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
Apple to lower iPhone 12 radio power across EU
Paris, France - Apple will update software on iPhone 12 handsets across the EU to lower the power of their...
Science
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.
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
Company News
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Dollar droops before Powell testimony; euro weathers France uncertainty
 The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
UK’s Labor Party wins enough seats to form majority government
The Labor Party has officially won enough seats in the UK’s 2024 general election to have a majority in parliament,...
Economy
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...
Economy
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Business
UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...
- Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate market forward
- As the UAE continues to strengthen its economic diversification efforts, the real estate sector remains a cornerstone of stability and growth
Economy
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
- This phase to cover 100 percent of Dubai's main roads, adopt latest smart technologies and software
- The project has improved incident monitoring by 63 percent, reduced response times by 30 percent
Economy
UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
- The assessment, based on comprehensive factors including GDP, productivity, political stability, social cohesion, and cultural impact, underscores the UAE's robust economic growth
- Over the past year, the UAE has made significant strides in bolstering its economic foundations, supported by proactive government policies and strategic investments