TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Jordan oil imports decline in January, boosting trade balance
Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according...
Economy
Economy
UAE non-oil foreign trade close to AED500bn in first quarter of 2022
According to the UAE’s Federal Competitiveness and Statistics Centre, this was a growth of 20.5 percent compared to AED414.6 billion...
- Gold topped the list of leading commodities included in the UAE’s non-oil foreign trade, with a value of AED84.4bn
- Diamonds stood second with a value of AED40bn, followed by telephone and communication devices with a value of AED37bn
Economy
Saudi non-oil exports hit $21 billion in the first quarter of 2022
Saudi Arabia’s non-oil exports in the first quarter of 2022 reached 77.8 billion riyals ($21 billion), growing nearly 29 percent...
- Overall merchandise exports increased by 72.7 percent in Q1 2022 compared to Q1 2021, reaching 359.3 billion riyals, up from SAR 208.0 billion in Q1 2021.
- This increase originated mainly from oil exports, which rose by SAR 133.6 billion or 90.3 percent in the same period, the General Authority for Statistics said.
Business
Seeking new start, Russian professionals set up shop in Dubai
Entrepreneurs, lawyers and art dealers are among those flocking to the financial hub in the oil-rich United Arab Emirates, which...
- They are attracted by the ease of setting up a business, and the prospect of better opportunities as sanctions bite at home -- and a more welcoming environment.
- The city, with its luxury hotels and tourist facilities, is well known to Russians as a high-end destination for the wealthy, particularly those interested in real estate.
Economy
More than 70 migrants missing after boat sinks off Tunisia: coastguard
More than 70 people are missing in the Mediterranean after a boat crowded with migrants headed for Europe from Libya...
- Libya has become a major launchpad for migrants seeking to reach Europe on what has become the world's deadliest migration route
- Last year, 15,671 migrants attempted to reach Italy from Tunisia, up from fewer than 13,000 in 2020, according to the Tunisian Forum for Economic and Social Rights
Economy
ECB warns of risks to financial markets from Ukraine war
Russia's invasion of Ukraine has put financial markets under renewed stress by driving up prices and impeding growth, the European...
- Inflation in the eurozone has accelerated as costs for energy, agricultural goods and raw materials have risen sharply
- The development in prices has prompted central banks in developed countries to turn to interest rate hikes to tamp down inflation
Economy
UAE invests Dh62.6b in Jordan development projects
Abu Dhabi Development Fund for Development has financed AED6.5 billion worth of development projects in Jordan.
- Abu Dhabi Development Fund for Development has financed AED6.5 bn worth of development projects in Jordan
- Jordan’s GDP has risen by 6.5 percent, with investment contributing about 13 percent to it
Business
Energy, technology and finance lead Gulf IPOs
Energy, utilities and natural resources account for 42% of the total IPO proceeds, TMT 27% and financial services 21%, Odin...
- Overall, equities in GCC capital markets performed well, with deal volume and valuation up 369 percent in 2021 compared to 2020, bringing in $7.7 billion in new money.
- Energy, Utilities and Natural Resources accounted for 42 percent of the total IPO proceeds, TMT 27 percent and financial services 21 percent.
Economy
Saudi Arabia to form national land alliance: Minister at GLF
The forum will discuss issues like land decentralization, climate crisis, youth and land-based opportunities in rural areas, and building partnerships.
- The Saudi agriculture minister Khaled Hneifat was speaking at the 9th triannual four day Global Land Forum.
- The forum is organized by the Ministry of Agriculture, the SEEDS Jordanian youth organization and the EU.
Business
ADNOC partners with BP, Masdar
The three firms will create green hydrogen and sustainable aviation fuel.
- ADNOC and BP will begin the design phase of the H2Teesside low-carbon hydrogen project.
- Cooperation agreements related to BP's HyGreen Teesside, a large-scale green hydrogen production facility in UK.
Economy
Global issues slowing down labor market recovery: ILO
Labor incomes have not yet recovered for the majority of workers. In 2021, three in five workers lived in countries...
- The sharp rise in vacancies in advanced economies led to a tightening of labor markets with a growing number of jobs available relative to job seekers.
- But, it dropped in Q1 2022 to 3.8 percent below pre crisis benchmark (Q4 2019), amounting to a deficit of 112 million full-time jobs.
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TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Company News
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Oil companies pay Insta, TikTok influencers for ads
Online celebrities best known for posting about video games are also dropping in unexpected plugs for gasoline stations, fuel rewards...
Business
Riyadh to host Expo Expo, held for first time outside of US
Riyadh, Saudi Arabia - Riyadh is set to host the exhibition and conference industry show Expo Expo MENA on September...
Economy
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...
Economy
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Business
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...
- Also 14.4 million tons of non-oil goods, valued at US$24.2 billion were imported into the country from March 21, 2023 to July 22, 2023.
- In this period, China, Iraq, the United Arab Emirates (UAE), Turkey and India were Iran’s main export markets respectively.
Geostrategy
There are no frozen assets abroad, says Iranian President
TEHRAN, IRAN – Iran President Ebrahim Raisi on Tuesday said that the country’s money is only blocked in South Korea...
- Iran has forged strong relations with Islamic and other like-minded countries.
- The country is keen on membership in regional and extra-regional alliances.
Business
Qatar’s trade balance surplus increases by 12.8 percent in July
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- Imports of goods in July 2023 amounted to around QR 9.4 billion, showing a decrease of 1.6 percent compared to July 2022.
- China was the leading country of origin of Qatar's imports with about QR 1.6 billion, a share of 16.7 percent of the imports.