Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
Economy
Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
Business
Global medical and recovery tourism worth $100bn annually: Official
The revenues of the medical and recovery tourism, globally, is around $100 billion annually, said Bandar Al Fihaid, President of the...
- Bandar Al Fihaid, President of the Arab Tourism Organization (ATO) said this in a report.
- The ATO president also said that Arab tourists expenditure amounts to nearly $30 billion.
Economy
Turkey to resume drilling for gas near Cyprus: minister
Turkey next month will resume drilling operations near the divided island of Cyprus, a top official said Wednesday, threatening to...
- Turkey had been drilling near waters claimed by its historic rival Greece and the self-declared Turkish Republic of Northern Cyprus (TRNC) recognized only by Ankara
- The 2020 crisis was smoothed over when Turkey pulled back a research vessel from the resource-rich region and halted its drilling operation near the island
Economy
IMF says talks continue on aid program for Tunisia
The North African country has seen its economy crippled by a crisis exacerbated by the coronavirus pandemic and the war...
- The North African country has seen its economy crippled by a crisis exacerbated by the coronavirus pandemic and the war in Ukraine, which has sent public debt soaring
- Fund officials had "productive" discussions with Tunisian authorities over the past two weeks, and talks "will continue over the coming weeks towards a staff-level agreement
Economy
Moody’s says Saudi economy to post 3.9% growth rate
Moody’s has projected the economy of Saudi Arabia to post growth rate of around 3.9 percent from 2022 to 2026.
- The credit rating agency has issued a report elaborating on Saudi Arabia’s credit profile in terms of economic strength, institutional and governance strength and fiscal strength,
- The report emphasized that Saudi Arabia’s credit strengths are derived from its robust government balance sheet, underpinned by moderate debt levels and substantial fiscal reserve
Economy
Libyans at boiling point amid summer power cuts
The people of Libya are enduring electricity cuts of up to 18 hours a day, despite their country sitting atop...
- The electricity crisis is just the latest trial for Libyans after a decade of insecurity, fuel shortages
- Many of Libya's seven million people have turned to unreliable, gas-guzzling and polluting generators for electricity
Economy
New business licenses in Dubai grow 25% in H1 of 2022
Dubai issued 45,653 new business licenses in the first half (H1) of 2022, registering a growth of 25 percent compared...
- Dubai issued 45,653 new business licenses in the first half (H1) of 2022, a growth of 25 percent compared to the same period last year
- The numbers reaffirm the success of the government's innovative new strategic approaches and policy amendments
Business
Dubai Metaverse Assembly in Sept to host 300 global experts
The assembly will host more than 300 global experts, policymakers, thought leaders, and decision-makers from more than 40 organizations.
- The global event brings together regional and international experts in Dubai to shape the future of the metaverse.
- It explores how technology can be deployed across vital sectors to create better future and quality of life for humanity.
Business
Investments in Saudi startups grow by 244 percent in H1 2022
Investments in Saudi startups grew by 244 percent to a record high of SAR 2.19 billion ($584 million) in the...
- In fact, the investments in the first half of 2022 surpassed the total investments in 2021, according to a report by the venture data platform, MAGNiTT.
- The report said the kingdom advanced to become the second-most active VC market in MENA by number of deals, which rose by 36 percent to 79 deals in H1 2022.
Geostrategy
Egypt President says world must jointly deal with energy crisis
Egypt's President Abdul Fattah Al-Sisi underscored the importance of coordination and cooperation among all countries of the world to confront...
- Egypt's President Abdul Fattah Al-Sisi said global coordination and cooperation is necessary to deal with the energy crisis
- He said Egypt is determined to coordinate with friendly countries to tackle tension in its neighborhood
Economy
MENA Forum 2022 to focus on US$250b worth of power projects
The combined investments in the MENA power sector includes US$93 billion which has already been committed.
- The combined investments in the MENA power sector includes US$93 billion which has already been committed
- US$60 billion worth of power projects are being developed in Saudi Arabia, followed by Egypt with US$37 billion worth of projects
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Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
Economy
Company News
Latest News
US Fed likely to pause rate hikes despite higher inflation
The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a...
DEWA embraces Microsoft’s Copilot to drive digital transformation
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart...
Business
S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms
Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1”...
Economy
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Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
Business
Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
- This move aligns with the fund's strategies aimed at enhancing the well-being of employees and providing them with opportunities to boost their pensions.
- The fund said it is allowed to procure the service period for insured employees after they have completed a minimum of 20 years of actual service.
Business
Saudi-China Entrepreneurs Association and HKTDC sign MoU
Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong...
- The MoU between SCEA and HKTDC aims to fortify commercial ties, particularly aiding startups and service providers eyeing global expansion.
- The agreement was signed during the eighth Belt and Road Summit, a two-day event themed "Ten Years of Cooperation for Mutual Benefit".