Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
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.
Business
PIF launches Saudi Coffee Company
The Public Investment Fund (PIF) today announced the launch of the Saudi Coffee Company. The company is established to enable...
- The launch of the Saudi Coffee Company aligns with PIF’s strategy, which focuses on developing and enabling 13 promising sectors
- The Saudi Coffee Company’s primary goal is to ensure the national coffee industry is enabled along its entire value chain, from bean to cup
Interview
GCC firms should focus on digital change: QIB chief
Bassel Gamal, the Group CEO of Qatar's second-largest bank, tells TRENDS that leaders should empower their employees to make decisions.
- "Today, all GCC economies are recovering from the pandemic thanks to higher oil prices, supporting government spending and normalizing business activity."
- "The leadership has shifted towards a more collaborative approach, fostering teamwork, productivity, innovation and creativity."
Economy
Saudi inflation surges in April, food and beverages cost more
Annual inflation in Saudi Arabia has spiked to 2.3 percent in April, up from 2 percent in March. According to...
- the consumer price index, or CPI, in April 2022 has surged 2 percent when compared to the corresponding period a year earlier
- Food and beverages prices increased by 4.3 percent due to an increase in meat prices by 3.5 percent, and vegetable prices by 13.5 percent
Economy
Iraq’s prized rice crop threatened by drought
Drought is threatening the Iraqi tradition of growing amber rice, the aromatic basis of rich lamb and other dishes, and...
- After three years of drought and declining rainfall, Iraq's amber rice production will be only symbolic in 2022
- Normally, rice fields planted in mid-May should stay submerged all summer until October but that's a luxury Iraq can no longer allow
Space economy set to triple to $1.8trn by 2035, reveals new research
The growth of the space industry will largely be built upon the increased reach of space-based and/or -enabled technologies, such...
Company News
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Bitay to expand in UAE’s burgeoning crypto market
DUBAI, UAE – Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market. The UAE,...
Business
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
Economy
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
Business
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Economy
Eurozone inflation unchanged at 5.3% in Aug as energy prices drop
Brussels, Belgium - The annual rate of inflation in the eurozone remained unchanged in August as there was a smaller drop...
- Consumer prices reached 5.3 percent in August, although there was also a slowdown in the rise of food and drinks costs.
- Core inflation, which strips out volatile energy, food, alcohol and tobacco prices, was down slightly to 5.3 percent in August.
Economy
Qatar’s Producer Price Index of industrial sector dips 0.22% in July
Doha, Qatar--Planning and Statistics Authority (PSA) of Qatar has released the new monthly Producer Price Index (PPI) of the Industrial...
- According to data, chemicals and chemical products prices decreased by 1.31 percent, followed by food products which fell by 0.76 percent
- There was a dip in the prices of utilities like electricity, gas, steam, and air conditioning supply by 2.58 percent compared to June 2023
Geostrategy
Turkey to ask Russia to resume grain deal in original form
According to TASS, quoting a diplomatic source, Turkey's Foreign Minister Hakan Fidan will propose to Russia at the upcoming talks...
- The diplomatic sourced quoted by TASS said that Turkey views the grain corridor as the most efficient and safe
- He further said the deal if resumed in original format can prevent the expansion of the Ukranian conflcit into the Black Sea