Oil prices surge, Asian markets fall following Iran explosions
Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent...
Economy
Saudi Arabia surpasses homeownership goals, sets sights on 70% by 2030
The kingdom's housing program achieves remarkable success, surpassing targets and reducing waiting times from 15 years to immediate entitlement, revolutionizing...
Economy
Economy
Libya’s National Oil Corporation lifts force majeure at key terminals
Force majeure is a legal measure allowing companies to free themselves from contractual obligations in light of circumstances beyond their...
- Its latest such move had been in late June, when the NOC said Libya had foregone some $3.5 billion due to a blockade of eastern oil facilities since mid-April.
- The blockade on the oil facilities was enforced by groups demanding Dbeibah's departure and a handover to the rival administration of Fathi Bashagha.
Economy
UAE economic activity spikes in 1H22 on back of easing pandemic, high oil prices
Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index, the MOMR noted.
- Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index, the MOMR noted
- The June PMI declined to 54.8 from 55.6 in the prior month, marking the 19th-straight month of growth in non-oil private economic activities, the report added
Economy
Sri Lanka president takes refuge in Maldives, expected to resign
Sri Lanka's embattled president flew out of his country to the Maldives early Wednesday, in a probable prelude to his...
- Gotabaya Rajapaksa had promised at the weekend to resign on Wednesday and clear the way for a "peaceful transition of power" after fleeing his official residence in Colombo
- Rajapaksa is accused of mismanaging the economy to a point where the country has run out of foreign exchange to finance even the most essential imports
Economy
Euro slides to be at par with dollar as recession fears rise
The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut...
- The European single currency hit exactly one dollar -- its lowest level since December 2002 -- before bouncing back somewhat
- But Wall Street stocks weakened as the session progressed, as investors nervously await Wednesday's consumer price report
Economy
Russia and Ukraine seek to break grain impasse in Turkey
The four-way meeting in Istanbul comes with Russia's invasion of Ukraine showing no sign of abating.
- The four-way meeting in Istanbul comes with Russia's invasion of Ukraine showing no sign of abating
- Ukraine is a vital exporter of wheat and grains such as barley and maize and supplies nearly half of all the sunflower oil traded on global markets
Brent oil closes under $100/barrel for first time since April
Brent oil futures closed Tuesday under $100 a barrel for the first time in three months as recession worries cloud...
- The US benchmark, West Texas Intermediate, fell 7.9 percent to finish at $95.84 a barrel
- The drop in the currency market is "raising concerns that Europe is going into recession
Economy
Closing the gender gap in MENA may take 115 years
Closing gender gaps remains a critical driver of national prosperity. Countries that invest in all of their human capital and...
- At 63.4%, Middle East and North Africa have the second-largest gender gap yet to close, with the UAE, Israel and Lebanon being the highest performing countries
- After a big COVID hit, the gender gap hasn’t bounced back across the globe, according to the World Economic Forum’s Global Gender Gap Report 2022
Infographics
Gulf countries witness dip in unemployment rates
The Gulf countries have taken several measures to increase the local employment, especially in UAE and Saudi Arabia. This week's...
- The Gulf countries have taken several measures to increase the employment, especially in the UAE and KSA. This week's TRENDS Infographic looks at job situation in the region
- The measures have led to an increase in employment in most of the GCC countries, but the Ukraine-Russia crisis, global economic turbulence and Covid-19 may pose challenges
Interview
GCC expects moderate impact of global recession
The region is better placed to deal with global slowdown as oil and gas prices will stay high due to...
- The region is better placed to deal with global slowdown as oil and gas prices will stay high due to supply restrictions, Jean Claus, CEO of Allianz Trade Middle East, tells TRENDS
- Regional GDP growth is expected to be +2.7 percent in 2023 in an 'adverse scenario', slightly lower than the +3.1 percent expected in the baseline scenario, Claus adds
Economy
France to proceed with second phase of digital euro experiment : Central Bank
France's central bank said Tuesday it will push ahead with the second phase of its experiment with a digital euro...
- Last year, the Banque de France successfully completed the first stage of its experiment with a central bank digital currency.
- The experiment is aimed at rolling out the cryptocurrency next year.
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
Oil prices surge, Asian markets fall following Iran explosions
Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent...
Economy
Company News
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Diverse business models needed for trade with China, say Union of Arab Chambers
BEIRUT, LEBANON – The secretary general of the Union of Arab Chambers has called for diversified business models to facilitate...
Geostrategy
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
Geostrategy
Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected...
Economy
Most Read
Global aid effort intensifies for flood-stricken Libya
Military transport aircraft from Middle Eastern and European nations, along with ships, have been ferrying emergency aid to the North...
- UN has pledged $10 million to support Libya's survivors, including at least 30,000 people it said had been left homeless in Derna
- Abdel Fattah al-Sisi, the president of Libya's neighbor Egypt, ordered "the establishment of shelter camps" for survivors of the Libyan disaster
Geostrategy
UN Chief to hold meetings with Lavrov, Zelensky, Erdogan to discuss grain deal
New York, UN - The United Nations Secretary General Antonio Guterres will discuss the revival of the grain deal with...
- Antonio Guterres noted that he will hold separate contacts with the representatives of the Russian Federation, Ukraine and Turkey
- Russia on July 17 pulled out of grain deal, which was reached a year ago to ensure safe exports of Ukrainian grain across the Black Sea
Economy
UAE and Iraq to deepen economic, cultural, energy cooperation
Baghdad, Iraq-- The UAE and Iraq have held discussions to boost economic, investment, educational, cultural, agricultural, food, technological, and energy...
- The officials from both countries discussed deepening economic, investment, educational, cultural, agricultural, food, technological, and energy cooperation
- Khalifa Shaheen Al Marar, UAE Minister of State, noted the importance of utilizing the joint committee meetings to explore new opportunities for reinforcing economic growth