US and China prepare for trade talks as Trump floats tariff cut
Senior US and Chinese officials are in Switzerland this weekend for talks aimed at de-escalating a burgeoning trade war sparked...
Economy
OPEC+ countries to open the oil taps despite price slump
Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000...
Economy
Business
UAE, Costa Rica start talks to form economic partnership agreement
UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s...
- The trade and investment exchanges between the two countries continue to grow as the non-oil trade reached $58.7 million in 2022
- The UAE’s investments in Costa Rica span sectors such as IT, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics.
Economy
Bahrain posts highest real GDP growth in nearly a decade
The kingdom witnessed 6.2 percent non-oil real GDP growth, the highest since 2012 and higher than the 5 percent annual...
- The kingdom also reported a drop in deficit to GDP to -1.1 percent, a drop in debt to GDP to 100 percent and a primary surplus of 3.3 percent.
- The Economic Recovery Plan is one of Bahrain’s biggest programs, with over $30 billion catalyzed for investment and reforms made to improve ease of doing business.
Egyptians cling to Ramadan charity as inflation soars
Families have buckled under the weight of inflation, which hit 32.9 percent in February as Egyptians tried to fill their...
- For many families, Ramadan boxes of food staples or daily charity iftar meals, organised in droves across the country are their only chance to eat meat or chicken
- Before Ramadan began, the charities upon which tens of millions of Egyptians depend raised the alarm that they were struggling to meet more people's needs
Business
Binance, crypto firm, hit with US charges for violating trade rules
The charge sheet accuses Binance of failing to uphold standards that are required of a company operating as a derivatives...
- CFTC chairman said the charges against Binance were part of a campaign to find and stop misconduct in the volatile and risky digital asset market
- The allegations targeted Binance founder Changpeng Zhao, also known by his Twitter handle CZ, and three entities that make up his crypto empire
Economy
Russian oil sales to India surge as European buyers turn to other markets
Moscow, Russia--Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the...
- When EU nations began ending thier reliance on Russian energy supplies, Moscow shifted its oil exports to India and China
- Compared to last year, Russia's oil-export revenue dropped by almost half in February, according to the International Energy Agency
Business
Qatar opens new derivatives market, investors can trade options, futures
Doha, Qatar--Qatar's bourse intends to open a new derivatives market that will allow investors to trade options and futures on...
- The country's financial regulator has issued a new regulatory framework for listed derivatives after a long consultation with investors and market participants
- Qatar is now focused on building its equities market by opening it up to a wider investor base and introducing more listings
Economy
Saudi bus crash kills 20 pilgrims on way to Mecca: state media
Riyadh, Saudi Arabia--A bus ferrying pilgrims to the holy city of Mecca burst into flames after a collision on a bridge...
- According to state media the bus was carrying pilgrims to the holy city of Mecca when it burst into flames after a collision on a bridge
- Al-Ekhbariya channel reported that the victims had "different nationalities" but did not mention them or provide a breakdown
Business
Presight stock jumps 143%
The stock rocketed to AED3.7 from an offer price of AED1.34.
- Its initial public offering (IPO), which was oversubscribed 136 times, received total gross demand amounting to US$25.8 billion
- The company's listing gives investors a chance to buy shares in the region’s leading international big data analytics company powered by AI
Economy
AI partnership to boost Abu Dhabi sustainability efforts
Abu Dhabi, UAE - The Technology Innovation Institute (TII) said Monday its AI and Digital Science Research Center (AIDRC) has...
- The Technology Innovation Institute's AI and Digital Science Research Center will partner with Mohamed bin Zayed University of Artificial Intelligence.
- Over a period of three years, the researchers will work on developing advanced AI models for cybersecurity and smart city applications.
Geostrategy
Criminals set to use ChatGPT for fraud, other cybercrimes: Europol
Created by US startup OpenAI, ChatGPT appeared in November and was quickly seized upon by users amazed at its ability...
- Europol said the criminals may use phishing, disinformation and malware to do more online frauds.
- ChatGPT can also be used to write computer code, especially for non-technically minded criminals. the agency said.
US and China prepare for trade talks as Trump floats tariff cut
Senior US and Chinese officials are in Switzerland this weekend for talks aimed at de-escalating a burgeoning trade war sparked...
Economy
Company News
Chemanol to buy stake in ACC
Business
Latest News
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
Business
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
Most Read
Saudi Arabia announces operational start of this year’s Hajj season
Riyadh, Saudi Arabia - Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah, officially inaugurated the operational activities for the 1445...
- The commencement follows the conclusion of the Hajj and Umrah Services Conference and Exhibition, a 4-day event that showcased facilities for the well-being of pilgrims
- The conference witnessed the signing of multiple agreements covering areas such as housing, logistical services, healthcare, transportation, catering, technology, etc
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.