US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
Economy
Economy
Morocco, Nigeria agree on project to pipe gas to W.Africa and Europe
The agreement to go ahead with the Nigeria-Morocco Gas Pipeline project was inked in Rabat by the two countries and...
- Once completed, it would be connected to the Maghreb–Europe Gas Pipeline in order to reach the European gas network
- The project was agreed upon at a time of strong international demand for oil and gas and a surge in prices following Russia's invasion of Ukraine
Economy
Tunisia government reaches pay deal with key union
The deal involves a five percent annual hike to public sector wages every year until 2025. The head of the...
- Tunisia has been hit hard by the coronavirus pandemic and global diplomatic fallout from the war in Ukraine
- The government is locked in negotiations with the International Monetary Fund over a $2 billion bailout
Geostrategy
ENEC shares expertise at cyber energy leadership forum
The Emirates Nuclear Energy Corporation (ENEC) hosted the first edition of the CyberEnergy Leadership Forum (CELF) in Abu Dhabi. Over...
- The one-day forum featured a leadership briefing, followed by a technical forum hosted by ENEC and the United States Department of Energy
- ENEC is a leading entity that is spearheading cyber security in the UAE’s clean energy sector
Business
Rosneft H1 net profit up 13%
The energy giant's H1 net profit rose to $7.2 billion.
- Having processed 45.8 million tonnes of oil this semester, Rosneft said its debt decreased by 12 percent from the beginning of the year.
- The company' revenues increased by 32.5 percent, reaching $86.7 billion.
Business
Thai SC dismisses Toyota appeal
The court dismisses appeal over $270m import tax bill.
- The case relates to Toyota Motor Thailand's importation of parts for its Prius model at a reduced tax rate between 2010 and 2012.
- While Thailand's Central Tax Court ruled in favor of Toyota in 2017, the decision was later overturned.
Economy
Sharjah to host International Jewelry Designers Forum
Expo Centre Sharjah has said that it will host the International Jewelry Designers Forum on October 7.
- The forum will discuss a number of thematic topics, including future trends in jewelry and gem designs.
- It will also discuss important techniques used in combining stones and lab-created diamonds.
Economy
Saudi Consumer Price Index rises by 3% in August: GASTAT
General Authority for Statistics said the main drivers of CPI inflation were the higher prices of food & beverages and...
- In August 2022, the Wholesale Price Index increased by 5.6 percent compared to the same month in 2021, but down from 6.8 percent in July 2022.
- The increase resulted mainly from the increase in metal products, machinery and equipment prices that have a relatively high weight in the index.
Geostrategy
US again approves most aid to Egypt despite rights concerns
President Joe Biden's administration on Wednesday approved most military aid to Egypt for a second straight year despite concerns on...
- Some of Biden's political allies have pressed for a wider cutoff of aid to Egypt, which rights groups estimate is holding more than 60,000 prisoners of conscience
- Senator Chris Murphy, a Democrat, scoffed at the idea that Egypt was making progress and earlier this week called on the administration to withhold more funds
Business
JAFZA facilitates more than a third of Dubai automotive volume
Dubai, UAE-- Jebel Ali Free Zone (Jafza), part of DP World Group, has facilitated over 1.2 million metric tons (MT)...
- This is equivalent to $12.4 billion, more than a third of the total trade worth $31.3 billion.
- Dubai hosts the region’s biggest automotive trading hub and the largest used car market.
Economy
Adoption of new technologies tops Saudi Maritime Congress agenda
The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge...
- The purpose of the event is to highlight the most significant advancements in the digital transformation and adoption of cutting-edge technological solutions in the sector
- This edition is the first to be organised in person after the pandemic and the recovery of global economies from its unprecedented effects on the supply chain
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
US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...
Company News
Ooredoo Algeria gets new CEO
Business
Latest News
Inma Holding profit tumbles
Business
World Bank expects Gulf economies to grow by 1 percent in 2023
Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023,...
Economy
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
Business
Saudi Arabia to enhance air connectivity to over 250 destinations by 2030
RIO DE JANEIRO, BRAZIL - A delegation led by President of the General Authority of Civil Aviation (GACA) Abdulaziz bin...
Geostrategy
Most Read
Tens of millions of children uprooted by climate disasters: UNICEF
In a sweeping report on the issue, the United Nations agency detailed the heart-wrenching stories of some of the children...
- From 2016 to 2021, floods, storms, droughts and wildfires led to 43.1 million child displacements in 44 countries, the UNICEF report says
- UNICEF called on world leaders to take up the issue of child displacement at the COP28 climate summit in Dubai in November and December
Economy
GCC economic integration: The grouping okays more measures at Muscat meeting
Riyadh, Saudi Arabia - The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its...
- GCC took more steps to complete the GCC Customs Union and the GCC Common Market to achieve economic unity by 2025
- Muscat meeting also took note of the signing of a Free Trade Agreement between GCC countries and the Islamic Republic of Pakistan
Economy
Innovative solutions crucial to deal with challenges
"From 2021 to 2022, Saudi exports to Portugal jumped by 50 percent, and imports from Portugal rose by nearly 40...
- Saudi Arabia's Minister of Economy and Planning, Faisal F. Alibrahim, emphasizes collaboration between Saudi Arabia and Portugal
- From 2021 to 2022, Saudi exports to Portugal jumped by 50%, and imports from Portugal rose by nearly 40%, resulting in a trade volume of $1bn