Dubai, Abu Dhabi real estate market thrives in Q1 2024
“2024 has opened up to an interesting and promising phase of growth within our sector. As proptech leaders, we can...
Economy
Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
Economy
Business
Oil, stocks fall again as economic recession looms large
Surging energy costs are fueling global inflation, with official data Wednesday showing the British annual rate hitting a fresh 40-year...
- Oil prices were feeling the heat from recessionary fears, with both main contracts tanking more than five percent at one point.
- Crude and gas prices have soared in recent months after major economies lifted pandemic lockdowns and invasion of Ukraine.
Business
Saudi-Jordan trade value reaches $.4.4 billion riyals in 2021
The trade exchange volume between Saudi Arabia and Jordan reached 16.6 billion riyals ($4.42 billion) in 2021, compared to 11.6...
- Saudi Arabia invested $14 billion through 900 projects in Jordan, according to Saudi media reports.
- The volume of Saudi exports to Jordan amounted to 11.6 billion riyals.
Economy
UAE public spending $3 billion in Q1, public services take major share
UAE’s Ministry of Finance has announced that the revenues of federal authorities in the first quarter of 2022 amounted to...
- The public order and public safety affairs sector came in second at 18.69 percent of the total, valued at AED2.12 billion.
- Social protection sector was ranked third with AED2.017 billion or 17.77 percent, and the defense sector was ranked fourth with AED1.679 billion or 14.79 percent.
More than 100 killed in Afghanistan earthquake
Afghanistan is frequently hit by earthquakes especially in the Hindu Kush mountain range, which lies near the junction of the...
- In Paktika province of Afghanistan, local markets are closed as people have rushed to help earthquake affected areas
- Photographs and video clips posted on social media showed badly damaged mud houses due to the 5.9 magnitude quack that struck Afghanistan last night
Geostrategy
US pledges support as Israel heads to elect new PM
Blinken, in a telephone call to Foreign Minister Yair Lapid, who will become caretaker prime minister confirmed that President Joe...
- Blinken, in a telephone call to Foreign Minister Yair Lapid, who will become caretaker prime minister confirmed that President Joe Biden still plans to visit Israel next month
- The coalition government led by the right-wing Naftali Bennett and centrist Lapid had sought to tone down and depoliticize Israel's relations with the United States
Egypt calls for reality check in UN climate talks
Egypt hopes to jump-start the action needed to face a warming world when it takes the presidency of major UN...
- The challenge of maintaining international momentum on climate change has been made even harder as the world faces a catalog of challenges, with Russia's invasion of Ukraine
- Ambassador Mohamed Nasr said that while Egypt's presidency of the conference would have "African flavor and African vision", it would remain resolutely international in focus
Business
Cubans ditch petrol cars, embrace electric versions
There is a new sight on the streets of Havana: increasing numbers of electric vehicles whizzing among the old American...
- The Cuban government has been promoting the use of electric cars, introducing them to state-owned companies to avoid use of fuel
- Fuel shortages have worsened since the US reinforced blockade of Cuba in 2019, preventing the arrival of fuel tankers from Venezuela
Economy
Tunisia appeals to IMF to be aware of social impact of reforms
Tunisian President Kais Saied on Tuesday urged the International Monetary Fund to take into account the social impact of any...
- Tunisia has been in preliminary discussions with the global lender for a new loan to save an economy ravaged by years of high unemployment and inflation
- Tunisian President and IMF regional chief have discussed the "aspects of cooperation and liaison between the IMF and the Tunisian government"
Geostrategy
Saudi crown prince, Jordan king meet amid thaw in ties
Saudi Crown Prince Mohammed bin Salman met with Jordan's King Abdullah in Amman on Tuesday to discuss regional and international...
- The tour of the Saudi Crown Prince acquires special significance as it comes before a planned Arab-American summit in July which Saudi Arabia will host
- The visit to Jordan comes at a time when Jordan's economy is struggling with the economic knock-on effects of the Ukraine war
Economy
UAE’s FRC forms council for financial reorganization
UAE's Financial Restructuring Committee has formed a Consultative Council to provide an open discussion forum between the FRC and experts...
- Consultative Council has been formed to provide an interactive relation between FRC and the community
- The Council will discuss and provide advice on financial reorganization and bankruptcy
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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
Dubai, Abu Dhabi real estate market thrives in Q1 2024
“2024 has opened up to an interesting and promising phase of growth within our sector. As proptech leaders, we can...
Economy
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Apple tops $3trn in market value
Business
West blocked Russian assets worth $280bn, says US treasury
Washington, US - The REPO (Russian Elites, Proxies and Oligarchs) task force, set up to search and freeze Russia-related assets, estimates the...
Geostrategy
Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
Economy
Global rice prices hit 15-year high after India curbs: FAO
Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...
Economy
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Economy
UAE vows full backing for GCC economic integration by 2025
Dubai, UAE - The United Arab Emirates (UAE) has reaffirmed its commitment to advancing the economic integration of the Gulf...
- The UAE Minister of Economy Abdulla bin Touq Al Marri, Minister Bin Touq called for developing the mechanisms of economic integration within the GCC
- The UAE urged finalization of the customs union, the establishment of a common GCC market, and the utilization of AI to bolster developmental endeavors
US interest rates in ‘good place,’ for now: Fed officials
The comments from three regional Fed presidents with a vote on setting interest rates will likely solidify expectations that the...
- Analysts have raised the chances of the Fed successfully cutting inflation while avoiding recession, which is also known as a "soft landing"
- Earlier this week, the Fed said robust tourism spending was helping to keep the wheels of the world's largest economy turning
Economy
Gig economy accounts for up to 12% of the global labor market: WB
Washington, US – The ‘gig economy’ accounts for up to 12 percent of the global labor market—much higher than previously...
- While developed countries currently dominate the demand for gig workers, the demand in developing countries is growing at a much faster rate
- Almost 60 percent of firms surveyed in poorer countries reported increased outsourcing to gig workers. In wealthier countries, less than half said the same