Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
Economy
UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...
Business
Business
UAE Minister promotes trade, friendly ties during Florida visit
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi concluded a two-day visit to Florida which...
- The UAE minister's trip to Florida builds on recent trips to the UAE by local Florida officials
- He attended several high level business development and networking events and meetings
Business
US stocks on defensive amid inflation and slowdown anxiety
Wall Street stocks were mixed early Wednesday, treading water after the prior session's pullback that came amid worries over soaring...
- After last week's rally, stocks were back on the defensive Tuesday, falling hard after downcast consumer confidence reading.
- The broad-based S&P 500 added 0.1 percent at 3,825.61, while the Nasdaq Composite Index dipped 0.1 percent to 11,173.57.
Geostrategy
Ocean-based climate solutions important, says UAE Minister
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said that leveraging nature-based solutions, especially blue carbon...
- The UAE minister says leveraging nature-based solutions to mitigate and adapt to the impacts of climate change is vital
- She says important to explore ways to tackle marine pollution from land- and sea-based sources
Business
Qatar trade balance surplus surged 120 percent in May
The year-on-year increase in total exports was mainly due to higher exports of petroleum gases and other gaseous hydrocarbons reaching...
- The total exports of goods (including exports of goods of domestic origin and re-exports) amounted to around QR 45.3 billion.
- The imports of goods in May 2022 amounted to around QR 8.8 billion, showing an increase of 5.5 percent compared to May 2021.
Business
World Bank approves $130m loan for Tunisia to ensure food security
The loan approved Wednesday aims to ensure "affordable bread for the poor, barley for livestock, and agricultural inputs for domestic...
- The package is aimed at lessening the impact of the Ukraine war by financing vital soft wheat imports.
- Tunisia is dealing with heavy public debt, a low credit rating and steep inflation, which worsened because of Ukraine war.
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
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
Economy
Company News
Latest News
Deals with India add pace to Saudi diversification
Riyadh and New Delhi set a new benchmark in global trade and cooperation with 53 deals across diverse sectors and...
Analysis
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
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Economy
70% of jet fuels at EU airports will have to be green by 2050
Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such...
- The EU is looking to prod the aviation sector to use sustainable aviation fuels in order to cut emissions
- Sustainable aviation fuels will include synthetic fuels, certain biofuels produced from agricultural or forestry residues
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