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
Business
Markets volatile, world economy likely to grow 3.2% in 2022
As the world economy struggles to recover from the after-effects of the pandemic, financial markets are more volatile than ever.
- Global investors need to factor in how demand and supply chains will impact trade around the world
- The ongoing stop-and-start recovery from COVID has also disrupted global supply chains, leading to more instability in economies all around the globe
Business
Saudi Central Bank updates its Regulatory Sandbox Framework
The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of...
- The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of the key objectives of the Saudi Vision 2030
- The Central Bank pointed out that the updated framework of the Regulatory Sandbox is open for both local and international applicants
CBUAE says gross banks’ assets vault to $939bn in June
The growth in total bank deposits was due to the rise in resident deposits by 2.6% and non-resident deposits by...
- The apex bank said that gross credit grew from $507.93 billion in May 2022 to $508.12 billion in June 2022
- Total bank deposits increased by 2.5%, climbing from $555.61 billion in May 2022 to $569.61 billion in June 2022
Economy
Qatar to build world’s biggest blue ammonia plant
Energy Minister Saad al-Kaabi said the plant would cost $1.2 billion and start production in early 2026. State-owned Qatar Energy,...
- The foul-smelling chemical is being touted by gas-producing nations such as Qatar as an alternative to hydrogen
- Japan is already looking into using ammonia to power former coal fired electricity generators
Business
UAE’s 10 largest banks reap second quarter windfall
Banks in the UAE held a 22.4 percent market share of the assets in the Arab banking sector, followed by...
- The A&M research investigates size, liquidity, income, operating efficiency, risk, profitability, and capital of financial institutions.
- A 19.5 percent rise in total interest income saw the banks post a net income growth of 24.4 percent.
Economy
Eurozone inflation hits new record 9.1 percent on soaring energy prices
Driven by soaring energy prices caused by Russia's invasion in Ukraine, the yearly inflation rate in the 19-country single currency...
- The president of Germany's powerful federal central bank, Joachim Nagel, immediately declared that the ECB should plan for a "strong rise in interest rates for September".
- France, which has moved to cap energy prices saw the lowest rate within the eurozone, with 6.5 percent in August, according to Eurostat.
Economy
Palestinian economy facing formidable challenges: IMF team
The fiscal situation, high political, security and social tensions, rising inflation, movement and access restrictions and an unfinished structural agenda...
- The Palestinian Authority and Israel disagree on the amounts of revenue that the latter should transfer to the former, the statement said.
- The IMF team said that overcoming these challenges will require ambitious reforms spanning several years of cooperation between PA, Israel and donors.
Economy
CBUAE imposes sanctions on ‘exchange house’ for violations
The Central Bank of the UAE (CBUAE) has imposed sanctions on the owner and general manager of an exchange house...
- According to a CBUAE statement, the sanctions came as a result of the examination conducted by it, revealing that the exchange house had rented out its license
- The CBUAE also prohibited the general manager from undertaking any designated function at any licensed financial institution in the country
Business
ADNOC awards $1.83 billion framework agreements for drilling-related services
The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further...
- The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years
- The framework agreement awards will support ADNOC’s requirement to drill thousands of new wells to expand its production capacity
Economy
Gazprom halts pipeline gas flow in new jitters for Europe
Gazprom said supplies via Nord Stream 1 were "completely stopped" for "preventative work" at a compressor unit, shortly after the...
- Germany, which is heavily dependent on Russian gas, has accused Moscow of using energy as a "weapon."
- But Gazprom has said the 3-day maintenance work was "necessary" and had to be carried out after "every 1,000 hours of operation."
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
Company News
Latest News
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
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...
Business
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...
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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
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.
Arts & Culture
People marvel at ancient Iraq in new ‘Assassin’s Creed’ game
The central character, pickpocket turned master assassin Basim, speaks classical Arabic in "Assassin's Creed Mirage",.
- In the game, the hooded and stealthy hero fights his way through an ancient maze of alleyways, souks and rooftops.
- The entire scene in the game has been rendered in loving detail with what its creators say is the help of historical sources.