Car-centric Saudi to open first part of Riyadh Metro
Riyadh, Saudi Arabia - Saudi Arabia announced Wednesday it is ready to open the first part of the Riyadh Metro,...
G20 leaders to grapple with climate, taxes, Trump comeback
G20 leaders gather in Brazil on Monday to discuss fighting poverty, boosting climate financing and other multilateral initiatives that could...
Geostrategy
Saudi Arabia, UAE say global investments required for oil production
Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production, just days before...
- Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy
- Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the Gulf countries were both increasing production capacity.
Geostrategy
UAE, Kyrgyz Presidents review bilateral relations
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...
- UAE and Kyrgyzstan affirmed their common interest in enhancing bilateral relations.
- The meeting explored various opportunities of the UAE- Kyrgyz friendship and affirmed to further cooperation in economy, trade.
Economy
Most non-oil economies in MENA region seeing ‘gradual slowdown’: IMF
Despite soaring inflation and murky economic prospects worldwide, the IMF maintained its projection of 5.0 percent growth for the region...
- MENA region varies wildly, from low-income states growing at just 0.8 percent to the wealthy Gulf monarchies that are running at 6.5 percent growth.
- "Almost two-thirds of the non-oil countries in the region are witnessing a gradual slowdown," he said, presenting the IMF's latest report which includes Iran but not Israel.
Business
DEWA adds 600MW of clean energy production capacity
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer said DEWA had added...
- Mohammed bin Rashid Al Maktoum Solar Park will have a production capacity of 5,000 megawatts (MW) by 2030.
- The fifth phase is currently underway, with a total capacity of 900MW and investments estimated at $560 million.
Business
Nedaa, Nokia ink 5G deal in Dubai
5G network will help Nedaa provide better services.
- With the introduction of 5G, Nedaa will be able to support enhanced services for public safety and management of vital operations.
- The MoU sets a framework for upgrading the existing network capabilities and introducing agile and advanced services.
Geostrategy
Europe’s gas storage reserves now at over 90 percent
With prices falling and ports clogged with liquefied natural gas tankers, fears of a winter heating crisis in Europe have...
- Spanish gas regulator Enagas says the backlog at ports is expected to last at least until this week.
- Europe has made efforts to fill its storage facilities to reduce dependence on Russian gas and sought alternative suppliers.
Economy
Saudi Arabia’s GDP grows by 8.6 percent in third quarter of 2022
As per estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by...
- The seasonally adjusted real GDP increased by 2.6 percent in the third quarter 2022 compared to the second quarter this year.
- Non-oil activities grew by 5.6 percent and government services activities by 2.4 percent on a year-on-year basis.
Business
Hong Kong looks to legalize crypto for retail investors
Years of strict pandemic controls and a political crackdown have hammered the Asian finance hub's economy and sparked an exodus...
- In contrast to mainland China where crypto has been all but banned, Hong Kong is looking to relax regulations and claw back some of the business that has left
- A fintech conference opened on Monday and will be followed on Wednesday by a finance summit attended by some of the world's top bankers
Economy
Swiss National Bank loses nearly $143bn in first nine months
The scale of the loss can be gauged from the fact it is slightly more than the annual economic output...
- The scale of the loss can be gauged from the fact it is slightly more than the annual economic output of Morocco ($132 billion)
- The loss could mean that the bank halts payouts to the Swiss federal and cantonal governments next year
Videos
New industrial policy seeks to diversify Saudi economy
The program, launched by Saudi Crown Prince and Prime Minister Mohammed bin Salman, has identified more than 800 investment opportunities...
- The new industrial strategy envisages tripling the country’s industrial domestic product and doubling the value of industrial exports to $148.2 billion.
- The Crown Prince said the program will make the kingdom a leading industrial power that “contributes to securing global supply chains and exporting high-tech products to the world”
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Car-centric Saudi to open first part of Riyadh Metro
Riyadh, Saudi Arabia - Saudi Arabia announced Wednesday it is ready to open the first part of the Riyadh Metro,...
Company News
Latest News
Futuristic strategies elevate Dubai
Dubai's transformation from a humble fishing village to a global tourist powerhouse is nothing short of remarkable. Just decades ago,...
Economy
Bahrain’s SCE signs agreement with Foulath Holding Company
Manama, Bahrain--The Supreme Council for the Environment (SCE) signed a cooperation agreement with Foulath Holding Company to boost sustainable development...
Economy
Shekel’s decline raises economic concerns in Israel
Israeli officials show confidence in the economy's resilience amid Gaza conflict, but experts warn of challenges if tensions escalate with...
Economy
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Economy
Federal Reserve likely to pause interest rate hikes
The Federal Reserve will likely announce it is holding interest rates at a 22-year high on Wednesday, as it looks...
- Interest rate hikes slow down inflation by raising the cost of borrowing from the bank, which dampens economic activity and weakens the labor market.
- Since peaking at more than seven percent in June last year, inflation as measured by the Fed's favored yardstick has fallen by more than half.
Economy
Buildings should absorb more carbon than they release
"Buildings should produce more clean energy than they consume. This transformation demands a reevaluation of our relationship with nature. Rather...
- Renowned architect and design innovator Michael Pawlyn emphasizes the need for net positive sustainability actions.
- The health of natural systems is pivotal for future progress, he adds during the recent Majlis Mohamed bin Zayed lecture.
Economy
Capital flows to emerging markets facing short-term headwinds: QNB
Doha, Qatar--Qatar National Bank (QNB) said that the global macro trends are starting to present short-term challenges to emerging markets...
- QNB said in its weekly analysis that after a span of positive inflow of capital to emerging markets touching US$50bn in January, the flow turned negative since August
- Indicators suggest below trend growth in the Euro area, China and several other EM and as a result the growth gap is expected to further widen in favour of the US versus EM