Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
MENA startup investment surges in March 2023
Saudi startups were the biggest beneficiaries of LEAP24 tech conference, securing the lion's share of the total investment of S254...
Business
Aramco expected to post $44bn profit in Q2: report
Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1...
- Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1 2022, amid rising oil prices
- The profit of the chemical giant Saudi Basic Industries Corp’s (SABIC) is forecast to slightly slip by 1 percent to SR7.6 billion
Economy
Kurdish Iraq decries ‘unjust pressure’ from Baghdad in oil row
Iraq's autonomous Kurdistan region Wednesday deplored "unjust pressure" from the federal government's oil ministry, days after the judiciary nullified oil...
- The move comes as the Kurdish region and the federal government remain locked in a tug-of-war over the management of hydrocarbons
- Iraq's supreme court in February ordered Kurdistan to deliver the oil produced in its territories to the federal government
Business
Fuel prices drive demand for hybrid vehicles in UAE
While some buyers are opting for smaller compact SUVs and electric vehicles, others are putting their purchase decisions on hold...
- UAE fuel prices jumped around 75 percent since January 2022. Super 98 petrol price increased to Dh4.63 ($1.26) per liter in July 2022 compared to Dh2.65 per liter in Jan 2022.
- Rising petrol prices in the UAE are pushing small businesses and private individuals to switch from vehicle ownership to rentals.
Business
New multilateralism likely to define global trade in 2022: DMCC report
Global trade hit a record high of $28.5 trillion in 2021, with more growth expected in 2022. The future also...
- Geopolitics will shape the trade landscape in the 2020s, building on new developments in regionalism, bilateral trade, and global investment flows.
- Pent-up demand from the COVID-19 shock is already driving trade in goods; a rebound in trade in services is set to follow.
Business
European stocks bounce back after sharp losses on global recession fears
European stock markets rebounded on Wednesday, recovering some ground following sharp losses the previous session on fears of a global...
- London's benchmark FTSE 100 index was up 1.8 percent around midday and the pound was mixed against main rivals.
- Crude futures had slumped nearly 10 percent Tuesday, while Europe's main stock markets lost about three percent.
Economy
Sri Lanka appeals Russia for fuel and resumption of tourist flights
Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948.
- The Island nation has suffered months of blackouts, rampant inflation and critical shortages of food and petrol.
- Russia and Ukraine were among the top sources of tourists for Sri Lanka before February's conflict began.
Economy
Britain’s new finance minister Nadhim Zahawi inherits a cost-of-living crisis
Britain's new finance minister, Iraqi-born Nadhim Zahawi, has inherited a cost-of-living crisis that risks pushing the UK economy into recession....
- Iraqi-born Zahawi was parachuted into the Treasury late Tuesday after predecessor Rishi Sunak's shock resignation over the culture of scandal plaguing Prime Minister Boris Johnson.
- Zahawi takes charge with UK inflation at a 40-year peak of 9.1 percent, a level set to hit double figures this year on soaring energy and food prices.
Business
GCC central banks should hike rates to combat inflation: L’AZURDE CEO
Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, says L'azurde CEO.
- Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, CEO L'azurde said
- Companies, he said, should review costs from A to Z, from employees to manufacturing, automation and investment in technology
Economy
Asia stocks drop, euro stuck at 20-year low on recession fear
Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked...
- Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked down as part of officials' zero-Covid policy
- Investors are growing increasingly concerned that sharp central bank interest rate hikes aimed at fighting decades-high inflation will lead to a contraction in leading economies
Largest Hajj of Covid era ready to begin in Mecca
The biggest hajj pilgrimage since the coronavirus pandemic began kicks off Wednesday, with hundreds of thousands of mostly mask less...
- One million fully vaccinated Muslims, including 850,000 from abroad, are allowed at this year's hajj
- Some pilgrims donned clothing featuring the names and flags of their countries
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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
Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
Company News
Latest News
China denies ban on use of iPhone in government agencies
Beijing, China--China on Wednesday denied there was any ban on officials purchasing or using foreign phones, including iPhones, after reports said...
Business
UAE and Germany hold workshop on hydrogen strategies, carbon markets
Abu Dhabi, UAE-- Looking to exchange expertise and explore potential synergies in hydrogen and carbon trading, an industry workshop was...
Economy
Ajman records US$1.01 billion in construction contracts in H1 2023
Ajman, UAE-- The value of construction contracts in the emirate has exceeded $1.01 billion during the first half of 2023,...
Economy
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Economy
UAE economic expansion to continue, after posting 3.8% growth in Q1: OPEC
Vienna, Austria--The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the UAE's economy grew by 3.8 percent in...
- The UAE's economic expansion, according to the OPEC report, will continue, noting that the key sectors of the country's economy have posted significant growth
- The report highlighted the sectors that posted growth were transportation and storage (10.9%), construction (9.2%), and accommodation and food services (7.8%)
Business
WTO says era of de-globalization is closer than it appears
Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are...
- After this phase of slowing globalization, the question is "whether we are moving towards a phase of deglobalization", said WTO official Ralph Ossa.
- "We're quite far away from deglobalizing, but at the same time, you start seeing... the first cracks in the system," the WTO official said.
Geostrategy
WFP warns fund cuts could push 24m people to brink of starvation
Geneva, Switzerland - The World Food Program said Tuesday that shrinking funding was forcing it to drastically slash rations in many...
- WFP said it had been struggling to meet growing global needs for food assistance while facing a funding shortfall of over 60 percent this year.
- WFP estimates that 345 million people worldwide are facing acute food insecurity, at level three or higher on the UN's five-scale food insecurity classification.