Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Lebanon flights suspended as Hezbollah-Israel tensions continue to spiral out of control
Major airlines such as Emirates, Qatar Airways and Air France have suspended growing numbers of flights to Lebanon as tensions...
Business
Maaden to supply phosphate, ammonia to four Indian firms
The Saudi Arabian Mining Company, Maaden, Thursday signed four memoranda of understanding with Indian fertilizer companies to supply phosphate and...
- The company signed MoUs with top Indian companies, under which they will discuss ways to enhance joint cooperation in various fields of growth,
- Ma'aden today exports about 1.7 million tons of phosphate and ammonia products to the Indian market annually.
Geostrategy
Jordan, GCC countries discuss higher education cooperation
Joint Jordan-Gulf Cooperation Council (GCC) working group on the higher education held talks on cooperation and exchange of expertise at...
- The meeting decided that the Jordanian side would draft executive programs and memoranda of understanding (MoU).
- The programs would prioritize areas of academic, student, research collaboration and expertise exchange.
Business
Saudi to provide multiple entry visas for tourists during world cup
The move comes as Qatar, which has a population of 2.8 million, tries to accommodate an expected 1.2 million visitors...
- People with a Hayya Card, reserved for ticket-holders and used to access Qatar during the tournament, will be able to apply for the electronic visas.
- The Gulf power shares a land border with gas-rich Qatar, which is hosting the first World Cup in the Middle East and the first held in winter months.
Economy
German economy grows slightly in Q2, recession fears recede
Germany's economy grew slightly in the second quarter, an upgrade from a previous estimate of stagnation, revised official data showed...
- Output expanded by 0.1 percent in the April to June period, as per the federal statistics agency, which had previously projected zero growth.
- Private spending rose 0.8 percent from the previous quarter as the end of Covid-19 restrictions brought more tourism and restaurant dining.
Business
Abu Dhabi to launch blockchain, virtual assets strategy
The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting under the chairmanship of Mohamed Ali Al...
- The Abu Dhabi Blockchain and Virtual Assets Committee has been formed to look into various aspects of the field
- The committee comprises representatives of major entities and stakeholders active in this field
Economy
European gas prices approach record peak on Russian supply fears
Europe's benchmark Dutch TTF gas contract advanced to 318 euros per megawatt hour before paring gains. That was not far...
- Prices have spiked in recent days as a three-day halt in Russian deliveries to Germany via the Nord Stream 1 pipeline approaches.
- One-year forward contracts for electricity prices in both France and Germany surged on Thursday to record pinnacles on worries over a winter energy crunch.
Economy
ENEC hosts top performing students from Al Dhafra region
The Emirates Nuclear Energy Corporation (ENEC) has hosted a recognition ceremony at the Barakah plant for top-performing students from the...
- The hosting of students reflects ENEC's stand to provide UAE youth with skills to become future leaders of the nation's growing nuclear energy sector.
- The event include an educational tour for students to visit Barakah Plant, the first multi-unit operational nuclear plant in the Arab World.
Economy
Asian markets rise with eyes on China, Fed speech
Central bankers are meeting in Jackson Hole in the US state of Wyoming, and all eyes are on Federal Reserve...
- Asian traders on Thursday followed a positive lead from Wall Street, where the Dow, Nasdaq and S&P 500 all closed higher
- Central banks around the world are trying to find a delicate balance between curbing inflation and avoiding recessions
Business
Assets of UAE national firms climbs 10% to $116bn in H1
A total of 74 listed companies listed in the Abu Dhabi Securities Exchange (ADX) accounted for 59.8 percent of total...
- According to the disclosures made by 118 listed companies, their assets increased to $1.289 trillion at the end of June
- The banking sector was the leading contributor, with 17 banks accounting for 69 percent of total assets, valued at $891 billion at the end of June 2022
Geostrategy
Jordan’s power supply to West Bank doubles after Jordan Valley plant’s upgrade
Jordan's Prime Minister emphasized that the project reflects Jordanian commitment to assist in laying the foundation for an independent Palestinian...
- Jordan's Prime Minister emphasized that the project reflects Jordanian commitment to assist in laying the foundation for an independent Palestinian state
- He added that Jordan is doing everything possible to safeguard the historical and legal status of Al-Aqsa Mosque and Al-Haram Al-Sharif
Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Company News
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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...
Business
Jazan City for Primary and Downstream Industries exports first shipment to US
JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure...
Geostrategy
Yemen economy tanks as peace talks make no headway, say NGOs
"While economic challenges are rife across the country, rising inflation and the deterioration of public services are making life unbearable,"...
Economy
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Business
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.
- iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
- Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.
Business
Global energy demand to rise 25% by 2045: OPEC chief
Abu Dhabi, UAE - Global demand for all forms of energy is forecast to rise by 25% through 2045, according...
- No single energy source can meet the world's growing needs as the economy expands and the population increases, Al Ghais said
- He added that despite some setbacks, global growth continues, and he was optimistic about future oil demand
Turkey’s inflation hovers near 60% after policy U-turn
The data suggest that Turkey's inflation rate is starting to peak after Erdogan signed off on a series of sharp...
- The TUIK state statistics agency said consumer prices rose by 61.5 percent over a 12-month period ending in September
- The month-on-month increase in prices also slowed to 4.8 percent from 9.1 percent in August and 9.5 percent in July