Austrian university develops technique to renew buildings without demolition
Vienna, Austria - A research team from Graz University of Technology in Austria has succeeded in developing an innovative fastening...
Science
Asian markets creep up as investors await key speech
Hong Kong, China - Asian markets edged mostly upward in muted morning trading on Thursday, one day before a key...
Economy
Geostrategy
Trade between Russia and Africa totaled $18 bn in 2022: Putin
Moscow, Russia - Trade turnover between Russia and Africa reached $18 billion in 2022, which is one of the results...
- Last year Russia’s trade with African countries in agricultural products increased by 10 percent to $6.7 billion
- Russia exported 11.5mt of grain to Africa in 2022, and almost 10mt in the first six months of 2023
Economy
US Federal Reserve’s united fight against inflation enters new phase
Analysts are divided ahead of the Fed's next decision in September, with the so-called "hawks" predicting additional rate hikes in...
- Thursday's GDP figure for the second quarter came in above analysts' expectations, a day after the Fed hiked its benchmark lending rate to its highest point for 22 years.
- The US central bank also left the door open to additional rate hikes, if needed, to get inflation down to its long-term target of two percent.
Economy
Saudi Arabia poised to become global biotech hub with $3.9bn R&D investment
Riyadh, Saudi Arabia - Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical...
- The country's strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare and food security challenges
- With initiatives like the Saudi Human Genome Program and the Saudi Network for Clinical Trials, Saudi Arabia could establish a biotech cluster over the next decade
Saudi PIF signs MoU with Oman Investment Authority to expand investment in Oman
Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding...
- The MoU builds on the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to $5 billion in Oman
- The SOIC recently closed its first investment in Oman as a 20 percent anchor investor in Abraj Energy Services’ IPO
Economy
Bahrain’s RERA revokes real estate firm’s license for ‘breach of regulations’
Manama, Bahrain-- for "exceeding the scope of the permit." The owner had exceeded the scope of the permit which was issued...
- According to RERA, the owner of the real estate firm had violated the scope of the permit issued to him by the authority
- The real estate agency, according to the regulatory authority, had also breached Central Bank of Bahrain's regulations
Economy
Clean cooking to save millions, boost gender equality
He was referring to a new IEA report which suggests that universal clean cooking access could be reached worldwide by...
- Nearly one in three people globally still cook over open fires or basic stoves, causing significant damage to health, living standards, and gender equality
- Air pollution from rudimentary cooking methods causes 3.7 million premature deaths annually, ranking it the third largest cause of premature death globally
Economy
UAE’s digital platform, U.AE, attracts 9.1m visitors in H1
Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until...
- The rise in the average number of pages viewed was 3.52%, compared to the same period last year, according to TDRA
- TDRA recently launched the generative AI-supported version of the digital platform, allowing users to obtain government services
Economy
GCC central banks follow Fed in raising key rates
The decision by the central banks, in the US and most of the Middle East, to hike interest rates are...
- The UAE's central bank raised the base rate applicable to the overnight deposit facility (ODF) by 25 basis points – from 5.15 to 5.40 percent
- The decision to raise key rates comes as central banks across the world struggle with the challenge of controlling inflationary pressures
Business
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
- As per the industry report, container volumes across the Kingdom’s ports during 2022 were estimated at 10,439,620 TEUs.
- The Kingdom’s groundbreaking strides in the global logistics landscape boils down to a host of critical catalysts,
Economy
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
- More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
Austrian university develops technique to renew buildings without demolition
Vienna, Austria - A research team from Graz University of Technology in Austria has succeeded in developing an innovative fastening...
Science
Company News
Latest News
GCC tourism growth skyrockets as diversification drive gains momentum post-Covid
GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable...
Economy
SAMA: E-payments share reached 70% of total payments in 2023
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments...
Economy
Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
Economy
Most Read
Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
- Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023.
- A key risk is that the US Federal Reserve and other major central banks might keep interest rates higher than before the pandemic.
Economy
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
- A World Bank report said that policy uncertainties, trade barriers are impeding the region's economies
- The report added that Asia’s economies are growing more slowly than before the Covid pandemic
Opinion
Digital innovation fuels surge in Iraq’s banking sector
"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like...
- At the forefront of this remarkable journey are banks like the National Bank of Iraq and the Bank of Baghdad (BBOB), which have exhibited exceptional growth and profitabitability
- The establishment of the "National Company for Electronic Payment Systems in Iraq" underlines the sector's proactive approach towards embracing cutting-edge technology