Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
Economy
Saudi women’s unemployment drops to 13.7% by 4Q 2023
Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...
Economy
Business
Saudi Arabia inks investment deals worth $4bn in Q1
Saudi Arabia finalized investment worth SR15.2 billion ($4 billion) in the first quarter of 2022 and closed 101 investment deal...
- The country finalized 101 investment deals in the first quarter of 2022
- The investments reflect a 225 percent increase from the same period last year
Business
Iraq approves $17bn to pay Iran gas debt and buy grain
Iraq passed Wednesday an emergency finance bill to pay debts to Iran to ensure gas supplies and forestall worsening power...
- Iraq's agricultural sector contracted by 17.5 percent last year "following severe droughts, energy outages, and the rising global price of inputs", according to the World Bank
- Despite its immense oil and gas reserves, Iraq remains dependent on imports to meet energy needs
Economy
Women in MENA workforce could hike GDP by $2 trillion: Study
World Bank data indicates only 40% of working-age women in the GCC are employed, even though they are increasingly better...
- World Bank data indicates only 40% of working-age women in the GCC are employed, even though they are increasingly better educated
- Young women face an “expectations vs. reality” gap between their ambitions and their experiences of employers
Geostrategy
European sanctions will wipe out Russia’s 15 years of economic gains
Sanctions imposed on Moscow over the invasion of Ukraine are rolling back more than a decade of economic progress and...
- According to IIF report, Russian economy will contract by 15 percent in 2022 and another three percent in 2023
- The damage will make it more costly for Russian president Vladimir Putin to continue the war
Economy
With inflation on rise, ECB readies tougher action
The European Central Bank is set to announce the end date to its bond-buying stimulus on Thursday, as concerns over...
- Inflation in the eurozone rose to 8.1 percent in May, the highest level in the history of the currency club and well above the ECB's own two-percent target
- The surge has largely been driven by the war in Ukraine, which has decisively pushed up the cost of energy, food and raw materials
Business
Sharjah sees Dh6bn in real estate deals in Q1
The emirate is currently witnessing the launch of related commercial, industrial and residential projects in various cities.
- The emirate is currently witnessing the launch of related commercial, industrial and residential projects in various cities
- Al Shamsi also highlighted the importance of the acres real estate exhibition, which the Sharjah Real Estate Registration Department organises annually
Economy
UAE Central Bank predicts country’s GDP to grow by 4.2 percent in 2023
The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent...
- In its Annual Report for 2021, the CBUAE estimated the non-oil GDP growth to reach 3.9 percent in 2023.
- The oil GDP growth will reach 5 percent in 2023, compared with earlier estimates of 3.4 percent.
Economy
World economy will pay a ‘hefty price’ for Ukraine crisis: OECD
The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it...
- The Paris-based organization, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict.
- The OECD noted that commodity prices had risen, hitting real income and spending, "particularly for the most vulnerable households".
Geostrategy
One third of humanity is still totally offline: UN report
The Global Connectivity Report 2022 argues that while easy, affordable access to fast broadband is near-ubiquitous in most rich-world nations,...
- The report advocates for putting 'universal and meaningful connectivity' at the center of global development.
- The cost of broadband subscriptions and digital devices remains a major barrier to connectivity, the report says.
Economy
Indian central bank raises interest rates to tame inflation
India's central bank on Wednesday hiked rates for a second time in as many months, as Asia's third-largest economy reels...
- The Reserve Bank of India raises its key repo rate by 50 basis points to 4.90 percent
- Consumer inflation has consistently overshot the central bank's two-to-six percent target range in the first four months of the year
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Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
Economy
Company News
Latest News
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...
Business
Two convictions in FIFA corruption scandal overturned by US judge
Miami, United States--Two convictions in the FIFA corruption case have been overturned by a US federal judge citing a recent Supreme...
Business
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
Business
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Economy
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
- Russia's Deputy Prime Minister Alexander Novak said on Thursday that his country has agreed with OPEC+ to cut oil exports next month
- The International Energy Agency and OPEC are relying on China, the world's largest oil importer, to shore up oil demand over the rest of 2023
Economy
Iran and Syria sign agreement to build rail connection via Iraq
Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq....
- Iran's minister of roads and urban development made the announcement at the inauguration ceremony of the construction of the Shalamcheh-Basra railway
- The minister said that in the wake of the signing of the agreement with Syria, a trilateral agreement between Iran, Iraq, and Syria will be put on the agenda
Geostrategy
Iraq-Iran rail link to facilitate travel, tourism and medical treatments
Iraq's prime minister inaugurated construction work on what is slated to become the first railway line connecting the country to...
- The project had been under discussion for years before an agreement was reached in 2021.
- The Iraqi PM thanked Iran for planned demining operations at the border to clear the way for the train line.