Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Lebanon flights suspended as Hezbollah-Israel tensions continue to spiral out of control
Major airlines such as Emirates, Qatar Airways and Air France have suspended growing numbers of flights to Lebanon as tensions...
Business
Infosys Q2 profit at US$731.4m
The firm approved a $1 billion share buyback after Q2 result.
- Tech companies have benefited from higher digital services demand since the pandemic,.
- Infosys also reported a marginally lower employee attrition rate - a key metric for IT companies - compared to the previous quarter.
Business
Fast Retailing posts yearly net profit at US$1.86bn
Firm owns Uniqlo, Comptoir des Cotonniers clothing brands.
- Following years of aggressive global expansion, Fast Retailing is one of the world's biggest clothing retailers.
- As well as Uniqlo, it owns the clothing brands Theory, Comptoir des Cotonniers and lingerie label Princesse Tam Tam.
Economy
Saudi Arabia dismisses statements critical of OPEC+ quota cut
A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision...
- The United States accused Saudi Arabia of kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine
- The Saudi foreign ministry statement stressed the “purely economic context” of the oil cut
Fans warned to be ready for World Cup queues
Private cars will be banned from many streets and residents near some stadiums will need permits to get to their...
- The gulf state of 2.9 million people will be the smallest to hold the World Cup that starts November 20
- Qatar has spent billions of dollars on a state-of-the-art driverless metro rail network that serves five of the eight stadiums
Business
Customers feel better with ‘Buy Now, Pay Later’ plans
Buy Now, Pay Later services provide customers the functionality of credit cards-- easy payments with no cash. But BNPL usually...
- BNPL providers pay retailers upfront and lend money to customers while taking on all of the program's administrative costs and credit risk.
- The appeal of BNPL also lies in the fact that vast amounts of consumer data can be used by retailers to enhance customer loyalty by offering more targeted products.
Business
ENOC unveils service station of future for public at Expo City
Dubai, Abu Dhabi -- ENOC Group announced Wednesday that its Service Station of the Future is now open to the...
- Expo City Dubai is now ready to host 145,000 residents and workers, becoming the UAE’s first 15-minute city.
- This includes amenities in close proximity to the 85 start-ups and small businesses that occupies the commercial space.
Economy
IMF says countering inflation with tax cuts would be ‘too costly’
The fund's comments, in its latest Fiscal Monitor report, come as food prices have surged by half since 2019 while...
- Countries all around the world are facing more pressing and more painful trade offs," said Vitor Gaspar, director of IMF's fiscal affairs.
- Countries may need to raise added revenues and contain the growth of other expenditures as they prioritize policies, the fund said.
Geostrategy
Biden to ‘re-evaluate’ Saudi ties after OPEC snub
The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision...
- Saudi Arabia has defended the planned production cuts, saying the priority of OPEC+ was "to maintain a sustainable oil market"
- Partnership between US and Saudi Arabia was sealed after World War II, providing the kingdom with military protection in exchange for American access to oil
Economy
Russia-Germany oil pipeline partly shut after leak: operator
The Druzhba (Friendship) pipeline network was started in the 1960s and now covers 5,500 kilometres, pumping oil from the Urals...
- The leak was detected late on Tuesday near the village of Zurawice about 180 kilometres (112 miles) to the west of Warsaw in central Poland
- PERN spokeswoman Katarzyna Krasinska was quoted by PAP news agency as saying that the pipeline was mainly supplying two refineries in Schwedt and Spergau in Germany
Economy
NAFIS partners with du to hire 500 Emiratis in private sector
The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes...
- The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes offered by NAFIS
- The NAFIS programme is working to achieve Emiratisation rates in the private sector with set deadlines through partnerships with private and government organisations
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Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Company News
Latest News
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...
Business
UAE invests $36bn in renewable energy projects in 2022, says ADDED chairman
ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said...
Economy
Tokyo shares tumble on concern war in Palestine may escalate
Chip-testing equipment maker Advantest sank 4.79 percent to 4,351 yen and chip-making equipment manufacturer Tokyo Electron gave up 3.84 percent...
Business
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Analysis
Israel-Gaza conflict creates global economic ripples
As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with...
- As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance
- World Bank emphasizes the economic repercussions of the conflict, while the OECD projects Israel's 2024 GDP growth at 3.3%; Lebanon's crisis may worsen with Hizbollah's role
Economy
GCC states post 7.3 percent GDP growth in 2022: Albudaiwi
Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the...
- The secretary general was speaking at the Arab governors' meeting with the President of the World Bank Group, Ajay Banga, in Morocco
- He warned that economic challenges present a risk to the mutual objective of a poverty-free world characterised by sustainable development
Economy
Dubai becomes haven for firms of all sizes
Dubai's fintech expansion, the enticing Golden Visa program, competitive tax structures, a talented workforce, and a robust real estate sector...
- Strategic location, innovative free zones, and business-friendly policies help Dubai beckon global entrepreneurs, startups, and financial giants to be part of its journey
- Fintech growth, the Golden Visa program, competitive tax rates, a skilled workforce, and a thriving real estate market increase the emirate's global appeal