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
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
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
Economy
Oil propels Saudi GDP growth to near 10 percent in first quarter
The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to...
- Growth in the oil sector reached 20.4 percent year-on-year in the first quarter, while the non-oil sector expanded 3.7 percent year-on-year, Saudi statistics authority said.
- The Ukraine war and the resulting rise in crude prices has been a boon to oil-producing states like Saudi Arabia, whose GDP is expected to grow by 7.6 percent in 2022.
Economy
Pakistan and Saudi Arabia to discuss extending term of $3 bn loan
The latest sign of support follows a visit to Saudi Arabia by new Prime Minister Shahbaz Sharif, who has inherited...
- In recent years, Saudi has provided Pakistan with $4.2 bn of support in the form of the $3 bn loan deposited with the central bank as well as $1.2 bn in deferred oil payments.
- Saudi Arabia also pledged "to further enhance the financing of petroleum products" at a time when the South Asian country is suffering from frequent power cuts.
Analysis
Physical security adds to digital transformation
Cybercrime has risen to the forefront of physical security concerns. And big firms are acutely aware of the problem, says...
- Physical security has progressed from when it was viewed as merely a technique for responding to crime
- It now plays a more significant role as a critical component in the digital transformation of business processes
Economy
CBUAE puts into circulation new AED5 and AED10 banknotes
The Central Bank of the UAE (CBUAE) has announced that the new AED5 and AED10 banknotes have entered circulation in...
- The CBUAE in collaboration with the UAE Banks Federation (UBF) has provided the new AED5, AED10 and AED50 notes
- The new denominations have been replenished to dedicated ATMs from participating banks across the country
Economy
Indonesia’s palm oil export ban heats up vegetable oil market
Indonesia's decision to suspend palm oil exports in the face of domestic shortages has pushed vegetable oil prices to new...
- Indonesia's export ban is designed to bring down prices in the country and limit shortages, according to authorities
- Indonesia's palm oil storage system, which was already holding substantial reserves, is now under further stress
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
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Siemens to expand business
Business
Tawuniya Q1 2023 net profit $20m
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Red Sea Global launches ‘Tamala’ to transform agricultural economy in Tabuk
Riyadh, Saudi Arabia--Red Sea Global (RSG) has announced the launch of the Red Sea Farms Cooperative (Tamala), established through integrated...
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...
Economy
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...
Geostrategy
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Business
stc Group begins work in Europe
stc’s subsidiary TAWAL buys assets in eastern Europe.
- TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
- TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
Economy
Bahrain to partner with private sector to ramp up investments in oil projects
Manama, Bahrain--Bahrain has indicated its keenness to encourage investments in the kingdom's oil and environmental projects through partnerships with the...
- The oil minister said that investments can be made in partnership with the private sector, especially banks providing the necessary support
- He made the remarks in a meeting with Abdulfattah Sharaf, HSBC Bank Middle East Board of Directors Chairman, and the accompanying delegation
Economy
Saudi Arabia to host CAF Super Cup match between Al Ahly and USM Alger
Johannesburg, South Africa--The 2023 CAF Super Cup match between Al Ahly of Egypt and USM Alger of Algeria will be staged...
- The Super Cup first staged in 1993 has been won a record eight times by Ahly, followed by Egyptians Zamalek (four titles) and TP Mazembe (three titles)
- CAF general secretary Veron Mosengo-Omba said the kingdom has made big strides in global football and the Super Cup is now in a new territory