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
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
Business
DEWA’s R&D Center registers its 7th patent for 3D printing adhesive device
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has announced the registration of a new patent for an adhesive...
- The device distributes the adhesive material on the 3D printing plate, ensuring that the printed material sticks securely to the build plate.
- DEWA's R&D Center is responsible for supporting innovation in all production and operational areas.
Oil rises as Russia cuts output after Western price cap
Brent, the international benchmark, and its US counterpart WTI, which had been down earlier in the day, jumped more than...
- Russia is part of a 23-nation alliance with the OPEC crude cartel that already agreed in October to reduce output by two million barrels per day until the end of this year
- An EU-wide ban on Russia oil products - like diesel, gasoline and jet fuel - came into effect Sunday alongside a Group of Seven (G7) price cap on the same items
Economy
OPEC Fund supports critical infrastructure in Africa with $50m loan
The proceeds of the 10-year loan will be used to improve connectivity, transport, logistics, trade and to boost access to...
- The proceeds of the 10-year loan will be used to improve connectivity, transport, logistics, trade and to boost access to energy across the African continent
- Africa’s economic growth has been slowed by global supply chain disruptions and rising costs in the aftermath of the COVID-19 pandemic
Economy
Entertainment may add 4.2% to Saudi GDP by 2030
As the number of companies operating in the industry expected to exceed 2,500, the sector is likely to create 450,000...
- As the number of companies operating in the industry expected to exceed 2,500, the sector is likely to create 450,000 job opportunities in the Kingdom
- Saudi Arabia also seeks to establish and develop recreational areas throughout the country, the most recent of which is the opening of the 'VIA Riyadh'
Business
UAE MoIAT, Sharjah FDI Office ink MoU to promote investment
SHARJAH, UAE - The UAE's Ministry of Industry and Advanced Technology (MoIAT) and Sharjah Foreign Direct Investment Office (Invest in...
- The aim of the MoU is to support sustainable economic growth within a supportive economic environment.
- The MoU enhances cooperation between MoIAT and the Sharjah Foreign Direct Investment Office (Invest in Sharjah), through work and partnerships
Business
Dubai Chamber encourages firms to apply for parent-friendly label
DUBAI, UAE - As many individuals in the UAE face challenges in balancing work and family obligations, parent-friendly workplace policies...
- Working families in the UAE often need to make difficult trade-offs to fulfill their commitments.
- Research has shown that flexible working options are important to 90 percent of the UAE workforce.
Business
Industry experts discuss fintech at Sharjah Investment Forum 2023
SHARJAH, UAE - Financial innovation and technology trends in global financial services sector were in the spotlight during a panel...
- Fintech and traditional financial institutions are intertwined and depend on each other.
- Fintech reaches populations who may not have access to traditional banking system.
Business
Saab 2022 net profit at $211m
Revenue rose as countries boost military spending.
- Order intake for the Swedish company totaled US$6.1 billion in 2022, a 45 percent increase from the previous year.
- They soared by 144 percent in the fourth quarter alone to US$2.8 billion year on year.
Business
Russia to slash oil output by 5% over Western price cap
Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. As a result...
- The international benchmark, Brent North Sea crude, leapt 2.3 percent to $86.48 per barrel. New York contract WTI soared 2.5 percent to $80.01.
- "Russia will voluntarily reduce production by 500,000 barrels per day in March. This will help restore market relations," Deputy PM Alexander Novak said.
World Bank to provide Turkey $1.78 bn for recovery after quake
The 7.8-magnitude quake struck as people slept early Monday, with Turkish officials saying that over 70,000 people have been injured...
- Immediate assistance of $780 million will be offered via Contingent Emergency Response Components from two existing projects in Turkey
- An added $1 billion in operations is being prepared to support people affected amid recovery and reconstruction from the catastrophe
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
Company News
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UNCTAD eWeek focuses on AI risks, e-commerce growth in developing countries
At UNCTAD eWeek 2023, experts stress the importance of aligning AI development with Sustainable Development Goals to mitigate risks and...
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
Waning influence of OPEC+ in spotlight as prices flag
Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain...
Business
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Geostrategy
US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...
- US Defense Secretary Lloyd Austin condemned the "unprecedented" spate of attacks in waters leading to the Suez Canal.
- The Canal is a chokepoint for about 10 percent of global trade, that have forced many shipping companies to divert their vessels.
Geostrategy
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...
- The first day of COP28 - November 30 2023 - witnessed the highest daily air traffic rate in the history of civil aviation in the UAE with 2,848 flights.
- The General Civil Aviation Authority organized meets and daily communication sessions to discuss plans, improve air navigation management systems.
Economy
Saudi Arabia eyes $13 billion from media sector
Riyadh, Saudi Arabia - Saudi Arabia aims to increase the media sector's economic contribution, targeting a GDP share of 47...
- In 2022, Saudi Arabia's media sector surged to SAR 17.4 billion ($4.6 billion), commanding 30% of the market share in the MENA region.
- The growth trajectory has been primarily propelled by a a tech-savvy consumer base, marked by a surge in demand for local content