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
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Economy
More than 40 migrants drown off Western Sahara: charity
At least 44 migrants drowned on Sunday when their boat capsized off the coast of the Western Sahara, migrant aid...
- There was no immediate confirmation from authorities in Morocco, which sees the disputed Western Sahara as an integral part of the North African kingdom
- Spanish interior ministry says that 40,000 migrants arrived in the country by sea in 2021 and 4,404 migrants died or went missing in attempt to reach Spain
Economy
Downtown Beijing goes quiet as zero-Covid policy smothers capital
Millions of people in Beijing stayed home on Monday as China's capital tries to fend off a Covid-19 outbreak with...
- Lockdown in Shanghai has also intensified, causing outrage and rare protest in the last major economy still glued to a zero-Covid policy
- The policy has winded an economy which just months ago had shown China was bouncing back fast from the pandemic
Economy
China’s April exports slump to lowest in two years as virus bites
"Lockdowns in large cities like Shanghai and rising input costs are major reasons" behind the underwhelming trade figures, analyst Zhaopeng...
- "Lockdowns in large cities like Shanghai and rising input costs are major reasons" behind the underwhelming trade figures, analyst Zhaopeng Xing of ANZ Research said.
- Import growth was flat in April, an improvement from a 0.1 percent contraction in March, as Chinese consumers remain hesitant under a welter of restrictions across the country
Geostrategy
Russia readies Victory Day parade as fight for east Ukraine rages
Russia will celebrate its 1945 victory over Nazi Germany Monday with a show of military might as its army battles...
- President Vladimir Putin is set to flaunt Russia's power in celebration of Victory Day, as he seeks to justify a war that has gone on far longer than expected
- But as huge missiles are towed through Moscow's Red Square , Ukraine will be desperately battling to stop a hoped-for military breakthrough
Analysis
UAE’s Covid-19 response gets global plaudits
Earlier this year, the UAE rose to the top of Bloomberg’s Covid Resilience Ranking, outperforming European countries in terms of...
- For one, smart-technology platforms were effectively used in the UAE to combat Covid-19
- The UAE also adopted the mandatory use of face masks in March 2020, well ahead of the WHO recommendation
Geostrategy
Marcos Jr eyes landslide as Philippines votes for new president
Millions of Filipinos thronged primary schools and other polling stations Monday to elect a new president, with the son of...
- Ten candidates are vying to succeed President Rodrigo Duterte in elections seen by many as a make-or-break moment for the Philippines' fragile democracy
- But only Marcos Jr and his rival Leni Robredo, the incumbent vice president, have a credible chance of winning
Economy
Dubai ranked first globally in attracting greenfield FDI projects
The emirate attracted 418 greenfield FDI projects, Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said....
- Both FDI projects and FDI job creation witnessed a significant increase of 36 per cent in 2021, with an estimated 24,868 jobs in 2021, compared to 18,325 jobs in 2020.
- The United Kingdom was the biggest source of FDI, accounting for 27 percent of total share of the FDI capital, followed by the US, France and Germany.
Business
Jordan sees increased food demand in Ramadan
Medium- and low-income Jordanian families spend 45 per cent of their income on food, and are the most impacted group...
- Amman Chamber of Trade President Khalil Haj Tawfiq said this, noting that food sector sales picked up after falling in the first four days of Ramadan
- Staple food items remained in sufficient supply during Ramadan, adding that 85 per cent of the Kingdom's food needs are imported from abroad
Economy
UN stresses strategic approach to address Palestinian economic situation
The United Nations has stressed on a more strategic approach to address the economic and fiscal crisis faced by the...
- A UN report warned of an uncoordinated approach to address the current political, economic and security challenges in the Occupied Palestinian Territory.
- The report urges Israelis, Palestinians, regional States, and the broader international community to concrete steps to encourage the parties to further engage with each other.
Economy
Between searing drought and the Ukraine war, Iraq watchful over wheat
Iraq will have to import wheat this year as it may only grow 2.5-3 million tons of wheat, "not enough...
- Searing heat and a lack of rain were already threatening harvest in Iraq and now soaring oil and high-yield seed prices has become another financial burden for farmers
- Hamid al-Nayef said that the government was helping farmers by raising the purchase price in order to pay producers around $500 per ton of wheat
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
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.