Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...
Economy
Business
Iran oil minister meets Venezuela President amid rising oil prices
The two countries are said to have discussed ways to ‘overcome’ the effects of US sanctions against both nations.
- Javad Owji's visit to Venezuela came just weeks after a visit by US officials in the midst of rising global oil prices
- In March, a US delegation held a meeting with Maduro, whose very legitimacy as president Washington disputes
Economy
Nigeria says seeking funding for gas pipeline to Morocco
Nigeria and Morocco are still securing funding for a huge pipeline project that aims to carry Nigeria's gas to North...
- OPEC member Nigeria has huge gas resources - the largest proven reserves in Africa and the seventh largest globally
- Fellow OPEC member Algeria, Africa's largest gas exporter, said recently it was ready to supply Europe with more gas
Economy
Outside help conditional on implementing reforms: Lebanon Deputy PM
Lebanese deputy prime minister Saadeh Al-Shami has said that during his meetings last week with World Bank and IMF officials,...
- Saadeh Al-Shami held meetings with IMF, World Bank and European Union officials last week.
- IMF director Kristalina Georgieva showed great interest in the Lebanese situation and her willingness to help Lebanon out of its severe crisis during her meeting with Al-Shami.
Economy
Stock markets slide all across as Fed rate hike looms
Asian and European markets fell in holiday-thinned trade Monday following another tech-led rout on Wall Street, with focus on the...
- Trading floors around the world have been buffeted for months by a perfect storm of crises including China's lockdowns, surging inflation, Fed plans to hike rates
- However, with some commentators warning rates could go as high as three percent, there are also worries the Fed could be too heavy-handed and tip the US economy into recession
Analysis
Eid holidays boost Gulf tourism as COVID curbs ease
From overseas to the domestic circuit, the tourism industry in the Gulf Cooperation Council is witnessing a welcome resurgence, especially...
- Gulf citizens are looking to spend Eid al-Fitr abroad after being compelled to stay home for the past two years
- This year’s Eid al-Fitr holiday witnessed high occupancy in the UAE hotel sector, driven by strong domestic tourism demand
Economy
May Day holiday marred by clashes in Turkey, France
Police and protesters clashed in Turkey and France during May Day rallies on Sunday, as tens of thousands marched across...
- European rallies sparked the most controversy with Turkish protesters gathering at Istanbul's Taksim Square, an area synonymous with anti-government protests
- City officials said the group refused to disperse and 164 were detained, with government-approved rallies elsewhere in Turkey passing off peacefully
Economy
EU to propose phasing out Russian oil in new sanctions wave
The EU will propose a phased-out ban on Russian oil imports as part of a fresh round of sanctions against...
- EU foreign policy chief said Russia's continued attacks in Ukraine make new sanctions "absolutely essential”
- Earlier, European commission banned coal imports from Russia, but Poland and the Baltic states called for an oil embargo as well
Economy
Suez Canal chief says April revenues hit all-time record
The unprecedented income came as the Suez Canal in March increased transit fees for ships passing through the waterway.
- The unprecedented income came as the Suez Canal in March increased transit fees for ships passing through the waterway.
- Adm. Ossama Rabei, head of the Suez Canal Authority, said in a statement that 1,929 vessels sailed through the Canal in April
Geostrategy
Palestinians warn against plans to weaken their UN agency
A proposal by the UN agency for Palestinian refugees to delegate some services to other United Nations agencies has sparked...
- The agency has long been a target of Israeli criticism, with accusations it has fuelled the conflict in part by teaching anti-Zionist messages at its schools
- The agency tasked with assisting Palestinians who were forced from their homes during the war surrounding Israel's creation has faced a funding crunch for years
Economy
Saudi Q1 GDP grows by 9.6%
The growth was fueled by oil activities that increased by 20.4 percent. Non-oil activities saw a rise of 3.7 percent,...
- The growth was fueled by oil activities that increased by 20.4 percent and non-oil activities which saw a rise of 3.7 percent
- The figures showed that the seasonally adjusted real GDP grew by 2.2 percent in the first quarter of 2022 compared to the previous year
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Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Company News
ECI, KazakhExport ink MoU
Business
Latest News
Iran’s steel production sees 4.1% growth in first 7 months of 2023
Tehran, Iran - The World Steel Association (WSA) has reported a significant 4.1% increase in Iran's steel production during the...
Economy
Suez Canal ship traffic normal after tanker collision
Cairo, Egypt--Shipping traffic was flowing normally on Egypt's Suez Canal on Wednesday, two shipping sources based in the country said,...
Economy
Saudi Arabia and Germany discuss cooperation in industrial, mining sectors
Riyadh, Saudi Arabia - Saudi Arabia and Germany have decided to strengthen cooperation in the industrial and mining sectors. A...
Economy
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Business
Stocks advance but traders wary of US rates outlook, China concerns
The gains, including a jump in US tech stocks, "looked more like a correction than a reaction to fresh news,...
- The gains followed a mixed showing on Monday as investors tried to turn the tide of losses that have swept over markets in recent weeks.
- Markets globally have struggled this month on the prospect that the US Federal Reserve will hike borrowing costs once more.
Business
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
- Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
- This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.
Economy
CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...
- According to the apex bank, foreign securities were down to $45 billion from $46.56 billion at the end of June,, with other foreign assets up to $17.27 billion
- The monetary base, according to the CBUAE, grew by 0.1%, climbing from $169.20 billion at the end of May 2023 to $169.42 billion at the end of June 2023