How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
Economy
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
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.
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
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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
Dubai Government reduces public debt by US$7.8bn
DUBAI, UAE - The Public Debt Management Office (PDMO) of the Government of Dubai's Department of Finance (DOF) announced a...
Economy
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...
Geostrategy
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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.
Business
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors...
- Demand for lithium, an essential component of car batteries, could increase ninefold between 2022 and 2050, said the International Energy Agency.
- Lithium and other metals that the IEA calls “key to the clean energy transition” will be the topic of a summit hosted by the global energy watchdog in Paris.
Economy
Saudi Arabia draws 135m visitors for entertainment events by mid-2023
Riyadh, Saudi Arabia - Saudi Arabia has attracted 135 million visitors to events hosted in 120 cities up to the...
- The GEA has been instrumental in transforming Saudi Arabia's entertainment landscape, issuing more than 14,000 licenses
- Saudi Arabia's flourishing entertainment scene is part of its ambition to become a global hub for culture and leisure