Riyadh leads Saudi Arabia’s date production with record sales
Riyadh, Saudi Arabia - Riyadh is currently hosting the third Seasonal Dates Exhibition, a major economic, social, and tourist event....
Economy
Putin expects Türkiye’s Erdogan to attend BRICS summit in Russia
Russian President Vladimir Putin said Wednesday he expected his Turkish counterpart Recep Tayyip Erdogan to attend a BRICS summit in...
Economy
Bahrain calls for adoption of new solutions to spur growth
Washington, US—Bahrain has called for adoption of innovative solutions to encourage economic growth and sustainable development goals for all countries....
- The country's Finance and National Economy Minister, Shaikh Salman bin Khalifa Al Khalifa, has stressed the importance of strengthening international cooperation
- The minister took part in the meeting of the World Bank Development Committee, within the annual meetings of the Board of Governors of the World Bank and the IMF in Washington
Geostrategy
Saudi Arabia and S. Africa to deepen ties in several fields
The agreement would result in partnership in encouraging direct investment, communications and information technology, exploring the establishment of a joint...
- An agreement was signed between the two countries during the presence of Saudi's Crown Prince & Prime Minister and South Africa's President
- The agreement contains cooperation and exchange of news between the Saudi Press Agency (SPA) and the state-run South African News Agency.
Economy
GCC and UK hold first round of talks on Free Trade Agreement
The British government said the Free Trade Agreement is a major economic opportunity and plays a key role in the...
- The two sides discussed Free Trade Agreement's goals and the exchange of technical information in 29 areas.
- More than 100 British negotiators representing different sides of the British government participated in the round.
Economy
US President terms UK PM’s abandoned tax plan a “mistake”
Reacting to British PM Liz Truss's abandoned tax cut reform, US President Joe Biden has termed it a "mistake" as...
- Truss is set to sit down on Sunday with new finance minister Jeremy Hunt, who said she and Kwarteng had erred on September 23 in trying to cut taxes for the highest earners
- Hunt said that some taxes will not be cut as quickly as people want and that some of the taxes will go up
Economy
TotalEnergies’ workers pledge to continue their strike
The hard-left CGT union, which launched the industrial action three weeks ago, said that workers at three TotalEnergies sites had...
- Four of France's seven refineries and one fuel depot were out of action, after strikers rejected a pay offer from the hydrocarbon industry leader.
- The blockages have caused queues outside petrol stations, and worry across all sectors of the economy, from mobile healthcare workers to farmers.
Economy
WFP calls for action to avoid another year of record hunger
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said that the crises facing the world today...
- The UAE has launched the Agriculture Innovation Mission for Climate (AIM for Climate) in partnership with the US.
- The objective is to raise investments worth US$8 billion in sustainable and climate-smart agrifood systems based on modern technologies.
Market Report
Saudi TASI plummets, UAE indices show mixed trends over the week
The UAE stock market followed the trend of other markets worldwide and ended the week on a high note but...
- A 5.2 percent gain in Multiplay Group's share price, a 3.3 percent increase in Aldar Properties' share price pushed the Abu Dhabi index up 0.9 percent on Friday (October 14).
- The Dubai index rose 0.8 percent on Friday (October 14, 2022), led by the gains in the real estate and banking sectors.
Business
UAE, Lulu Money sign pact on digital KYC service
LuLu Exchange – one of UAE’s leading financial service providers, announced that it has signed an agreement with the country's...
- The company has taken this step to streamline customers' experience, perform instant and highly secure face matching verification.
- This will eliminate the need for customers to physically visit a branch for initial KYC verification.
Economy
OPEC’s World Oil Outlook to be launched at ADIPEC on Oct 31
This year’s publication will again be accompanied by a smart app to give increased access to the WOO’s vital analysis...
- This year’s publication will again be accompanied by a smart app to give increased access to the WOO’s vital analysis and energy data
- First published in 2007, the WOO provides an in-depth review and analysis of the global oil and energy industries
Economy
Russia war ‘most important’ factor slowing growth: IMF committee chair
The fund trimmed its world growth forecast to 2.7 percent in 2023, and its chief economist Pierre-Olivier Gourinchas cautioned that...
- Nadia Calvino's remarks came as finance ministers and central bankers gathered in Washington for the IMF and World Bank annual meetings
- There has been a "very strong call" throughout the week for Russia to stop its war against Ukraine, said Calvino
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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
Riyadh leads Saudi Arabia’s date production with record sales
Riyadh, Saudi Arabia - Riyadh is currently hosting the third Seasonal Dates Exhibition, a major economic, social, and tourist event....
Economy
Company News
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Qatar’s Industrial Production Index falls 2.1 percent in Aug 2023
Qatar's Industrial Production index (IPI) reached 105.2 points in August 2023, a decline by 2.1 percent compared to the previous month (July...
Economy
Jordan, Egypt foster economic policy collaboration with new MoU
Amman, Jordan - Jordan and Egypt have signed an MoU to foster cooperation in economic and development policy formulation, as...
Economy
MENA banking sector records 30% surge in net profits in H1 2023
Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in...
Business
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Economy
UAE Minister Al Gergawi backs ‘curiosity’ and ‘equity’ at World Economic Forum
Dubai, United Arab Emirates – Considering opposing views, exchanging ideas and developing pathways for collaboration are essential to improving lives...
- UAE Minister of Cabinet Affairs Mohammad Abdullah Al Gergawi called for asking big questions to create a better future
- Panelists in the opening plenary made the case for connecting the dots across industries and disciplines
Security risks hit gas flow amidst Israel-Hamas row
Israeli decision to suspend gas supply from Tamar field due to security concerns affects energy and gas sector, resulting in...
- Israeli decision to suspend gas supply from Tamar field due to security concerns affects energy and gas sector, resulting in weekly losses of hundreds of millions of dollars
- Chevron shifts gas exports as Israeli government declares market emergency, while local supply maintained with power plants ready with alternative fuels for energy stability
Business
Red Sea Global builds largest off-grid EV charging network in Saudi Arabia
RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala...
- The network includes more than 150 charging stations spread across phase one of The Red Sea destination area.
- The stations are placed to keep RSG’s initial fleet of 80 electric Lucid and Mercedes vehicles charged and on the road.