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...
Residential, hospitality sectors drive Saudi Arabia’s real estate market in H1 2024
The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as...
Economy
Economy
Arab Monetary Fund forecasts 4.4% GDP growth for Qatar in 2022
The fund said in a report released today that it expect inflation in Qatar will record about 4.3 percent during...
- The fund said in a report released today that it expect inflation in Qatar will record about 4.3 percent during the current year
- The report also expected that the growth rate of Arab economies would collectively about 5.4 percent in 2022
Economy
S&P upgrades Ukraine’s credit score of foreign debt
S&P Global Ratings said that boosting the country's credit score of foreign debt to CCC+ "reflects strong committed international financial...
- S&P's upgrade is based on the assumptions that donors like the US and European Union will continue to provide funding to Kyiv in coming months
- A potential loan agreement with the IMF could also lower pressures on Ukraine
Economy
Qatar’s oil and gas revenues rise 67% in H1 of 2022
Data released from the Ministry of Finance showed that oil and gas revenues increased to $32 billion, compared to $19...
- Data released from the Ministry of Finance showed that oil and gas revenues increased to $32 billion, compared to $19 billion in the first half of 2021
- Total revenues achieved, during the first half of this year, reached $41 billion, with $23 billion coming in the second quarter
Geostrategy
Putin, Macron call for IAEA inspection of Ukraine nuclear plant
Russian President Vladimir Putin and his French counterpart Emmanuel Macron called for independent inspections at the Moscow-occupied Zaporizhzhia nuclear plant,...
- Putin "stressed that the systematic shelling by the Ukrainian military of the territory of the Zaporizhzhia nuclear power plant creates the danger of a large-scale catastrophe.
- As per the Kremlin, both leaders called for experts of the International Atomic Energy Agency (IAEA) to inspect the plant "as soon as possible" and "assess the real situation.
Business
Listed insurance firms’ in UAE net profits at $222m in H1 2022
The total premiums of insurance companies listed in local financial markets in the first half of 2022 increased by 7.64...
- The total premiums of insurance firms listed in local financial markets in H1 2022 increased by 7.64 percent year-on-year to $302 million
- The total net profits of insurance companies listed in local financial markets in H1 2022 totaled $222 million
Business
Weeklong real estate transactions in Dubai amount to $2.8bn
The real estate and properties transactions valued at $2.8 billion (AED10.3 billion) in total during the week ending 19 August...
- A total of 344 plots were sold for $694 million, 2,239 apartments and villas were sold for $1.07 billion
- The top two transactions were a land in Al Wasl sold for $108 million, followed by a land sold for $55 million in Hadaeq Sheikh Mohammed Bin Rashid
Economy
UAE gave foreign aid worth $3.5bn, says MoFAIC
The UAE is providing sustainable humanitarian aid worldwide, underscoring its commitment to promote regional, global peace and prosperity. As per...
- The total value of foreign aid provided by the UAE from the start of 2021 to mid-August 2022 amounted to $3.5 billion
- While Yemen accounted for most of Emirati aid with over $315 million, the list also included several Arab, Asian and Western countries
Economy
Middle East nations to gain $1.3 trn in additional oil revenues by 2026: IMF
The gains, due to high oil prices, will provide 'firepower' to the region's sovereign wealth funds, said Jihad Azour, IMF's...
- Recently, Saudi Arabia said it achieved a rare budget surplus of over $20bn in the second quarter of 2022, as oil revenues surged 90 percent compared to a year ago.
- Saudi PIF has invested over $620 billion in total, $7.5 billion alone in US stocks during the second quarter, when the share prices were relatively low.
Business
Saudi, Uzbekistan sign cooperation pact in several energy sectors
Saudi Arabia and Uzbekistan have signed an agreement to develop cooperation and exchange information and experiences in all fields of...
- They will develop cooperation and exchange information and experiences in all fields of energy though research and studies besides exchanging policies and laws related to these.
- The agreement was signed by the acting Minister of Energy Dr. Essam bin Saad bin Saeed and the First Deputy Minister of Energy of Uzbekistan Azim Ahmed Khojayev.
Business
Asian, European markets mixed as investors assess Fed outlook
A two-month rally from June lows appears to have run out of steam this week, with downward pressure coming after...
- Hong Kong, Taipei, Manila, Sydney and Jakarta inched higher, while Shanghai, Singapore, Seoul, Wellington, Mumbai and Bangkok all fell.
- Wall Street's three main indexes edged up after Wednesday's losses. In Europe, London inched up, while Paris and Frankfurt edged down.
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...
Company News
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‘Cooperation key in establishing global work agenda’
"The Summit acts as a nexus, uniting government officials, international organizations, business magnates, community institutions, scholars, and innovators. This collective...
Economy
Libya and Italy sign MoU to boost cooperation in civil aviation
Tripoli, Libya--Libya and Italy have signed an agreement to enhance cooperation to enable air transport companies to operate charter and...
Business
Saudi Arabia’s coffee production exceeds 800 tons annually
Riyadh, Saudi Arabia - Saudi Arabia is among the top 10 countries in the world in coffee consumption, leading the...
Economy
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Business
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
- E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
- SEDRA phase three will add 3,438 more houses to ROSHN’s first integrated development; 1,904 units are for sale in this initial sales tranche.
- SEDRA 3 offers prospective residents eight options of floor plans and eleven facades, in single- or multi-family configurations,
Economy
Threats and violence as Turks feud over soaring rents
The government has capped property rent increases at 25 percent for households, and aligned them with the official inflation rate...
- Rents in Turkey have soared by an average of 121 percent over the past year, according to a study published by Bahcesehir University in August
- Inflation approached 60 percent in August, but independent t economists say consumer price increases actually reached at least 128 percent