GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
Economy
Oil prices surge, Asian markets fall following Iran explosions
Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent...
Economy
Economy
Morocco battles effects of climate change
A withering drought and poor harvests plus price hikes fueled by the war in Ukraine are threatening Morocco's fragile economic...
- The North African kingdom had bounced back last year after a sharp recession in 2020 due to the coronavirus pandemic
- The International Monetary Fund has forecast even lower growth of 1.1 percent
Economy
Saudi central bank net foreign assets climb by $1.07bn in April
The net foreign assets of Saudi central bank rose by SR4.0 billion ($1.07 billion) to SR1.63 trillion in April, according...
- The kingdom's net foreign assets increased by 0.2 percent from SR1.63 trillion in March
- Over the same period, the central bank's total assets fell by SR39.4 billion to SR1.85 trillion
Business
UAE, Saudi Arabia set new halal economy goals for GCC
Beside halal food business, Islamic banking holds the largest share of the Sharia-compliant industry, says Nik Joharris Nik Ahmad, country...
- The expansion of the global halal industry has resulted in a steady increase in its market size from $3.2 trillion in 2014 to $5.6 trillion in 2021
- Stringent regulatory norms, including mandatory halal labeling and certification rules for food and beverages, are propelling the market growth
Economy
Jordan’s oil expenditure up by nearly 50 percent in Q1 2022
Jordan's oil bill went up by 49.1 percent in Q1 2022, compared to the same period in 2021, the Department...
- The value of the oil bill in Q1 2022 increased to JD761 million compared to JD510 million in the same period of 2021.
- Jordan’s crude oil import amounted to JD126 million, followed by gasoline with JD142 million and kerosene with JD9 million.
Economy
Germany inflation highest in 50 years as energy, foodstuff prices rise
Germany hit the highest level of inflation in 50 years due to a rise in the cost of living, energy,...
- The data provided by the Federal Statistical Office of Germany indicate that levels of inflation reached 7.9 percent in May 2022.
- The Federal Statistical Office of Germany blamed the war in Ukraine and the rise in oil prices for hitting this record high inflation.
Business
Saudi Arabia, Seychelles to expand cooperation in tourism sector
Saudi Arabia and Seychelles will form a partnership to boost cooperation and exchange expertize in tourism sector which includes planning,...
- Saudi’s tourism ministry signed an MoU with the Ministry of Foreign Affairs and Tourism of Seychelles.
- The MoU aims at supporting the efforts of tourism institutions and associations via holding conferences.
Geostrategy
Iraq seeks to enhance global trade relations: official
Iraq seeks to enhance economic and commercial relations with the international community, said Hamid Al-Ghazi, the Iraqi Secretary-General of the...
- Iraq seeks to enhance economic and commercial relations with the international community, said Hamid Al-Ghazi, the Iraqi Secretary-General of the Council of Ministers
- Spanish ambassador Pedro Martinez said his government will support Iraq in all fields, especially in climate change
Economy
Israel signs free trade deal with UAE; its first in GCC, third in Middle East
The UAE has signed a Comprehensive Economic Partnership Agreement (CEPA) with Israel. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister...
- The agreement builds on the strong foundations laid by the Abraham Accords, says UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi
- Talks for a free trade agreement began in November and concluded after four rounds of negotiations
Geostrategy
EU leaders ban most Russian oil, as Moscow advances in Donbas
European Union leaders have agreed to ban more than two-thirds of Russian oil imports, tightening economic screws on the country...
- EU chief Ursula von der Leyen said the ban will effectively cut around 90 percent of oil imports from Russia to the EU by the end of the year
- Participants in Monday's EU summit, however, hatched a compromise deal that exempts deliveries by pipeline from the oil import ban
Economy
GCC, Pakistan launch 3rd round of free trade negotiations
The Chairman of the GCC Negotiating Team, Abdulrahman bin Ahmed Al-Harbi, stressed the importance of pursuing negotiations with Pakistan.
- The Chairman of the GCC Negotiating Team, Abdulrahman bin Ahmed Al-Harbi, stressed the importance of pursuing negotiations with Pakistan
- Free trade negotiations with Pakistan are part of GCC countries' effort to strengthen cooperation with their international partners
GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
Economy
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Saudi Arabia to invest $25bn over next five years: Pakistan interim PM
Islamabad, Pakistan - Pakistan's caretaker Prime Minister, Anwaar-ul-Haq Kakar, announced on Monday that Saudi Arabia plans to invest up to...
Economy
BRICS’ share in global GDP to rise to 30% from January 2024: Indian bank
New Delhi, India - The share of the BRICS (Brazil, Russia, India, China, South Africa) group in the global Gross...
Economy
Saudi Arabia forms Global Water Organization to secure sustainable resources
Jeddah, Saudi Arabia--Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the establishment of Global Water Organization in order to...
Economy
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Business
UAE creates federal authority for gaming, casino giants flock to country
Dubai, UAE - The United Arab Emirates (UAE) has established a federal entity responsible for regulating gaming activities within the...
- Ras Al Khaimah, one of the UAE's seven emirates, is planning to open a Wynn Resort valued at around $3.9 billion, which will include a casino
- The decision to allow gambling comes amid heightened economic competition in the Gulf, particularly with neighboring Saudi Arabia
Economy
Iran expects cooperation with Turkey to grow in Erdogan’s new term
Tehran, Iran-- Iran's President Ebrahim Raisi expects cooperation between his country and Turkey to grow during the "new term" of...
- Iran's president met with the foreign minister of Turkey and other officials and hoped for an enhancement in ties between the two countries
- The Turkish foreign minister believes that the bilateral trade between Ankara and Tehran can reach US$30 billion as the overall relations grow
Economy
Turkey’s inflation nears 60%, piling pressure on new team
campaign pledges and a massive reconstruction effort launched after a major earthquake claimed more than 50,000 lives in Turkey's southeast....
- The state statistic agency said prices rose by 58.9 percent over 12 months ending in August compared to 47.8 percent in July
- The latests data will test the limits of how much leeway Erdogan's new market-friendly team has to raise borrowing costs