Saudi launches Damascus area reconstruction project
Saudi Arabia announced on Sunday humanitarian projects for Syria including the removal of wartime rubble around Damascus, weeks after inking...
Economy
Gold glitters to new high as Asia stocks mixed
Gold climbed to a new record Tuesday as investors sought out safe havens, while Japan's Nikkei and the Hang Seng...
Economy
Economy
Saudi Arabia raises the bar, says 100m tourist goal inadequate
Riyadh, Saudi Arabia - Saudi Arabia has announced its intention to revise its tourism goals, increasing the target number of...
- The previous target of 100 million visits is no longer sufficient, said Saudi minister Mahmoud Abdulhadi
- In the first quarter of 2023, Saudi Arabia attracted 7.8 million tourists, the highest quarterly performance in the country's history
Business
Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant
Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
- The clean energy partnership between the UAE and Indonesia saw further consolidation when the two companies signed the deal to expand FPV plant
- The UAE company has developed the region’s largest floating solar facility, the 145 MW Cirata floating solar PV plant in a joint ventre with PT PJB, now PLN NP
Business
Markets mostly up but US rate outlook feeds uncertainty
With inflation still sitting well above the central bank's target and the labor market showing few signs of softening, decision-makers...
- All three main indexes on Wall Street tanked Tuesday, shedding more than one percent apiece.
- Asia started on the back foot but most markets managed to eke out gains following a painful start to the week.
Economy
Russian economy to grow 1.5 percent this year, says key European bank
After having forecast a contraction earlier this year in Russia's economy, the European Bank for Reconstruction and Development is now...
- it said the outlook for 2024 will depend heavily on how the war on Ukraine and the related economic sanctions evolve
- Russia's central bank has forecast the country's economy to grow between 1.5 and 2.5% this year and between 0.5 and 1.5% in 2024
Police hold boss of troubled developer China Evergrande: report
Xu Jiayin, who is known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month, according...
- Evergrande stocks in Hong Kong fell precipitously on Wednesday afternoon following a moderate rise in morning trading, closing the day 19 percent down
- Chinese property developer Evergrande's enormous debt has contributed to the country's deepening property sector crisis, raising fears of a global spillover
Economy
Israel makes progress on water-for-energy pact with Jordan and UAE
Dubai, UAE - Israel's energy minister and the CEO of the UAE's renewable energy firm, Masdar, have met to advance...
- Jordan will provide solar energy generated from a UAE-funded facility to Israel and in return, Jordan will receive desalinated water from Israel
- The goal of the agreement is to address Jordan's pressing need for water while helping Israel diversify its clean energy sources
Economy
World Bank chief vows to tackle ‘dysfunctionality’ at development lender
The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its...
- Banga has previously called on World Bank to collaborate more closely with the private sector to meet the enormous costs associated with climate change mitigation and adaption
- On Tuesday, Banga said the bank should carefully target where it wants to encourage private investment to help cap carbon emissions in order to have the biggest impact
Economy
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
- It hopes to harness green hydrogen -- the kind made without burning fossil fuels -- for its sizeable fertilizer sector
- Hydrogen is seen as a clean energy source that can help the world reduce atmospheric carbon emissions
Business
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
- The Iranian minister said that a long-term contract to operationalize Chabahar Port will be signed with India in the near future
- He said that in order to develop the country's transit, it is important to develop north-south corridors with a rail connection
Business
DP World spends US$6bn
It invested the money to be a big supply chain player.
- DP World's CEO, Sultan Ahmed bin Sulayem, made the remarks during the 21st Arab Media Forum in Dubai, at a session titled ‘Trade in a Changing World’
- He said the company made the switch from operating ports to becoming a global leader in smart end-to-end supply chain logistics, facilitating worldwide trade flows
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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
Saudi launches Damascus area reconstruction project
Saudi Arabia announced on Sunday humanitarian projects for Syria including the removal of wartime rubble around Damascus, weeks after inking...
Economy
Company News
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Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
Economy
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
Most Read
Economy
Riyadh leads Saudi Arabia’s date production with record sales
Riyadh, Saudi Arabia - Riyadh is currently hosting the third Seasonal Dates Exhibition, a major economic, social, and tourist event....
- Recent stats confirm Riyadh's leading role in date production, boosting Saudi Arabia's self-sufficiency rate to 124%
- The Riyadh region alone accounts for 436,000 tons of the Kingdom's total annual production of over 1.6 million tons
Business
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
- The deal could significantly shake up Australia's air travel market which is currently dominated by Qantas
- In 2023, Australia's center-left government rejected Qatar's bid to put on 21 extra international flights to and from Australia
Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
- Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025
- Estimates put total government revenues for 2025 at approximately US$320 billion, which would create a deficit of US$27bn