aims to support growth in the defense sector.
Business
Qatar Airways terms Airbus a ‘bully’ as paint dispute continues
The head of Qatar Airways on Tuesday accused plane-maker Airbus of acting like a "bully" as their billion-dollar dispute over...
- The airline and leading plane-maker have been fighting in the British courts for months over the paint problem
- Both sides said they hoped to reach a negotiated settlement after their latest hearing in May, when a London high court judge agreed to a speeded-up trial schedule
Business
Air tickets to be costlier as demand for travel rises
Propelled by inflation, the price of air tickets has begun to take off again after tumbling during the pandemic, a...
- The IATA is also pleading for government support in reconciling the long-term commitment to net zero carbon emissions with those ambitious targets
- In the European Union, the price of a return ticket before tax in April returned to that seen in the same month of 2019, after a near-20 percent fall in 2020
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
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
Geostrategy
Company News
Latest News
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...
Business
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
Dubai records weeklong real estate deals worth $3.51 billion
Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...
Business
Most Read
Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
- The joint venture aims to accelerate digital transformation in Kazakhstan.
- Presight will deploy its AI and big data analytics solutions and technologies.
Business
World’s biggest sustainable farm in Saudi enters Guinness Records
Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable...
- The farm is one of the extension farms of the rejuvenated water farming research unit of the Bin Heshbal Valley in the Asir Region.
- The total area of the farm is 3.2 million square meters, divided into two sections, each with a concrete tank with a capacity of 500 cubic meters.
Economy
Disasters cause crop losses worth $3.8trn over 30 years, says FAO
PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's...
- Floods, droughts, insect infestations, storms, disease and war caused about $123 billion per year in lost food production between 1991 and 2021.
- This loss is the equivalent of five percent of total production or enough to feed up to half a billion people per year, the FAO said in a report.