Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
Business
Economy
French economy posts zero growth in first quarter
The French economy reported zero growth in the first quarter as households reduced their consumption due to rising inflation and...
- The zero-growth result was weaker than the INSEE agency's pre-war forecast of a 0.3 percent expansion, underlying the economic difficulties faced across Europe
- The figure puts an end to France's strong economic rebound from the Covid-19 pandemic and poses a challenge to President Emmanuel Macron
Geostrategy
Erdogan discusses Saudi-Turkish relations during his visit to oil kingdom
Turkish President Recep Tayyip Erdogan met with Saudi Arabia's crown prince on Thursday to "develop" relations during his visit to...
- The pair "reviewed the Saudi-Turkish relations and ways to develop them in all fields," SPA reported
- Pictures published by Turkish state media also showed a separate sit-down with King Salman, the crown prince's father.
Economy
Indonesia suspends all exports of palm oil
Indonesia began imposing a complete ban on palm oil exports Thursday, as the world's largest producer of the commodity risked...
- Authorities in Southeast Asia's most populous country fear the scarcity and rising costs could provoke social tensions
- The embargo would include all exports of the oilseed and not only products intended for edible oils
Geostrategy
Tunisia must address democracy concerns for aid, says US
“At the very least,’ Tunisia needs to go ahead with parliamentary elections promised by the end of the year, a...
- Tunisia has been seeking a loan package from the IMF, in which the US is the largest stakeholder
- The country is currently coping with an economic crisis aggravated by the Covid-19 pandemic
Geostrategy
Lebanon running out of passport stocks
Authorities concerned say that since 2020, requests for passport renewals have been ten times higher than in previous years.
- Grappling with its worst-ever financial crisis, Lebanon has undergone a massive population exodus that is only worsening as politicians fail to chart a path towards recovery.
- According to an Arab Barometer survey published this month, around half of Lebanon's population is looking to exit the country.
Economy
Hamdan bin Mohammed okays Dh370m ‘Venture Capital Fund for Startups’
With a capital of approximately AED370 million, the Fund aims to drive Dubai’s economic growth and fortify its position as...
- With a capital of approximately AED370 million, the Fund aims to drive Dubai’s economic growth and fortify its position as a global hub for financial technology
- The Fund is set to contribute around AED3 billion to the emirate’s GDP during the implementation period, which will run for eight years
Economy
Total deposits by February end $541 billion: Central Bank of UAE
The Central Bank of the UAE said that total bank deposits increased by 0.3 percent, climbing from AED 1,982.4 billion...
- The bank said the rise in total bank deposits was due to growth in Resident Deposits by 0.5 percent, overshadowing the reduction in Non-Resident Deposits by 1.4 percent.
- The Money Supply aggregate M1 increased by 0.8 percent, from AED 706.5 billion at the end of January 2022 to AED 712.1 billion at the end of February 2022.
Business
MA’ADEN Q1 profit is SAR 2.9b
The company recorded sales of SAR 8.9 billion, up by 64%.
- The company recorded sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year
- EBITDA stood at SAR 4.4 billion, up by 101 per cent compared to the same quarter of 2021
Economy
DFZs to contribute AED250bn to Dubai’s GDP by 2030
DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as...
- DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as a preferred investment destination
- The Council also explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal
Analysis
‘UAE’s new labor law is a game-changer’
Legal and business leaders tell TRENDS that the new legislation is in line with the industrial modernization roadmap that the...
- The changes in the new labor law are fairly substantial and necessitate amendments to existing employment contracts
- They also call for modifications to policies and procedures concerning future agreements with new employees
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Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
Company News
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ECI, KazakhExport ink MoU
Business
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...
Economy
$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...
Business
Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
Economy
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Economy
Greek firefighters struggle to control wildfires for sixth day
Athens, Greece--Hundreds of firefighters in Greece struggled Thursday to gain the upper hand against major wildfires burning unchecked for a sixth...
- Threatening a national park, a huge blaze continued to burn on Mount Parnitha near Athens, in the largest forest adjoining the capital
- According to a government minister, Greece was going through the worst summer of fires since fire-risk maps were introduced in 2009
Economy
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
- According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women
- The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier
Economy
COP28 will provide a pivotal moment in climate action
The conference will focus on practical aspects, unifying action, and establishing partnerships, as well as aligning efforts to transition from...
- COP28 will focus on practical solutions, unifying global action, and fostering partnerships, says IUCN chairwoman
- The conference aims for a "human-centric" approach, emphasizing nature, food, health, and climate resilience, she adds.