Trump’s tariffs shake up MENA economies, hitting allies, adversaries, oil trade and emerging industries: Report
Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according...
Economy
Nations divided ahead of decisive week for shipping emissions
London, United Kingdom -- Members of the International Maritime Organization (IMO) are divided over whether to approve a carbon tax on...
Geostrategy
Oil market surges as Saudi-led top producers cut output defying US pressure
Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling...
- Crude futures surged almost eight percent at one stage after multiple members of the OPEC+ exporters' alliance unexpectedly slashed production
- The shock reduction, unveiled Sunday by Algeria, Iraq, Kuwait, Oman, Saudi Arabia and the UAE, will start in May and last until the end of the year
Turkey’s inflation slows to 50% ahead of election
Analysts warn that the economy may start heating up as the government rebuilds huge swaths of Turkey's southeast that were...
- The inflation rate slowed for a fifth consecutive month from a high of more than 85 percent, according to the state statistics agency
- Erdogan has tried to fight Turkey's inflation by slashing interests rates, the opposite approach taken by central banks in other countries
Economy
Business confidence drops among Japan’s largest manufacturers
Tokyo, Japan--Japan's largest manufacturers feel less optimistic about business conditions with confidence falling to its lowest level in more than...
- The quarterly Tankan survey undertaken by the Bank of Japan is seen as the broadest indicator of how Japanese businesses are performing
- Business confidence among major manufacturers dropped to plus one from plus seven three months earlier
Economy
Iraq and Jordan to set up economic city on common border
A joint economic city is going to come up on the Iraq-Jordan border and in this regard an international tender...
- The Iraqi-Jordanian Company for Industry, which will carry out the project, urged international companies to make a bid
- The economic city is expected to boost trade cooperation between the two countries and achieve integration in many fields
Economy
Regulatory clarity to help GCC region unlock full potential of Metaverse, cryptocurrency markets
Data privacy, security, consent management, safety, integrity, equity, inclusion, accessibility, affordability, and protection of virtual asset ownership remain key concerns.
- Data privacy, security, consent management, safety, integrity, equity, inclusion, accessibility, affordability, and protection of virtual asset ownership remain key concerns
- The two technologies provide an opportunity to KSA and UAE to enable and accelerate non-oil use cases in the region and become hubs in the region and beyond
Geostrategy
Egyptian President al-Sisi meets Saudi Crown Prince amid quest for financial aid
CAIRO, EGYPT - Egyptian President Abdel Fattah al-Sisi met Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz...
- Both Egypt and Saudi Arabia possess significant influence within the Arab, Islamic, and international spheres.
- The similarity between Egyptian and Saudi policies leads to alignment on several global, Arab, and Islamic issues.
Science
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...
- Various executives, business leaders and experts of the digital industry discussed at length the challenges and opportunities present in the sector
- Dubai aims to become a top destination for global digital investment and tech talent and is attracting software development professionals,
Economy
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...
- The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022.
- Also in 2022, non-EU imports (+41 percent) and exports (+18 percent) reached their highest year-on-year growth rates recorded over the last 10 years.
Economy
US tenants face eviction as inflation rises, Covid-era aid ends
The country sees 3.6 million eviction cases filed in a typical year, said Peter Hepburn, associate director of Eviction Lab...
- Some households were approved for rental assistance that never arrived as funding dried up, resulting in arrears of over $10,000.
- Black renters face greater risks, women are more likely to be listed as defendants and renters with children are at greatest risks of eviction.
Economy
Erdogan vows to build 319,000 homes in quake-hit southern Turkey
Ankara, Turkey--Turkish President Recep Tayyip Erdogan on Saturday pledged to rebuild the country's southern region devastated by powerful earthquakes on...
- The Turkish president promised to erase all traces of the destruction caused by the disaster, and prepare "more strongly" for possible disasters in the future
- The magnitude 7.7 and 7.6 quakes affected more than 13.5 million people in Turkey, as well as many others in northern Syria
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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’s tariffs shake up MENA economies, hitting allies, adversaries, oil trade and emerging industries: Report
Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according...
Economy
Company News
Latest News
UAE passport most powerful in MENA region, 11th in global index
Abu Dhabi, UAE - The UAE passport has climbed two positions to secure the 11th spot in the 2024 Passport...
Economy
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
Economy
US regulators authorize first bitcoin funds on public markets
The authorization of the ETFs - which are comparable to stocks or mutual funds as far as accessibility to everyday...
Economy
Most Read
Business
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
- Special Talent Residency: is focused on attracting healthcare professionals, scientists, and researchers with exceptional expertise and experience.
- Entrepreneur Residency is geared towards aspiring entrepreneurs and innovators eager to launch and grow their startups in the Kingdom.
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
- The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
- Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.
Economy
WEF 2024 aims to bridge trust gaps amid global discord
Geneva, Switzerland - The World Economic Forum Annual Meeting 2024 is set to gather over 2,800 global leaders in Davos-Klosters,...
- The WEF 2024 entails sessions addressing global security, economic growth, climate action, technological disruption, and health and well-being
- The forum will emphasize public-private collaboration to translate ideas into actionable solutions, acting as an accelerator for cooperation among leaders and initiatives