The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reported China’s consumer price index climbed...
Economy
Economy
OPEC+ agrees small oil output rise despite Biden plea
The cartel led by Saudi Arabia and Russia decided to raise production by 100,000 barrels per day for September, much...
- Biden made a controversial trip to Saudi Arabia in July in part to convince the kingdom to loosen the production taps to curb rampant inflation
- Saudi Arabia faced a balancing act between its old ally, Washington, and its OPEC+ partner Moscow, which has been hit by Western sanctions over the Ukraine invasion
Economy
Saudi job numbers see big jump in July, highest in three years
Due to an improvement in business conditions in July, Saudi Arabia has posted a strong growth in job numbers in...
- The report said that the improved business conditions resulted in stronger demand for talents, which has now reached the highest since September 2019
- It further added that Saudi Arabia faced slightly lower inflation in July but still marked the second fastest price increase since August 2020
Economy
Qatar Broad Money Supply hits $185 billion by June 2022
Qatar’s Total Broad Money Supply (M2) recorded about QR 675.1 billion ($185.4bn) during June 2022, marking an increase of 9.3...
- Cash equivalents; including Commercial Bank Deposits, attained for approximately QR 984 billion during June 2022.
- The report noted the increase in deposits and credit facilities for commercial banks at a monthly rate of 1.7 percent and 0.7 percent.
Business
UAE accounts for 25 percent of MENA digital media subscriptions: Report
UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030,...
- UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030.
- The global media and entertainment services sector will reach $2.4 trillion in 2023.
Economy
Respite for Erdogan: Turkish inflation stabilizes at under 80 percent
The official annual rate of consumer price increases reached 79.6 percent in July compared to 78.6 percent in June. Turkey...
- Turkey now has a real interest rate of negative 64.4 percent the lowest in the world by a substantial margin.
- This means that Turks have a strong incentive to spend as much as they can before their liras lose even more value.
Economy
Metaverse Strategy set to position emirate as global Web3 hub
Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector.
- Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector
- The DMS aims to support more than 40,000 virtual jobs and add $4 billion to Dubai’s economy
Economy
US Fed official sees hope for US and EU to keep recession at bay
A US central bank official still sees hope for the US and EU to avoid recession and achieve a soft...
- James Bullard said at New York Univeristy that a soft landing is feasible in the US and the EA (euro area)
- US inflation hit 9.1 percent in June, the highest in four decades
Economy
UAE’s Ministry of Climate Change and EDB partner to help SMEs
The Ministry of Climate Change and Environment (MoCCAE) and Emirates Development Bank (EDB) have joined hands to set up a...
- The partnership will contribute to the UAE’s sustainable economic development and food security
- The MoU aligns with ministry's endeavors to scale up local agricultural production to increase the sector’s role in strengthening the country’s food security
Geostrategy
China hits Taiwan with fresh trade curbs as Pelosi visits
The trip by Pelosi, who is second in line to the presidency and the highest-profile elected US official to visit...
- The trip by Pelosi, who is second in line to the presidency and the highest-profile elected US official to visit Taiwan in 25 years, has ignited a diplomatic firestorm
- China's Customs Administration said Wednesday it would suspend some citrus fruits and fish imports from Taiwan
Business
Suez Canal revenue hits a record $704 million
Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well...
- Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tonnes
- Rabie attributed the big leap in the revenues to the rise in the number and tonnage of ships transiting the canal during 2021-2022
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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 Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Company News
ADNOC in talks with OMV
Business
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Kuwait and China sign raft of agreements to bolster ties
Looking to shore up ties between the two countries, Kuwait and China have signed cooperation agreements across a range of...
Economy
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...
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....
Business
Most Read
China to control half the world’s hydrogen electrolyser capacity
China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent...
- China's installed electrolyzer capacity has jumped in recent years and is expected to reach 1.2 gigawatts after having accounted for just 10 percent of the global capacity in 2020
- Electrolyzers are devices used for the industrial separation of hydrogen and oxygen within water molecules, using electricity obtained through renewable energy sources
Economy
Egypt’s central bank keeps interest rates unchanged
Cairo, Egypt – The Central Bank of Egypt (CBE) decided to maintain interest rates at current levels during its meeting...
- The bank kept the overnight deposit rate, overnight lending rate and the rate of the main operation at 19.25%, 20.25% and 19.75%, respectively
- The discount rate remained at 19.75%. The pause on interest rate change comes after 12-percent hikes since March 2022.
Business
ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
- This collaboration aims to enhance trade volume among the member states of the Organization of Islamic Cooperation.
- The loan aims to support the development of small and medium enterprises' exports as well as private sector companies in Turkey.