IMF, World Bank welcome efforts for Syria to reintegrate globally
Washington, United States - The International Monetary Fund and World Bank's leaders said in a joint statement Thursday that they...
Economy
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
Economy
Egypt inflation soars to 31.9%, highest in five and a half years
Cairo, Egypt - Egypt's official annual headline inflation rate rose in February to 31.9 percent, the highest in five and...
- The jump in inflation is likely to further squeeze households already struggling with high unemployment and poverty
- Soaring inflation follows currency devaluations in March 2022, a prolonged foreign currency shortage, and a backlog of imports
Geostrategy
Poor states’ summit promised just US$1.4bn, says UN
DOHA, QATAR - Just US$1.4 billion in new loans and grants were promised at a UN summit devoted to the world's...
- The Doha meetings saw Saudi Arabia offer $800 million in loans to Least Developed Countries.
- Qatar said it would give $60 million for UN projects and Canada $59 million for vitamin supplements in LDCs.
Market Report
Global stocks mixed as markets await US jobs data
Wall Street rose but European stock markets fell as investors brace for US jobs data that they fear could prompt...
- The US Federal Reserve raised rates by a quarter basis point in December, lower than previous decisions.
- European wholesale natural gas prices dived to the lowest level since August 2021, due to high storage levels.
Business
Mining, quarrying push Saudi Arabia’s IPI up 6.8% in Jan 2023
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index increased by 6.8 percent in Jan 2023, compared to Jan 2022,...
- The kingdom's General Authority for Statistics said the mining and quarrying activity increased by 3 percent year on year.
- The manufacturing activity increased by 19.2 percent, while the electricity and gas supply activity decreased by 3.4 percent.
Geostrategy
Grain deal not being implemented properly, says Russia
MOSCOW, RUSSIA - Russian Foreign Minister Sergei Lavrov said Thursday that extending a deal that allowed grain exports from Ukraine to...
- Russia's military intervention saw Ukraine's Black Sea ports blocked by warships until a deal was reached for the export of grains.
- The UN and Turkey-brokered deal will automatically renew on March 18 unless Russia or Ukraine object.
Arts & Culture
Saudi Arabia’s Film AlUla launches platform for women in cinema, fashion
The launch is part of a year-round program that will allow women filmmakers to collaborate with leading industry professionals and...
- The launch of AlUla Creates is part of a year-round program that will allow women filmmakers to collaborate with leading industry professionals.
- AlUla Creates is part of a wider strategy to develop a film-friendly ecosystem which will include a world-class purpose-built studio.
Business
Saudi Arabia’s GDP grows 8.7 percent in 2022, reaches $1 trillion for first time
The growth rate is also the highest in the last decade, with crude oil and natural gas contributing 32.7%, government services 14.2%,...
- GASTAT said all economic activities achieved positive growth rates during 2022, with crude oil and natural gas contributing 32.7 percent.
- Non-oil activities increased by 5.4 percent during 2022, especially transport, storage and communications activities (9.1 percent).
Economy
China consumer inflation drops to lowest level in a year
China's consumer price inflation last month fell to its lowest level in a year, official data showed Thursday, as the...
- February's consumer price index (CPI) - the main gauge of inflation - rose one percent, down from a 2.1 percent annual rise in the first month of the year
- NBS statistician Dong Lijuan said the drop was caused by a "decline in consumer demand after the holidays as well as sufficient supply in the market."
Economy
OFID to provide $25m for Niger’s solar energy development
Vienna, Austria - The OPEC Fund for International Development (OFID) is offering a US$25 million loan for solar energy development...
- The OPEC Fund is joining forces with the African Development Bank, Power Africa, the Green Climate Fund and the Government of Niger
- The project also includes extending 2,600 km new transmission lines connecting cities in Niger’s south and the capital Niamey
Economy
US president’s budget plan to cut country’s deficit by US$3trn
Washington, United States--President Joe Biden will unveil a proposed budget on Thursday that would reduce the US national deficit by $3...
- According to Press Secretary Karine Jean-Pierre, over the next ten years the budget plan will cut the deficit by nearly $3 trillion
- Republicans who will be under pressure have said they are preparing thier own alternative budget plan focusing on spending cuts and no tax increases
IMF, World Bank welcome efforts for Syria to reintegrate globally
Washington, United States - The International Monetary Fund and World Bank's leaders said in a joint statement Thursday that they...
Economy
Company News
Latest News
FAO says global food prices fell 13.7 percent in 2023
World food prices fell in 2023, with considerable declines for grains and oils as supply concerns eased, the UN's Food...
Economy
Saudi insurance sector targets 25m beneficiaries by 2030
Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of...
Economy
‘Major shifts are reshaping the Arab world’s future’
"Most of the global trends are positive if analyzed in terms of economic value. Countries have developed and lifted millions...
Economy
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Business
Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...
- December 2023 finished for Dubai Duty Free with record monthly sales of US$221 million, an 8.37 percent increase compared to 2022.
- It's 40th anniversary celebrations offered a 25 percent discount on December 20 which led to a shopping spree of $14.8 million in 24 hours.
Economy
Private sector funding key to climate transition: World Bank
The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the...
- On Wednesday, Banga repeated a previous pledge to "fix the plumbing" of World Bank
- World Bank estimated that developing countries will need an average of $2.4trn each year
Economy
Oil prices jump, stocks slump after Iran blasts
"Heightened tensions in the Middle East following a bomb blast at a ceremony honouring a slain general in Iran have...
- Oil prices spiked more than three percent after twin bomb blasts ripped through a crowd commemorating Revolutionary Guards general Qasem Soleimani
- Equities were also under pressure as investors worried that the stocks rally in the final months of 2023, on hopes of interest rate cuts in 2024, may have gone too far