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...
Geostrategy
Macron winds up Algeria visit with ‘irreversible dynamic’ of progress
French President Emmanuel Macron and his Algerian counterpart Abdelmadjid Tebboune Saturday declared a "new, irreversible dynamic of progress" in their...
- The three-day visit comes less than two months after Algeria marked six decades of independence following 132 years of French rule
- It comes as European powers scramble to replace Russian energy imports - including with supplies from Algeria, Africa's top gas exporter
Geostrategy
Putin allows Ukrainians to live, work in Russia ‘indefinitely’
The new measure allow Ukrainian citizens and people from Ukraine's separatist eastern regions that Russia recognizes as independent to work...
- Up until now, Ukrainians could only stay in Russia for a maximum of 90 days within a 180-day period
- 3.6 million Ukrainians, including 587,000 children, had entered Russia since the start of the offensive.
Geostrategy
Japan vows billions at Africa investment conference
Japanese Prime Minister Fumio Kishida Saturday pledged $30 billion over three years for Africa in a virtual address to a...
- Japanese Prime Minister Fumio Kishida Saturday pledged $30 billion over three years for Africa in a virtual address to a development conference in Tunis.
- Host country Tunisia is among the countries bearing the brunt of global supply chain disruptions and price spikes since it is heavily import dependent.
Business
Saudi Arabia, Malaysia discuss food security
Saudi Arabia and Malaysia discussed cooperation in food security and the promotion of the private sector to benefit from investment...
- Minister of Environment, Water and Agriculture Eng. Abdulrahman bin Abdulmohsen Al-Fadhli represented Saudi in meeting
- Al-Fadhli met with Malaysia’s Minister of Agriculture and Food Industries Ronald Kiandee in Riyadh to discuss cooperation
Geostrategy
Tunisia recalls Morocco envoy in W. Sahara row
Tunisia said Saturday it would recall its ambassador from Morocco for consultations, a day after the kingdom did the same...
- Tunisian President Kais Saied had on Friday hosted Polisario chief Brahim Ghali who arrived to attend the Japanese-African investment conference TICAD.
- In response to what it called a hostile and "unnecessarily provocative" act, Morocco withdrew its Tunis ambassador for consultations and cancelled its own participation.
Geostrategy
UN session on high seas biodiversity ends without pact
United Nations member states ended two weeks of negotiations without a treaty to protect biodiversity in the high seas, an...
- Many had hoped the session would be the last and yield a final text on "the conservation and sustainable use of marine biodiversity beyond national jurisdiction.
- It will now be up to the UN General Assembly to resume the fifth session at a date still to be determined.
Economy
Saudi Fund to finance building of Cameroon hospital
The hospital will help tackle chronic disease and reduce mortality rates and also alleviate overcrowding in other hospitals of the...
- The agreement was signed by SFD CEO Sultan Al-Marshad, and the Cameroonian Minister of Economy, Planning, and Regional Development, Alamine Ousmane Mey
- The agreement will help to build and equip the hospital with 200 beds and develop specialized medical departments, centers, and buildings
Economy
Energy crisis pushes nuclear comeback worldwide
Investment in nuclear power declined after Japan's 2011 Fukushima disaster, the world's worst nuclear accident since Chernobyl in 1986, as...
- Governments face difficult decisions with rising gas and electricity bills and scarce resources threatening to cause widespread suffering this winter
- One of the countries reconsidering nuclear energy is Japan, where the 2011 accident led to the suspension of many nuclear reactors over safety fears
Economy
Taming inflation will inflict ‘pain’ on Americans: Fed’s Powell
Addressing the annual gathering of central bankers in Jackson Hole, Wyoming, Powell did not hold back or leave room for...
- The Fed this year launched an aggressive campaign to raise interest rates and Powell made it clear that the fight against inflation is not over
- Powell doused hopes of a policy pivot, making it clear that Fed policy and the benchmark borrowing rate would have to remain "sufficiently restrictive."
Economy
Agreement signed to implement Abu Dhabi Agri Genome Program
The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) signed a collaboration agreement with the Khalifa Centre for Genetic Engineering...
- The program aims at applying the best international practices related to agricultural genetic research.
- It aims to develop local spices of plant, animal and fish, to improve agricultural production and address the emirate's climatic and environmental challenges.
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
ExxonMobil Q2 profits $7.9bn
Business
PIF sets up tourism firm Asfar
Business
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Tabreed H1 23 net profit $105m
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
Business
UAE Vice President forms Board of Investment Corporation of Dubai
Dubai, UAE - Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum has...
Economy
Jordan takes measures to cut effect of global crises on food security
Amman, Jordan-- Jordan has taken measures to hedge against the impact of international crises on food security and lower its...
Economy
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Business
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
- IMF economists said trade disruptions could lower investment in renewable energy and electric vehicles by almost 30 percent till 2030
- It said further geopolitical fragmentation could lead to "turmoil" in the commodity markets, causing long-term economic losses
Market Report
Markets slump as US jobs data says labor market buoyant
The focus has been on US Treasury bond yields that have surged to levels not seen in over a decade,...
- Asian indices also ended mostly lower with Hong Kong leading the decline, falling nearly 2.7 percent as the market reopened after a holiday weekend
- Russia's currency meanwhile continued to weaken on signs the country's economy is facing slower growth and higher inflation as the Ukraine war drags on
Business
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
- The CycloneCC technology is designed to improve the economics of point-source carbon capture within industrial facilities.
- Traditional point source carbon capture technology relies on feeding gas through large absorption and stripping towers.