China youth unemployment jumps to 17.1% in July
Beijing, China - Youth unemployment in China ticked up to 17.1 percent in July, official figures showed, the highest level this...
Economy
Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
Economy
Economy
Space Economy: Saudi Arabia targets stars and beyond
From the establishment of the Saudi Space Authority to Serco Middle East's new space division in Riyadh, the Kingdom is...
- From the establishment of the Saudi Space Authority to Serco Middle East's new space division in Riyadh, the Kingdom is making significant strides in the space sector
- With challenges ahead, the nation's goal is to localize knowledge, foster capabilities, and create a sustainable space ecosystem to secure key position in space economy
Business
Joint Jordanian-Yemeni Business Council to resume activities, says JCC
AMMAN, JORDAN - President of the Jordan Chamber of Commerce (JCC) Khalil Al-Haj Tawfiq on Saturday discussed with Director General...
- The Jordan Chamber of Commerce stressed on the importance of attracting new Yemeni investments to the Hashemite Kingdom.
- The JCC said the Kingdom offers several opportunities in multiple commercial, service and industrial sectors for investors.
Economy
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDANÂ - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
- The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
- In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
Economy
Saudi Arabia’s foreign trade rises to $172bn in a year
Riyadh, Saudi Arabia - Saudi Arabia’s foreign trade soared to $172 billion last year, the Saudi Minister of Commerce and...
- The volume of non-oil exports witnessed a 40% growth between 2018 and 2022 reaching a total of $28.7 billion
- The Saudi Export-Import Bank played a vital role by providing loans amounting to $4.6 billion
Economy
Jordan secures US$1.9bn in foreign aid amid dire global economic conditions
Amman, Jordan--Jordan has succeeded in securing US$1.9 billion in foreign aid and negotiations are underway to ramp it to $3.2...
- Speaking at a forum, Jordan's minister of planning spoke of the kingdom's financial landscape and how it interacted with global economic trends
- The minister also underscored the kingdom's collaboration with international financing entities that offer affordable funding to Jordan's private sector
Arts & Culture
Saudi Arabia’s archeologists make ‘significant’ discoveries at Al Abla site
Riyadh, Saudi Arabia--Saudi Arabia's Heritage Commission has announced significant discoveries made at the Al-Abla site in Asir region during the...
- The archeologists discovered features of residential and industrial units with gypsum-coated walls and floors
- They found hammerstones, grinders, and pairs of quern stones in various sizes and forms, and shards of pottery
Geostrategy
UAE-Hungary Political Consultations Committee discusses boosting cooperation
Budapest, Hungary--Senior officials from the UAE and Hungary met in Budapest on 22nd August for the inaugural round of the...
- Officials from the two countries reviewed the expanding relations and discussed ways to boost opportunities in order to ramp up economic and trade ties
- The UAE ambassador had a series of meetings with senior officials, intellectuals, and cultural figures intended to deepen relations between the two countries
Economy
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...
- DP World currently operates five container terminals in India – two in Mumbai, one each in Mundra, Cochin and Chennai
- With the addition of the Tuna Tekra terminal, the company will have a combined capacity of 8.19 million TEUs
Science
AI risks repeating social media mistakes, says Microsoft president
NEW DELHI, INDIA - Breakneck development of artificial intelligence risked repeating mistakes made by the tech industry at the start of...
- AI tools have shown in recent months the ability to generate essays, create realistic images, mimic voices of famous singers and even pass medical exams
- But there are also worries that chatbots could flood the internet with disinformation, that biased algorithms will churn out racist material
Economy
US Federal Reserve prepared to raise interest rates further
The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down...
- After 11 rate hikes in less than 18 months, the US benchmark lending rate now sits at a range between 5.25 and 5.5 percent - its highest level for 22 years.
- The rapid cycle of interest rate increases has failed to definitively quash inflation, which remains stuck above the Fed's long-term target of two percent.
China youth unemployment jumps to 17.1% in July
Beijing, China - Youth unemployment in China ticked up to 17.1 percent in July, official figures showed, the highest level this...
Economy
Company News
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IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
Economy
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
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Economy
Bahrain to host ‘smart cities summit 2024’ in March
Manama, Bahrain--Bahrain will hold the seventh edition of the "Bahrain Smart Cities Summit 2024" from March 5 to 6 under...
- The two-day long summit will highlight the best global practices in AI, smart housing, sustainable architecture, and food security
- It will feature an exhibition showing the latest solutions for smart buildings, sustainable energy systems, and artificial intelligence
In Middle East, ‘manufacturing’ is a new buzzword
From Saudi Arabia to the UAE and Qatar to Kuwait, governments across the region compete to jumpstart industrial sector but...
- The industrial sector will contribute up to $1trillion annually to the GDP of the region
- Many experts estimate the sector can generate up to 15 million jobs in the next decade
Economy
In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...
- The industrial sector will contribute up to $1trillion annually to the GDP of the region
- Many experts estimate the sector can generate up to 15 million jobs in the next decade