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...
What a Fed rate cut could mean for the world
The U.S. Federal Reserve is on Wednesday heading for its first interest rate cut since the onset of the COVID-19...
Economy
Geostrategy
Trio win Nobel for banking’s role in economy, collapse prevention
Ex-Fed chief Ben Bernanke together with Douglas Diamond and Philip Dybvig were honoured for having "significantly improved our understanding of...
- Bernanke, 68, the chair of the US Federal Reserve between 2006 and 2014, was highlighted for his analysis of "the worst economic crisis in modern history" -- the Great Depression.
- Diamond and Dybvig were in turn honoured for showing how "banks offer an optimal solution" for channelling savings to investments by acting as an intermediary.
Economy
Markets sink as US jobs data fan rate hike bets
A brief rally across trading floors last week gave way to gloom as investors grow increasingly worried that central bank...
- All three main indexes tumbled Friday following news that a net 263,000 US jobs were created in September
- With the spotlight on a consumer price index reading later in the week, policymakers continue to take a hawkish tone
Economy
BoE launches “temporary facility” to ease liquidity pressures
The BoE "announces additional measures to support market functioning", said a statement, adding that the central bank was ready to...
- The BoE said it is launching a Temporary Expanded Collateral Repo Facility, enabling "banks to help to ease liquidity pressures facing" client funds beyond the end of this week
- The central bank has so far made purchases of so-called gilts totalling around £5 billion ($5.5 billion), far less than its £65-billion limit
Economy
Jordan fixes bread prices until 2023 amid global grain price hike
According to the cabinet decision, the price of large-sized white pitta bread will remain at 320 fils, while small-sized white...
- According to the cabinet decision, the price of large-sized white pitta bread will remain at 320 fils, while small-sized white pitta bread will remain at 400 fils
- The decision also included continuing to provide $6 in cash support to non-mechanical bakeries, specifically those that use one tonne or less of flour daily
Economy
Greece and Egypt call Turkish-Libyan gas deal ‘illegal’
On Monday, Turkey said it had signed a memorandum of understanding on exploration for hydrocarbons in Libya's seas with the...
- Greece, Egypt and Cyprus believe the 2019 agreement violates their economic rights in an area suspected to contain vast natural gas reserves
- The deal follows an agreement Turkey signed three years ago with Tripoli that demarcated the countries' shared maritime borders
Economy
Gulf citizens wealthier as oil boom raises revenue
Qatar ranks first in the Arab world and the Gulf region with an annual per capita share of around $183,000,...
- Bahrain ranked fourth in the Gulf and the Arab world, with an average per capita wealth of $98,000.
- Oman was ranked sixth in the Arab world and the Gulf, with an annual GDP per capita of about $39,433.
Economy
Remittances from expatriates in Saudi fell 13 percent in Aug
Riyadh, Saudi Arabia - Remittances from expatriates in Saudi Arabia saw a 13 percent year-on-year (YoY) decline to SAR 11.92...
- On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia rose 3 percent, or SAR 323 million ($85.47m).
- Remittances by Saudi nationals to other countries grew 10 percent YoY to SAR 6.33 billion ($1.68bn) in August.
Geostrategy
Qatar to hike Jordanian food imports during World Cup
Qatar plans to hike its imports of Jordanian food products during FIFA World Cup Qatar 2022 as demand is expected...
- Qatar relies heavily on Jordanian market for vegetables and fruits.
- Volume of Jordan-Qatar trade during the past 10 years amounted to over US$3.17 billion.
Geostrategy
French PM leads delegation to Algeria as ties improve
French Prime Minister Elisabeth Borne starts a visit to Algeria with a top-level delegation, pushing for better ties with the...
- Ties between the North African country and France had seen months of tensions after Macron last year questioned Algeria's existence as a nation before the French occupation.
- The French PM is expected to sign deals on economic cooperation, including energy.
Business
Qatar lures the rich with luxury World Cup
Those with bottomless budgets in the resource-rich region have attractive accommodation options too, with one third-party site offering $4,000-a-night hotel rooms...
- Stadium crowds will include Qatar's migrant laborers, who were offered some tickets at $11 to watch a sport whose players and core supporters are traditionally blue-collar
- United States, Britain, France, Mexico, China and India were among the countries where fans were showing most interest in packages for the UAE
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
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...
Company News
Latest News
4.4m travel by SAR in H1 2023
Business
Early economic measures tame Saudi inflation at 1.7% in Sept: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September...
Business
Dubai’s economy grows 3.2 percent in H1 2023
DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance...
Economy
UAE allots US$200m to boost growth in low-income countries
Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing...
Economy
Most Read
Geostrategy
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...
- The quotas, which are based on the size of a country's economy, determine how much funding a nation should provide to the IMF.
- IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's meetings to urge members to step up funding.
Geostrategy
UAE, South Korea ink MoU to enhance air transport relations
ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum...
- This MoU includes an agreement to increase the number of national carrier flights between the two countries to 21 flights per week.
- The signing of this MoU followed discussions held in Seoul on October 12 and 13, 2023, with representatives from both countries' aviation sectors.
Business
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
- The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund Annual Meetings in Morocco.
- The US$20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital.