Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
Economy
Russia resumes critical gas supplies to Europe via Nord Stream
Russia on Thursday resumed critical gas supplies to Europe through Germany, reopening the Nord Stream gas pipeline after 10 days,...
- The German government had feared that Moscow would not reopen the pipeline after the scheduled work
- Gazprom has cut flows to Germany via the vital Nord Stream 1 pipeline by some 40 percent in recent weeks
Economy
UAE, Korea discuss cooperation in food security, health, technology
Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million.
- Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million
- The value of non-oil trade between the two countries in H1 2022 amounted to US$1.3 billion, a 19 percent increase compared to the same quarter last year
Jordan’s Tourism income up 242% in H1 2022
The number of tourists visiting the kingdom rose by 1.4 million to 1.9 million.
- The number of tourists visiting the kingdom rose by 1.4 million to 1.9 million
- Data showed a rise in Jordanians' expenditure on travel last June by 61.8 percent
Economy
US seeks billions in Africa investment: aid agency chief
Washington wants to foster billions of dollars of investment in Africa, the head of its delegation to a US-Africa business...
- Albright was speaking at the US-Africa Business Summit in Marrakesh, an annual conference organized by private organization Corporate Council on Africa
- The meeting will bring together African political and business leaders as well as decision-makers and investors from the US private sector
Economy
Digitization of govt services spurs MENA IT spending
The IT spending in the MENA region will hit US$1.7bn in 2022 as the governments are using technology to streamline...
- Sixty-six percent of total IT spending in 2022 will go toward communication services, which will remain the largest segment
- Global government IT spending is estimated to reach US$565.7 billion this year, up 5 percent from 2021
Science
Are EVs driving towards greener world or uncertainty?
Studies suggest the electric vehicles may not eliminate all emissions even by 2050, particularly those related to mining and battery...
- Recent studies suggest the electric vehicles may not eliminate all emissions even by 2050, particularly those related to mining and battery production.
- Wider adoption of EVs will hinge on affordability which, in turn, is reliant on battery production and robust charging infrastructure
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
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
Company News
ExxonMobil to buy Denbury
Business
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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.
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...
Economy
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
Business
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Geostrategy
Iran, Djibouti resume diplomatic ties after 7 years
Iran announced the restoring of diplomatic ties with Djibouti over seven years after it joined other regional nations in severing...
- The move followed Iranian foreign minister Amir-Abdollahian's meeting with his Djiboutian counterpart Mahamoud Ali Youssouf in New York.
- Djibouti cut ties with Iran in January 2016 after attacks on Saudi missions during protests over Riyadh's execution of a Shiite cleric.
China to control half the world’s hydrogen electrolyser capacity
China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent...
- China's installed electrolyzer capacity has jumped in recent years and is expected to reach 1.2 gigawatts after having accounted for just 10 percent of the global capacity in 2020
- Electrolyzers are devices used for the industrial separation of hydrogen and oxygen within water molecules, using electricity obtained through renewable energy sources
Economy
Egypt’s central bank keeps interest rates unchanged
Cairo, Egypt – The Central Bank of Egypt (CBE) decided to maintain interest rates at current levels during its meeting...
- The bank kept the overnight deposit rate, overnight lending rate and the rate of the main operation at 19.25%, 20.25% and 19.75%, respectively
- The discount rate remained at 19.75%. The pause on interest rate change comes after 12-percent hikes since March 2022.