Oman launches New Nation Brand at Davos to enhance global presence
Muscat, Oman – Oman on Tuesday launched its New Nation Brand at the World Economic Forum in Davos in an...
Creators HQ, X announce strategic partnership to produce authentic, meaningful content
Dubai, UAE - Creators HQ in the UAE, the world’s first international hub for the content economy’s creators and entrepreneurs,...
Business
Turkey’s inflation rate slows sharply to 64.3%
Analysts attribute the sharp slowdown to the so-called base effect, which makes year-on-year price increases look smaller when compared to...
- Consumer prices rose by 64.3 percent in December compared to an 84.4-percent year-on-year increase in November
- Turkey's economy has been going through convulsions since Erdogan tried to fight inflation by bringing down borrowing costs
Economy
Qatar’s PPI rises by 5.22% in November 2022
On M-o-M basis, the PPI of November showed a decrease of 3.03 percent when compared to October 2022.
- On M-o-M basis, the PPI of November showed a decrease of 3.03 percent when compared to October 2022
- When compared to November 2021, the PPI of Mining for November 2022 showed an increase of 7.72 percent
Business
Evergrande of China pledges to repay its debt in 2023
Beijing, China--China Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown...
- The company has rushed to offload assets in recent months and has been involved in restructuring talks after racking up some $300 billion in liabilities
- An official document in November showed Evergrande had sold land earmarked for its headquarters in the southern tech hub of Shenzhen for $1 billion
Economy
Turkish exports rise 12.9% in 2022, says Erdogan
Erdogan explained that Turkish exports made their way to the markets of 197 countries and regions around the world.
- Erdogan explained that Turkish exports made their way to the markets of 197 countries and regions around the world
- Turkey is seeking to shift to a current account surplus through increased exports and lower interest rates
Economy
Iraq PM affirms support for agriculture, industry, tourism and trade
Baghdad, Iraq--The Iraqi Prime Minister Mohammed S. Al Sudani has stressed the need for economic reform and supporting the sectors...
- The PM said during his visit today to the Ministry of Industry and Minerals, that economic reform is a prelude to social reform
- He directed the auditing of industrial development permits and sponsoring small and medium enterprises, due to their role in forming major projects
Economy
Gas prices fall to lowest level in Europe since Ukraine war
EU nations have adopted a mechanism to cap natural gas prices, but analysts say it will likely have only a...
- Gas prices have been falling since August, hitting 73 euros on Monday -- 50 percent down from a month ago and the lowest level since before the war on February 21
- European nations filled up their gas storage facilities and launched campaigns to encourage consumers to save on energy during the winter
Economy
Singapore economy grows more than expected in 2022
Growth in the fourth quarter came in at 2.2 percent, sharply down from 4.2 percent in July-September, according to advance...
- Exports for computer chips and other products have been hit by softer global demand caused by surging inflation and sharp increases in interest rates
- Research house Capital Economics said it expects exports to fall further on expectations the global economy would enter a recession this year
Economy
FMT upholds DFSA decision to slap Arif Naqvi with US$135.56m fine
Almost a year after the Dubai Financial Services Authority (DFSA) imposed a heavy penalty on Arif Naqvi, the founder of...
- DFSA had held Naqvi responsible for a series of actions during his time as chief of Abraaj, including using investor funds as working capital requirements
- The FMT came into play after Naqvi referred the DFSA verdict to the tribunal
Business
Shunned by youth, Morocco cosmetic oil craft faces uncertain future
A dozen women, sitting on the floor of a workshop inland from Essaouira, a port town on Morocco's Atlantic coast,...
- Morocco produces around 5,640 tonnes of argan oil annually, according to official figures, around 40 percent of it for export
- Argan is so important to the region between the towns of Essaouira and Agadir that in 1998 UNESCO declared a biosphere reserve in the area
Geostrategy
UNESCO praises Saudi Arabia for its success in e-education governance
RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization (UNESCO) has praised the achievements of Saudi Arabia...
- UNESCO said that Saudi Arabia's National E-Learning Center is an example to be followed at the international level.
- The National E-Learning Center supports the development of governance procedures in the electronic education and training sector.
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Oman launches New Nation Brand at Davos to enhance global presence
Muscat, Oman – Oman on Tuesday launched its New Nation Brand at the World Economic Forum in Davos in an...
Company News
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DP World spends US$6bn
Business
UAE to invest $20-25 bn in cash-strapped Pakistan
Abu Dhabi, UAE - The UAE and Pakistan recently sealed a significant deal, potentially injecting between $20 to $25 billion...
Economy
Abha Valley has potential to be a tourist destination
ABHA, SAUDI ARABIA - Extending over 34 kilometers, the Abha Valley Basin enjoys a variety of wildlife aspects, civilizational features...
Business
Saudi banks see moderate improvement in margins in Q3: report
Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII)...
Economy
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Business
$128 billion in US company deals during Dubai Airshow: US Ambassador
Abu Dhabi, UAE - Martina A Strong, the US Ambassador to the UAE revealed on Monday that American companies secured...
- Martina A Strong underlined the UAE's significance as a market for American companies, highlighting the presence of over 1,500 American businesses
- The companies are drawn to the UAE's strategic location, its pro-business environment, and its gateway to burgeoning regional markets, she noted
Economy
UAE pioneers smart city, clean energy initiatives
"The country's strategies, such as the Energy Strategy 2050, aims at raising the share of clean energy in the total...
- The UAE leads in sustainable development and urban planning, emphasizing renewable energy, efficient buildings, and sustainable transportation for a greener future.
- The UAE's Energy Strategy 2050 aims for 50% clean energy, while Dubai's Clean Energy Strategy 2050 targets 75%, supported by solar parks and green funds.
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.