Global stocks mostly rise as Trump grants auto tariff relief
Stocks moved sideways on Monday after notching four straight positive sessions last week as Trump adopted a more conciliatory posture...
Economy
Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
Geostrategy
Economy
MENA region’s growth may decelerate this year: IMF
Oil exporters are set to experience slower growth due to a shift from oil to nonhydrocarbon activities, says Jihad Azour,...
- Oil exporters are set to experience slower growth due to a shift from oil to nonhydrocarbon activities, says Jihad Azour, Director of IMF's Middle East and Central Asia Department
- Growth in the region's emerging markets is also expected to fall from 5.1% in 2022 to 3.4% in 2023 due to tighter monetary and fiscal policies, suggests the latest IMF report
Geostrategy
258m people require food aid, says UN report
PARIS, FRANCE - Some 258 million people needed emergency food aid last year because of conflict, economic shocks and climate disasters,...
- In 2022, 258 million people faced high levels of acute food insecurity in 58 countries or territories, a UN report said.
- Over 40 percent of those lived in Democratic Republic of the Congo, Ethiopia, Afghanistan, Nigeria and Yemen, the report added.
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 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
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Global stocks mostly rise as Trump grants auto tariff relief
Stocks moved sideways on Monday after notching four straight positive sessions last week as Trump adopted a more conciliatory posture...
Economy
Company News
Latest News
Egypt’s wheat and oil reserves sufficient for several months, says minister
Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the...
Economy
Embracing renewables secures UAE’s green future
"COP28 saw all parties reach an agreement on the historic ‘UAE Consensus.’ This consensus includes achieving a well-organized, responsible, fair,...
Economy
Iran, Turkiye ink contract to connect power grids
Ankara, Turkiye – Iran and Turkiye signed contract to connect their power grids during the visit of Iranian president Ibrahim...
Most Read
Economy
US Federal Reserve’s favored inflation gauge rises before rate decision
The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement...
- The closely watched "core inflation" measure, which strips out volatile food and energy costs, continued to ease.
- This will likely reassure the Fed that trends are moving in the right direction, despite the latest uptick in headline prices.
Economy
Indians queue for Israel jobs as war in Gaza rages
India's urban unemployment rate -- the percentage of people wanting work who cannot find a job -- dipped to 5.1...
- Recruiters are aiming to fill a labour shortage in Israel exacerbated by nearly four months of fighting against Palestinian fighters in Gaza
- For the hundreds of Indians in line, almost all men, the chance of a skilled construction job in Israel - and wages up to 18 times higher - outweighs their fears
Arts & Culture
Riyadh Season 2023 on track to outshine previous edition with over 15m visitors
Riyadh, Saudi Arabia - Riyadh Season 2023 is poised to surpass the record set in 2021, with over 15 million...
- The accomplishment was announced on Wednesday, highlighting the success in achieving the target number of visitors before the conclusion of the event
- Comparatively, the first edition of Riyadh Season in 2019 attracted more than 9.6 million visitors, while the third edition in 2022 saw a turnout of over 13 million visitors