GCC tourism growth skyrockets as diversification drive gains momentum post-Covid
GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable...
Economy
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Business
Julphar Q1 sales up by 156 percent
Acquisition of Planet Pharmacies and growth in segment ops led to growth.
- Gross profit margin increased to 41 percent compared to 28 percent in the previous year.
- EBITDA from continuing operations increased to AED40 million in Q1 2022.
Economy
Quality education could add $2.54 trillion to global economy
A worldwide improvement in students’ capacity for problem-solving to the average level of today’s top 10 scoring countries could add...
- Children today need to find their way in an increasingly uncertain world – a post-pandemic world of climate change, automation and rapid digitisation, a WEF report said.
- The report suggested that investing in the workforce and supporting teachers to teach in new ways, using innovative teaching methods, is critical to unlock these skills.
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
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GCC tourism growth skyrockets as diversification drive gains momentum post-Covid
GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable...
Economy
Company News
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Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...
Economy
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...
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...
Business
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Business
Qatar’s trade balance surplus increases by 12.8 percent in July
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- Imports of goods in July 2023 amounted to around QR 9.4 billion, showing a decrease of 1.6 percent compared to July 2022.
- China was the leading country of origin of Qatar's imports with about QR 1.6 billion, a share of 16.7 percent of the imports.
Videos
GCC optimistic about FDI growth despite hiccups
Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic...
- The GCC countries are generally stable and have a good track record of protecting foreign investments.
- The Gulf nations have abundant natural resources, such as oil and gas, which attract foreign investors in the energy sector.
Geostrategy
Renewables helped save $520bn fuel costs globally in 2022: Report
In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
- In addition to these direct cost savings, there would be substantial economic benefits from reducing CO2 emissions and local air pollutants.
- IRENA’s Director-General Francesco La Camera said the world must add 1,000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach.