MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal...
Economy
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
Business
Dana Gas posts fall in profit
Its net profit fell 7 percent to US$50 million in Q1 of 2023.
- Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
- The company attributed the decline in revenue and net profit to a fall in energy prices from high levels
Economy
Rise of ChatGPT: GCC might lose 10 million jobs in 5 years
Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might...
- According to a Goldman Sachs economist, more than 65 percent of occupations will be partially or fully automated in the coming years
- Critics of generative artificial intelligence that powers chatbots argue that it can never be able to replace the genius of human mind
Economy
Morocco, UK ink pact on climate action, clean energy, green growth
Rabat, Morocco: Morocco and the United Kingdom signed on Tuesday a Strategic Framework for Cooperation on climate action, clean energy...
- The agreement aims to facilitate Morocco’s accelerated transition from fossil fuels to clean and affordable energy
- It also aims at the systemic integration of climate action into government and private sector planning and action
Economy
Saudi Arabia leads Arab world in gold reserves
The Kingdom holds 323.1 tons of gold, accounting for 21.4% of the total yellow metal held by central banks in...
- The Kingdom holds 323.1 tons of gold, accounting for 21.4% of the total yellow metal held by central banks in the Arab countries. Qatar, UAE and Kuwait are also regional leaders
- Saudi Arabia and Oman have the majority of the natural gold mines in the GCC region. Saudi gold ore production, meanwhile, stood at around 430,000 ounces in 2022
Business
First-ever Dubai-Palestine business meet focuses on startups
Dubai, UAE - A delegation of Palestinian business executives including 21 start-up representatives visited Dubai Chamber of Digital Economy. It...
- The event included demonstration of key steps to set up a digital-first business in Dubai, and trade opportunities with Dubai companies.
- Participants at the event included Hashim Shawa, Chairman of Bank of Palestine Group, and; Linda Tarzi, Board Member at Bank of Palestine Group.
Geostrategy
Oman to ramp up ‘military and defense industry’ ties with Iran
Tehran, Iran-- Oman is keen to improve the military and defense ties with Iran in order to ensure the security...
- Sultan of Oman underscored the importance of developing military and defense industry cooperation between the two countries
- The visiting Iranian Major General Mohammad Bagheri termed Tehran-Muscat relations as stable and positive
Business
ADNIC records 17% profit rise
The firm's net profit soared to US$27.14mn in Q1 of 2023.
- The insurance company's total revenue took a dive to $273 million in Q1 of 2023 from $300 million for the same period in 2022
- Its net income from investment however shot up 94.0% to $12.60 million compared to $6.50 million for the same period in 2022
Business
Saudi Arabia, South Korea sign two MoUs for mobility, road projects
Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed two agreements on Tuesday for future mobility and roads in the...
- The agreements between the two countries will boost cooperation in mobility and innovation in the transport and logistics services sectors
- Both the countries will, in accordance with the spirit of the agreement, exchange experiences to solve challenges in adopting modern technologies
Economy
Qatar, Spain launch innovation program to support collaborative research
Doha, Qatar: Qatar and Spain have launched the Qatar Spain Innovation Program (QASIP), a joint venture between the Qatar Research,...
- The program aims to support collaborative research and development projects in energy, health, resource sustainability, and digital technology
- The program is the first fruit of cooperation between the QRDI Council and CDTI, following a MoU signed by Qatar and Spain in 2022
Business
Central Bank of Oman issues treasury bills valued at US$36.35 million
Muscat, Oman--The Central Bank of Oman (CBO) has raised $36.35 million by way of allotting treasury bills on Tuesday, the...
- According to the central bank, the value of the allotted treasury bills amounted to $26 million, for a maturity period of 28 days
- The bank added in a statement that the allotted treasury bills amounted to $10.38 million for a maturity period of 91 days
MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal...
Economy
Company News
Latest News
DMCC witnesses 10 percent rise in US companies in 2023
DUBAI, UAE – DMCC successfully concluded its most recent Made for Trade Live tour of the US, hosting events in...
Business
OPEC Fund grants US$30m loan to Uganda to build key road link
Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a...
Economy
UAE real GDP to grow 5.3 percent in 2024: S&P Global
Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according...
Economy
Most Read
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
- The UAE's Department of Energy's integrated system focuses on clean and renewable energy to achieve climate neutrality.
- Investment in youth and their innovative ideas is essential for building a sustainable future, says DoE's Awaidha Murshed Al Marar .
Economy
Saudi Crown Prince says will work for Gulf unity and prosperity of its people
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Wednesday said he will make efforts to achieve the unity...
- Mohammed bin Salman said this while co-chairing the 3rd meeting of the Saudi-Bahraini Coordination Council with his Bahraini counterpart
- The two leaders witnessed the announcements about key joint projects and signing of a number of agreements and memoranda of understanding
Geostrategy
US lawmakers reject US$17.6 billion Israel aid bill
Republicans in the House of Representatives scheduled the vote after the Democratic-led Senate released a bipartisan bill Sunday pairing billions of dollars for...
- The standalone Israel bill would have provided $17.6bn in military aid for the country
- 167 Democrats voted no after Biden had threatened to wield his veto