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
Innovation, flexibility fuel GCC remote work growth
The UAE especially has become a regional hub for remote work, attracting digital nomads and businesses with its visa programs.
Business
Business
Qatar Airways posts record profit
The profit result was "200 percent above its highest annual historical profit".
- Qatar Airways, the Middle East's second biggest airline after Emirates, had reported in September last year an overall loss of $4.1 billion in the 2020-2021 financial year.
- The Qatari airline said it carried 18.5 million passengers in 2021-2022, an increase of 218 percent over the previous 12-month period.
Geostrategy
Venezuela President talks cooperation with Qatar emir
Venezuela's President Nicolas Maduro met Wednesday with Qatar's Emir Tamim bin Hamad Al-Thani in the gas-rich Gulf nation, his fifth...
- The talks focused in particular on "energy, the economy, investment, agriculture and tourism."
- Maduro visited Iran at the weekend where he signed a 20-year cooperation agreement with the Islamic republic
Geostrategy
Turkey to host meeting with UN, Russia, Ukraine for export of grains
Turkey is ready to host a four-way meeting with the United Nations, Russia, and Ukraine to organize the export of...
- Millions of tons of wheat are currently stuck in Ukrainian ports, either blockaded or occupied by Russian forces, and vessels face the danger of mines
- The UN Secretary-General's spokesman Stephane Dujarric said Ankara had an important role in resolving the situation which has raised the prospect of worldwide food shortages
Economy
Tunisia union demands salary hike on nationwide strike
Up to three million workers could observe the strike, shuttering 159 state agencies and public companies and bringing public transport,...
- Up to 3 million workers could observe the strike, shuttering 159 state agencies, public companies and bringing public transport to a halt
- In a statement on Wednesday, the UGTT union said workers would hold this strike to defend their economic and social rights
Economy
GCC central banks raise interest rates
Taking a cue from US Federal Reserve's decision to hike interest rate, Saudi Arabia, the UAE, and Bahrain have raised...
- The Saudi central bank raised repo rate by 0.5 percent to 2.25 percent from a previous 1.75 percent, and the reverse repurchase agreement (reverse repo) rate by 0.5 percent
- The UAE was quick to follow Saudi Arabia in hiking interest rate
Economy
US Fed raises key interest rate by 0.75%, largest since 1994
The US Federal Reserve announced the most aggressive interest rate increase in nearly 30 years on Wednesday, and said it is...
- The Fed's policy-setting Federal Open Market Committee raised the benchmark borrowing rate to a range of 1.5-1.75 percent, up from zero at the start of the year
- Biden has endorsed the Fed's effort and is hoping for success as his Democrats face the possibility of losing control of Congress in key midterm elections in November
Economy
BoE set for fifth rate hike in row as inflation soars
The Bank of England is expected on Thursday to raise its key interest rate for a fifth straight time to...
- Some experts predict an even higher increase, mirroring aggressive rate-tightening by the Federal Reserve
- UK inflation stands at nine percent, the highest level in 40 years, and is forecast to keep rising
Business
Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering...
- The report provides information on Aramco's efforts to support the broader energy transition
- Aramco expects to update the sustainability report on an annual basis
Business
OIC aims for 25 percent trade among member states by 2025
OIC has set a target of 25 percent trade among member states in the next three years by 2025 and...
- Organization of Islamic Cooperation has set a target of 25 percent trade among member states by 2025
- Biennial general trade fair is vital for promotion of trade and services among OIC member states
Economy
UAE Industry Development Council reviews action plan
Industry Development Council meeting reviews recommendations made at the first meeting, progress in implementing them and discusses the development of...
- Industry Development Council recommends launching unified platform for industrial data
- The council reviews suggestions made at first meeting, reflects on progress in implementing them
Most Read
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
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
Company News
Latest News
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
Most Read
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