Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
Economy
Economy
Jordan’s exports to non-Arab Asian countries climb to US$1.16bn in Q1
Amman, Jordan-- Trade between Jordan and non-Arab Asian countries has shot up in the first quarter of 2023, with the...
- The kingdom's exports to the Greater Arab Free Trade Area increased by 1 percent in Q1 of 2023 to touch $1.14 bn as against $1.13bn in the same period of the last year
- Its exports to the American Free Trade Agreement countries rose by 2.6 per cent in Q1, touching nearly $898 million, compared to $876 million for the same period last year
Economy
France charges Lebanon central bank chief’s ex-assistant in graft probe
A former assistant of Riad Salameh, the governor of Lebanon's central bank, has been charged with money laundering by France....
- Marianne Hoayek was grilled in Paris on Friday and placed under investigation for criminal conspiracy and money laundering
- Salameh has denied any wrongdoing and says he built his fortune when he worked in Merrill Lynch before becoming central bank governor
Economy
MENA region trails in global race for gender parity
The Middle East and North Africa region scores only 62.6% in gender parity, and at the current pace, the region...
- The Middle East and North Africa region scores only 62.6% in gender parity, and at the current pace, the region will achieve full parity in 152 years, says a WEF report
- Solutions like Gender Parity Accelerators and DEI Lighthouse Program are being implemented, but the path to gender parity remains a challenging one, it adds
Geostrategy
France, UAE share vision to shift towards clean energy
PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision...
- The UAE and his country are working together on low-carbon energy solutions, the French minister said.
- The minister highlighted the rising number of natural disasters globally caused by climate change.
Business
Apple tops $3trn in market value
Wall Street rises as US consumer inflation moderates.
- The personal consumption expenditure index measure of inflation eased to 3.8 percent year-on-year in May.
- The data comes on the heels of other upbeat economic reports this week adding to hopes the US economy can avoid a recession.
Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
- The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
- Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Business
Over 1,500 new companies join RAKEZ in Q2, 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies...
- This robust growth represents a remarkable 132 percent increase compared to the same period in 2022.
- The majority of these investors are from countries such as India, Pakistan, the UK, Egypt and Russia.
Economy
IMF and Pakistan reach $3 billion stand-by deal
Pakistan's negotiations with the IMF for the last tranche of a $6.5 billion bailout package agreed in 2019 stalled in...
- The economy has been stricken by a balance-of-payments crisis, while months of political chaos have scared off potential foreign investment
- Inflation has rocketed, the rupee has reached a record low against the dollar, and the country can no longer afford imports
Geostrategy
Lack of Lebanon reforms threatens stability, says IMF
The International Monetary Fund warned in a report that Lebanon's failure to implement reforms could have "irreversible" consequences for the...
- In April 2022, Lebanon and the IMF reached a conditional agreement on a $3-billion-dollar loan needed to save the economy.
- Lebanese officials have still yet to enact the substantial changes required to kickstart the 46-month financing program.
Economy
US first quarter economic growth 2 percent after strong consumer spending
Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department...
- The growth of 2 percent for US economy is markedly higher than the annual rate of 1.1 percent originally estimated.
- However, GDP growth in the world's biggest economy has still cooled from 2.6 percent in the final three months of 2022.
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
Economy
Company News
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Saudi Arabia leads world in innovation and investment
"This is in the service of humanity and in building an interconnected and innovative future in various fields, including public...
Economy
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
Business
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
Economy
Most Read
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
- In Friday trade, the Dow dipped while the S&P 500 edged higher as investors digested corporate earnings and a surprise drop in wholesale inflation
- Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors
Saudi Arabia announces operational start of this year’s Hajj season
Riyadh, Saudi Arabia - Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah, officially inaugurated the operational activities for the 1445...
- The commencement follows the conclusion of the Hajj and Umrah Services Conference and Exhibition, a 4-day event that showcased facilities for the well-being of pilgrims
- The conference witnessed the signing of multiple agreements covering areas such as housing, logistical services, healthcare, transportation, catering, technology, etc
Economy
Sustainable practices make GCC economy resilient
A shift to green tech and renewable energy is fostering the Gulf economy's resilience and diversification for a sustainable future,...
- A shift to green tech and renewable energy is fostering the Gulf economy's resilience and diversification for a sustainable future, says Phil Malem of Serco Middle East.
- GCC's focus on renewable energy, water management, and sustainable transport, alongside green technologies, spurs job creation and aligns with global climate goals.