Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
Geostrategy
Egypt appoints new ministers in cabinet reshuffle
A statement said the House of Representatives had approved "all the nominations set forth in a letter from President Abdel...
- Sisi's official Facebook page said the president had urged parliament to discuss the changes in the more than 30-strong cabinet
- The reshuffle does not include the key defense, interior, finance or foreign ministries
Economy
Iraqis grow weary of squabbling political parties
Iraq has been ravaged by decades of conflict and endemic corruption. It is blighted by ailing infrastructure, power cuts and...
- Political deadlock has left Iraq without a new government, president or prime minister following general elections 10 months ago
- Coordination Framework says it wants a new government as quickly as possible, and its supporters on Friday began their own sit-in to press for that demand
Economy
Droughts exact heavy cost on Morocco
Water shortage has dealt a crippling blow to farming in the North African country as successive droughts exact a heavy...
- Water shortage is not limited to a few scattered villages but the whole North African country has been hit
- According to WHO, at 600 cubic meters of water annually per capita, Morocco is already well below the water scarcity threshold of 1,700 cubic meters per capita per year
Economy
Saudi banks disburse $537bn in loans in Q2, up by 14.2%
According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the...
- The SAMA data showed that the value of Saudi banks’ aggregate loan portfolio totaled $537 billion at the end of the second quarter of 2022
- According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the trade sector and ensuring its sustainability
Economy
US Fed decisions may effect UAE’s inflation scene
The dollar's first-quarter increase of about 10% against a basket of international currencies may reduce the impact of imported inflation...
- The dollar's first-quarter increase of about 10% against a basket of international currencies may reduce the impact of imported inflation due to dirham's peg to the US currency
- Inflation has affected many sectors in the UAE where there is less freedom in price-fixing, says Wael Makarem, Senior Market Strategist - MENA at Exness
Economy
Jordan industries’ use 24m cubic feet gas daily in 2021
The average natural gas consumption for Jordan's industries amounted to 24 million cubic feet (CF) per day during 2021, according...
- Gas production from Risha Field, eastern Jordan, reached about 6,510 million cubic feet during 2021 at a daily rate of 17.8 million cubic feet
- The capacity of Risha Field has been raised to about 32 million cubic feet per day, as Risha Wells 53, 51, 50 have entered production in 2021
Geostrategy
Jordan, Morocco to launch hospitality training facility
A Jordanian-Moroccan hospitality and tourism training project will be launched in the Hashemite Kingdom as part of the strategic partnership...
- The Moroccan ambassador stressed on Jordan's pivotal role in joint Arab efforts and regional issues.
- The envoy stressed on the partnerships between Jordan and Morocco in tourism, agriculture, renewable energy
Geostrategy
President invites Swiss President to visit the UAE
President of the Swiss Confederation Ignazio Cassis, has received a written message from President Sheikh Mohamed bin Zayed Al Nahyan...
- The UAE is keen on strengthening bilateral relations with Switzerland
- Sheikh Abdullah has delivered the written message of the UAE President to the Swiss President
Geostrategy
US to boost Taiwan trade, conduct air, sea transits
A new trade plan will be unveiled within days, while US forces will transit the Taiwan Strait in the next...
- Taiwan has accused China of using the visit by Pelosi as an excuse to kickstart drills that Taipei called that Taipei called a rehearsal for invasion
- In response to China's drills, the United States is reasserting its involvement in the area, while reiterating its policy of "strategic ambiguity."
Economy
UAE aid ship in Mogadishu to deliver drought relief
This initiative comes as part of the directives of the UAE President to provide humanitarian support to the Somali people...
- The initiative comes as part of the directives of the UAE President to provide humanitarian support to the Somali people
- Authorities distributed relief aid to families and those displaced in their areas and camps
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Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...
Company News
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SALIC buys 10.7% stake in BRF
Business
Russian economy to grow 1.5 percent this year, says key European bank
After having forecast a contraction earlier this year in Russia's economy, the European Bank for Reconstruction and Development is now...
Economy
Police hold boss of troubled developer China Evergrande: report
Xu Jiayin, who is known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month, according...
Israel makes progress on water-for-energy pact with Jordan and UAE
Dubai, UAE - Israel's energy minister and the CEO of the UAE's renewable energy firm, Masdar, have met to advance...
Economy
Most Read
Economy
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
- It hopes to harness green hydrogen -- the kind made without burning fossil fuels -- for its sizeable fertilizer sector
- Hydrogen is seen as a clean energy source that can help the world reduce atmospheric carbon emissions
Business
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
- The Iranian minister said that a long-term contract to operationalize Chabahar Port will be signed with India in the near future
- He said that in order to develop the country's transit, it is important to develop north-south corridors with a rail connection
Business
DP World spends US$6bn
It invested the money to be a big supply chain player.
- DP World's CEO, Sultan Ahmed bin Sulayem, made the remarks during the 21st Arab Media Forum in Dubai, at a session titled ‘Trade in a Changing World’
- He said the company made the switch from operating ports to becoming a global leader in smart end-to-end supply chain logistics, facilitating worldwide trade flows