Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Economy
Egypt to receive $500 mn from World Bank to boost food security
Egypt's food security has been under mounting pressure since Russia invaded Ukraine in late February causing massive disruption to exports...
- The new tranche of World Bank financing will go towards "funding wheat purchases" as well as "increasing wheat storage capacities".
- Since the war began, the government has already ramped up wheat purchases from domestic farmers as well as trialing wheat substitutes.
Geostrategy
UAE presents national report on spent nuclear fuel to IAEA
The United Arab Emirates has presented its Fourth National Report on spent nuclear fuel, radioactive waste management at the International...
- The national report describes the legislative and regulatory measures taken by the UAE to meet its obligations
- The report also addresses options in regards to spent fuel and radioactive waste management
Geostrategy
Israel heads towards snap election, Lapid poised to be PM
Israel's parliament is expected to dissolve Wednesday, ending Prime Minister Naftali Bennett's year-long tenure and triggering a fifth election in...
- Bennett's motley alliance formed in 2021 offered a reprieve from an unprecedented era of political gridlock, ending Netanyahu's record 12 consecutive years in power
- Lapid is expected to take office at midnight after parliament gives final approval to a dissolution bill, in accordance with the power-sharing deal he agreed with Bennett last June
Economy
Gulf boosts oil production amid global fuel crisis
Saudi oil giant Aramco has built new refineries in Jazan to boost its production capacity to 400,000 barrels a day...
- Saudi oil giant Aramco has built new refineries in Jazan to boost its production capacity to 400,000 barrels a day
- Kuwait Oil Corporation is enlarging the capacity of Al-Zour refinery to 615,000 barrels a day, making it the world's largest facility to do so
Economy
Equities in Asia and Europe tank on recession fears
Fears of a recession caused by sharp interest rate hikes aimed at fighting soaring inflation sent Asian and European markets...
- Wednesday’s selling came after New York's three main indexes tanked in reaction to data showing confidence among US consumers had fallen to its lowest level in more than a year
- Top Fed officials on Tuesday tried to play down the chances of a recession, with the heads of the Fed in San Francisco and New York saying a soft landing could be achieved
Oman, Egypt to find ways to establish Joint Investment Fund
In a joint statement, the two countries directed their respective competent authorities to discuss investment opportunities in various fields.
- In a joint statement, the two countries directed their respective competent authorities to discuss investment opportunities in various fields
- They also discussed investment opportunities in various fields, especially energy and renewable energy projects, industry, health and pharmaceutical industries
Economy
‘Resilience more vital than efficiency for GCC startups’
The ongoing Covid-19 pandemic teaches several lessons to regional businesses, says UAE Minister Ahmad Belhoul Al Falasi.
- The ongoing pandemic teaches several lessons to regional businesses, says UAE Minister Ahmad Belhoul Al Falasi
- The entrepreneurship ecosystem in UAE has not yet reached full maturity but 'we are about 60-70% there', he adds
Opinion
Time to deliver decarbonization targets set last year
In the Middle East, the UAE and Saudi Arabia have been leading the decarbonization conversation with pivotal government initiatives that...
- The number of companies establishing science-based targets for decarbonization had strongly increased since 2015, but it rose dramatically in the run-up to COP26
- Executives are trying to pursue their decarbonization targets during a period of turbulence that has created historic levels of uncertainty and numerous difficulties
Economy
Algeria jails Bouteflika-era energy minister for 20 years
An Algerian appeals court on Tuesday upheld a 20-year prison sentence for corruption against Chakib Khelil, energy minister for a...
- Khelil, now 82, quit his post in 2010 and moved to the US after being associated with a scandal involving high-ranking Sonatrach officials who were later jailed
- He returned to Algeria in 2016 after the cases were dropped - then left again after Bouteflika's resignation in 2019 that sparked investigations into graft by his officials
Israel to dissolve parliament, hold new elections
The Israeli parliament unanimously approved early Tuesday a draft bill to dissolve parliament, a key legislative step that pushes the...
- The Bennett coalition said it wanted quick approval of the law after he announced last week that his year-old alliance was no longer tenable
- Netanyahu and his allies have been holding talks seeking to form a new Netanyahu-led government within the current parliament
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Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
Company News
Latest News
Russia to cancel tourist visas to four Gulf countries
Speaking at the Eastern Economic Forum (EEF), Russia's Minister of Economic Development Maxim Reshetnikov said that his country has offered...
Economy
Iran’s oil exports to China touch all-time record in August
Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according...
Economy
Global aid pours into Morocco as quake death toll passes 2,100
The International Federation for Red Cross and Red Crescent Societies has warned that the next 24 to 48 hours will...
Geostrategy
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Economy
GCC chief highlights private sector’s role in sustainable Gulf economy
Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient...
- The secretary general was speaking at the the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain
- He pleaded for increased cooperation between the GCC and the Gulf private sector to tackle the myriad challenges facing the region
Economy
Kuwait unveils economic reform program, to focus on diversification
Kuwait City - Kuwait has announced a comprehensive economic reform plan for 2023-2027 to address various challenges facing the country’s...
- The program aims to upgrade Kuwait's monetary markets rating in FTSE Russell Indexes from emerging markets to advanced emerging markets
- In the petrochemical and oil sector, the government aims to increase oil production to 3.15 million barrels a day and refinery capacity to 1.45 million barrels a day
Geostrategy
Keen on promoting digital payments in India, UAE, says RBI
NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems,...
- India and UAE have signed two MoUs to strengthen the use of national currencies for bilateral trade, link payment and financial messaging systems.
- The RBI official said the two countries can work together to further develop digital payments and make them more efficient and convenient.