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
French TV to show ‘power map’ to avoid winter black outs
France's national broadcaster said Friday it would begin broadcasting a "power map" to viewers, showing demand for electricity around the...
- Under a deal signed with the main operator of the country's power grid, France Televisions will begin showing a real-time map called Ecowatt on its channels.
- During periods of worryingly high demand -- which will be coloured in red -- viewers will be encouraged to reduce their power consumption or avoid drawing on the grid at peak hours
Economy
Dubai records realty transactions worth US$1.8bn in week
A total of 2,401 real estate transactions worth US$1.8 billion (AED6.7 billion) were conducted during the week ending September 23,...
- A total of 243 plots were sold for $351 million (AED1.29 billion) in Dubai.
- A total of 1,659 apartments and villas were purchased for $955 million (AED3.51 billion).
Market Report
World markets plunge on growing recession fears
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks...
- In the eurozone, recession fears deepened as data showed its economic activity fell once again in September.
- Traders were keeping a close eye also on developments following the Japanese finance ministry's intervention to support the yen.
Economy
‘Barakah Nuclear Power Plant promotes clean, safe energy’
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the start-up of Unit 3 of Barakah...
- The nuclear plant plays a key role in promoting the transition to safe and environmentally friendly energy sources.
- Several countries began to focus on developing nuclear power to meet the challenges of energy security and climate change.
Geostrategy
61 dead in migrant shipwreck off Syria coast, says Lebanon
At least 61 migrants drowned when a boat they boarded in Lebanon sank off Syria's coast, a Lebanese minister said,...
- Caretaker transport minister of Lebanon said over 100 people, mostly Lebanese and Syrians, were on board the small boat.
- Syrian authorities had said around 150 passengers were on board.
Economy
Ahead of World Cup, influencer ‘Mr Q’ lifts veil on Qatar
Qatar has dozens of online influencers on topics ranging from "modest" but expensive fashion, to the latest sports car being...
- The 38-year-old has become a social media hit by partially lifting the veil over the tiny but mega-rich Gulf state
- Haroon's cheerful #QTip videos broach everything from saying "Hello" in Arabic to the right way for men to wear the flowing ghutra headdress
Economy
Central Bank of Egypt keeps interest rates unchanged
The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
- The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
- The CBE remains committed to achieving stable levels of inflation over the medium term which is a requisite condition towards sustainable economic growth
Economy
South Africa seeks wind energy to resolve power situation
South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening...
- The coal-dependent country picked 25 wind and solar projects to generate a total of 2,583 megawatts.
- Official data earlier this month confirmed that GDP of South Africa shrank partly owing to the energy crisis.
Geostrategy
Ukraine suffered nearly $1 trillion in losses since Russian invasion
The figure was equivalent to five times Ukraine's annual GDP before the invasion in February, Oleg Ustenko, economic advisor to...
- In terms of "direct and indirect costs" Ukraine had suffered "somewhere close to $1 trillion" in damages, said the official.
- The official previously estimated the damage caused by Russian forces in the first 14 days of war totaled around $100 billion.
Geostrategy
UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.
- Fracking is carried out by blasting a mixture of water, sand and chemicals underground to release shale oil and gas.
- But environmentalists argue that the process contaminates water supplies, hurts wildlife, causes earthquakes and contributes to global climate change.
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
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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One dead as new earthquake rocks west Afghanistan
According to the United States Geological Survey, the quake occurred at a shallow depth at around 05:10 am local time...
Economy
UAE to sign six more CEPAs by year end: Al Zeyoudi
Dubai, UAE--The UAE will sign six new comprehensive economic partnership agreements (CEPA) with South Korea, Thailand, Chile, Costa Rica, Colombia,...
Economy
Saudi non-oil GDP growth to be strong despite oil cuts
Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a...
Economy
Most Read
Business
Yellen urges more IMF, World Bank reforms for climate, poverty fight
Benguerir, Morocco - US Treasury Secretary Janet Yellen said on Tuesday she backed efforts to boost the lending firepower of the...
- Yellen said the World Bank's board of governors will endorse at this week's meetings in Marrakesh a new vision to "end poverty on a livable planet"
- "It has become common sense that addressing climate change and other global challenges is key to achieving development," she said
Business
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...
- Around 30 turbines are expected to be delivered by the end of the year along with the project's first solar panels.
- The $8.4 billion NEOM green hydrogen plant is expected to reach full production by the end of 2026.
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.