Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
Geostrategy
Iran seizes oil tanker in Strait of Hormuz, says US Navy
Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the US Navy said, the second such incident...
- A dozen Iranian Navy fast-attack craft swarmed the vessel in the middle of the strait, said a statement from the Bahrain-based US Fifth Fleet.
- The troubled but commercially vital Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.
Young Palestinians in Lebanon dream of a future abroad
Tiny Lebanon hosts an estimated 250,000 Palestinian refugees, according to UNRWA, the UN agency for Palestinian refugees, while almost double...
- Most Palestinians, including more than 30,000 who fled the war in neighboring Syria after 2011, live in one of Lebanon's 12 official camps
- In Lebanon, Palestinians' denied right to own property further complicates employment and income generation activities, said director of UNRWA
Business
Radisson eyes bigger share of Middle East hospitality sector
Dubai, UAE-- Seeking to take advantage of the boom in the Middle East's hospitality sector, Radisson Hotel Group will triple...
- The hotel group plans to have 150 properties across the Middle East by the end of the decade, from its current portfolio of 52 hotels in the region
- It will open seven properties across Saudi Arabia in 2023 as its intends to capitalize on the surge in religious tourism in the kingdom
Economy
As Israel celebrates 75th anniversary, its economy presents a dichotomy of success and inequality
A country that describes itself as a "start-up nation" now boasts of higher per capita GDP than many European countries....
- Growth in Israel was 6.5 percent in 2022, down from 8.6 percent in 2021 but well above the OECD average of 2.8 percent, and the budget deficit largely contained
- Israel's cyber security work has made the sector one of economy's driving forces, with companies such as Check Point establishing themselves as global leaders in IT security
Business
Beema’s Q1 profit soars
The firm recorded a jump in the net profit to US$3.73mn.
- In 2022, Beema achieved gross written premiums of $108 million, an increase of 6.8 percent from 2021
- It reported a total shareholders' income of $28.46 million and a total shareholders' profit of $15.54 million in 2022
Iran’s president visits Syria for first trip since war
Preparations for Raisi's visit have been underway for days in the Damascus district housing Iran's embassy, with concrete barriers in...
- The visit comes just weeks after Iran's landmark agreement to restore ties with regional rival Saudi Arabia and amid a flurry of diplomacy in the Middle East
- Raisi and Assad would discuss "bilateral ties, shared economic and political issues, and positive developments in the region", Syria's state news agency said
Economy
Saudi Arabia approves rules to aid foreign investment in securities market
Riyadh, Saudi Arabia - Saudi Arabia has approved new rules aimed at boosting foreign investment in the country's securities market. The...
- The rules aim to make it easier for foreign investors to enter the Saudi capital market by consolidating regulations governing foreign investment into a single document
- They remove several requirements previously placed on Qualified Foreign Investors, including the need to apply for a qualification and assessment agreement
Business
Turkey discovers oil field with 100k barrels daily capacity: Erdogan
The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey...
- Erdogan said in a speech that Turkey has already begun supplying "high-quality" oil to refinery, with a productivity rate reaching about 100,000 barrels per day
- The president said that with reserves worth "tens of billions" of dollars, it will shore up Turkey's energy prospects and contribute to its economic growth
Business
e& profit at US$600mn in Q1
Its consolidated revenues rise to US$3.53bn in Q1 of 2023.
- Etisalat by e& added 13.9 million subscribers in the UAE, a 6 percent increase as against the same period of last year
- According to Brand Finance, e& has strengthened its position as the most valuable brand in the MENA region
Economy
Tech impact: New jobs emerge as automation prevails
As future job market will be affected by AI, digitization and economic developments, big data analytics, management technologies, and cybersecurity...
- As future job market will be affected by AI, digitization and economic developments, big data analytics, management technologies, and cybersecurity will drive employment growth
- Slower economic growth, supply shortages, and inflation pose greater threats to employment prospects, says WEF report while highlighting the importance of investing in green firms
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Company News
Latest News
Localization in focus as KSA raises military spending
Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization...
Economy
European Union fails to agree on budget reforms
Brussels, Belgium - EU finance ministers failed to seal a deal on an overhaul of the bloc's spending rules on Friday,...
Economy
Battles continue across Gaza as UN holds vote on ceasefire
Israeli forces maintained a relentless bombardment and ground invasion across Gaza two months after Hamas's deadly attack sparked a war...
Geostrategy
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Economy
Chinese president says Beijing’s economic recovery at ‘critical stage’
Beijing, China - President Xi Jinping said that China's economic recovery is at a "critical stage", state broadcaster CCTV reported Friday,...
- Xi urged measures to boost the economy, saying that "the development situation facing the country is complex.
- "It is necessary to focus on accelerating the construction of a modern industrial system, expand domestic demand, (and) prevent and defuse risks," said Xi
Economy
Iran, Oman call for using national currencies in mutual trade
Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national...
- The Iranian industry minister also announced his country’s readiness to jointly implement key industrial projects with Oman
- Head of the Central Bank of Iran Mohammad-Reza Farzin hailed any measure that helps boost monetary cooperation between the two countries
Business
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...
- Katherine Gao, Trina Solar CEO, described COP28 as an inspiring platform for leading companies to showcase their smart solutions in the fields of renewable energy
- The event, she added, provides an opportunity to exchange solutions with industry leaders and governments to integrate environmental practices across the supply chain