Trump admits trade war ‘cost’ as markets hit
Jitters about US tariffs hammered Asian stocks again early Friday as President Donald Trump acknowledged a "cost" to his surging...
Economy
China vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...
Economy
Economy
Egypt sees growth in financial inclusion, touches 65% of adult population
Cairo, Egypt-- Egypt's financial inclusion has widened as total ownership of transactional accounts reached 64.8 percent of the total 65.4...
- The country's financial inclusion rose 147 percent between 2016 and 2022 to 42.3 million citizens who own and use transactional accounts
- Mobile wallets and prepaid cards primarily led to the increase, growing by 54 percent and 31 percent respectively
Economy
IMF, World Bank to consider ‘ambitious reform’ in spring meetings
Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform...
- The IMF estimates globlal growth to drop below three percent this year, and to remain at close to three percent for the five years
- Although Asia's emerging markets might witness a big rise in economic output, nearly 90 percent of world's large economies will see slow growth this year
Economy
4th batch of Saudi oil derivatives grant arrives in Aden
Aden, Yemen - The fourth batch of the Saudi Oil Derivatives Grant, consisting of 150,000 metric tons of diesel and...
- This initiative is part of Saudi Arabia's ongoing efforts to support the Yemeni people
- The grant was provided to help Yemen operate over 70 power generation plants
Business
Saudi Arabia 60 percent self-sufficient in mango production
Dubai, UAE – Saudi Arabia has achieved 60 percent self-sufficiency in the production of mangoes in the kingdom, producing more...
- The kingdom produced more than 88000 tons of mangoes on more than 6880 hectares of land, the Ministry of Environment, Water and Agriculture said.
- More than 20 varieties of mango are produced during the growing season from April to August, which include Tommy Atkins, Kate, Kent, Alphonso.
Business
Oman issues order to regulate consumer cooperatives
MUSCAT, OMAN - Oman Ministry of Commerce, Industry and Investment Promotion on Sunday issued an order to regulate the activities...
- The order aims at promoting Omani products, establishing new supply chains, supporting national industries.
- The ministry pointed out that consumer cooperatives operate under a legal framework to sell goods.
Economy
Small US banks use enlarged deposit guarantee to compete with giants
Federal data shows that some depositors at small banks did head for the exits, moving some $120 billion in a...
- US banking rules guarantee deposits of up to $250,000, meaning that customers with larger holdings face losses if the bank goes under
- Leader Bank can guarantee up to $100 million in deposits from individuals through a technology platform run by fintech company IntraFi
Business
Ras Al Khaimah Economic Zone attracts 1,839 companies in Q1
Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023,...
- RAKEZ CEO said the reason companies choose the zone was because of its innovative business solutions and aiding enterprises of diverse types
- The economic zone also posted high growth in sectors like services, e-commerce, and media companies, highlighting its diverse business landscape
Science
DEWA to launch second nanosatellite for remote sensing this month
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has completed preparations to launch its second nanosatellite for remote sensing applications in...
- The satellite will blast off from Vandenberg Air Force Base in California and will be launched by SpaceX Falcon 9 rocket
- DEWA's Research and Development Centre designed and developed the nanosatellite in cooperation with NanoAvionics in Lithuania
Economy
Credit Suisse takeover prevented Swiss economy collapse: minister
Swiss Finance Minister said that the government had acted in the country's best interests in swiftly arranging the takeover of...
- The bank takeover talks were hastily conducted at Keller-Sutter's finance ministry in Bern and the $3.25 billion deal was announced on March 19
- The minister said the government would have to analyse what happened in full, and then adapt the regulations on banks considered too big to fail
Economy
UAE, Saudi Arabia lead GCC in job outsourcing
The latest developments are generating substantial growth opportunities for both local and international service providers in the outsourcing market, a...
- The latest developments have generated substantial growth opportunities for both local and international service providers in the outsourcing market, a report points out
- The UAE's outsourcing market is expected to reach US$6.8 billion in 2023, while Saudi Arabia's outsourcing market is projected to reach US$5.7 billion in 2027, it adds
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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
Trump admits trade war ‘cost’ as markets hit
Jitters about US tariffs hammered Asian stocks again early Friday as President Donald Trump acknowledged a "cost" to his surging...
Economy
Company News
Dubai Investment posts profit
Business
Latest News
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
Economy
Saudi Vision 2030 aligns with global eco-goals
"The Davos meeting provides a platform for showcasing Saudi Arabia’s significant efforts and progress in these areas ... International partnerships...
Economy
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
Most Read
Economy
Sustainable practices make GCC economy resilient
A shift to green tech and renewable energy is fostering the Gulf economy's resilience and diversification for a sustainable future,...
- A shift to green tech and renewable energy is fostering the Gulf economy's resilience and diversification for a sustainable future, says Phil Malem of Serco Middle East.
- GCC's focus on renewable energy, water management, and sustainable transport, alongside green technologies, spurs job creation and aligns with global climate goals.
Economy
IMF okays $700 million disbursement for cash-strapped Pakistan
Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part...
- The funds were unlocked after the International Monetary Fund board approved the first review of a nine-month.
- Thursday's disbursement brings the total released under the agreement to around $1.9 billion, the Fund said.
Market Report
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
- Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
- The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.