G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
Geostrategy
UAE, Germany launch joint business council to strengthen economic ties
Berlin, Germany - Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy to the...
Economy
Business
OPEC’s energy ministers back crude output cut by Saudi Arabia, Russia, Algeria
Vienna, Austria - Energy and oil ministers from the Organization of Petroleum Exporting Countries (OPEC) on Wednesday expressed support for...
- Saudi Arabia on Monday extended its voluntary production cut of 1 million barrels per day (bpd) into August
- Saudi Arabia and Algeria are among OPEC's 13 member states, and Russia is one of the organization's 10 allies
Economy
UAE is focused on uniting parties in a COP that delivers for all: Al Jaber
Dr. Sultan bin Ahmed Al Jaber believes that the Caribbean region will have a key role at COP28 in bringing...
- Al Jaber was addressing the conference of the heads of government of the Caribbean Community (CARICOM) in Trinidad and Tobago
- The minister felt that donor countries need to be nudged in order to deliver the US$100 billion pledge that they made over a decade ago
Economy
Total direct, indirect economic impact of re-exports is $13bn: UAE minister
Abu Dhabi, UAE - The total direct and indirect economic impact is estimated at AED 48 billion ($13 billion) the...
- Al Zeyoudi said that the re-exports are a vital sector for the country's economy, as the UAE is one of the largest re-export centers in the world
- He added that mobile phones and their accessories were the largest single sector for re-exports in 2022 followed by diamonds, mass transit vehicles and jewelry
Economy
Qatar Airways’ profits fall
Its net profit dropped 21% to US$1.21bn in 2022-2023.
- The airline posted profit fall in spite of the rise in revenues to $21 billion and passenger numbers going up 71 percent to 31.7 million for the year
- The carrier flew some 1.4 million fans to Qatar for the World Cup and yet the airline did not give any explanation for the lower profits in the fiscal year
Business
Markets down after Chinese data flops, EU oil prices decline
London, United Kingdom - Stock markets retreated Wednesday on poorly-received Chinese data, as investors looked ahead to the reopening of Wall...
- All eyes later will be on the release of minutes from the US Federal Reserve's June policy meeting.
- The minutes will be followed Friday by closely-watched US jobs data, a key guide to the state of the world's top economy.
Business
UAE FDI inflows record highest ever jump in 2022: UN report
The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008),...
- In West Asia, FDI fell by 14 per cent to $48 billion, despite strong activity in greenfield projects and cross-border Mergers and Acquisitions (M&S).
- Global foreign direct investment (FDI) flows in 2022 declined by 12 percent to $1.3 trillion, after nosediving in 2020 and rebounding in 2021.
Economy
Turkey’s inflation rate slows to 38.2 percent in June
According to the TUIK state statics agency, the rate slowed from 39.6% in May. But a separate study released by...
- Many economists are warning that inflation will start growing faster because of the spending pledges made by President Erdogan during May's election
- Since Erdogan extended his rule into a third decade in a hard-fought runoff election on May 28, the lira has lost more than 23% of its value against the dollar
Business
SRTIP-SOTI merger to boost UAE’s knowledge economy
"The time is right to reach higher and underscore Sharjah’s position as a leading global destination for innovation, business, and...
- Merger of SRTIP and SOTI will form an independent Free Zone Authority, enhancing the UAE's knowledge economy and entrepreneurial status
- The merger will unlock the potential of Sharjah's technology and innovation sector and solidify the UAE as a global business and entrepreneurship destination
Geostrategy
Iraqi president presses for closer trade and energy ties with Iran
Baghdad, Iraq-- Iraqi President Abdul Latif Rashid has emphasized the need for reinforcing partnership with Iran in the fields of...
- Iraq's president highlighted the importance of forging closer ties with Iran in a meeting with an Iranian delegation visiting Baghdad
- He applauded Iran for the restoration of ties with countries in the Middle East and the resumption of diplomatic relations with Saudi Arabia
Economy
Egypt to pour US$1.8bn into offshore gas exploration program
Vienna, Austria-- Egypt plans to drill new gas wells in the Mediterranean Sea and the Nile Delta as part of...
- According to its petroleum minister, Egypt will develop fields in the Mediterranean Sea, Nile Delta, and Western Desert to boost its production capacity
- The offshore exploration involves companies such as Eni, Chevron, ExxonMobil, Shell and BP, aiming to drill 35 exploratory gas wells until July 2025
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
Geostrategy
Company News
Latest News
Chinese leaders seek ways to boost economy in key event
Beijing, China - China's leaders on Monday wrapped up a week-long key conclave at which they admitted more was needed to...
Geostrategy
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
Business
Residential demand buoyed Qatar’s property sector in 2023
Doha, Qatar - Residential demand continued to buoy the country's property sector in Q4 2023, hapondo, a homegrown property portal,...
Economy
Most Read
Economy
Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products...
- Iraq was the biggest importer of Iranian agricultural and food products worth US$1.7 billion.
- The UAE was the second largest importer of Iranian agricultural and food products worth $675 million
Economy
GASTAT adopts chain-linking method to calculate Saudi Arabia’s real GDP
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that...
- The fourth quarter 2023 results and the annual results for the same year have been reached at by using the new methodology.
- Saudi Arabia is the first country in the Gulf and Arab regions, and among the first G20 countries, to implement the chain-linking methodology.
Economy
A greener globe requires a greener industry, says Chinese industry leader
Beijing, China-- A greener globe requires a greener energy industry, which could definitely be represented by new quality productive forces...
- Zhong said renewable energy, wind power, and green hydrogen production could achieve zero carbon dioxide emissions from the source
- The annual growth rate, as per the International Renewable Energy Agency, of global hydrogen trade is expected to reach 8 percent by 2050