World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Economy
Nearly 60 mn people internally displaced worldwide in 2021
Last year, new internal displacements from conflict surged to 14.4 million marking a 50-percent jump from 2020 and more than...
- Last year, new internal displacements from conflict surged to 14.4 million marking a 50-percent jump from 2020 and more than doubling since 2012, the report showed
- More than eight million people have already been displaced within the war-ravaged country since Russia's invasion of Ukraine began in February
Economy
UN expert calls US sanctions on Iran ‘devastating’
An independent United Nations expert said Wednesday that the impact of sanctions imposed by the United States on Iran was...
- A 12 day visit of UN expert in Iran comes during the ongoing protest in country over rising prices of food and soaring inflation
- In 2018, then-US president Donald Trump withdrew from the deal and imposed crippling sanctions on Iran
Economy
Egypt to host 2022 annual meetings of Islamic Development Bank
The meetings this year are being held to deliberate major economic and geopolitical developments characterized by the noticeable decline in...
- The meetings this year are being held to deliberate major economic and geopolitical developments characterized by the noticeable decline in the COVID-19 pandemic
- The meetings will provide an opportunity to study and explore ways to further consolidate economic relations amongst IsDB member countries
Economy
Soaring food prices stoke inflation worries for KSA
Saudi Arabia may see a rise in inflation as global food and energy prices surge amidst the ongoing Russia-Ukraine war,...
- Inflation will continue to rise in the kingdom, exceeding 3 percent by year-end, Alexander Perjessy, Vice-President, Senior Analyst, Moody’s Investors Service, tells TRENDS
- The Kingdom’s annual inflation reached 2.3 percent in April 2022, up from 2 percent in March 2022, according to the latest data released by the General Authority for Statistics
Economy
Record wheat prices a global worry, put poor countries at risk of poverty
Low rainfall or droughts in major producing countries were already causing worries before Russia's invasion of Ukraine in February sent...
- Ukraine struggles to sell and sow its wheat crops, putting consumers in poor countries at risk of poverty and famine.
- There are around 270 million tons of wheat in stock for a planet that consumes around 800 million a year. Around half are in China which has one year's consumption in reserve.
Economy
UK inflation highest in 40 years on rocketing energy costs
Official data showed Tuesday that Britain's unemployment rate has fallen further to a near five-decade low, but the value of...
- Nations across the world are plagued by decades-high inflation as the Ukraine conflict pushes up energy and food prices.
- The squeeze on UK household budgets tightened further in April due to tax hikes, while wages are failing to keep pace with inflation.
Business
Morocco ‘breathing again’ as tourists return after Covid curbs
Morocco this week reopened land borders with the Spanish enclaves of Ceuta and Melilla, two years after they were shut...
- The city of Marrakesh, famous for its views of graceful red buildings set against palm trees and snow-capped mountains, has long drawn visitors
- The city was hard hit by a two-year collapse in tourism that saw arrivals to the North African kingdom plummet to just a third last year from 2019
Business
IMF and Pakistan to discuss release of funds as economy falters
Pakistani Prime Minister Shehbaz Sharif, who took power with a coalition that removed Khan in a no-confidence vote last month,...
- Pakistan has repeatedly sought international support for its economy, which has been hit by crippling national debt
- A six billion dollar IMF bailout package signed by former Prime Minister Imran Khan in 2019 was never fully implemented
Economy
Japan economy shrank as Omicron wave hit
Japan's economy shrank slightly in the first quarter of 2022, official data showed Wednesday, hit by Covid-19 restrictions and higher...
- Economists expect the economy to recover again in the April-June quarter now that virus restrictions have been lifted, but caution there are some caveats
- Wednesday's data showed the economy's rebound in the last quarter of 2021 was 0.9 percent, slightly weaker than an initial estimate of 1.1 percent growth
Economy
Stocks recover as Shanghai set to ease lockdown, reopen business
The impact of Beijing's zero-Covid strategy on the world's second-largest economy was revealed Monday when official data showed that retail...
- Much of the city of 25 million has been under lockdown since April as Beijing attempts to stamp out an Omicron-fueled virus surge.
- Tuesday's rally coincides with the third day in a row that Shanghai has recorded no Covid-19 cases outside of its quarantine facilities.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
Company News
Latest News
Iran’s mineral reserves valued at over $15bn, says official
Tehran, Iran - Iran's in-situ and proven mineral reserves are now worth more than $15 billion, the director general of...
Economy
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
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Business
Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...
- SAIPA is planning to supply 90,000 units of the QUIK sedan model to Russian customers in the next three years.
- Exports can start within a month and after the required permits are issued by Russian authorities.
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.