Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
Trump’s new tariffs take effect, with 104% on Chinese goods
US President Donald Trump's punishing tariffs on dozens of economies came in force Wednesday, including over 100 percent in levies...
Economy
Science
UAE’s Rashid Rover completes lunar orbit insertion
The first Emirati rover to land on the moon is now on its way to completing the third milestone, the...
- The first Emirati rover to land on the moon is now on its way to completing the third milestone, the Arrival Phase, which will be the most intense part of the mission
- The ambitious mission aims to study the surface of the moon and is funded by the ICT Fund of the Telecommunications and Digital Government Regulatory Authority
Economy
World Bank expects Syria economy to contract 2.3% due to quake
Washington, United States--Syria's economy is expected to contract 2.3% more than it otherwise would have due to the impact of last...
- The World Bank said that the damage from earthquake will cost the Syrian economy $5.2 billion, including physical damages of $3.7 billion and losses of $1.5 billion
- It added that the quake effect is likely to widen Syria's economic contraction by 2.3 percent to 5.5 percent this year, worsening economic woes in the war-scarred nation
Economy
First India-GCC senior officials meeting held in Riyadh
New Delhi, India - The first ever meeting of senior officials of India and the Gulf Cooperation Council (GCC) was...
- India has been steadily stepping up institutional engagement of the GCC in addition to regular bilateral meetings with its member countries
- As a trade bloc, the GCC is the largest trade partner of India with a total trade of US$154 billion during the last financial year
Economy
EIB pledges US$535mn for Syria-Turkey quake reconstruction
Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at...
- The reconstruction package is meant to restore basic living standards for more than 1.7 million refugees hit by the earthquake
- It will focus on Turkish regions devastated by the earthquake and is designed to enhance support for restoration of basic infrastructure
Business
SRC, Alrajhi sign refinance deal
SRC is looking to expand its refinancing portfolio.
- SRC said that the agreement is the latest in a series of similar deals to support mortgage financiers and originators
- It will provide liquidity, capital management, and balance sheet de-risking solutions to enhance real estate financiers’ capacity
Geostrategy
Saudi-Iran diplomatic pact leads to prisoner swap deal in Yemen
The UN has confirmed that Yemen's Houthi rebels and its internationally recognized government have reached an agreement to exchange more...
- According to UN special envoy to Yemen Hans Grundberg, the parties "agreed on implementation plans to release 887 conflict-related detainees from all sides"
- It is almost a year since the Houthis said they had agreed to a prisoner swap that would see 1,400 rebels freed in exchange for 823 pro-government fighters
Economy
New Saudi law brings in new businesses, more FDI
The New Companies Law simplifies the procedures to set up foreign businesses in Saudi Arabia, and removes several restrictions, says...
- The New Companies Law simplifies the procedures to set up foreign businesses in Saudi Arabia, and removes several restrictions, James Swallow of PRO Partner Group tells TRENDS
- Since the new law's implementation, there has been considerable interest from companies to operate and invest in the Kingdom, says Swallow, adding that is generating employment
Economy
US government seeks to avoid ‘bailout’ label amid banking turmoil
Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its...
- In the 2008 financial crisis, authorities spared shareholders and bondholders, said David Smith, professor of commerce at the University of Virginia
- But "there's no bailout" this time in the sense that officials are protecting depositors rather than shareholders and bondholders, Smith said.
Business
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
- Western powers have imposed sanctions against Russia due to the Ukraine war.
- Rosneft said that the profit level forms a solid basis for paying dividends.
Science
‘Rich nations must achieve net zero carbon by 2040’
UN Secretary General Antonio Guterres called on wealthy countries to move up their goals of achieving carbon neutrality as close...
- Most rich countries have set their goal at 2050 but some are more ambitious, like Finland (2035), or Germany and Sweden (2045).
- Leaders in emerging economies must commit to reaching net zero as close as possible to 2050, he said without naming any specific nation.
Most Read
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
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
Company News
Latest News
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
Business
UK announces Europe’s first high-tech uranium fuel plant
HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions...
Geostrategy
Qatar rises as a premier sports tourism destination
“In addition to hosting a variety of sports events, especially the FIFA World Cup Qatar 2022, Qatar has shown the...
Economy
Most Read
Global maritime trade sails into geopolitical storm
Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which...
- Maersk said Friday that it would divert all vessels around Africa instead of using the Red Sea for the "foreseeable future" after Yemeni rebels attacked its merchant ships
- Vessels are circumnavigating Africa via the Cape of Good Hope, which extends the journey between Asia and Europe by 10 to 20 days on average, said general manager of Ovrsea
Economy
‘Dubai reinforces global leadership in healthcare’
“Biomedical and health informatics professionals attending MedInfo 2027 will enjoy a world-class event in a thriving global city within close...
- Dubai successfully bids for World Congress of Medical Informatics (MedInfo) 2027.
- The emirate becomes first city in the MENA region to host this prestigious event.
Economy
UAE market cap soars as top 16 companies hit $734bn
Abu Dhabi, UAE - The aggregate market capitalization of the top 16 national companies listed on local exchanges stood at...
- The 16 listed companies accounted for about 74% of the total market capitalization of the local stock markets, which was around $998 billion at the close of trading
- The IHC held the top position with a market capitalization of more than $244 billion, approximately 24.5% of the local markets' capitalization