Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
Business
Equities sink, oil rallies on fears of Iran-Israel conflict
Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...
Economy
Economy
US Fed chair admits recession a ‘possibility’ after rate hikes
The US economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger...
- The Fed chair again stressed that policymakers understand the hardships caused by rising prices and are committed to bringing down inflation
- Last week, the US central bank announced the sharpest interest rate increase in nearly 30 years and promised additional similar moves to combat the price surge
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
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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
Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
Business
Company News
Saudi tourism on growth path despite hiccups
Infographics
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‘Saudi Arabia emerges as a leader in digital economy’
"Today, the Kingdom takes pride in its advanced technological sector, which has solidified its regional and global position as a...
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...
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...
Economy
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Geostrategy
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...
- The aid will contribute to ameliorate the socio-economic challenges faced by the people and will help in achieving significant SDG targets.
- IsDB had made an emergency intervention to support the communities affected by the conflict in Sudan.
Economy
Inflation in Egypt hits record high of nearly 40 percent, says government
Annual inflation in Egypt hit 39.7 percent in August, official figures showed, an all-time high for the country as it...
- Food and drink prices in Egypt alone registered a 71.9 percent increase compared to August 2022, state statistics agency CAPMAS said.
- Even before the current crisis, 30 percent of Egyptians were living below the poverty line, according to the World Bank.
Economy
Mega projects bet high on diversified future
This TRENDS infographic dives into Saudi Arabia’s ambitious transformation to discover how the Kingdom is reshaping its future with high...
- Saudi Arabia has allocated $250 billion in construction contracts since 2016 as part of its Vision 2030 strategy to diversify economy, attracting tourists and investments
- In 2022, Saudi Arabia emerged as the fastest-growing G20 economy, fueled by a massive $1.25 trillion investment in real estate and infrastructure projects