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
Saudi Arabia surpasses homeownership goals, sets sights on 70% by 2030
The kingdom's housing program achieves remarkable success, surpassing targets and reducing waiting times from 15 years to immediate entitlement, revolutionizing...
Economy
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.Â
- 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.
Economy
To use rather than collect, the second coming of Non-Fungible Tokens
The non-fungible token (NFT) craze, just over a year old, has given the world works that have sold for millions...
- Tens of billions of dollars have been poured into digital assets market, while also provoking discussions about how they could be useful in the real world.
- Regardless, NFTs, in conjunction with growing interest in the metaverse and a decentralized vision for the internet's future, dubbed web3, are part of building wave of growth.
Business
SRTI Park launches Advanced Industry Accelerator 2.0
The accelerator programme will provided local and regional start-ups with innovative solutions and strong support system within the thriving SRTI...
- The accelerator programme will provided local and regional start-ups with innovative solutions and strong support system within the thriving SRTI Park ecosystem
- SAIA 2.0 is also in line with the UAE’s industrial strategy 'Operation 300bn', a 10-year comprehensive policy aimed at empowering and expanding the industrial sector
Business
‘Digitization transforming Islamic banking in GCC’
The use of CX capabilities, digital media, predictive analytics can help banks develop personalized Shariah-compliant services, says Dubai Islamic Bank...
- The use of CX capabilities, digital media, and predictive insights and analytics can help banks develop personalized Shariah-compliant services, says Group CEO Dubai Islamic Bank
- Islamic banks partnering across the digital economy through open banking can widen choice by creating new and incredibly exciting financial and non-financial services, he adds
Young Lebanese voters shake grip of traditional parties
The Iran-backed Shiite Hezbollah group and its allies fell just short of the 65 seats needed to control the 128-seat...
- The Iran-backed Shiite Hezbollah group and its allies fell just short of the 65 seats needed to control the 128-seat parliament
- Lebanon shares power among its 18 recognised religious communities, and politics are often treated as a family business
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
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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....
Economy
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...
Geostrategy
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...
Business
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Economy
China’s industrial sector posts robust growth in 2023
Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according...
- The country took a big leap in renewable energy, unveiling the world's premier 16-megawatt offshore wind turbine, showcasing its deep-sea wind power construction proficiency
- Its entrepreneur confidence index and prosperity index for strategic emerging industries posted robust growth, strengthening the positive trajectory of China's economic landscape
Economy
Iran reports 15% surge in gasoline output
Tehran, Iran - Iran has reported a 15% surge in its gasoline output this year compared to last year. The...
- The Persian Gulf Star Oil Refinery is supplying 4 million liters per day of gasoline derivatives to other refineries to help meet the rising demand
- Iran's daily average demand for gasoline exceeds 120 million liters, and on peak travel days, consumption reaches nearly 150 million liters
Economy
Qatari economy records 2.7% growth in Q1 2023
Doha, Qatar – The Qatari economy has reported a growth rate of 2.7 percent during the first quarter of 2023...
- When compared to the revised estimates for the fourth quarter of 2022, which were $48.61 billion, there was a 3.9 percent decrease in the GDP
- The nominal gross value added tax estimates for mining and quarrying activities at current prices in the first quarter of 2023 reached $22.09 billion