Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
Economy
Greece will send Iranian oil from seized ship to US: police
Greece will send Iranian oil from a seized Russian-flagged tanker to the United States at the request of the US...
- Authorities that seized oil didn't provide any details about how it would be transferred to the US
- Tehran protested against Greece and called it "international robbery"
Economy
Non-oil exports of Saudi Arabia surge 12.8% in March
Saudi Arabia's non-oil exports surged to $7.52 billion in March 2022, according to the General Authority for Statistics, also known...
- Non-oil exports excluding re-exports rose by 22.4 percent year-on-year
- On a month-on-month basis, Saudi Arabia's exports of crude and refined oil jumped 35.7 percent, having set a record high increase at least since February 2017
Business
Spiralling inflation spurs GCC gold demand
Gold consumption in the GCC region reached 47 tons in the first quarter of 2022, up 18 percent from the...
- Gold consumption in the GCC region reached 47 tons in Q1 2022, up 18 percent from the prior year
- UAE consumption reached 12.50 tons in Q1 2022, an increase of 50 percent from the previous year
Business
Partnerships, collaborations signed during Global Aerospace Summit 2022
Several partnerships and collaboration agreements were signed between leading aerospace, aviation, space and defense organizations during the sixth edition of...
- LeoLabs announced a multi-million dollar award to provide data and services for the Japan Air Self Defense Force (JASDF).
- Sanad and Triumph Group sign MoU outlining their plans to collaborate on the provision of next-generation engine MRO capabilities in UAE.
Economy
Russia to pay overseas debt in rubles as US exemption ends
Russia said Wednesday that it will start paying its foreign debt in rubles after the United States ended an exemption...
- Punishing Western sanctions on Russia have largely severed the country from the international financial system.
- Russian Finance Minister Anton Siluanov said the current situation was "artificially created by an unfriendly country".
Business
Sanctions hit Russia, Iran to boost cooperation in energy and trade
Tehran and Moscow are seeking to expand cooperation in energy and trade, officials said Wednesday, as Russian Deputy Prime Minister...
- Both countries have huge oil and gas reserves but are constrained by sanctions imposed by the West.
- The two countries vowed to increase the use of their national currencies in their trade exchange.
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
Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
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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
DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...
Business
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...
Economy
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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.
Business
Iraqi Trade Center to be launched at ACC’s headquarters in Jordan
AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at...
- The center's inauguration will allow Jordanian and foreign businesspeople to view investment opportunities offered by the Iraqi government.
- The center will provide Jordanian companies with the opportunity to learn about Iraqi industries and agricultural products.
Business
Leather, knitwear industries contribute 2.4% to GDP, says JCI
AMMAN, JORDAN - Representative of the leather industries and knitting sector at Jordan Chamber of Industry (JCI), Ehab Qadri, said...
- The sector's exports achieved a "remarkable" growth during the past year by nearly 21 percent, reaching $2.3 billion, compared to 2021.
- The sector, as per data from Social Security Corporation, employs around 76, 000 workers, constituting 27 percent of the total workforce.