Saudi stocks take 5-year record fall, plunge nearly 7% after US tariffs spark global market turmoil
Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs...
Economy
Trump’s tariffs on allies, China could shrink global merchandise trade volumes 1% in 2025, warns WTO
After Trump on Wednesday unveiled a blitz of harsher-than-expected levies aimed at countries around the globe, Ngozi Okonjo-Iweala warned the measures...
Economy
Economy
EU parliament adopts tough rules to tackle gender pay gap
Women earn on average nearly 13 percent less per hour than men for the same work in the 27-nation European...
- Other rules stipulate that if a company has at least 100 employees, they must publish information regularly on the gender pay gap.
- Companies must also negotiate with staff representatives if there is a discrepancy of five percent. Those who break any of the rules face sanctions, including fines.
Business
UK warns against protectionism after US green energy subsidy
London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading...
- UK Finance Minister Jeremy Snape said the threat of protectionism is making a comeback in the world in the form of subsidy.
- US President Biden has launched $370bn initiative of subsidies for green energy and tax cuts for US manufactured e-cars, batteries.
Economy
Trends Poll: Saudi will reach net-zero first in GCC
Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address...
- The majority (59 percent) said Saudi Arabia will achieve the target first, followed by the UAE (24 percent) and Qatar (11 percent).
- Saudi Arabia, Qatar and the UAE account for around 10 percent of the world's annual CO2 collection at 3.7 million tons per annum (mtpa).
Economy
European Union deal to nearly double renewable energy by 2030
The provisional political agreement, which was reached after nightlong negotiations between the EU parliament and states, seeks to raise the...
- The move also comes as the EU has sought to slash its dependence on Russian fossil fuels after Moscow cut gas supplies last year.
- The figure is a compromise between the 45 percent share for renewables that was sought by EU lawmakers and the European Commission.
Lebanon airport expansion sparks transparency concerns
Civil society groups and some lawmakers have decried opacity in the tender process and a lack of involvement of the...
- Cash-strapped Lebanon announced last week that private company Lebanese Air Transport and Irish firm daa International would partner for the revamp.
- Public Works and Transportation Minister Ali Hamieh said the private sector would fund the $122 million project, which would "create around 2,500 jobs."
Economy
Foreign realty ownership to diversify KSA economy
The move is likely to help regulate supply, bridge the gap between supply and demand, and create more demand for...
- The move is likely to help regulate supply, bridge the gap between supply and demand, and create more demand for further development in the Kingdom, says an expert
- The real estate sector plays a crucial role in the country's long-term plan to shift its economy away from oil dependence, adds James Elliot-Square of PRO Partner Group
UAE President names new Vice President and Crown Prince of Abu Dhabi
The appointments signal a new phase in the UAE's leadership and its commitment to pursuing economic growth and development while...
- Sheikh Mohamed appointed Sheikh Mansour bin Zayed as Vice President and Sheikh Khaled bin Mohamed as Crown Prince of Abu Dhabi
- The president also named Sheikh Tahnoun bin Zayed and Sheikh Hazza bin Zayed as Deputy Rulers of Abu Dhabi
Business
Credit Suisse hid $700m in undeclared accounts: US Senate
The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive...
- The findings of the two-year Senate Finance Committee probe add to the woes of the Swiss investment bank.
- Credit Suisse pleaded guilty in 2014 to attempting to aid and assist US taxpayers in filing false income tax returns.
Geostrategy
US unveils $1bn initiative for African women’s empowerment
"Advancing the economic status of women and girls is not only a matter of human rights, justice, and fairness --...
- The initiative, launched by Harris, is a mix of US government funding and private sector commitments.
- It includes a $60 million fund for women in the digital economy and nearly $400 million from the private sector.
After Xi-brokered Iran deal, Saudi Arabia to join China led security bloc
Riyadh's move to partner with the bloc comes less than three weeks after the unveiling of a landmark China-brokered reconciliation...
- The Shanghai Cooperation Organization was established in 2001 as a political, economic and security organization to rival Western institutions
- Besides China, its eight members include India, Pakistan and Russia, as well as four central Asian countries - Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan
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Saudi stocks take 5-year record fall, plunge nearly 7% after US tariffs spark global market turmoil
Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs...
Economy
Company News
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Al Ansari 9M profit US$105m
Business
Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...
Economy
Bitcoin surpasses $47,000, first time since March 30, 2022
Abu Dhabi, UAE - Bitcoin surged above $47,000 on January 9, marking its highest value since March 30, 2022, as...
Business
Dubai leads MENA region in urban mobility readiness
The emirate ranked 28th globally in the 2023 Urban Mobility Readiness Index, highlighting its efforts in creating a sustainable, future-ready...
Economy
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Geostrategy
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
- Under the pact, the two parties will exchange information related to trade, business environment, investment, production and export opportunities.
- The two parties will organize joint research activities pertaining to marketing to enhance trade prospects and explore ways of improved cooperation.
Business
Dubai SME joins hands with CXDA to attract investment
DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...
- The strategic partnership with Dubai SME outlines a comprehensive roadmap.
- This will introduce AI for equipping SMEs with innovative financial solutions.
Economy
Saudi Exchange launches TASI50 Index tracking top 50 companies by market capitalization
Riyadh, Saudi Arabia – The Saudi Exchange has announced the launch of the TASI50 Index, which tracks the top 50 companies...
- The companies have a minimum annual traded value ratio (ATVR) of 5%, ensuring that the index tracks the largest companies in the market
- The index is an important tool for both individual and institutional investors, providing an overview of market performance in real time