‘Bombshell’ OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...
Economy
Massive GCC infrastructure investments set stage for rising foreign equity: Franklin Templeton
The Franklin Templeton Emerging Markets Equity outlook emphasizes how GCC countries have reduced their dependence on oil and gas, opened...
Economy
Economy
Morocco stun Brazil 2-1 in first ever win over five-time world champions
Tangiers, Morocco--Morocco stunned Brazil 2-1 in a friendly international on Saturday as the north African side recorded a first ever win...
- Sofiane Boufal, midfielder, gave Morocco the lead after 29 minutes, scoring with a powerful turn and drive from a pass by Bilal El Khannous
- Casemiro, Brazil skipper, levelled the score in the 67th minute when his weak shot was fumbled by goalkeeper Yassine Bounou
Economy
Kuwait’s never-ending political crisis hurts economy
It suffers from constant stand-offs between elected lawmakers and cabinets installed by the ruling Al-Sabah family, despite a parliamentary system...
- Kuwait, home to seven percent of the world's crude reserves, has little debt and one of the strongest sovereign wealth funds in the world
- The oil-rich country, posting large deficits during the Covid-19 pandemic, was buoyed by the rise in oil prices last year
Jordanian club holds workshops to train people in art of comedy
The new comedians hoping to put a smile on Jordanian faces range in age between 18 to 40 and include...
- The Amman Comedy Club has been training aspiring comics since 2019 and offering free, three- to four-month workshops in stand-up, improv, comedy sketches and satire writing
- Aided by foreign institutions such as the Konrad Adenauer Foundation and Chicago-based comedy club The Second City, the ACC has already trained more than 140 people in Jordan
Business
Turkey stops handling oil exports from Kurdistan region: Iraq
The Iraqi oil ministry said that Turkey stopped oil exports from Iraq's autonomous Kurdistan region on Saturday in the wake...
- Iraq had initiated the proceedings against the neighboring country in 2014, claiming exclusive rights over Kurdistan's oil exports
- The regional government in Arbil though, in defiance of Baghdad, continued to export oil through Turkey at a rate of around 450,000 barrels a day
Economy
Good vegetable crops boost Qatar’s food security
"To support productive Qatari farms in marketing their products directly and to ensure that consumers obtain their needs for fresh...
- Vegetable production in the Gulf country increased by 76 percent from 2017 to 2022, according to the Food Security Department Director Dr Masoud Jarallah Al Marri
- Qatar's Ministry of Municipality is preparing a strategic plan for ensuring food security in the agricultural sector until 2030 and implementing digital transformation projects.
Market Report
Saudi Arabia’s TASI ends the week higher while UAE markets fall
Several factors contributed to the fall in UAE markets, including a decline in oil prices, worries about multinational banks' health.
- The primary index of the Abu Dhabi Securities Exchange fell by 0.5 percent, while the Dubai market's main index dropped by 0.9 percent.
- In Dubai, losses in the industrial and financial services sectors led to a 0.5 percent drop in the main index on Monday.
Business
Qatar Islamic Bank owner again offers to buy Manchester United
Manchester United have received a second Qatari bid to buy the English football giants, British media reported. The reports said...
- Bidders were initially told they had until 2100 GMT on Wednesday to submit new offers, but reports say that has been extended.
- No figures have been revealed but one or more of the initial bids were understood to be in the region of US$5.5 billion
Geostrategy
Violent scenes in France as protests begin against reservoir construction
SAINTE-SOLINE, FRANCE - French security forces again clashed with protesters Saturday as campaigners sought to stop the construction of reservoirs for...
- Multiple projectiles and improvised explosives were thrown by protesters, with police responding with tear gas and water cannon.
- Eleven people were already detained after police seized cold weapons, including petanque balls and meat knives, as well as explosives.
Geostrategy
UAE highlights food, energy insecurity at G20 Finance Track meeting
CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group...
- The UAE delegation highlighted emerging uncertainties in the finance sector.
- The delegation discussed effective ways to promote global financial stability.
Science
EU, Germany reach deal on fossil fuel car phaseout
BRUSSELS, BELGIUM - The European Union and Germany on Saturday said they had struck a deal after a dispute over the...
- A landmark deal to prohibit new sales of fossil fuel cars from 2035 is key to the bloc's ambitious plan to become a "climate-neutral" economy by 2050.
- Germany demanded that the EU provide assurances the law would allow the sales of new cars with combustion engines that run on synthetic fuels.
‘Bombshell’ OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...
Economy
Company News
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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...
Economy
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...
Market Report
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...
Business
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Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
- Russia's nearly two-year-old assault on Ukraine has taken centre stage at previous editions of the World Economic Forum (WEF)
- The gathering "is taking place against the most complicated geopolitical and geoeconomic backdrop in decades", said WEF president Borge Brende
Economy
Dubai aims to become global creative economy capital
"Dubai transcends economic statistics; it embodies a pursuit of the highest quality of life. Our aspiration is to achieve excellence,...
- Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, invites content creators to join in shaping Dubai's narrative.
- He underscores Dubai's strategic role as a global hub, especially through DXB airport, serviced by Emirates Airlines and flydubai.
Economy
China, Russia trade soared in 2023 as commerce with US sank
Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday,...
- China-Russia trade reached more than $240 billion, customs figures showed, overshooting a goal of $200 billion set by the neighbours in bilateral meetings last year
- The figure is a record for the two countries, who have grown closer politically and economically since Moscow's invasion of Ukraine in 2022