Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
Geostrategy
Russia to withdraw from grain deal if all conditions are not fulfilled
Russia delivered a new warning to the West over a grain deal with Ukraine, saying a number of conditions must...
- Russia, whose economy has been hit by a raft of Western sanctions, has repeatedly threatened to walk away from the agreement if obstacles to its own exports remain.
- There are no sanctions on Russian exports of food and fertilizers to global markets but the problems are related to sanctions on shipping, insurance companies and banks.
Economy
Italy calls for unconditional pre-reform bailout package for Tunisia
Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking...
- EU leaders including Italian Prime Minister Giorgia Meloni have warned of the risks of an economic collapse which could drive more people to cross the Mediterranean Sea.
- Migrants from across Africa and Tunisia itself regularly use Tunisia's coastline, less than 150km from the Italian island of Lampedusa, to reach Europe.
Business
ADNOC L&S to deploy five very large gas carriers
ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced on...
- The gas carriers will be owned and operated by AW Shipping, an ADNOC L&S joint venture with Wanhua Chemical Group.
- VLGCs transport liquefied petroleum gas and will provide ADNOC L&S greater flexibility to meet growing global gas demand.
Economy
German inflation eases to 7.4% in March as high energy prices slide
Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final...
- In March food prices continued to rise by 22.3 percent, up from 21.8 percent in February and 20.2 percent in January
- In order to help bring energy prices down until 2024, including a cap on gas and electricity prices, Germany has committed $200 billion
Economy
Tunisia farmers stare at poor harvest as drought imperils food security
Even before the roasting summer months, the soil is dry and dusty in the small Mediterranean country, whose water resources...
- At a time when the global cereals market has been disrupted by Ukraine war, Tunisia's domestic grain production has also withered under a lack of rainfall that has killed off crops
- UTAP has called on the government to urgently announce a drought and state of water "emergency" and has demanded a "clear strategy" to boost Tunisia's water reserves
Business
SoftBank to sell Alibaba stake
It has sold more than US$7bn of its shares since early 2023.
- The Japanese investment titan, an early investor in the Chinese internet giant founded by Jack Ma, started offloading its shares last year
- Alibaba like other leading Chinese tech firms has been badly impacted by a regulatory crackdown on the industry starting in 2020
Economy
World Bank members approve moves to boost lending by US$50bn over decade
Washington, United States--World Bank member countries have endorsed measures allowing a $50 billion lending boost over the next decade, its outgoing...
- US Treasury Secretary Janet Yellen exhorted World Bank to continue taking on added reform measures this year
- Outgoing World Bank president David Malpass said discussions with shareholders this week have "yielded signs of progress"
Economy
Egypt’s Sisi meets UAE leader amid economic woes
Cairo's foreign reserves fell by about 20 percent in one year to $34.45 billion -- about $28 billion of which...
- Sisi has been courting Gulf leaders as Egypt grapples with economic turmoil that has seen inflation shoot up to nearly 34% and the local currency halve in value
- Egypt was hit hard by the impact of Russia's invasion of Ukraine last year, having heavily relied in wheat imports and revenues from tourism from both countries
Economy
Lebanon judge to lift travel ban on central bank chief: judicial officials
Under investigation both at home and abroad on suspicion of fraud, money laundering and illicit enrichment, Riad Salameh has been...
- Speaking to the media, the first judicial official said that Judge Ghada Aoun will lift the travel ban on Riad Salameh tomorrow
- Lebanon is also investigating Salameh on suspicion of financial misconduct including possible embezzlement, money laundering and tax evasion
Business
LVMH posts Q1 revenue of $23.1bn
Jump in sales across all regions, including China.
- LVMH became Europe's most valuable company in January when its market capitalization soared to US$440 billion.
- The United States had a steady performance while "Asia experienced a significant rebound following the lifting of health restrictions".
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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
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Company News
Latest News
Saudi authorities reduce fee for recruiting domestic help
Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...
Economy
IMF chief at Davos: AI holds risks, opportunity for global economy
Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity...
World Economic Forum
Saudi inflation rate declines slightly to 1.5 percent in Dec: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent...
Economy
Most Read
World Economic Forum
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
- Around 56% economists expect the global economy to weaken this year, while 43 percent foresee unchanged or stronger conditions
- In the MENA region, US the outlook is weaker too, with about six in 10 respondents foreseeing moderate or stronger growth this year
Business
Saudi govt exposes violations in expatriate partnerships
Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella...
- The government identified cases of cover-up, including scenarios where a Saudi citizen transfers ownership of a commercial establishment to a non-Saudi individual
- A key point of differentiation stressed by the program is between commercial cover-up and the concealment of labor violations
Economy
AI to impact 60% of advanced economy jobs: IMF’s Georgieva
The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP. "We must focus...
- The IMF report notes that half of the jobs impacted by AI will be negatively affected, while the rest may actually benefit from enhanced productivity gains due to AI
- AI will initially have a lower impact on developing economies and they are also less likely to benefit from the advantages of the novel technology, according to the report