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
Trump’s tariffs on allies, China could shrink global merchandise trade volumes 1% in 2025, warns WTO
After Trump on Wednesday unveiled a blitz of harsher-than-expected levies aimed at countries around the globe, Ngozi Okonjo-Iweala warned the measures...
Economy
Geostrategy
Iraq is a key trade partner of Jordan, says Kingdom’s Commerce Chamber head
AMMAN, JORDAN - Chairman of the Jordan Chamber of Commerce (JCC), Khalil Haj Tawfiq said Iraq is an "important" trade...
- Jordanian-Iraqi economic relations have witnessed development due to the joint trade agreements and projects signed between the two countries.
- There is a need to increase joint trade exchange and overcome obstacles to entry of the two countries' products and commodities in both the countries markets.
Geostrategy
UAE participates in G20’s sustainable finance working group meeting for 2023
ABU DHABI, UAE - The UAE recently participated in the first Sustainable Finance Working Group (SFWG) meeting within the G20...
- The meeting, held at Guwahati, India, sought to discuss and agree on the group’s main points for 2023 in line with the priorities of the Indian Presidency.
- G20 members, invited countries, sustainable finance working group country members, international organization like IMF also attended the meeting.
Economy
Downward slide in global food prices continues: FAO
Vegetable oil prices fell 2.9 percent, stemming from subdued global import demand for palm and soy oils and ample export...
- Vegetable oil prices fell 2.9 percent, stemming from subdued global import demand for palm and soy oils and ample export availabilities of sunflower seed and rapeseed oils
- The UN organization expects international trade in cereals in the 2022-23 period to decline by 1.7 percent from the previous year’s record level of 474 million tons
Economy
Investing in Israel faces growing risks, warns JP Morgan
The reforms would tighten political control over judicial appointments and limit the Supreme Court's ability to overrule government rulings or...
- The reforms would tighten political control over judicial appointments and limit the Supreme Court's ability to overrule government rulings
- Leading Israeli economists have warned that the proposed reforms will do "long-term harm" to the Israeli economy.
Business
Events keep hotel occupancy high in Saudi Arabia
Over the next decade, the Kingdom's tourism industry is projected to develop at an annual rate of 11 percent, making...
- Over the next decade, the Kingdom's tourism industry is projected to develop at an annual rate of 11 percent, making it the region's fastest-growing tourism market
- More hotels are being built at full speed, and extensive infrastructure works and upgrades are being carried out in the central business hubs of Riyadh, Jeddah, and other cities
Geostrategy
UAE, France foreign ministers discuss strategic partnership
ABU DHABI, UAE - UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan received French...
- The UAE and French ministers discussed bilateral relations and available opportunities for expanding cooperation between the two countries.
- The two sides stressed their keenness to continue consultations and coordination on issues of mutual concern.
Economy
US sees surprise hiring surge as unemployment edges down
US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in over five decades, government data...
- The figure, which could prove concerning to policymakers, defied expectations of a further decline in job gains.
- The Federal Reserve has also been monitoring wage growth on concerns that elevated salaries could feed into services inflation.
Geostrategy
US, UAE officials discuss financial crimes
ABU DHABI, UAE - The US Department of the Treasury’s Under Secretary for Terrorism and Financial Intelligence Brian Nelson led...
- Officials from both the countries reiterated their commitment to the continued dialogue between the two sides.
- They agreed to exchange respective experiences on efforts pertaining to Virtual Assets and Virtual Asset Providers (VASPs), supervisory efforts.
Business
Sanofi 2022 net profit at $7.3bn
Dupixent drug has been a huge success for the firm.
- Sanofi is aiming for US$10.9 billion in sales of Dupixent this year.
- The company's net profit rose by eight percent in 2022.
Science
Europe looks to geothermal energy as gas alternative
MUNICH, GERMANY - The heating plant in Munich's southern Sendling neighborhood has been run for more than a century on gas,...
- Munich is pouring in US$1.1 billion through 2035 to develop the geothermal energy and make the city's heating carbon neutral.
- Reliable and sustainable geothermal energy seems like the perfect alternative to gas.
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
Company News
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Qatar records 6 percent drop in Industrial Production Index in October
Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October...
Economy
COP28 initiatives to narrow climate finance disparity
Antoine Samaha of BCG applauds the launch of a Loss and Damage Fund for developing countries, emphasizing the need for...
COP28 UAE
Volunteers offer help to Arab-Israeli farmers amid Gaza war
Baqa al-Gharbiya, Israel--In Baqa al-Gharbiya, an hour's drive from Haifa, city folk have temporarily traded pens for boots to aid farmers...
Economy
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Economy
UAE to strengthen digital infrastructure in Azerbaijan
Abu Dhabi, UAE – The UAE and Azerbaijan have signed a Memorandum of Understanding (MoU) aimed at strengthening the digital...
- Data centers are crucial to a country’s digital infrastructure as they provide a secure space for storing critical data and running applications.Â
- Azerbaijan has taken steps towards advancing the digital economy, among else through the centralization of e-services and the digitization of public services
YEARENDER
GCC soars in global space race with key advancements
Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their...
- Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their rising status in global space sector.
- Bahrain's development of its first satellite and Kuwait's CubeSat initiative underscore the Gulf region's commitment to space technology and research.
Economy
Eurozone business activity continues downward trend in December
BRUSSELS, BELGIUM - Business activity in the eurozone slumped at a faster rate in December, weighed down by a deeper downturn...
- The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global fell to 47 in December from 47.6 in November.
- A figure below 50 indicates contraction and the risk of recession in the 20-nation single currency area remains, analysts warned.