Saudi Arabia’s real GDP grows by 3.4 percent in Q1 mainly on non-oil activities
Riyadh, Saudi Arabia -- Saudi Arabia’s first quarter real Gross Domestic Product (GDP) grew by 3.4 percent year-on-year, according to...
Economy
IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from
Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to...
Economy
Economy
US leaders finalize deal on debt ceiling week before default
President Joe Biden and Republican leader Kevin McCarthy announced a deal to raise the debt ceiling, dragging the United States...
- Republican speaker McCarthy said there was still "a lot of work to do, but I believe this is an agreement in principle that's worthy of the American people."
- US President Joe Biden said the deal was "good news for the American people, because it prevents what could have been a catastrophic default.
Business
EDB, Paraguay’s Development Finance Agency ink MoU to boost collaboration
ABU DHABI, UAE - Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of...
- EDB and AFD will leverage their outstanding capabilities and professional expertise in agritech financing.
- The two firms will share their experiences in financing SMEs and providing smooth and flexible access to capital.
Economy
Iraq budget vote delayed as Kurds oppose amendments on oil
In a country where political agreements are concluded after endless negotiations between political parties, the objection of the Kurds is...
- Iraqi Kurdistan's Prime Minister Masrour Barzani said Saturday the budget amendments amounted to "treason" and an affront to Iraqi Kurdish rights
- Iraq's oil dependent economy has traditionally been plagued by budget delays, which the government's three-year proposal aimed to avoid
Economy
In drought-hit Tunisia eco-friendly farming takes root
New methods such as permaculture are especially useful in Tunisia where an unprecedented drought has parched the countryside and left...
- The Tunisian Association of Permaculture's "Plant Your Farm" project aims to create 50 micro-farms over five years, of which around 30 are already up and running
- To help Tunisia's new eco-farmers sell their organic produce and spread the word on permaculture, the association has promoted farmers' markets and created a "citizen food" label
Economy
Iraq warned to end oil addiction in order to avoid ‘intensive care’
Iraq looks to have renewable energies cover a third of its electricity needs by 2030 and has signed several contracts...
- Baghdad will "diversify the economy" in the next 10 years, said Muzhar Saleh, economic adviser to Iraq's prime minister
- To initiate reforms needed to achieve "green growth", the World Bank estimates Iraq must spend $233 billion, spread out until 2040
Economy
Sharjah set to hold second UAE-China Tyre & Auto Parts Expo
Sharjah, UAE--More than 130 auto and tyre companies from China will take part in the second edition of the "UAE...
- According to Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, the exhibition is expected to become the most sought after platform for auto-industry stakeholders
- The expo will showcase the latest arrivals in auto parts and accessories, tire and battery products, automotive electronics and maintenance equipment
Geostrategy
Several Western states seeking division between OPEC members: Raisi
Tehran, Iran-- Urging OPEC member countries to preserve cohesion and unity among them, Iran's President Ebrahim Raisi said that several...
- Raisi, citing the history of good relations with OPEC, expressed his country's desire to continue strengthening the cooperation with it
- Haitham al-Ghais applauded the Islamic Republic's effort, both at ministerial and technical level, to strengthen the cohesion and unity of OPEC members
Economy
Global investment in clean energy to rise to US$1.7trn: IEA
Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set...
- According to the IEA report, investment across the globe in clean energy technologies is vastly outpacing spending on fossil fuels
- With solar in the forefront, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation
Economy
Safeguarding ‘digital public square’ is essential
States are struggling and “often failing” to protect online space for the common good, “swinging between a laissez-faire approach that...
- UN High Commissioner for Human Rights emphasizes the necessity of a safe online environment for a fully functioning society
- Volker Türk criticizes the laissez-faire approach and overbroad regulations hindering the proper protection of online space
Economy
US close to fixing debt ceiling issue, says President Biden
WASHINGTON, US - President Joe Biden said that Democratic and Republican negotiators were on the verge of resolving a debt ceiling...
- "It's very close and I'm optimistic," Biden said, adding "I'm hopeful we'll know by tonight whether we're going to be able to have a deal".
- Although there was no indication of an imminent public announcement, it was the strongest sign yet that the drama in Washington might end.
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Saudi Arabia’s real GDP grows by 3.4 percent in Q1 mainly on non-oil activities
Riyadh, Saudi Arabia -- Saudi Arabia’s first quarter real Gross Domestic Product (GDP) grew by 3.4 percent year-on-year, according to...
Economy
Company News
Latest News
UAE achieves a milestone in economic diversification
“This is a genuine milestone for our nation. The expansion of foreign trade is a pillar of the UAE’s economic...
Economy
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
KSA seeks to lead global sustainability drive with Alat
Led by Saudi Crown Prince Mohammed bin Salman, Alat is poised to revolutionize the tech sector, aiming for carbon neutrality...
Economy
Most Read
Business
35 Jordanian companies to participate in Gulfood 2024 in Dubai
AMMAN, JORDAN – A total of 35 Jordanian companies are taking part in Gulfood 2024, the world's largest annual food...
- The Jordan Exporters Association is coordinating the country's participation in the event.
- JEA is coordinating local participation in the exhibition for the 20th consecutive time.
WTO chief insists global trade body still counts
WTO members' trade ministers have their biennial meeting in Abu Dhabi from February 26-29, at which they could put the...
- World Trade Organization is hoping for results from its 13th ministerial meeting in Abu Dhabi, particularly on fishing, agriculture and electronic commerce
- WTO chief said the meeting to be tough due to the "economic and political headwinds", from Ukraine war, the attacks in the Red Sea and economic difficulties in Europe and China
Economy
Saudi Arabia ranks 1st in international tourist arrivals growth in 2023
Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023...
- The kingdom recorded a remarkable tourism recovery rate of 156% in international tourist arrivals in 2023 compared to 2019, the report revealed
- Saudi Arabia set a record in international tourist receipts, with total spending exceeding SAR 100 billion ($27 billion) for the first three quarters of 2023