Asia-Pacific markets mixed after Powell signals smaller rate cuts
Asia-Pacific markets are mixed on Tuesday, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the...
Economy
UAE airports see 14.2% passenger traffic surge in H1
Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling...
Economy
Business
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...
- In the capital city, new-build flats sell for around $1,300 per square foot and older ones go for 10,700 euros. The average cost of a house is 1.5 million.
- Housing crisis has become the number one concern in the Grand Duchy of 660,000 people -- smaller than Rhode Island, the smallest US state -- as it goes to the polls on Sunday.
Tens of millions of children uprooted by climate disasters: UNICEF
In a sweeping report on the issue, the United Nations agency detailed the heart-wrenching stories of some of the children...
- From 2016 to 2021, floods, storms, droughts and wildfires led to 43.1 million child displacements in 44 countries, the UNICEF report says
- UNICEF called on world leaders to take up the issue of child displacement at the COP28 climate summit in Dubai in November and December
Economy
GCC economic integration: The grouping okays more measures at Muscat meeting
Riyadh, Saudi Arabia - The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its...
- GCC took more steps to complete the GCC Customs Union and the GCC Common Market to achieve economic unity by 2025
- Muscat meeting also took note of the signing of a Free Trade Agreement between GCC countries and the Islamic Republic of Pakistan
Economy
Innovative solutions crucial to deal with challenges
"From 2021 to 2022, Saudi exports to Portugal jumped by 50 percent, and imports from Portugal rose by nearly 40...
- Saudi Arabia's Minister of Economy and Planning, Faisal F. Alibrahim, emphasizes collaboration between Saudi Arabia and Portugal
- From 2021 to 2022, Saudi exports to Portugal jumped by 50%, and imports from Portugal rose by nearly 40%, resulting in a trade volume of $1bn
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.
Arts & Culture
People marvel at ancient Iraq in new ‘Assassin’s Creed’ game
The central character, pickpocket turned master assassin Basim, speaks classical Arabic in "Assassin's Creed Mirage",.
- In the game, the hooded and stealthy hero fights his way through an ancient maze of alleyways, souks and rooftops.
- The entire scene in the game has been rendered in loving detail with what its creators say is the help of historical sources.
Economy
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
- The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
- The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.
Geostrategy
Qatar, Iran discuss cooperation in free zones, investment
DOHA, QATAR - Minister of State and Chairman of the Board of Directors of the Free Zones Authority Ahmad bin...
- The Qatari minister and the Advisor to the Iranian President discussed reinforcing cooperation between the two countries.
- The Iranian leader and accompanying delegation toured the Free Zones at Ras Bufontas and Umm Alhoul Free Zone.
Economy
Largest climate fund seeks new funding for vulnerable
The Green Climate Fund (GCF) was set up as part of the landmark 2015 Paris Agreement to funnel grants and...
- The Green Climate Fund says Thursday's conference in Germany will allow it to invest more in a decade it sees as critical for climate action
- It has laid out a 50by30 vision to manage $50 billion by 2030, almost triple its current capital of $17bn, to focus efforts on developing countries
Economy
‘Qatar remains committed to curb financial crimes’
The Gulf country "remains commitment to international strategies and plans targeting financial crime. In 2023, FATF completed its evaluation of...
- Qatar has achieved top compliance levels in combating financial crimes, as recognized by the Financial Action Task Force
- In 2023, the FATF completed its evaluation of Qatar's anti-money laundering and counter-terrorism financing system
Asia-Pacific markets mixed after Powell signals smaller rate cuts
Asia-Pacific markets are mixed on Tuesday, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the...
Economy
Company News
Latest News
Qatar backs joint transition to low-carbon energy
Eng. Saad bin Sherida Al Kaabi notes that Qatar has consistently underscored its strong and supportive position regarding natural gas...
Economy
Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
Business
Total value of Saudi Arabia’s export of dates reaches US$389m in 2023
RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
Business
Most Read
WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite...
- The outcomes of the WTO's 13th ministerial conference in Abu Dhabi highlighted the sharp divisions between the body´s 164 members amid geopolitical tensions and economic headwinds
- For her part, WTO Director-General Ngozi Okonjo-Iweala said the talks came up "against an international backdrop marked by greater uncertainty than at any time I can remember."
Economy
KSA beats economic challenges with non-oil revenue
Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a...
- Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a report.
- Govt initiatives, giga-projects, and tourism are pivotal for growth, while a balanced current account and strong reserves ensure Saudi stability until 2025.
Economy
World resource extraction could surge 60 percent by 2060, UN warns
Paris, France - Extraction of Earth's natural resources could surge 60 percent by 2060, imperiling climate goals and economic prosperity, the...
- The hunger for natural resources -- everything from food to fossil fuels -- keeps growing by an average of more than 2.3 per cent per year, it said.
- Extraction and processing of the huge amount of resources accounts for over 60 percent of planet-warming emissions, the report said.