Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...
Economy
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
Geostrategy
OPEC+ to discuss its output strategy after Biden’s Saudi visit
After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise production...
- Craig Erlam, analyst at OANDA trading platform, said the OPEC+ meeting will show whether "President Biden has any influence in the cartel at all."
- Biden made a controversial trip to Saudi Arabia in July in part to convince the kingdom to loosen the production taps to stabilise the market and curb rampant inflation
Economy
UAE central bank issues new guidance for politically exposed persons
The Central Bank of the UAE (CBUAE) has issued new guidance on Anti-Money Laundering and Combating the Financing of Terrorism...
- The guidance will help Licensed Financial Institutions understand risks and effective implementation of anti-money laundering and terror financing guidelines.
- The guidance requires LFI’s to demonstrate compliance with its requirements within one month.
Economy
UAE climate change ministry, EDB to finance agro ventures
UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs...
- UAE Ministry of Climate Change and Environment and Emirates Development Bank ink pact to finance agricultural SMEs
- This move will help to contribute to the UAE’s sustainable economic development and food security
Economy
UAE maintains reputation as top tourist destination
The UAE continues to maintain its regional and international leadership as a distinguished travel destination and a preferred country for...
- The UAE has strengthened its position on the world tourism map, becoming a leading international tourism destination.
- UAE is in the top 10 country in several international competitiveness indexes related to the tourism, travel and hotels sectors in 2021
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
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Non-oil sector to drive UAE economic growth to 3% in 2023: S&P
S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is...
Economy
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
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...
Business
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Business
Iran’s exports of agriculture products climb up 10% to US$1.62bn
Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of...
- The United Arab Emirates, Iraq and the Russian Federation were the major destinations for Iran's exported crops
- During the first 5 months of 2023, a total of 2,169 million tons of agricultural products worth $1.62 billion were exported
Economy
‘Saudi Arabia committed to peaceful nuclear energy’
"The Kingdom underscores the need for collective international efforts to enforce the provisions of the Non-Proliferation Treaty and ensure its...
- Saudi Arabia's government emphasizes transparency, reliability, and safety in its national atomic energy policy
- It acknowledges the positive impact of nuclear energy on energy security and socio-economic benefits.
Geostrategy
Saudi Arabia launches new TV channel to highlight ‘rapid progress’
Riyadh, Saudi Arabia-- Saudi Broadcasting Authority (SBA) has launched a new TV channel called Saudia Alaan (Saudi Now) to highlight...
- The channel will showcase the kingdom’s “rapid progress” towards the Saudi Vision 2030 and its recent advancements, which are reflected in the diverse events
- The airing of the channel comes at a time when the kingdom is witnessing a significant increase in the number of events, exhibitions, and conferences