US and China prepare for trade talks as Trump floats tariff cut
Senior US and Chinese officials are in Switzerland this weekend for talks aimed at de-escalating a burgeoning trade war sparked...
Economy
OPEC+ countries to open the oil taps despite price slump
Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000...
Economy
Business
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.
- Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
- The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.
Economy
Gulf countries build on unprecedented megaprojects
Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States,...
- Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States, a latest report highlights
- The first construction megaproject with a cost exceeding $1 trillion is expected to emerge by the end of the decade, the latest 1Build report points out
Business
One in five cars sold this year will be an electric vehicle: IEA
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as...
- In its annual report on electric vehicles, the IEA said it expects annual sales to rise 35 percent this year to reach 14 million.
- The IEA said the overwhelming majority of electric car sales are concentrated in three markets: China, Europe and the United States.
Economy
India to connect its power grid with Saudi Arabia, UAE
New Delhi, India--India is looking to connect its power grid with Saudi Arabia and the UAE by way of undersea...
- The agreements between India and Saudi Arabia and the UAE are expected to be signed once the Indian cabinet ratifies the decision
- In January this year, India and the UAE said they will conduct a feasibility study to link up their power grids through underwater cables
Economy
Bahrain’s real GDP grows by 4.09% in Q4 2022
Manama, Bahrain - Bahrain has reported a 4.09 percent increase in its real GDP in the fourth quarter of 2022...
- The high-achieving sectors include the financial corporations sector which grew by 8.22 percent and the trade sector, which increased by 6.57 percent
- With 18.57 percent of the GDP, the financial corporations sector contributed the most to Bahrain's economy, followed by the crude oil and natural gas sectors
Economy
Jordan urges financial support to UNRWA for refugee relief
Amman, Jordan - Jordan has urged the international community to provide urgent financial support to the United Nations Relief and...
- The call was made by Jordanian Foreign Minister Ayman Safadi during his meeting with UNRWA Commissioner-General Philippe Lazzarini in Jordan on Tuesday
- They discussed efforts to bridge the financial deficit and ensure that the agency can continue to provide education, and relief aid to Palestinian refugees
Economy
‘Sustainable supply chains, global ties crucial’
The Gulf country has introduced several initiatives to support and promote international economic partnerships, including the comprehensive economic partnership agreements...
- The UAE aims to promote global economic cooperation and enhance openness to the world, says its Economy Minister Abdullah Bin Touq Al Marri
- The Gulf country focuses on creating investment opportunities in new economy sectors and supporting sustainable supply chains, the minister adds
Economy
MENA startups show resilience despite challenges
While 67 deals totaling $247 million in funding were reported in March 2023, the total capital raised in Q1 2023...
- While 67 deals totaling $247 million in funding were reported in March 2023, the capital raised in Q1 2023 surpassed $1.1bn, marking a 17% rise over the last quarter
- The financial technology industry emerged as the most attractive sector, receiving 73% of venture capital activity, highlights Wamda's March report
Economy
Abu Dhabi Festival celebrates 20 years with record number of visitors
Abu Dhabi, UAE— More than 20,000 people visited the 20th edition of Abu Dhabi Festival in the first twenty days...
- Over 20,000 visitors attended the festival in March that saw nine performances by different artists, composers, and musicians
- The local Emirati singer and rising star Rashed Al Nuaimi gave a performance during the festival’s opening night
Economy
US consumer confidence falls ahead of Federal Reserve decision
US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55...
- The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement.
- New home sales in the United States defied expectations to hit a one-year high in March, the Commerce Department said.
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
US and China prepare for trade talks as Trump floats tariff cut
Senior US and Chinese officials are in Switzerland this weekend for talks aimed at de-escalating a burgeoning trade war sparked...
Economy
Company News
Latest News
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...
Economy
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...
Arts & Culture
US economy defy expectations to grow stronger in Q4 2023
Washington, US - US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering...
Economy
Most Read
Business
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
- Driven by Dubai Business Events, the wins reflected a robust 49 percent increase in successful bids compared to 2022.
- DBE brought a citywide offering to the global market that resonated with the core needs of the business events industry.
Economy
Saudi Arabia set to launch advanced means of air mobility
Riyadh, Saudi Arabia - Saudi Arabia is planning to start air mobility that is most advanced and safest in the...
- The Saudi General Authority of Civil Aviation is spearheading the Advanced Air Mobility (AAM) initiative that encompasses a spectrum of innovative solutions
- The initiative seeks to ease traffic congestion, enhance accessibility to remote areas, and contribute to overall economic and social development
Economy
Global HQs help Saudi youth boost skills, get jobs
The presence of multinationals promises a transfer of expertise and skills, enhancing opportunities for Saudi youth and contributing to the...
- The presence of multinationals promises a transfer of expertise and skills, enhancing opportunities for Saudi youth and contributing to the Kingdom's diversification.
- Riyadh aims to become a global economic hub, drawing international experts and fostering knowledge transfer, with potential economic benefits estimated at $45 billion.