Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...
Business
Key OPEC+ members to boost oil production again
Oil ministers in the V8 grouping -- comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and...
Geostrategy
Economy
Qatari economy records 2.7% growth in Q1 2023
Doha, Qatar – The Qatari economy has reported a growth rate of 2.7 percent during the first quarter of 2023...
- When compared to the revised estimates for the fourth quarter of 2022, which were $48.61 billion, there was a 3.9 percent decrease in the GDP
- The nominal gross value added tax estimates for mining and quarrying activities at current prices in the first quarter of 2023 reached $22.09 billion
Business
DFM registers 34,800 new accounts in 8 months
Dubai, UAE - Brokerage firms in the Dubai Financial Market (DFM) witnessed a substantial influx of New Investor Numbers (NIN),...
- The number of newly registered investor accounts exceeded 51 percent during the first eight months of the year
- 29 brokerage firms listed on the DFM conducted over 2.57 million deals on 80 billion shares worth $37.1 billion
Economy
Saudi Arabia and Singapore pledge to ramp up economic ties
Singapore-- Saudi Arabia and Singapore have pledged to enhance economic cooperation between the two countries and also reviewed the challenges...
- The two sidies reviewed the state of their economic relations and also discussed the progress of Saudi Vision 2030 and its key programs
- The Saudi finance minister met with an array of private sector players and Singaporean government agencies and discussed financial cooperation
Opinion
Logistics delivers boom with value-added services
"A top-tier, industry-specific enterprise resource planning (ERP) solution is vital for efficiently delivering these value-added services. Distributors grapple with supply...
- The Middle East and African freight and logistics market is predicted to record a compound annual growth rate of about 6% between 2023 and 2028
- To tap into growth opportunities in the region and for better results, distributors must consider incorporating value-added services into their strategies
Geostrategy
Grain deal in focus as Putin, Erdogan all set to meet
MOSCOW, RUSSIA - Russian President Vladimir Putin will host his Turkish counterpart Recep Tayyip Erdogan on Monday, the Kremlin said, amid...
- Russia pulled out from the UN-backed grain agreement that Turkey helped broker in July, effectively revoking safe navigation for civilian ships sailing through the Black Sea.
- Turkey's foreign minister Hakan Fidan said on a visit to Moscow on Thursday that reviving the deal to ship Ukrainian grain across the Black Sea was "critical" for food security.
Geostrategy
Iran’s non-oil export to ECO countries from Mar 21 to July 22 2023 reaches $3.6bn
TEHRAN, IRAN – Iran’s export of non-oil products to the Economic Cooperation Organization (ECO) member states in the first four...
- In the four-month period, Iran exported 8.161 million tons of non-oil commodities to ECO member states.
- In the same period, Iran imported 1.394 million tons of goods, valued at $2.445 billion, from the ECO states.
Economy
Qatar’s Q2 2023 budget posts record surplus of US$2.7bn
DOHA, QATAR - The Ministry of Finance announced that the budget of Qatar for the second quarter of the year...
- The surplus would be directed towards reducing public debt, raising the reserves of the Qatar Central Bank.
- It would be used for enhancing the savings of future generations through the Qatar Investment Authority.
Business
Agri-Nutrients SABIC, US firms together support sustainable farming
RIYADH, SAUDI ARABIA - Agri-Nutrients SABIC, in cooperation with the American companies ADM and BiOWiSH has helped farmers achieve high...
- Through these collaborative efforts SABIC aims to help reduce the carbon footprint in the agricultural supply chain.
- Farmers will use SABIC's bio-fortified urea for the 2023 agri-nutrient season and enroll in ADM's Re:Generations program.
Geostrategy
UAE, New Zealand discuss economic cooperation, free trade pact
DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration,...
- The UAE and New Zealand already share a productive trade relationship, with non-oil trade reaching US$805 million in 2022.
- UAE is New Zealand's leading trading partner in the Arab World, accounting for 2.5 percent of Wellington’s total foreign trade.
Economy
At 5%, Middle East has highest GDP share from tourism: report
Dubai, UAE - The Middle East has seen the strongest rebound in the post-pandemic global tourism recovery, according to a...
- Saudi Arabia and Türkiye recorded almost pre-pandemic levels of tourist arrivals in Q1 2023
- Asia Pacific is second, with over 4 percent of the region’s GDP coming from tourism
Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...
Business
Company News
Latest News
Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...
West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
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Economy
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...
- Central bank’s economic forecasts do not take into account who wins the presidency.
- Powell seemed to rule out the likelihood of a 50 basis-point rate cut
Economy
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
- In 2023, Dubai hosted 17.15 million international overnight visitors, and the city has maintained its strong tourism momentum into 2024
- The growth in the first six months of this year suggests that Dubai is on track for a record-breaking performance
Economy
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
- The first half of 2024 saw an increase in trading activity, higher trade values, and a wave of new investors
- Market capitalization of DFM listed companies stands at AED 679 billion (USD 184.8 billion) in the period