Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Global markets rode AI, interest rate roller coaster in 2024
Paris, France - Despite political upheavals, stock markets and bitcoin smashed records in 2024, fuelled by investor enthusiasm for Artificial Intelligence (AI),...
Economy
Videos
GCC’s two biggest trade allies are Asians
As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is...
- Experts believe the US is pulling back from the Middle East and shifting its attention and resources to the "priority theatre" of the Indo-Pacific.
- But as the world recovers from the Covid-19 pandemic, the GCC countries are expected to play a more significant role in the ongoing Asianization of the global economy.
Business
ExxonMobil Q3 net surges to US$19.7bn
Hike in profit was due to high oil, natural gas prices.
- The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling.
- The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.
Business
QGIRCO posts Q3 net profit of US$1.1m
Firm's Q3, 2022 profit fell compared to Q3 in 2021.
- The company's data indicated that the earnings per share amounted to $.01 in the third quarter of this year,
- The company's earnings per share was $.02 for the same period last year.
Business
OMV Q3 net profit at $3.28bn amid high energy prices
Revenue doubled year-on-year to US$17.1 billion.
- OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
- Following European sanctions on Moscow, OMV froze its investments in Russia.
Business
Amanat Holdings buys 60% stake in HDC for US$58m
HDC provides special education and care services in S Arabia.
- HDC has a presence across six provinces of Saudi Arabia and caters to over 3,000 beneficiaries.
- It has a network of nine schools, 22 daycare centers and specialized rehabilitation medical clinics.
Arts & Culture
Saudi culture ministry provides training in UNESCO program
Under its recently announced Experts Program, the Saudi Ministry of Culture has provided an intensive leadership training course for Man...
- MAB is an intergovernmental scientific program that seeks to enhance the relationship between people and their environments through natural and social sciences.
- Delivered in partnership with the UNESCO Regional Bureau for Science in the Arab States, the course brought together 17 local and international participants.
Business
Ma’aden among top 3 buyers of carbon credits
Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon...
- The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
- The carbon auction is the largest in the world.
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
Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Company News
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Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
Economy
‘Digitization, AI reshape sports and health investments’
AI will play a major role in improving sports performance and health sector advancements, Thomas H. Rudy of leAD Sports...
Interview
Saudi Arabia to produce 80-90% insulin domestically
"More than 200 essential medications have been identified, making up about 40 percent of the total purchases by government health...
Economy
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Geostrategy
COP28 wide open to private sector, says climate talks chief
ABU DHABI, UAE - Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale,...
- Sultan Al Jaber, the COP28 president has consistently tried to frame the climate crisis as an economic opportunity.
- He said about 70 ministers and 100 delegations are attending the two-day talks, more than double the usual number.
Economy
Britain grants 27 new oil and gas exploration licenses in North Sea
London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as...
- The Conservative government has argued that drilling for new oil and gas is necessary to bolster Britain's energy security.
- Prime Minister Rishi Sunak recently softened policies aimed at the UK achieving net zero carbon emissions by 2050.
China’s share of global manufacturing jobs to rise by 2050: study
The Asian giant's share of global manufacturing jobs will rise to 43 percent of the total by that year --...
- Rich countries are likely to continue to lose manufacturing jobs, with the sector falling from 11.4 percent to 8.3 of the high-income workforce by 2050
- The study by Center for Global Development was conducted based on the projections of 59 countries representing approximately 75 percent of global GDP