Tehran says no objection to US investment in Iran
Iranian Foreign Minister Abbas Araghchi said Thursday that Tehran has no objection to US companies operating in the country, including...
Economy
Trump hails ‘total reset’ in US-China trade relations as talks continue
Geneva, Switzerland - US President Donald Trump hailed a "total reset" in US-China trade relations, ahead of a second day...
Economy
Economy
Smart drive: Saudi Arabia aims to include 15% autonomous cars in public transportation by 2030
Smart mobility solutions like self-driving cars, shared mobility, and adaptive traffic lights are set to transform Saudi cities, which are...
- Smart mobility solutions like self-driving cars, shared mobility, and adaptive traffic lights are set to transform Saudi cities, which are focusing more on autonomous technologies
- Innovative technologies are expected to save commuters in large cities with extensive public transportation up to 15 minutes per day, latest reports suggest
Economy
UAE Unemployment Insurance Scheme subscribers exceed 1m
DUBAI, UAE - Â UAE Ministry of Human Resources and Emiratization (MoHRE) announced that the Unemployment Insurance Scheme has exceeded one...
- The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector.
- The scheme provides low-cost job security net that supports the career path and living stability of employees in the UAE.
Economy
Fitch upgrades Saudi Arabia’s rating to A+ with Stable Outlook
Dubai, UAE -- Fitch Ratings has recently upgraded its Saudi Arabia’s rating to 'A+' with a Stable Outlook. The agency...
- The upgrade reflects the kingdom's strong fiscal and external balance sheets with large sovereign net foreign assets, Fitch said.
- The kingdom will continue to progress with fiscal, economic and governance reforms, the agency added.
Business
Jordan’s $1.25 billion Eurobonds oversubscribed six times
Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion...
- The kingdom's finance ministry reduced the coupon rate by 25 basis points from 2022's issue of 7.75 despite the US Federal Reserve raising interest rates seven times since.
- Jordanian media reports said the number of subscribers exceeded 230, including some of the largest global investment houses.
Economy
WTO sees 2023 global trade growth at 1.7 percent
The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed...
- The forecast was slightly better than feared last October, when the WTO projected 2023 trade growth would be as low as one percent.
- The organization's economists also estimated that real global GDP growth at market exchange rates would be 2.4 percent this year.
Economy
Global equities waver on US recession fears, New Zealand rate hike
Asian indices drifted after losses on Wall Street, as data showing a softening in the US jobs market pointed to...
- The central bank of New Zealand on Wednesday became the latest to hike interest rates sharply to tackle soaring inflation.
- Gold climbed as high as $2,028.44, a level last seen in early 2022 and not far from a record $2,075.47 set in August 2020.
Business
Lufthansa to sell catering unit
LSG Group is to be sold to private equity group Aurelius.
- The airline giant had already sold LSG's European operations activities to Swiss-based Gategroup in 2019.
- The Lufthansa group was brought to the brink of bankruptcy when the COVID-19 pandemic saw global air travel grind to a halt.
Economy
Iran working on key pipeline to supply gas to Oman
Reza Noshadi, who heads the National Iranian Gas Company’s engineering subsidiary, said that Iran will be able to export gas...
- In June last year, Oman and Iran signed deals to develop two gas pipelines and an oil field along their maritime border
- Oman has close ties with Iran and played a mediating role between Tehran and Washington in the build-up to the nuclear deal in 2015
Business
Iraq and TotalEnergies agree on delayed US$10bn deal
Paris, France--French energy giant TotalEnergies announced Wednesday an agreement with Iraq on a $10 billion project that had been delayed due...
- While TotalEnergies will own 45 percent stake, Iraq's Basrah Oil Company will get a 30-percent stake in the project and QatarEnergy will get 25 percent
- The French company said that a one-gigawatt solar power plant will be built to supply electricity to the Basra regional grid, with Saudi firm ACWA Power joining the project
Economy
Egypt’s non-oil private sector contracts for 28th month as inflation surges
Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in...
- According to S&P Global, a drop in client demand and high inflationary pressures continued to impact non-oil businesses, leading to reduction in new orders
- In spite of its currency depreciating in value by half since last year and the signing of a $3 billion support package with the IMF, the country remains short of foreign currency
Tehran says no objection to US investment in Iran
Iranian Foreign Minister Abbas Araghchi said Thursday that Tehran has no objection to US companies operating in the country, including...
Economy
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DTC sets IPO offer price range
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China’s economy to grow steadily in 2024, say analysts
Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last...
Economy
Dubai at forefront of sustainable energy innovations
“We're witnessing strong, growing, and sustainable demand for energy and water in Dubai. In 2023, the peak electricity load rose...
Economy
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
Business
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World Economic Forum
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated...
- The WEF report offers a re-evaluation of global economic growth, introducing a new framework that takes a holistic look at GDP
- The report adds that high income economies in 2023 saw average annual GDP per capita growth of 1.01% over the past five years
Economy
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...
- Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since 4th December 2023
- The US Dollar Index, which gauges the dollar's strength against a basket of major currencies from key US trading partners has surpassed the 103.30 level
Business
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.
- Saudi Arabia's overall ports recorded a 9.01% increase in annual container handling for 2023, reaching 11,380,302 TEU compared to 10,439,620 TEU in 2022
- Transshipment containers also experienced an 8.96% increase in volume, with 3,237,490 TEU transshipped in 2023 compared to 2,971,233 TEU in 2022