Iran slams new EU, UK sanctions as unjustified: foreign ministry
ran's foreign ministry Tuesday slammed as unjustified the new sanctions by the European Union and Britain against Tehran over its...
Saudi Arabia appoints new CEO to drive NEOM’s mega-city project forward
In a big move, Saudi Arabia appoints Aiman al-Mudaifer as NEOM’s interim CEO, a strategic choice to advance the futuristic...
Economy
PIF to deploy spending to develop innovative sectors in kingdom
Riyadh, Saudi Arabia--Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a program that will leverage its...
- The Local Content Growth Program will targets Fund’s goal of increasing to 60 percent its contribution and the contribution of its affiliates towards the Saudi economy by 2025.
- The Program also includes a Local Content Policy, in which PIF’s portfolio companies will encourage and support local products and services.
Economy
Egyptian pound plummets after 2% interest rate hike
The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation.
- The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation
- The decision aims to uphold the CBE’s mandate of ensuring price stability in the local market over the medium term
Geostrategy
Iraq parliament approves new government after year of deadlock
Prime Minister Mohammed Shia al-Sudani's 21-member cabinet is expected to face myriad challenges. The oil-rich but war-ravaged country is plagued...
- Sudani, 52, was chosen to form the new government on October 13 following months of infighting between key Shiite Muslim factions
- The movement of firebrand cleric Moqtada, Sudani's rival in Iraq's majority Shiite camp, refused to join the government
Geostrategy
Israel, Lebanon strike ‘historic’ maritime border deal
UN chief Antonio Guterres said he "strongly" believed the deal can promote stability in the region and create "enhanced prosperity...
- The agreement was signed separately by Lebanon's President Michel Aoun in Beirut and by Israel's Prime Minister Yair Lapid in Jerusalem
- US President Joe Biden hailed the "historic" deal, that comes as Western powers clamour to open up new energy production and reduce dependence on Russia
Market Report
Markets mixed as investors digest ECB hike, US data
Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of...
- The euro lost against the greenback on Thursday, after having traded above one dollar for the first time since last month on Wednesday.
- After fluctuating for much of the day, Eurozone stocks were flat by late afternoon trading.
Geostrategy
UAE President, Austrian Chancellor discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
- Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
- The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.
Economy
US economy grows in third quarter this year
The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President...
- The latest GDP figures reflect increases in exports, consumer spending and government spending, said the US Commerce Department.
- Gross domestic product rose at an annual rate of 2.6 percent in the July to September period, according to Commerce Department data.
Economy
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...
- The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
- EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
Economy
Egypt agrees $3 billion loan with IMF as pound hits new low
The IMF had demanded the devaluation as a condition of the loan and the North African nation is among the...
- The IMF deal is also conditioned on reforms that include further cuts to subsidies, bringing yet more pain for struggling households.
- In Aug, global investment firm Goldman Sachs estimated that Egypt would need about $15bn in funding to be able to repay its foreign debt, currently estimated at about $150bn.
Business
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.
- Volvo Cars was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
- Revenue rose to $7.28 billion boosted by "robust" demand for the company's SUVs.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Iran slams new EU, UK sanctions as unjustified: foreign ministry
ran's foreign ministry Tuesday slammed as unjustified the new sanctions by the European Union and Britain against Tehran over its...
Company News
NEOM to set up education, research and innovation center
Arts & Culture
Latest News
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting...
Economy
UAE president discusses climate financing with World Bank chief
Abu Dhabi, UAE – The UAE president Sheikh Mohamed bin Zayed Al Nahyan Thursday discussed climate financing with the President of...
Economy
FII7 sees $17.9 billion in investments, summit on AI
Riyadh, Saudi Arabia – The three day 7th edition of the Future Investment Initiative (FII7) which ended on October 24...
Economy
Most Read
Economy
Huge investments propel GCC project sector growth
The GCC project sector, one of the world's most dynamic, has recorded a significant surge in project awards, reaching $41.8...
- The GCC project sector, one of the world's most dynamic, has witnessed a significant surge in project awards, reaching $41.8 billion in the third quarter of 2023, says a report.
- Driven by diversification efforts, countries like Kuwait and Saudi Arabia lead in contract values, emphasizing sustainable projects that align with long-term economic aspirations.
Interview
Global tech collaboration can benefit all: Expert
The ongoing US-China technological decoupling is likely to harm global capabilities, Chinese Professor Wu Xiabo tells TRENDS in an interview.
- The ongoing US-China technological decoupling is likely to harm global capabilities, Chinese Professor Wu Xiabo tells TRENDS in an interview.
- He emphasizes the interrelation of FDI and technology, advocating for inclusive technological advancements that support local businesses.
Economy
Retail plays a pivotal role in UAE’s Net Zero mission
“To achieve our climate objectives, every segment of the economy, including retail, must work towards a greener future. The upcoming...
- UAE minister Mariam bint Mohammed Almheiri emphasizes sustainability in retail operations
- A total of 13 additional businesses have signed the UAE Climate Responsible Companies Pledge