Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
Economy
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...
Economy
Economy
Libya oil production returns to pre-blockade levels: official
Libya's oil production has returned to the volume recorded before a months-long blockade that paralysed the economy, official sources said...
- Oil production fell to around 400,000 barrels of crude per day during the mid-April to mid-July blockade
- On July 15, Libya's new oil chief lifted force majeure at all the country's oil fields and export terminals
Geostrategy
First grain cargo ship could leave Ukraine port Monday, says Turkey
A spokesman for the Turkish presidency said there was a "high probability" that a first ship carrying Ukrainian grain could...
- The resumption of exports was discussed in talks between the Turkish and Ukrainian defense ministers
- A Joint Coordination Centre is charged with controlling Ukrainian grain exports via the Black Sea
Geostrategy
Saudi Arabia, Poland sign agreement on air transport
Saudi General Authority of Civil Aviation (GACA) signed a Memorandum of Understanding (MOU) with Poland to organize the operational framework...
- From the Saudi side, Ali Rajab, Executive Vice President at GACA -Economic Policies & International Cooperation signed the MoU
- From the Polish side, Piotr Samson, President of the Polish Civil Aviation Authority inked the pact in Warsaw
Economy
Saudi Arabia GDP climbs nearly 12% in Q2 on oil price hike
Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year, according...
- Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year
- The Middle East's largest economy has benefited from a spike in oil prices triggered by Russia's invasion of Ukraine
Arts & Culture
Sheikh Hamdan bin Zayed issues directives for ADIHEX 2022
Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region and Chairman of the Emirates Falconers’ Club (EFC),...
- Chairman of the Emirates Falconers’ Club has issued directives for development of the strategy of Abu Dhabi International Hunting and Equestrian Exhibition
- The development of ADIHEX strategy is to enhance its role in preserving UAE's cultural heritage, protecting the environment and promoting sustainable hunting
Economy
Lebanese struggle to find bread due to shortage of wheat
In bankrupt Lebanon, Khalil Mansour has to queue for hours every day just to buy bread for his family and...
- A bag of flat Arabic pitta-like bread now officially sells for 13,000 Lebanese pounds (43 US cents) and on the black market it costs more than 30,000
- Lebanese media carry frequent reports of fights breaking out at bakeries, and even shots fired by customers demanding more bread
Business
Istanbul Airport first in Europe with 1,327 average flights daily
Istanbul Airport ranked first in Europe in terms of the average number of daily flights during the period of July...
- The Airport exceeded the French Charles de Gaulle Airport and Amsterdam Airport Schiphol by number of flights
- Istanbul Airport also topped the list of airports in terms of the number of passengers during the month of June
Business
Gazprom suspends gas export to Latvia as tensions escalate
Russian energy giant Gazprom Saturday suspended gas supplies to Latvia following tensions between Moscow and the West over the conflict...
- Gazprom suspended its gas supplies to Latvia due to "violations of the conditions" of purchase, the company said on Telegram.
- Gazprom drastically cut gas deliveries to Europe via the Nord Stream pipeline on Wednesday to about 20 percent of its capacity.
Economy
DEWA’s Marafeq Smart Feature speeds up issuing of NOCs
Dubai Electricity and Water Authority (DEWA)’s Marafeq Smart Feature has contributed to accelerating issuing of No Objection Certificates (NOCs) for...
- DEWA’s Marafeq Smart Feature has enhanced collaboration with other utilities in Dubai
- Till the end of June 2022, around 15,000 NOCs have been approved using this feature
Economy
‘Credit by national banks rose to US$3.5bn till April 2022’
Credit facilities provided by national banks to the business and industrial sector rose 1.92 percent to US$3.5 billion (AED13.1 billion)...
- The cumulative balance of credit provided by national banks to the sector on a year-on-year basis grew by 2.14 percent.
- Value of credit facilities extended by national banks to the sector accounted for 89.1% of gross accumulative credit balance.
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
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
Economy
Company News
ADNOC in talks with OMV
Business
Latest News
‘Protect the planet, natural resources and heritage’
"The UAE is steadfast in its efforts to mitigate tensions and advocates for dialogue and diplomacy as means of resolution....
Economy
Eastern authorities want Libya aid conference in flood-hit Derna
Benghazi, Libya - Libya's flood-devastated port city of Derna will host an international conference next month to aid reconstruction efforts, authorities...
Geostrategy
UAE, Armenia ink 4 MoUs at joint business forum
YEREVAN, ARMENIA - Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) Abdullah Mohamed Al Mazrouei and...
Business
Most Read
Business
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...
- The Saudi side highlighted the goals of the National Strategy for Industry and the opportunities provided in various industrial sectors
- The meeting examined the measures, initiatives and incentives provided by the ministry to remove obstacles for investors
Economy
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.
- The milestone was achieved ahead of the state's 2025 targets, accompanied by a remarkable growth rate of 8.7%, the highest among G20 nations
- Saudi Arabia now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness
Economy
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...
- The two leaders also discussed avenues to further strengthen ties for the mutual prosperity of the two nations
- They deliberated on regional and international developments and expressed desire to solidify strategic partnership