Asian stocks rise as Powell rate warning taken in stride
Equities rose in Asia on Wednesday as traders took in their stride a warning from Federal Reserve boss Jerome Powell...
Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
Business
Algeria’s Sonatrach starts production in new gas field
The company announced the completion of production of the Tinrhert gas field at the end of November 2022.
- The company announced the completion of production of the Tinrhert gas field at the end of November 2022
- Algeria has signed many energy agreements with European countries during the current year
Economy
GCC vows to unify stance of global environment issues
The Gulf countries have highlighted the importance of coordinating and unifying the stances of the regional bloc in all international...
- The Gulf countries have highlighted the importance of coordinating and unifying the stances of the regional bloc in all international environmental forums
- The meeeting of GCC ministers responsible for environmental affairs in their respective countries was chaired by Oman's Dr. Abdullah bin Ali Al-Amri
Economy
UN says right environment policies can generate 20 million jobs
“It is critical that as we scale up the use of Nature-based Solutions (NbS) we make sure we do not...
- Nature-based solutions aim to protect, restore, and sustainably manage waters and marine ecosystems.
- New Green Jobs for Youth Pact, launched by ILO and UNEP at COP27, aims to create one million new green jobs.
Videos
Is GCC insurance industry ready for the change?
Industry experts stress the need for harnessing the momentum the industry has gained after the recovery from Covid setbacks.
- PwC Middle East advises insurers, as they look to 2025 post Covid recovery, to harness "the momentum they have gained" to meet new challenges.
- "Regardless of how insurers capitalize on these trends, they will need to reassess the future and reimagine their place in the world," says Sanjay Jain of PwC.
Economy
Saudi real GDP grows 8.8 percent in third quarter on rise in oil activities
Riyadh, Saudi Arabia---Saudi Arabia’s real gross domestic product grew by 8.8 percent in the third quarter of 2022 compared to...
- GASTAT noted that the real GDP growth in the third quarter was up 2.1 percent compared to the second quarter of this year.
- Government activities also rose by 2.5 percent in the third quarter compared to the same period a year ago.
Geostrategy
Russia oil embargo, price cap disrupts tankers
Russia has assembled a "shadow fleet" of more than 100 vessels seeking to circumnavigate the Western sanctions regime. These ships...
- Aimed at depriving Russia of key income, the western sanctions have also slowed transportation of its oil by sea
- President Vladimir Putin on Friday warned that Russia could reduce crude production in response to the price limit
Economy
US Fed poised for smaller rate hike with eye on wage growth
But the half-point jump analysts expect to see in the Fed's benchmark lending rate will still be a steep rise,...
- To make borrowing more expensive, the Fed has raised interest rates six times this year, including four bumper 0.75-point increases, bringing the rate to between 3.75% and 4%.
- Despite the Fed's forceful moves, consumer inflation stood at 7.7% in Oct while job gains remained robust, raising worries that the bank would prolong aggressive campaign.
Economy
Ethiopia reels from high inflation and economic slowdown
After a decade of dynamic growth during the 2010s, Africa's second most populous country has suffered multiple shocks, including the...
- Annual average inflation is expected to hit 30 percent in 2022 (compared to 26 percent last year), driven by an increase in food costs
- A peace deal signed last month between the federal government and Tigrayan rebels has raised hopes of an economic recovery
Economy
UAE passport ranked most powerful in the world
Dubai, UAE— The United Arab Emirates has been ranked as the country with the world's most powerful travel document. That...
- The UAE has beaten the likes of Germany, Sweden, Finland and Luxembourg in the latest ranking
- An Emirati passport holder can travel to a huge number of countries visa-free, and in many others you can get a visa right when you arrive
Economy
Qatar sees 34 percent decline in building permits in November
Doha, Qatar— Qatar has witnessed a 34 percent decline in building permits to 645 during the month of November, as...
- According to the monthly statistics issued by the Planning and Statistics Authority, the decrease was noted in the all of the municipalities
- Commercial buildings were found to be in the forefront of non-residential buildings permits with 32% (25 permits), followed by governmental buildings with 31% (24 permits)
Asian stocks rise as Powell rate warning taken in stride
Equities rose in Asia on Wednesday as traders took in their stride a warning from Federal Reserve boss Jerome Powell...
Company News
Latest News
Dubai to host corporate governance experts at ICGN-Hawkamah Conference
Dubai, UAE--Dubai will host a gathering of international corporate governance experts at the upcoming ICGN-Hawkamah Conference, themed 'Capital, Companies, and...
Economy
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
Business
Most Read
Business
Saudi oil and non-oil exports fall by above 17 percent in Sept
Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly...
- The share of oil exports in total exports increased from 80 percent in September 2022 to 80.1 percent in September 2023.
- Imports also decreased compared to August 2023 by SAR 9.6 billion or 13.7 percent, according to data by GASTAT.
Economy
Gaza war: Israel stares at $48 billion in expenses
Dubai, UAE - The ongoing conflict between Israel and Gaza could result in a significant economic toll for Israel, with...
- The projected cost, although lower than some previous estimations, remains a substantial financial burden
- The Israeli Ministry of Finance had previously indicated that the war was incurring costs of approximately $270 million per day
Internet out: India deploys shutdowns in name of security
New Delhi, India - With the world's largest biometric ID database, a pioneering digital payment system for daily transactions and a...
- India, the world's largest democracy, with general elections due next year, is also a global leader in internet shutdowns, according to Access Now
- "Of the 187 internet shutdowns it recorded worldwide last year, 84 were in India, the "most of any country for the fifth consecutive year", it said