Ten years from home World Cup, Saudi sizes up ‘huge challenge’
As the only bidder, Saudi Arabia was anointed host of the 2034 World Cup last October by FIFA. Infrastructure is...
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
Economy
Business
Morocco, Spain reopen borders after two-year closure
The gates opened shortly after 11:00 pm local time (2200 GMT) on Monday night, letting dozens of cars and queues...
- borders between the two countries were shut due to Covid restrictions and a major diplomatic row
- Local economies in the border areas of two enclaves depend on the crossing of people and goods
Geostrategy
Lebanon vote weakens Hezbollah bloc as reformists book gains
Scuffles and cases of voter intimidation were reported on polling day, although Interior Minister insisted when announcing partial results that...
- Lebanese Forces Party can emerge as the largest Christian party in Lebanon as it has won several new seats
- Some polling centers lacked electricity in Lebanon, voters had to use their phone lights to cast their ballots
Economy
Oil demand exceeded 2019 levels in March, production lags
New data from the Joint Organisations Data Initiative (JODI), a Riyadh-based international collaboration to improve the availability and reliability of...
- Oil demand in March was at 101 percent of 2019 levels, while crude production was only at 97 percent. Demand exceeded 2019 levels despite sharp declines in China
- Demand for gasoline, diesel, and LPG exceeded pre-COVID levels in March, but jet fuel demand was 25 percent lower than 2019 levels
Economy
NEOM will be subject to Saudi sovereignty and rules: Report
Saudi Arabia has rejected claims that its planned futuristic megacity known as NEOM will have different rules from the rest...
- NEOM is part of Crown Prince Mohammed bin Salman's Vision 2030 plan to diversify Saudi Arabia's oil-dependent economy.
- It has been billed as a futuristic cityscape evocative of a sci-fi blockbuster -- with everything from flying taxis to robot-maids.
Economy
Blue-chip shares surge as Wall Street stocks bounces back
Investors remain cautious as to whether China will ease its zero-Covid policy, which has added to the disruption of the...
- The benchmark Nikkei 225 index firmed 0.45 percent, or 119.40 points, to 26,547.05.
- The Nikkei firmed especially in early trade, keeping the momentum from gains of US shares.
Economy
UAE spent $10.89bn on development projects under Late Sheikh Khalifa
The UAE accomplished many achievements under the rule of the late Sheikh Khalifa bin Zayed Al Nahyan, including being ranked...
- His rule saw the establishment, completion and upgrading of more than 230 public schools, and the development of a world-class system of hospitals and 32 federal health facilities.
- He also supported fishermen by establishing more than 24 fishing ports.
Economy
Wheat prices hit record high after Indian export ban
Wheat prices surged to a new record high on Monday after India decided to ban exports of the commodity as...
- The price jumped to 435 euros ($453) per tonne as the European market opened.
- Global wheat prices have soared on supply fears since Russia's February invasion of agricultural powerhouse Ukraine, which previously accounted for 12 percent of global exports.
Economy
Lebanon votes to bring about change in dire economic crisis
For many voters, the election was a chance to vent their anger at the entire ruling elite.
- Army was deployed across Lebanon Sunday to secure the election and minor incidents to disrupt were reported in some polling stations
- More than 80 percent of Lebanese population is now considered poor by the UN
Economy
Egypt to privatize key state companies as inflation surges
Egyptian Prime Minister Mostafa Madbouli announced Sunday a string of planned privatisations of state-owned companies, as Cairo grapples with an...
- Egyptian Prime Minister Mostafa Madbouli laid out plans for 10 state-owned companies and two army-owned companies to be listed on the stock market later this year.
- By 2025, the government hopes to see "private sector contribution in investment grow to 65 percent," up from 30 percent today.
Business
Sanctions-hit Iran considering gas exports to Europe: official
Iran is considering the possibility of exporting gas to Europe, an oil ministry official said Sunday against the backdrop of...
- Russia's invasion of Ukraine in February sent global oil and gas prices soaring, with many European countries dependent on energy imports from Russia.
- Tehran and Baghdad had signed a memorandum of understanding a few weeks ago that will see the country increase gas exports to Iraq.
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Ten years from home World Cup, Saudi sizes up ‘huge challenge’
As the only bidder, Saudi Arabia was anointed host of the 2034 World Cup last October by FIFA. Infrastructure is...
Company News
Latest News
Iraq to harness Associated Petroleum Gas to generate electricity
Baghdad, Iraq - The Iraqi government has launched a project to harness the Associated Petroleum Gas (APG) from the Bin...
Economy
Tehran exports goods worth $7.2bn to West Asia in 4 months from March 2023
TEHRAN, IRAN - Iran exported $7.2 billion worth of products to West Asian countries in the first four months of...
Geostrategy
Iran world’s eighth largest steel producer in first half of 2023
Tehran, Iran -- Iran became the eighth largest steel supplier in the world in the first half of 2023 as...
Business
Most Read
Economy
Bahrain to partner with private sector to ramp up investments in oil projects
Manama, Bahrain--Bahrain has indicated its keenness to encourage investments in the kingdom's oil and environmental projects through partnerships with the...
- The oil minister said that investments can be made in partnership with the private sector, especially banks providing the necessary support
- He made the remarks in a meeting with Abdulfattah Sharaf, HSBC Bank Middle East Board of Directors Chairman, and the accompanying delegation
Economy
Saudi Arabia to host CAF Super Cup match between Al Ahly and USM Alger
Johannesburg, South Africa--The 2023 CAF Super Cup match between Al Ahly of Egypt and USM Alger of Algeria will be staged...
- The Super Cup first staged in 1993 has been won a record eight times by Ahly, followed by Egyptians Zamalek (four titles) and TP Mazembe (three titles)
- CAF general secretary Veron Mosengo-Omba said the kingdom has made big strides in global football and the Super Cup is now in a new territory
Economy
COP28 to help green transition in developing nations
"International reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change...
- The UAE's hosting of the COP28 will act as a leverage for international focus on climate action in the region
- Reports indicate that the Middle East and North Africa region is the most vulnerable to climate change risks