Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
Saudi Arabia weighs handing state airline Saudia over to PIF
Riyadh, Saudi Arabia - Saudi Arabia is considering transferring ownership of its national carrier, Saudia, to the sovereign wealth fund,...
Business
Business
Emirates Development Bank to facilitate $8.16 bn in lending by 2025
Emirates Development Bank (EDB) has said it will facilitate direct and indirect lending totaling AED30 billion ($8.16 billion) by 2025,...
- At its first Board meeting of 2022, the bank said it made AED1.91 billion contribution to the UAE’s GDP growth.
- The bank launched a new Credit Guarantee platform, which was able to mobilize more than AED332 million of capital to SMEs.
Business
Suez Canal posts 20% jump in revenue in Q1 of 2022
Suez Canal posted twenty percent increase in revenue in the first quarter of 2022 despite the Russian-Ukraine war disturbing the...
- The Suez Canal Authority recorded $1.7 billion revenue in the first quarter up from $1.4 billion a year earlier
- The number of ships transiting the canal from January to March this year increased by 15.8 percent, to reach 5,303 ships, up from 4,581 ships during the same period last year
Business
Petra records highest number of visitors since Covid pandemic
The ancient city of Petra in Jordan has registered the highest number of visitors since the start of the coronavirus...
- The city's visitors in March were: 43,533 of foreign nationalities, 3,859 from Arab countries and 6,504 Jordanians.
- Only 4,656 visitors of all nationalities, most of whom were Jordanians and Arabs, made it to Jordan's main tourism attraction during the month of March 2021.
Business
Tadawul bars three firms from trading in shares
Tadawul, the Saudi stock exchange, has barred three companies from trading in shares over their failure to issue financial statements...
- The exchange suspended Saudi Cable Co. shares from the main market
- It also suspended Obeikan Glass Co. and Advance International Company for Communication and Information Technology from the Nomu parallel market
Business
War casts its gloom on Swiss watch industry
Diamonds shine brightly at this year's Geneva watch fair but the sanctions slapped on Russia could soon force the Swiss...
- Luxury watchmakers exhibiting at Watches and Wonders depends on their reserves, as the major supplier of diamonds, gold, and other precious metals Russia faces worldwide sanctions
- Switzerland is the chief importer of Russian gold, ahead of precious metals such as platinum followed by diamonds
Geostrategy
UAE, Israel cooperate to advance maritime transport sector
The MoU is said to be in the field of maritime transport, exchange of experiences, and strengthening strategic partnership.
- The MoU aims to enhance cooperation between the two countries in the field of transport, especially maritime
- It is also expected to help exchange experience and knowledge to serve the future directives for the next 50 years
Economy
Bahrain authorities allay fears over tomato price rise
Bahrain’s Ministry of Industry, Commerce, and Tourism has announced that big shipments of tomatoes would arrive within the next few...
- Bahrain’s Ministry of Industry, Commerce, and Tourism has said it is closely monitoring the availability of products in the central markets
- The ministry is looking to ensure that there are multiple options for basic food products, such as fruits and vegetables, at the usual prices
Economy
People flee Lebanon to Iran in search of employment
Lebanon is grappling with an unprecedented financial crisis that the World Bank says is of a scale usually associated with...
- Lebanon’s crisis, driven by years of endemic corruption, has seen its currency lose more than 90 percent of its value against the dollar
- The monthly minimum wage now fetches around $30 on the black market, with 80 percent of the population now living in poverty
Business
Tesla delivered 1m EVs last year
That is 67 percent higher than deliveries in the year-ago period.
- The company delivered 1.06 million cars from April 2021 to March 2022
- This included more than 310,000 cars in the first quarter of this year alone
Economy
Gulf countries warm up to waste-to-fuel plans
Here’s a broader look at how the region has prioritized solid-waste recycling and the production of alternative fuels to deal...
- Solid waste management is one of the most critical challenges facing all GCC countries
- Construction waste accounts for 53% of the total solid waste generated in the Gulf countries
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
Company News
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OQGN inks $1.2bn financing deal
Business
ADNOC L&S buys VLCC
Business
Iran foreign trade posts 4.84% jump to US$54.6bn in last six months
Tehran, Iran-- Iran's foreign trade has registered a 4.84 percent jump to $54.6 billion between March and September this year....
Business
Ubisoft banks on a reset with latest ‘Assassin’s Creed’
The latest entry in the wildly popular "Assassin" franchise is released Thursday, to be followed in December by a game...
Trump business empire under threat as fraud trial opens
Donald Trump intends to be present for the start of the trial on Monday morning as a civil fraud trial...
Business
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Business
Libya and Italy sign MoU to boost cooperation in civil aviation
Tripoli, Libya--Libya and Italy have signed an agreement to enhance cooperation to enable air transport companies to operate charter and...
- In September, a Rome-bound aircraft departed from Tripoli restarting flights to Italy after a nearly decade-long suspension due to an EU ban
- The agreement looks to boost cooperation between air transport companies to operate charter and regular flights between the two countries
Market Report
Global economic concerns hit GCC equity performance
Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and...
- Gulf equity markets experienced a downturn for the second consecutive month in September 2023, reflecting global economic concerns
- While major indices like the MSCI World Index and the S&P 500 saw declines, only Dubai and Qatari markets managed to post gains
Geostrategy
Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
- Under the terms of the MoU, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems.
- They will cooperate on policies, regulations and legislation in the digitization and electronic manufacturing sectors.