MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
Oil under $65 a boon for consumers, but a burden on producers
London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by...
Business
Business
Tadawul-listed firms report 22% drop in first quarter net profit
Dubai, UAE -- A 22 percent drop in net profit was reported by Tadawul-listed companies in the first quarter of...
- Argaam reported the decline in net profit was due to a drop in Saudi Aramco’s first quarter earnings by more than 17 percent, as well as lower earnings of petrochemical companies.
- The first-quarter results included SAR 5.87 billion one-off gains generated by Kingdom Holding Company (KHC) from selling half of its stake in Four Seasons Holding.
Business
SEDD designates specific areas to run auto spare parts business
Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic...
- The department said that trading in used auto spare parts in the emirate will be "reorganized" by amending the geographical areas permitted to practice the business
- The reorganization is part of the strategey to promote economic growth and consolidating the emirate's posiiton as the key global trade and economic center
Geostrategy
Israel passes budget with controversial cash for ultra-Orthodox
The Prime Minister Benjamin Netanyahu spent recent weeks cutting deals with his ultra-Orthodox and extreme-right coalition partners, to meet a...
- Thousands of Israelis marched through Jerusalem on Tuesday to protest the government's plans to hand more cash to the ultra-Orthodox minority
- The 2023-2024 budget of Israel was ultimately passed early Wednesday with the support of all 64 coalition lawmakers in the 120-seat parliament
Business
Al Dahra Group signs supply agreement with Estonian firm Golden Fields
Riga, Latvia--Al Dahra Group has signed a supply agreement with Golden Fields, an Estonian agriculture company specializing in the production...
- Under the terms of the deal Al Dahra Group will be supplied forage commodities by Golden Fields through its agreements in Estonia, Lithuania, Latvia and Finland
- Al Dahra Group CEO Arnoud van den Berg said that owing to the partnership with Golden Fields, a promising new page has been turned for agriculture in the Baltic region
Business
Qatar interested in developing Iraqi energy projects: Iraqi oil minister
Doha, Qatar-- Qatar is keen to obtain rights for oil and gas exploration in Iraq, according to Iraq's oil minister...
- The Iraqi minister exhorted international companies to take part in developing oil fields as "these investments play a big role in securing financial resources of Iraq"
- Baghdad signed deals with UAE firm Crescent Petroleum and two Chinese companies in February this year for the development of six oil and gas fields
Business
Al Mahhar to list on QSE
Some 207mn shares will be on QSE through direct listing.
- Firms wanting to list in the QEVM category need to have at least 20 non-funding shareholders who own no less than 10% of the company's capital upon listing
- Upon listing the company's founders have permission to sell and trade no more than 30% of their shares, provided they retain 60% of their shares
Economy
Africa needs greater finance to battle climate change
“When it comes to renewable energy, only two percent of the US$3 trillion invested worldwide over the last twenty years...
- Dr Sultan bin Ahmed Al Jaber, the COP28 President-Designate, calls for a significant increase in public and private climate finance for Africa
- Only 2% of global renewable energy investment has gone to Africa in the last two decades, highlighting the need to shift climate finance balance.
Business
Qatar Airways boss skeptical on aviation industry’s 2050 net zero target
DOHA, QATAR - Qatar Airways' chief executive on Tuesday doused hopes that the aviation industry can become carbon neutral by 2050,...
- Not enough sustainable aviation fuel is being produced, and technological hurdles remain to using hydrogen as a replacement.
- In 2021, the International Air Transport Association's member airlines committed to achieving net zero carbon emissions by 2050.
Economy
Month after predicting contraction, IMF expects UK economy to grow
The IMF said the 2023 upgrade reflected "higher-than-expected resilience" in both demand and supply, alongside improved confidence in reduced post-Brexit...
- Britain's economy is now predicted to expand by 0.4 percent, the International Monetary Fund said in its latest outlook document which partly cited weaker energy prices.
- The news comes after the BoE forecast earlier this month that the UK economy would avoid recession this year despite the country's annual inflation stuck above 10 percent.
Geostrategy
UK Business Secretary to visit Gulf countries to boost trade ties
LONDON, UK - British Business and Trade Secretary Kemi Badenoch will hold talks for a modern, comprehensive trade deal as...
- British Business and Trade Secretary said, "We already have a strong trade and investment relationship with the Gulf nations."
- She said, "The GCC represents an enormous opportunity for UK firms, whether it’s selling brilliant British food and drink products."
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MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
Company News
Latest News
Oil prices rise following Red Sea attacks
Market Report
Saudi budget records $10 billion deficit in Q4 2023
Riyadh, Saudi Arabia - Saudi Arabia's general budget recorded a deficit of $9.86 billion in the fourth quarter of 2023,...
Economy
GCC economies eye $2.5trn from better productivity
The region pins hope on the new Productivity Potential Index that offers a forward-looking framework, incorporating environmental, health, and innovation...
Economy
Saudi Arabia extends online services to help foreign firms set up regional hqrs in kingdom
Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking...
Economy
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Economy
UAE is an exceptional economic leader in Middle East
"We've collaborated closely with the World Governments Summit for over a decade. It presents a vital opportunity to foster innovative...
- UAE hailed as a pivotal economic and innovation hub in the Middle East by OECD Secretary-General Mathias Cormann.
- Global economy's resilience amid COVID-19 highlighted, with growth projections of 2.9% and 3% for the upcoming years.
Economy
South Korea presses for enhanced ties with UAE in high tech and AI
Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...
- He affirmed his country's eagerness to explore and exchange digital best practices with the UAE
- Jean said the UAE has attracted Korean experts specialised in AI to enhance knowledge exchange
Economy
IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
- The Israel-Hamas war raging since October has already hit the Middle East and North Africa region's economy, the IMF chief said.
- She said that if there are other "consequences in terms of where the fighting goes, it could be more problematic for the world as a whole".