DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
Economy
Economy
Infantino says Qatar migrant workers take pride from hard work
FIFA President Gianni Infantino said migrant workers take pride from hard work when he was asked about the conditions of...
- "Let's not forget one thing, when we speak about this topic, which is work, even hard work, tough work," Infantino said
- "When it comes to the building of World Cup stadiums -- we are investigating all these matters with external entities -- it is actually three persons who died," he added
Business
Increase in Japan’s imports of UAE crude oil in March
This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs.
- This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs
- Japan's total oil imports in March amounted to 89.15 million barrels, compared to 78.51 million barrels in February
Analysis
Saudi real estate rides high on positive sentiment
Saudi Arabia's real estate sector continues to show promising signs, with increasing tourist numbers, consumers returning to retail stores, and...
- Q1 2022 saw an increase in the number of units built in Saudi Arabia's residential sector
- In Q1 2022, Saudi Arabia's house price index rose by 0.4 percent compared to Q1 2021
Economy
Eurozone unemployment hits new historic low in March
The unemployment rate in the eurozone reached its lowest level ever recorded in March, the EU's official statistics agency said...
- Eurostat said 6.8 percent of the workforce were without a job, down 0.1 percentage point from February.
- Since December 2021, unemployment in the 19-member eurozone has been at the lowest levels since Eurostat began compiling the data in April 1998.
Economy
Sanction-hit Russian carmaker asks Iran for spare parts: Report
A Russian carmaker has asked Iran to supply it with key components it cannot access due to Western sanctions imposed...
- Some Iranian car components, including engine cooling and suspension systems, have already been exported to Russia in recent years.
- Iran has also suffered under stringent economic sanctions, reimposed by the United States in 2018 after Washington unilaterally pulled out of a deal with world powers.
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
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
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Siemens to expand business
Business
Tawuniya Q1 2023 net profit $20m
Business
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
Geostrategy
Oman and South Korea sign agreement on green energy transition
Muscat, Oman--Oman has signed a memorandum of understanding (MoU) with South Korea in the field of green energy transition. The...
Economy
It’s time to address universal issues through media
Many Filipino media professionals are working in the UAE that forms the core of media cooperation. “Given the strong friendly...
Economy
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Economy
Iraq to harness Associated Petroleum Gas to generate electricity
Baghdad, Iraq - The Iraqi government has launched a project to harness the Associated Petroleum Gas (APG) from the Bin...
- The project's principal advisor Mounir Bouaziz said that the field's production capacity is scheduled to range from 400,000 to 500,000 barrels of light oil per day
- Once completed, the project will eliminate the need for import of a significant portion of gas while also meeting the requirements for operating electric power plants
Geostrategy
Tehran exports goods worth $7.2bn to West Asia in 4 months from March 2023
TEHRAN, IRAN - Iran exported $7.2 billion worth of products to West Asian countries in the first four months of...
- Comprehensive strategic five-year plans have been defined for the West Asian countries with a focus on trade infrastructure.
- The plans include organizing and development of transportation platforms, banking exchanges, customs and standards.
Business
Iran world’s eighth largest steel producer in first half of 2023
Tehran, Iran -- Iran became the eighth largest steel supplier in the world in the first half of 2023 as...
- Iran was the world’s seventh largest steel producer in June with an output of 3.2 million mt, up 17.4 percent from June 2022, the report added.
- For years, Iran had been ranked 10th globally in the list of top steel-producing countries.