OPEC+ ministers, led by Saudi Arabia and Russia, meet as oil output hike looms despite falling prices
The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and...
Economy
UAE-Morocco consortium sign $14 billion worth of energy, water infrastructure projects
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of...
Economy
Nile-side Egypt town heralds spring with millennia-old pungent delicacy
The delicacy of saltwater fish, buried in salt for weeks at a time, remains a staple as Egyptians celebrate on...
- The traditional dish feseekh dates back more than 4,000 years and has been found in archaeological sites in Egypt, said former antiquities minister Zahi Hawass
- Even a sharp economic crisis impacting every facet of Egyptian life over the past year, has not stopped locals from getting feseekh at a price of about $7-8 per kilo
Economy
Saudi Arabia and Netherlands discuss export of clean hydrogen to Europe
Riyadh, Saudi Arabia-- Saudi Arabia and the Netherlands have discussed the possibility of exporting clean hydrogen from the kingdom to...
- The two also discussed the kingdom's efforts in clean energy and climate change through its local and regional initiatives
- In a separate meeting, the Saudi Foreign Minister Prince Faisal bin Farhan and the Dutch minister reviewed the bilateral relations between the two nations
Geostrategy
More than 40 people killed in Syria attacks blamed on IS
The Observatory, which has a wide network of sources on the ground in Syria, said fighters riding motorbikes also attacked...
- Since February, more than 240 people have been killed in IS attacks targeting truffle hunters or by landmines left by the extremists
- Remnants of explosives laid by all sides in the conflict are now claiming more lives in Syria than anywhere else in the world, says the UN
Economy
Annual inflation in Qatar shoots up 4.01 percent in March
Doha, Qatar-- Inflation in Qatar rose by 4.01 percent year-on-year in March, because of a rise of prices across eight...
- Recreation and culture posted the highest increase, climbing up to 13.63 percent, according to the data released by the Planning and Statistics Authority
- During the fourth quarter of 2022, Qatari banks recorded the highest loan increase among Gulf lenders, despite a stiff interest rate environment
Business
Merck to buy Prometheus
The US$11bn deal will drive drug company's growth.
- At the closing of the New York Stock Exchange on Friday, Prometheus's share price stood at $114.01
- The medical company is in the middle of developing a treatment for autoimmune diseases, including ulcerative colitis and Crohn's disease
Geostrategy
Iraq invites Turkey, Iran to discuss water share issue Â
BAGHDAD, IRAQ -Â Iraq's Minister of Water Resources Aoun Diab said on Sunday that the releases of the Tigris River...
- Iraq's Minister of Water Resources said that an invitation was extended to the Iranian Minister of Energy to attend the third Baghdad Water Conference.
- Iraq invited the Turkish delegation for the purpose of continuing discussions on activating the memorandum of understanding signed between the two countries.
Business
Europe’s largest nuclear reactor begins operation in Finland
The most powerful nuclear reactor in Europe, with a capacity of generating 1,600 megawatts, Olkiluoto 3 reached full power in late...
- Olkiluoto 3, now producing around 14 percent of the country's electricity, is expected to remain operational for "at least the next 60 years".
- Built by Areva-Siemens consortium, the reactor was first started up in December 2021 and connected to the Finnish power grid in March 2022.
Business
Qatar Tourism head says country expects over 5m visitors in 2023
DOHA, QATAR - Qatar expects more than five million people to visit the Gulf state in 2023 despite a post-World Cup...
- The head of Qatar Airways and Qatar Tourism admitted that hotels had fallen quiet after the World Cup final on December 19.
- He insisted that every World Cup host has the same lull after the tournament and that hotels were still 65-70 percent full.
Economy
Iraqi government plans to reduce economy’s dependence on oil
BAGHDAD, IRAQ - Iraqi Prime Minister Muhammed S. Al-Sudani chaired a meeting focused on discussing the provisions of the federal...
- The meeting discussed the provisions of the federal budget bill submitted to the Parliament.
- The Iraqi PM highlighted the plans for enhancing development and advancing the economy.
Saudi Arabia transfers more Aramco shares to wealth fund in bid to ‘diversify’ economy
Prince Mohammed said the latest transfer will "solidify PIF's strong financial position". Authorities did not give a value for the...
- The move, part of a campaign to open up the oil-rich kingdom's economy, follows a transfer of four percent of Aramco shares, estimated at the time to be worth $80 billion
- The Saudi crown prince billed the move as part of a push "to boost and diversify the national economy and expand investment opportunities", according to the report
OPEC+ ministers, led by Saudi Arabia and Russia, meet as oil output hike looms despite falling prices
The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and...
Economy
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ECB to urge patience on rate cuts in battle against inflation
The central bank is tipped to leave rates unchanged for a third consecutive meeting, keeping the benchmark deposit rate at...
Economy
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...
Business
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...
Economy
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Economy
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial...
- The significant 116% leap comes in the wake of the government's decision to prioritize the localization of the sector
- The housing sector, in particular, benefits from substantial corporate support, with 21 initiatives worth over $181 million
Business
IsDB discusses collaboration with China’s ICBC and BOC
Jeddah, Saudi Arabia -- President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials...
- The ICBC Bank Chief Business and Management Officer Wang Kun, expressed interest in the sukuk (Shariah-compliant bonds) market
- The BOC's Chief Business and Management Officer discussed strengthening collaboration in treasury activities, stock, and capital markets
Economy
Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...
- The council has been set up to develop policies and strategies related to research, infrastructure and investments in AI in Abu Dhabi
- It will formulate plans in collaboration with local and global partners to enhance Abu Dhabi's status in the fields of artificial intelligence