Economy
Lebanon central bank not bankrupt, says governor
Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The...
- Lebanon is in the third year of a financial implosion, which is widely blamed by experts on decades of corruption and bad policies
- These have led the currency to crash in value by more than 90 percent since end-2019, and banks to lock most savers out of hard currency
Business
Amazon inks satellite deals
Satellites in low orbit to provide internet service to people below.
- Amazon said that its contracts with Arianespace, Blue Origin and United Launch Alliance (ULA) are the largest commercial procurement of launch vehicles in history.
- The overall cost and timing of launches booked to make Amazon's Project Kuiper a reality were not disclosed.
Infographics
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.
- Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
- The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits
Economy
Oman to generate 25 GW of solar, wind energy
The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...
- The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.
- Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects
Business
Dubai Financial Services Authority inks MoU with Central Bank of Mauritius
The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision.
- The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision
- The two authorities will foster open dialogue on operational and technology risk supervision and anti-money laundering
Business
ACI exports up 50% in Q1
The growth was driven by medical supplies, dermatology, knitting sector.
- The United States, India, Saudi Arabia and Iraq imported JD940 million worth of ACI exports, which is more than half
- India came first with JD373 million imported in the first quarter of 2022 compared to JD157 million in the same period of 2021
Business
Saudi Arabia launches platform with Homeland of Dates tag
The Saudidates platform is expected to help the center promote digital transformation and digitize markets and the entire sectors.
- The National Center for Palms and Dates in Saudi Arabia has launched a platform called Saudidates
- The platform is one of the center’s projects to invest in the history and culture of the kingdom
Economy
Saudi Arabia to import 625,000 tons of wheat later this year
The wheat is being procured from Europe, North and South America, and Australia, and will arrive in Saudi Arabia from...
- The Russian invasion of Ukraine has threatened the food supply of not just Saudi Arabia but the entire Middle East and North Africa region
- Saudi Arabia buys wheat, beef, and milk from both Ukraine and Russia and relies on them for various products, particularly agricultural products
Business
Elon Musk buys 9.2% Twitter stake
The investment is worth $2.9 billion based on Friday's share price.
- Musk became Twitter’s largest shareholder following the purchase of 73.5 million shares or 9.2 percent of common stock
- The Tesla founder is currently the world's richest man, with a net worth of $287.6 billion, according to various sources
Business
Captagon trade tops $5b in MENA, raises health risk concerns
Exponential growth in the trade of the amphetamine-type stimulant captagon poses an increasing health and security risk to the region
- The figure is a jump from an estimate of around $3.5 billion in 2020 and only reflects the retail value of the pills seized last year
- The real amount of seized pills is likely higher and still only a fraction of the total amount of captagon produced
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
Company News
Latest News
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
Economy
Yahsat announces cash dividend for H1-23
The second dividend for 2023 is expected to be paid in May 2024.
Business
UK to revoke plan to attain net zero emissions by 2050
LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...
Business
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Geostrategy
Russian defense minister says Moscow-Tehran ties improving despite sanctions
MOSCOW, RUSSIA – The cooperation between Moscow and Tehran is reaching new highs, Russian Defense Minister Sergey Shoigu said on...
- The Russian defense minister announced readiness to take joint steps to strengthen stability and security in the Middle East.
- The Russian minister said that cooperation and dialogue between Moscow and Tehran has enhanced recently.
Geostrategy
Belt and Road Initiative countries expect more cooperation ahead of China-Arab expo
YINCHUAN, CHINA - In the run-up to the sixth China-Arab States Expo, guests from countries and regions along the Belt...
- Morocco was the first country in North Africa to sign the Belt and Road cooperation document with China.
- Since then, the two countries have maintained close political, economic, and cultural connections.
Business
TotalEnergies, Adani Group set up JV for wind, solar power production in India
PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind...
- The JV will include wind and solar assets that Adani Green Energy Limited already operates and is building and developing in India.
- TotalEnergies has been developing renewable electricity production, with 19 GW of installed gross production capacity as of July 2023.