Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
Economy
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
Economy
UAE economy achieves pre-pandemic level growth: WB regional director
Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and...
- Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and fiscal stimulus packages
- He added that the GCC region is projected to expand by 5.9 percent in 2022 before moderating to 3.7 percent and 3.3 percent in 2023 and 2024, respectively
Business
$3 billion joint-venture railway to link Oman and UAE
The 303km railway, with passenger trains traveling up to 200kmper hour, will join up with the UAE's national network that...
- The railway will link Abu Dhabi with Oman's deep-sea Sohar port, which bills itself as a nexus of trade between Asia and Europe.
- A multi-billion dollar railway linking the six Gulf Cooperation Council countries has languished since a feasibility study was approved in 2004.
Geostrategy
EU proposes new sanctions on Russian exports
The EU's executive proposed a new round of sanctions on Moscow over its latest "escalation" in Ukraine, including an oil...
- As part of the new round of sanctions the commission is laying out a 'legal basis' for a price cap on Russian oil
- It will also look to ban Russian exports worth $7 billion and tighten restrictions on goods flowing from the EU.
Economy
Lebanon to devalue currency first time in two decades: Official
The exchange rate has been officially pegged at 1,507 Lebanese pounds to the dollar since 1997, but will drop to...
- Lebanon's local currency has lost more than 95 percent of its value on the black market since the 2019 onset of the country's financial crisis, branded by the World Bank.
- The decision to shift the peg follows a visit last week by a delegation from the International Monetary Fund, which is pressing Lebanon to implement reforms.
Geostrategy
UAE, Japan sign comprehensive strategic partnership pact
Minister of Industry and Advanced Technology and UAE Special Envoy to Japan Dr. Sultan bin Ahmed Al Jaber and the...
- The UAE-Japan strategic partnership agreement aims to bolster relations between the two countries to advance their common interests.
- The key areas of the partnership include diplomacy, enhancing international development, humanitarian aid efforts, business, trade, energy.
Science
Jordan, Germany discuss scientific research, ties in water sector
Jordan's The Royal Scientific Society (RSS) and the Princess Sumaya University for Technology (PSUT) discussed with the German Research Foundation...
- A German Research Foundation (DFG) delegation visits Jordan and discusses scientific and research ties in the water sector.
- The delegation included 22 researchers, professors and representatives from the German Academic Exchange Service (DAAD).
Business
IHC buys 54% stake in Emircom
Firm buys stake for $68 million via its subsidiary IHC Digital
- Emircom is the Middle East’s leading information and communications technology (ICT) provider.
- This $68 million purchase comes as part of IHC’s strategy to grow its digital assets portfolio and expand into new growth areas.
Economy
Last three Turkish banks to drop Russia’s Mir bank cards
The decision follows weeks of intensifying pressure from Washington for NATO member Turkey to limit its booming economic relations with...
- Two private Turkish lenders that began processing Mir after President Erdogan met Russian counterpart Vladimir Putin in August suspended the transactions early this month
- Mir cards offer millions of Russians that vacation in Turkey each year a way to access their rubles and pay for everything from restaurants to hotels
Economy
WTO chief warns world edging into ‘global recession’
WTO Director-General Ngozi Okonjo-Iweala said Russia's war in Ukraine, the climate crisis, food price and energy shocks plus the aftermath...
- She noted that the World Bank and the International Monetary Fund had both downgraded global growth forecasts, while indicators on trade numbers were "not looking too good".
- She urged central banks to determine whether inflation was being caused by strong demand or whether the rise in prices was linked to structural problems on the supply side.
Economy
Saudi Arabia ranks first in G20 visitors flow rating: report
According to the report, the number of foreign tourists visiting the kingdom has surged 121 percent from January to July...
- According to the report, the number of foreign tourists visiting the kingdom has surged 121 percent from January to July 2022
- Saudi tourism sector is currently recovering from the fallout of the pandemic following preventive measures taken by the government
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Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
Economy
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ADX profits vault to $11.70bn
Business
Disasters cause crop losses worth $3.8trn over 30 years, says FAO
PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's...
Economy
Non-cash transactions in Egypt set to reach $16.34 billion in 2023
Cairo, Egypt - The Egyptian market is projected to reach an impressive $16.34 billion in non-cash transactions in 2023, while...
Economy
Most Read
UN calls for $294m for ‘urgent needs’ in Gaza, occupied West Bank
Nearly 60 percent of households in Gaza were considered food insecure before the start of the new hostilities. As of...
- The funds would be used to help more than 1.2 million people, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said
- UN has previously estimated it would need $502 to fund operations to aid 2.1 million Palestinians in 2023, a goal that is less than 50-percent financed
Geostrategy
Israel-Hamas war a ‘new cloud’ over world economy, says IMF
Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with...
- IMF Managing Director Kristalina Georgieva said the International Monetary Fund was "very closely monitoring how the situation evolves" and how it is affecting oil markets
- She said it was "too early" to assess the impact of the conflict, but "this is a new cloud on not the sunniest horizon for the world economy -- new cloud, darkening this horizon
Geostrategy
Risk of oil supply disruptions due to Hamas-Israel conflict limited: IEA
The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its...
- Oil prices jumped at the start of the conflict but have since eased as there was no immediate disruption to supply flows and other nations have not intervened.
- Yet prices remain relatively high thanks to supply cuts by Saudi Arabia and Russia, with the IEA also warning it was beginning to see signs of demand destruction.