Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
Economy
Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act...
Economy
Geostrategy
Syrian ship accused of carrying stolen Ukranian grain leaves Lebanon
The Laodicea, which was docked in the northern port of Tripoli, was cleared to leave after investigations failed to prove...
- Kyiv's embassy in Lebanon had claimed that the grain cargo was loaded from a region occupied by Russian forces
- Ukraine has repeatedly accused Moscow's forces of ransacking its grain warehouses since Russia invaded the country in late February
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
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
Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
Economy
Company News
QIB posts 7.7% profit rise
Business
Latest News
Germany’s housing sector slumps into crisis
Scholz's government had promised to build 400,000 homes a year to alleviate an endemic housing shortage made worse by burgeoning...
Economy
Foreign direct investment crucial for economic growth
At this year's technology summit in the United States, which spotlights economic diversification through the strategic use of energy-generated wealth,...
Economy
UAE and Japan hold discussions to boost economic, strategic ties
Tokyo, Japan-- The UAE and Japan have held discussions to boost partnership in various sectors of the economy even as...
Economy
Most Read
Economy
Jordan, Egypt and Iraq pledge to boost ties in economic and political fields
New York, US-- Jordan, Iraq, and Egypt have pledged to cement the partnership between themselves in order to boost cooperation...
- The foreign ministers of the three countries met in New York on the sidelines of the 78th session of the United Nations General Assembly in New York
- They reaffirmed the importance of completing the projects and taking the new initiatives in the fields of electrical connections, renewable energy, communications, trade
Infographics
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
- Gulf Cooperation Council economies are the most competitive in the Middle East region, according to the latest IMD World Competitiveness Ranking.
- In the 2023 IMD World Competitiveness Ranking, the top three economies are Denmark, Ireland and Switzerland, while the US ranks seventh.
Geostrategy
GCC chief highlights importance of boosting ties with UK
New York, US--Secretary-General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, has stressed the importance of strengthening ties with...
- Albudaiwi made the remarks during a meeting with Lord Tariq Ahmad, UK's Minister of State for the Middle East, North Africa, South Asia, in New York
- During the meeting many issues were discussed, including the developments in the negotiations of the FTA between the GCC and the UK and Northern Ireland