Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
Economy
Science
WHO backs Qatar to manage Covid risks well at World Cup
The WHO voiced confidence Tuesday that hosts Qatar would successfully manage the Covid-19 risks at the 2022 football World Cup.
- Two million tickets will be sold in total, with another one million reserved for sponsors and the sport's global governing body FIFA
- The Qatari capital Doha, with a population of about 2.4 million, is bracing itself for the huge influx of visitors
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
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Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
Economy
Company News
Latest News
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...
Geostrategy
Building less, repurposing more key to low construction sector emissions
The industry is responsible for 37 percent of global carbon dioxide emissions and growing urbanization is spurring the construction of...
Geostrategy
Over 3,500 new members register with Ajman Chamber in H1 2023
AJMAN, UAE- The Ajman Chamber of Commerce and Industry (ACCI) has revealed that in the first half of 2023, at...
Business
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Economy
UAE Govt to offer 2.5% payment support for pensioners
Dubai, UAE - The UAE government has announced a 2.5 percent payment support to its citizens’ pension contributions through the...
- To be eligible for this pension support, insured individuals must be between 18 and 60 years old at the time of their appointment
- To fully benefit from the program, both registered entities and insured Emiratis must ensure that monthly contributions are made promptly
Economy
‘Saudi Arabia sees fastest growth among G20 nations’
"The Saudi economy achieved a growth rate of 8.7 percent in 2022, the fastest among G20 countries, surpassing the expectations...
- Saudi Arabia is not just a regional influencer but a global economic powerhouse, according to its Minister of Economy and Planning, Faisal bin Fadhil Alibrahim
- With a growth rate of 8.7% in 2022 and 17th rank among the world's most competitive economies, the Kingdom is setting stage for sustainable global economic growth
Economy
Saudi SME Bank inks pact with SIDBI of India
New Delhi, India - The Small and Medium Enterprises Bank (SMEB) of Saudi Arabia has signed an agreement with the...
- The agreement encompasses various components, including the design and formulation of engineering strategy data
- It involves the transfer of knowledge pertaining to credit practices, with a particular emphasis on supporting small and medium-sized enterprises