The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts. In a recent interview on CNBC, Kashkari, who serves...
Economy
India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...
Economy
Geostrategy
Iran says sending team to resume nuclear talks in Vienna
Negotiations in Vienna began in April 2021 to restore the deal, but have stalled for the past five months amid...
- Iran foreign ministry statement said that Iran hoped the opposing parties will seriously focus on resolving the remaining issues
- Earlier, coordinator of the nuclear talks between Iran and world powers, Josep Borrell submitted a new draft text and urged all sides to accept it
Economy
Saudi Arabia records $20 bn surplus after oil price surge
Despite being among the world's top crude exporters and the largest Arab economy, Saudi Arabia has failed to balance its...
- The surplus is largely due to oil revenues rising to more than 250 billion riyals, compared to around 132 billion during the same period in 2021, a jump of 89 percent
- In December, Saudi Arabia approved its 2022 budget projecting a surplus for the first time since oil prices slumped in 2014
Economy
Equities, investment funds boost GCC economies
GCC countries will witness a rise in their wealth between 2021 and 2026 after two years of challenging time due...
- GCC countries will witness a rise in their wealth between 2021 and 2026 after two years of challenging time due to the Covid-19 pandemic, a report points out
- Equities and investment funds will account for 64 percent of total personal wealth in the UAE in 2021, says the report released by Boston Consulting Group
Business
Ethiopian delegation visits Dubai to explore digital services
An Ethiopian delegation of 10 members, comprising decision-makers from the public and private sector, visited Dubai Chambers between July 25-...
- The delegates sought to review Dubai’s success in digital services, and discuss creating potential business partnerships
- The visit included signing deals supporting the Digital Ethiopia 2025 strategy, and exchanging knowledge and expertise.
Business
DAE posts H1 profit of $140.1m
Its profit increased 186 percent in first six months of 2022
- Dubai Aerospace Enterprise reports 186% growth in profit in the first six months of 2022
- DAE says cash flows from operating activities increased by 36 percent to $678.5 million.
Economy
UAE citizens’ housing gets help of over $6.8bn in 2022
The UAE’s citizens' housing segment in 2022 achieved significant regulatory progress and received massive financial allocation for federal, local plans...
- The UAE’s citizens' housing segment in 2022 achieved significant progress and got massive financial aid for federal and local plans
- On May 9, the Cabinet adopted a federal housing loan policy to provide loans via partnerships with private sector and national banks.
Economy
Oil prices tumble on demand worries as global stocks mostly rise
The drop in oil prices came despite a move by the OPEC+ oil cartel, led by Saudi Arabia and Russia,...
- Oil prices finished about four percent lower following US energy data that showed unexpectedly weak gasoline demand
- Gasoline demand last week was 8.5 million barrels per day, down almost 13 percent from the year-ago period, which is part of the peak summer driving season
Two years after blast, Lebanese still strive for justice
The portside blast of haphazardly stored ammonium nitrate, one of the biggest non-nuclear explosions ever, killed more than 200 people,...
- Several heavily damaged grain silos that became a grim symbol of the disaster collapsed last week, and more are dangerously close to coming down, experts warn
- Amnesty, HRW and other groups Wednesday relaunched an appeal to the United Nations to send a fact-finding mission on Beirut blast
Economy
Inflation-fighting BoE poised to unleash big rate hike
The BoE is tipped to lift its main rate by 0.50 percentage points the biggest amount in more than a...
- The BoE, granted operational independence from the government over monetary policy in 1997, will reveal its latest rate decision at 1100 GMT on Thursday
- Economists meanwhile argue that a large rate hike damages the nation's recovery from the coronavirus pandemic and risks the prospect of recession
Business
Aramco, Sinopec to partner on projects in Saudi Arabia, China
This latest collaboration builds on existing joint ventures between the two companies.
- This latest collaboration builds on existing joint ventures between the two companies
- The companies will discuss the establishment of a manufacturing hub in King Salman Energy Park
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts. In a recent interview on CNBC, Kashkari, who serves...
Economy
Company News
CBD H1 2023 net profit $133m
Business
Latest News
ADNOC in talks with OMV
Business
Jordan seeks World Bank support to boost infrastructure projects
Amman, Jordan-- Jordan and the World Bank have held discussions to enhance cooperation in infrastructure projects and the public-private partnerships....
Economy
Saudi Arabia seeks Chinese investment in mining, industry
Beijing, China - Saudi Arabia is seeking Chinese investment in mining and industrial sectors. The Saudi Minister of Industry and...
Business
Saudi Arabia’s economy joins trillion-dollar club
The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.
Economy
Most Read
Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
- The volume of trade between the UAE and the Kingdom of Saudi Arabia grew by 28 percent in 2022.
- The year 2021 saw growth, reaching $33.9 billion (AED 124.65 billion), compared to $28 billion (AED 103.91 billion) in 2020.
Business
Afghan wushu fighters defy money woes to pursue Asian Games glory
Afghanistan will compete in 15 sports in Hangzhou, the country's first Asian Games since the Taliban seized power in 2021....
- The team say the Taliban authorities support sport, but there is no government financial backing for athletes
- Afghanistan will compete in 15 sports in Hangzhou, the country's first Asian Games since the Taliban seized power
Geostrategy
Iran, Djibouti resume diplomatic ties after 7 years
Iran announced the restoring of diplomatic ties with Djibouti over seven years after it joined other regional nations in severing...
- The move followed Iranian foreign minister Amir-Abdollahian's meeting with his Djiboutian counterpart Mahamoud Ali Youssouf in New York.
- Djibouti cut ties with Iran in January 2016 after attacks on Saudi missions during protests over Riyadh's execution of a Shiite cleric.