BRICS integral to Arab trade diversification strategy
The UAE and Saudi Arabia’s trade with China and India far exceeds their trade with the US and UK. This...
Economy
UN report says 1.1 billion people in acute poverty
More than one billion people are living in acute poverty across the globe, a UN Development Program report said Thursday,...
Economy
Geostrategy
Turkey says Erdogan to meet Putin in Astana on Wednesday
Erdogan still hopes to bring Putin and Ukrainian President Volodymyr Zelensky together for truce talks that neither side particularly wants...
- Erdogan has not yet commented on the mass Russian strikes across Ukraine on Monday, which killed at least 19 people and wounded more than 100
- Turkish ForeigN Minister held a phone call with Ukrainian counterpart Dmytro Kuleba after the attacks, a Turkish diplomatic source said, without elaborating further
Economy
Oxfam says world failing to address ‘dangerous’ inequality
The UN and Oxfam have previously decried the unequal distribution of vaccines from richer Western countries to lower-income ones, particularly...
- Oxfam also found that two-thirds of countries failed to increase their minimum wage in line with gross domestic product
- It delivered a withering criticism of most nations, arguing that the pandemic should have been a "wake-up call" to act on poverty in general
Economy
BoE widens action on ‘UK financial stability’ fears
The week had already seen action taken by the BoE and UK government aimed at bringing calm to markets. The...
- In a statement, the BoE said the latest action would "act as a further backstop to restore orderly market conditions".
- In more positive news, official data Tuesday revealed British unemployment fell to a near 50-year low at 3.5 percent
Economy
China’s Central Bank, European Central Bank renew currency swap deal
The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of...
- The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market
- A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations
Economy
Iraq drought displaces 1,200 families in parched south
The Mesopotamian Marshes, a UNESCO World Heritage site, have been battered by low rainfall and reduced flows in the Tigris...
- The mass exodus began in April after more than 2,000 buffaloes had died as a result of the drought
- Iraq's water resources minister said that 2022 has been "one of the driest years Iraq has seen since 1930."
Business
Dubai records over US$435m in realty transactions Monday
Dubai real estate market recorded 445 sales transactions worth US$321 million, in addition to 68 mortgage deals of $121 million...
- Dubai real estate market recorded 445 sales transactions worth $321 million.
- The market witnessed 68 mortgage deals of $121 million and 37 gifts deals amounting to $16 million.
Economy
Saudi Arabia’s Industrial Production Index in August up by 6.8 percent
Riyadh, Saudi Arabia-- Saudi Arabia's Industrial Production Index in August 2022 increased by 6.8 percent compared to August 2021. The...
- In August 2022, mining and quarrying grew by 15.5 percent compared to August 2021.
- The manufacturing activity increased by 22 percent compared to the same month of the previous year. The electricity and gas supplies increased by 11.3 percent.
Geostrategy
Saudi Arabian delegation visits Oman, to enhance bilateral ties
A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a...
- A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a visit to Oman.
- The Saudi delegation met with Oman's Minister of Transport, Communications and Information Technology Saeed Al-Mawali and Minister of Economy Saeed As-Saqri.
Geostrategy
Algeria, France hail ‘new dynamic’ in economic ties
The Algerian and French prime ministers hailed a "new dynamic" as they launched a joint economic forum during a visit...
- Borne and her delegation are the latest in a string of top European officials to visit Algeria.
- The two-day business forum was organized by the Algerian Chamber of Commerce and Industry and Business France, a government agency.
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.
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BRICS integral to Arab trade diversification strategy
The UAE and Saudi Arabia’s trade with China and India far exceeds their trade with the US and UK. This...
Economy
Company News
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Saudi Arabia launches bus transport project linking 200 cities
RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant...
Business
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
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Economy
‘Qatar prioritizes fiscal control to sustain growth’
"Factors such as robust fiscal discipline supported by strong oil prices, debt reduction efforts by the Ministry of Finance, and...
- Qatar readies for an energy transition, prioritizing savings for intergenerational equity and steering clear of pro-cyclical fiscal policies to ensure financial stability
- Robust fiscal discipline backed by strong oil prices, debt reduction efforts , and improved macroeconomic indicators lead to positive sovereign credit ratings for Qatar
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