Ramadan drives MENA online shopping boom, UAE takes the lead
As Eid Al-Fitr approaches, online shopping is expected to reach new heights, with anticipated growth in categories like flowers, cakes,...
Economy
Dubai, Abu Dhabi real estate market thrives in Q1 2024
“2024 has opened up to an interesting and promising phase of growth within our sector. As proptech leaders, we can...
Economy
Economy
Saudi King Salman enters hospital for ‘examinations’
King Salman entered King Faisal Specialist Hospital in the coastal city of Jeddah on Saturday ‘to conduct some medical examinations’.
- The 86-year-old King Salman has ruled the top oil exporter and the Arab world's biggest economy since 2015
- He was most recently hospitalized in March, for ‘successful medical tests’ and to change the battery of his pacemaker
Business
Oman natural gas production sees slight increase
The country’s National Center for Statistics and Information has announced that the country’s production of natural gas at the end...
- The consumption of natural gas in industrial areas rose 13.9 percent in March this year, compared to the same period in 2021
- Gas consumption witnessed a decrease in oil fields by 7 percent and in power plants by 3.3 percent at the end of last March
Economy
Lebanon expat voters’ turnout in Arab countries and Iran reaches 36.43%
The election is expected to be a referendum on the country’s ruling class, which is widely blamed for the economic...
- A total of 11,268 Lebanese in Arab countries and Iran voted in the election of the country on Friday
- This raised the overall turnout of expatriates in the country’s presidential poll to 36.43 percent
Business
Saudi Arabia to attract $32bn investment in mining sector
The investment is expected to be made in nine new projects across the country.
- The projects are aimed at supporting supplies of mineral products to local and international markets
- The ministry is currently studying 145 applications for exploration licenses from foreign companies
Economy
World food prices fall slightly from record high over Ukraine war: FAO
World food prices fell slightly last month after hitting a record in March but remain high due to the Ukraine...
- International sanctions against Russia as well as export flow disruptions resulting from the February 24 invasion have sparked fears of a global hunger crisis.
- Russia and Ukraine, whose vast grain-growing regions are among the world's main breadbaskets, account for a huge share of the globe's exports in several major commodities.
Economy
US economy adds 428,000 jobs in April: govt
The United States saw another strong month of hiring in April, with the economy adding a better-than-expected 428,000 jobs and...
- Major industries including leisure and hospitality, manufacturing and transportation added positions last month, the Labor Department reported
- With the US economy facing its highest inflation level in decades, the data showed the pace of average hourly wage growth slowing last month
Economy
ECB rate could turn positive by year’s end: France
ECB interest rates could be back in positive territory by year's end, the head of the French central bank said...
- Any hike would be the ECB's first in over a decade and would lift rates from their current low levels
- But pulling the trigger too soon risks hurting growth at a sensitive time for the European economy because of the war in Ukraine
Jordan’s central bank raises interest rate ‘to curb inflationary pressures’
The Central Bank of Jordan (CBJ) on Thursday decided to increase the interest rate on its various monetary policy instruments...
- The bank also decided to extend the bank’s refinancing program that targets 10 sectors of economy.
- It decided to keep the refinancing programs’ interest rates unchanged to stand at 1 per cent for projects located in Amman and 0.5 per cent for projects in other governorates.
Economy
190k tourists visit Jordan during Eid al-Fitr, says official
Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.
- Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.
- The country prepared shift programs in archaeological and public sites, and provided services to tourists and visitors during their stay
Business
Adidas’s Q1 profit dips
German sportswear giant was hurt by China lockdowns.
- The group's net profit from its continuing operations fell to 310 million euros, from 502 million euros in the same quarter last year
- The setback was accompanied by a three-percent drop in sales across the board, the group said in a statement
Ramadan drives MENA online shopping boom, UAE takes the lead
As Eid Al-Fitr approaches, online shopping is expected to reach new heights, with anticipated growth in categories like flowers, cakes,...
Economy
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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...
Geostrategy
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...
Business
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...
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Economy
Saudi Arabia’s banks post 9.6% rise in aggregate profits in July to US$1.71bn
Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in...
- The central bank said the aggregate assets of the banks jumped 8.84 percent year-on-year in July to $1.02 trillion
- The bank also revealed that loans disbursed to the private sector increased 9.97 percent year-on-year in July to $648 billion
Business
Sharjah to host Gulf-Iraq business forum to ramp up economic ties
Sharjah, UAE--Sharjah will host the first-ever Gulf-Iraq Business Forum on 26th and 27th September to boost economic ties between the...
- The business forum will look into boosting investment and trade ties between the GCC countries and business groups within Iraq
- Iraq has been an old business and trading partner for the countries in the GCC region and the forum will seek to consolidate the cooperation
Economy
Saudi Arabia and Turkey to boost ties in industrial, mining sectors
The two countries signed a memorandum of understanding (MoU to boost mining cooperation in critical minerals needed in new technologies...
- The two countries desire to ramp up mutual investments in the manufacturing sector
- Turkish companies would attempt to obtain more shares of Saudi Arabia's projects