Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
Economy
Business
‘Hero’ Lebanon hostage-taker turns self in after bank drama
The incident was the latest involving local banks and angry depositors unable to access savings that have been locked in...
- Official media said the suspect turned himself in when the bank agreed to give him $30,000 out of his more than $200,000 in trapped savings
- Inflation is rampant in Lebanon, electricity is scarce and, according to the United Nations, around 80 percent of Lebanese live in poverty
Economy
FIFA officially advances World Cup by a day for Qatar
Football's top officials universally approved the decision, FIFA said in a statement while Qatar said it would give unspecified help...
- Under the new plan, the Group A game between Senegal and the Netherlands has been shifted from 1:00pm (1000 GMT) on November 21 to a 7:00pm start
- Official countdown clocks for the event were quickly changed. and the 100 day countdown to the opening match will now start on Friday, instead of Saturday
Economy
Worst drought in 4 decades parches Morocco’s farmland
No longer having access to potable running water, the villagers of Ouled Essi Masseoud rely solely on sporadic supplies in...
- Nationally, dams are filling at a rate of only 27 percent, precipitated by the country's worst drought in at least four decades
- Al Massira reservoir has been reduced to little more than a pond bordered by kilometres of cracked earth
Economy
Iraq to provide Lebanon with fuel for another year: PM Mikati
Iraq has agreed to renew a one-year deal to provide Lebanon with fuel for its power plants in exchange for...
- For the past year, Lebanon's power plants have depended on the deal with Iraq to produce one to two hours of electricity per day.
- Residents in the poverty-stricken country largely rely on expensive private generators for power the rest of the time.
Economy
Ma’aden H1 net profit at $1.6bn
H1 2022 net profit increased by 232 percent
- H1 2022 EBITDA increased by 128 percent, compared with the same period in the prior year, to $ 3billion.
- Q2 2022 EBITDA increased to $1.8 billion reflecting robust sales performance.
Economy
Oil demand up as surging gas prices force countries to switch fuels: IEA
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries...
- Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and "escalating concerns over the deteriorating economic outlook, IEA said.
- Prices of natural gas and electricity have jumped to new records, prompting some countries to switch to oil use.
Economy
MoCCAE discusses food security with feed manufacturers in UAE
UAE's Ministry of Climate Change and Environment (MoCCAE) hosted a meeting with licensed feed manufacturers in the country to explore...
- UAE's Ministry of Climate Change and Environment hosts a meeting with licensed feed manufacturers to talk of enhanced food production
- Participants highlight the importance of modern technologies in feed production and to adhere to the highest safety standards
Economy
Global youth unemployment set to slip to 73 million in 2022: UN
The figure is still six million higher than the pre-pandemic level of 2019, with the recovery in youth unemployment lagging...
- Many dropped out of the labor force, or failed to enter it altogether, due to the difficulty of finding a job during Covid-19 lockdowns.
- The Arab states have the highest and fastest-growing unemployment rate of young people worldwide at 24.8 percent, 42.5 percent for young women.
Economy
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures...
- Among the steps were CBUAE's gradual exit strategy from the Targeted Economic Support Scheme as the UAE economic recovery commenced
- The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
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Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
Company News
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ADNOC Gas signs deal with IOCL
Business
Innovation steers Middle East through tourism swings
Facing tourism seasonality challenges, the region diversifies offerings, enhances infrastructure, and collaborates, for year-round success despite temperature fluctuations.
Economy
France warns Lebanon financial aid at risk over presidency deadlock
French President Emmanuel Macron's special envoy urged Lebanese factions to find a "third way" for electing a new president, warning...
Geostrategy
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Geostrategy
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
- The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
- ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.
Economy
Non-oil sector to drive UAE economic growth to 3% in 2023: S&P
S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is...
- Analysts expect the UAE banking sector to remain robust, with profitability improving beyond pre-pandemic levels due to rising interest rates.
- Banking sector's profitability is expected to improve and exceed pre-pandemic levels due to rising interest rates and technological advancements.
Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
- This pact builds on the five-year Naphtha sales agreement signed in 2018 between QatarEnergy and Marubeni Corporation.
- Japan-based Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia.