Tunisia plastic collectors spread as economic, migration woes deepen
Tunis, Tunisia - A towel draped over his head, Hamza Jabbari sets bags of plastic bottles onto a scale. He...
Economy
China says balance between AI development, security ‘urgently requires consensus’
China's Premier Li Qiang warned Saturday that artificial intelligence development must be weighed against the security risks, saying global consensus...
Economy
Business
Sharjah real estate transactions in May valued at US$653m
SHARJAH, UAE - The emirate's real estate activity during May 2023 logged a total value of US$653 million (AED 2.4...
- The report issued by Sharjah Real Estate Registration Department revealed that 3,540 transactions were recorded in various regions across the emirate.
- The report indicated that the real estate sector has maintained its leading position as a preferred choice for those wishing to buy or invest in Sharjah.
Economy
UAE GDP up 7.9% in 2022 on strong non-oil sector performance
Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking...
- The UAE's GDP at constant prices totaled AED1.62 trillion in 2022, while non-oil GDP at constant prices reached AED1.174 trillion.
- Al Marri noted that the UAE's GDP per capita has grown by an unprecedented rate of 24.7 percent in the past six years, the highest in the GCC region.
Saudi Arabia hosts the biggest hajj pilgrimage in years
Islam's holiest site is expected to host more than two million worshipers from 160 countries during the annual rites that...
- The hajj began early on Sunday with the "tawaf" -– the circumambulation of the Kaaba, the large cubic structure draped in black cloth with gold trimmings
- This year’s pilgrimage will be the biggest since Saudi Arabia scrapped rules in 2021 that banned women who weren't accompanied by a male relative
Economy
Abu Dhabi approves housing benefits worth US$844mn for 1,807 citizens
Abu Dhabi, UAE-- The emirate of Abu Dhabi has approved the disbursement of housing benefits worth US$844 million to citizens...
- Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed, and chairman of the Abu Dhabi Executive Council, approved the grant for 1,807 citizens in Abu Dhabi
- Two grants will go toward ready-made housing for low-income individuals worth $272 million, and another for housing loans to citizens worth $571 million
Economy
Qatar to head ICAO’s Technical Cooperation Committee
Doha, Qatar--Qatar has been elected to be the chairperson of the International Civil Aviation Organization (ICAO)'s Technical Cooperation Committee (TCC)....
- ICAO council member states voted Qatar's permanent representative in the council Essa Abdullah Al Malki as the chairperson of the ICAO's TCC
- The TCC is tasked with assisting and advising the council on reviewing ICAO policies on technical cooperation, assistance, training, and operational plans
Economy
Libya’s east-based government threatens to block oil exports
Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports...
- Hamad also said that he had "frozen" 2022 oil revenues "equivalent to more than 130 billion dinars" (around $27 billion) as a first step
- He accused the government in Tripoli of squandering energy revenues by making "extravagant spending", without elaborating
Business
Iran’s oil exports surge to 1.9 million barrels per day in May
In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge...
- The Islamic Republic has ramped up its crude output to more than 3 million barrels per day, nearly 3 percent of the world's supply
- Iran has been pouring more oil into the global energy market at a time when OPEC+ has lowered the supply in order to shore up the oil market
Business
More than 900,000 passengers to use Abu Dhabi International Airport on Eid
Abu Dhabi, UAE-- Some 900,000 passengers are expected to pass through Abu Dhabi International Airport on more than 5,000 flights...
- Abu Dhabi Airports gave out the projected numbers ahead of an expected uptick in passenger traffic at Abu Dhabi International Airport during the Eid celebrations
- On June 24, and June 25th, and July 2nd airport authorities expect heavy passenger traffic to pass through the emirate's five airports and expect to serve almost 65,000 passengers
Business
Iraq’s finance and business center to be a hub for trading, selling
BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling...
- The Prime Minister's financial advisor emphasized the center's role in Iraq's financial and banking development strategy.
- He said that the center would cater to both the banking and non-banking financial businesses, such as insurance companies.
Business
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
- The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
- The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Tunisia plastic collectors spread as economic, migration woes deepen
Tunis, Tunisia - A towel draped over his head, Hamza Jabbari sets bags of plastic bottles onto a scale. He...
Economy
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In Davos, AI excitement persists but fears over managing risks
World Economic Forum
Govt collaborations help Dubai lead in AI innovation
"Government entities must be thoroughly prepared for technological advancements that will change how they operate and provide services. A high...
Economy
Saudi Arabia to expand customs duty exemption for some industrial products from April 1
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of...
Economy
Dubai’s assets in endowment sector reaches US$2.8bn
DUBAI, UAE – Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said that under the guidance of Vice...
Geostrategy
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Economy
UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi....
- The project will be designed, maintained and funded by Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group
- Dr Sultan Al Jaber said at the signing of the agreement that the UAE will continue leading by example as it advances its net zero initiative
Business
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
- The transfer was "a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities".
- The move brings the state's ownership of Aramco shares to 82.19 percent.
Despite oil riches, Libyans hit by plummeting purchasing power
Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95...
- Libya's dinar currency - which officially trades at 4.8 to the US dollar - has recently dropped on the parallel market from around five dinar to the greenback to 7.5 now
- The cost of living crisis and foreign cash crunch come after the Central Bank of Libya announced steps it said were aimed at ensuring greater financial stability