Turkey parliament passes contentious mining legislation
Turkey's parliament on Saturday passed a controversial bill that opens certain agricultural lands including olive groves to mining activities, local...
Economy
Macron calls on EU to ‘defend European interests’ in US tariff talks
French President Emmanuel Macron on Saturday condemned US President Donald Trump's threat to impose 30-percent tariffs on the European Union,...
Economy
Economy
$800bn investments set to bolster Saudi tourism
"The Kingdom will invest more than $800 billion during the next 10 years", added the minister, noting that tourists may...
- Saudi Arabia's tourism sector, fueling a 4.45% GDP growth, is set for an $800 billion investment boost over the next decade.
- Despite the global pandemic, Saudi Arabia welcomed over 93.5 million tourists in 2022, making it the fastest-growing tourism destination
Economy
Saudi tourism sector’s GDP share roars to 4.45%: Minister
The Kingdom will invest more than $800 billion over the next ten years, the Saudi Minister of Tourism Ahmed bin...
- Saudi Arabia’s tourism spending has surged 93 percent in 2022 to reach $49 billion, up from US$25.4 billion in 2021
- The number of tourism-related jobs in 2022 reached 880,000, reflecting an increase of 15 percent compared to the previous year
Economy
UAE-Turkey partnership has scaled new heights: Al Marri
Abu Dhabi, UAE-- With the signing of the Comprehensive Economic Partnership Agreement (CEPA), the UAE exporters are expected to benefit...
- The CEPA agreement between the two countries is expected to start a new era of ties, stimulating trade, increasing investment flow, and creating jobs
- The non-oil bilateral trade is expected to increase to US$40 billion annually in five years, and at the same time create 25,000 new jobs by 2031
Economy
Divided Fed expected to rally around a US interest rate pause
Members of the rate-setting Federal Open Market Committee remain divided going into the meeting on June 13-14, with a minority...
- Some officials may vote to hold the benchmark lending rate at the next meeting of the Fed's rate-setting committee, while leaving the door open to a hike in July if necessary.
- The data points to a mixed economic picture, with slowing growth, a tight labor market, and inflation still well above the Fed's two percent target.
Economy
UK retail lenders withdraw fixed home-loan products, rattling market
HSBC joined the fray on Thursday, suspending certain home loans as it also sought to cope with significant new demand...
- The total number of available mortgage products has meanwhile fallen by about five percent in just under one month
- Hargreaves Lansdown estimates 16 percent of Britons are already struggling to meet monthly mortgage repayments
Economy
Desperate Syrians recycle plastic waste to make living
Recycling, in rebel-controlled Syria, is rather a grim lifeline than environmental impulse for desperate residents searching for work or items...
- In northern Idlib province, workers at a factory making mats and rugs churn out brightly coloured recycled plastic
- The mats made from recycled plastic cost between $5 and $15, while traditional Persian-style rugs are around $100
Economy
Arab-China summit will bolster bilateral economic ties
The event is aimed at bolstering trade and economic alliances between Arab and Chinese business communities and to explore a...
- The 10th Arab-China Business Conference is aimed at strengthening trade and economic alliances between the Arab and Chinese business communities
- Technology, renewable energy, agriculture, real estate, minerals, and supply chains remain the prime focus of the conference being held in Riyadh
Economy
Saudi NIDLP publishes report highlighting ‘achievements’ in four key sectors
Riyadh, Saudi Arabia-- In order to ensure compliance with the goals of Saudi Arabia's Vision 2030, the National Industrial Development...
- According to NIDLP, the program continues to work diligently to achieve the desired results under the plans emerging from the Saudi Vision 2030
- The program looks to maximize and diversify the economic impact in the four sectors, achieving sustainability and creating attractive investment environment
Business
Qatar Finance and Business Academy signs MoU with Morgan International
Doha, Qatar-- Qatar Finance and Business Academy and Morgan International have signed a memorandum of understanding (MoU) to provide training...
- The agreement between the two will provide individuals and organizations with training and upskilling solutions to enable them to operate within the country's financial market
- Qatar Finance and Business Academy looks to support the process of localization in Qatar through its programs by providing the labor market with professional leaders
Business
Saudi Arabia and UK hold discussions to boost economic partnership
London, UK-- Saudi Arabia and the UK have held discussions to boost trade and economic partnership between the two countries....
- Saudi Commerce Minister Dr. Majid Al-Qasabi met with several British ministers and leaders of major companies in London to discuss expansion of business ties
- The Saudi delegation presented the programs of the kingdom's Vision 2030 to expand business opportunities and investments between the two countries
Turkey parliament passes contentious mining legislation
Turkey's parliament on Saturday passed a controversial bill that opens certain agricultural lands including olive groves to mining activities, local...
Economy
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Saudi, UAE report highest levels of gross debt
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Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh
Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...
Business
UAE presses for ‘sustainable development policies’ at BRICS meeting in Brazil
Sao Paulo, Brazil-- The UAE has affirmed that it collaborates with the BRICS nations in order to establish sustainable development...
Economy
Abu Dhabi sees 67% annual rise in number of AI company registrations
Abu Dhabi, UAE - The number of AI companies registered in Abu Dhabi grew at a compound annual rate of...
Economy
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Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...
- When asked about Israel's economic losses due to the war, Barkat said it could add "anywhere between 150 to 200 billion shekels ($42-55 billion)" to the country's national debt
- Barkat said Gaza war could help Israel boost sales of military technology, noting there is "high interest" from many countries, without specifying if Arab states were among them
Economy
Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
- The report said many participants emphasized the risks of moving too quickly and noted the importance of carefully assessing incoming data
- The recent data revealing a weakening demand in the US restricted the rise in oil prices, as the crude oil stocks in the country increased by 7.1m barrels
Economy
IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...
- A soft landing, described as an economic slowdown resulting from a central bank's cautious interest rate increases, aims to avoid a recession
- The IMF suggested that global economic growth could surpass expectations if disinflation progresses faster than anticipated, prompting earlier monetary policy easing