China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
Business
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
- The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food and agriculture sector.
- Sawani will work in partnership with the private sector to boost the production capacity of the camel dairy industry.
Opinion
Erdogan’s visit a game-changer for Turkish-Gulf ties
For the wealthy Gulf states, combining their resources with Turkiye's defense and industrial achievements will produce lasting benefits not only...
- Erdogan's visit was aimed to boost economic relations and tackle Turkey's economic challenges, writes Turkish Professor Ibrahim Karataş
- Major agreements were signed with Saudi Arabia and the UAE, with a strong focus on defense and economic cooperation, he adds
Economy
Travel companies give wings to Saudi tourism aspirations
Fueling this ambition is an intricate web of travel companies, including tour operators, airlines, accommodation providers, cruise lines, and destination...
- The Kingdom, aiming to draw 100 million yearly visitors by 2030, is planning to invest over US$1 trillion in tourism over the next decade
- Travel companies play a key role in promoting Saudi tourism, developing packages, and collaborating with public sector entities
Business
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.
- Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
- Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.
Science
UAE emissions plan ‘insufficient’, say climate groups
PARIS, FRANCE - New carbon-cutting plans by this year's UN climate talks host the UAE were branded "insufficient" by an analysis...
- The UAE, which will host the COP28 United Nations talks in November and December, has released its updated climate plans.
- The plans laying out a tougher target to reduce its greenhouse gas emissions by 19 percent by 2030 compared to 2019 levels.
Geostrategy
US, Arab League discuss Middle East, Israeli-Palestinian conflict
The US-Arab Strategic Dialogue discussed Middle East peace and the Israeli- Palestinian conflict, among other issues. The dialogue concluded successfully...
- US-Arab League discussed reducing tensions in regional conflicts, climate change and health security.
- The US condemned the attack on the Swedish Embassy in Baghdad and urged the Iraqi government to protect foreign missions.
Business
Volvo Cars Q2 net profit $342m
Firm in profit despite high inflation, rising interest rates.
- Volvo Cars reported a 25 percent increase in retail sales, with 178,800 units sold in the second quarter.
- Central banks have been raising interest rates in efforts to cool consumer price increases.
Economy
Egypt to resume exports of LNG by October: Tarek El Molla
Cairo, Egypt-- Egypt is looking to resume exports of liquefied natural gas exports by October, according to the country's petroleum...
- Egypt uses the gas at home during summer months when the temperatures are high, but in winter months it has excess levels of gas available for export
- El Molla said that summer exports surged last year because the government switched from using natural gas in power stations to mazut fuel oil
Economy
UAE Corporate Tax: Workshop identifies conditions for determining taxable, exempt persons
Abu Dhabi, UAE - The conditions determining taxable and exempt persons, corporate tax rates and tax periods. were highlighted at...
- Key topics covered during the workshop include the Small Business Relief designed to support start-ups and other small or micro businesses
- The topics also included corporate tax in free zones; determination of taxable income; transitional rules; taxable businesses and business activities of individuals
Economy
Lebanese activists struggle against rampant beachside development
Amchît, Lebanon--In a pristine patch of Lebanon's north coast, a rare marine visitor has fueled opposition to a seafront development, in...
- The country's seafront at many places remains dotted with formal and informal structures and developments, some of them abandoned
- Once sighted everywhere, monk seals are now considered endangered by the International Union for Conservation of Nature due loss of habitat
China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
Company News
Latest News
US Fed rate cuts become question of when, not if
Washington, United States -- The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as...
Economy
Egypt’s wheat and oil reserves sufficient for several months, says minister
Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the...
Economy
Embracing renewables secures UAE’s green future
"COP28 saw all parties reach an agreement on the historic ‘UAE Consensus.’ This consensus includes achieving a well-organized, responsible, fair,...
Economy
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Market Report
Paris stocks hit record thanks to luxury
Europe's main stock markets shot higher, with Paris closing at a record high as shares in LVMH surged on record...
- Hong Kong stocks slumped after rallying for much of the week, as traders awaited guidance on more Chinese stimulus.
- Oil prices fell as traders banked profits from a strong week for crude.
Economy
US Federal Reserve’s favored inflation gauge rises before rate decision
The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement...
- The closely watched "core inflation" measure, which strips out volatile food and energy costs, continued to ease.
- This will likely reassure the Fed that trends are moving in the right direction, despite the latest uptick in headline prices.
Economy
Indians queue for Israel jobs as war in Gaza rages
India's urban unemployment rate -- the percentage of people wanting work who cannot find a job -- dipped to 5.1...
- Recruiters are aiming to fill a labour shortage in Israel exacerbated by nearly four months of fighting against Palestinian fighters in Gaza
- For the hundreds of Indians in line, almost all men, the chance of a skilled construction job in Israel - and wages up to 18 times higher - outweighs their fears