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
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In...
Economy
Economy
Iran exports to Africa up by 107% to $1,195m
The first five countries for Iranian exports were Ghana ($353 million), South Africa ($254 million), Nigeria ($125 million), Mozambique ($98...
- The first five countries for Iranian exports were Ghana ($353 million), South Africa ($254 million), Nigeria ($125 million), Mozambique ($98 million), and Kenya ($77 million)
- Sixth to tenth were Sudan with $73 million, Algeria with $67 million, Tanzania with $55 million, Somalia with $29 million, and Ethiopia with $11 million
Economy
High stakes: France braces for Le Pen-Macron showdown
President Emmanuel Macron is the favorite to win re-election in the run-off ballot on Sunday, and there are indications he...
- If Le Pen wins, she becomes modern France's first far-right leader and first female president
- Macron’s victory would make him the first French president to win re-election in two decades
Business
AMF signs MoU with Afreximbank
Buna and PAPSS will act as payment gateways that link the Arab region to the African continent
- Buna and PAPSS will act as payment gateways that link the Arab region to the African continent
- The collaboration will support the growth of trade and investments between the Arab region and Africa
Interview
GCC FMCG market faces headwinds
Certain FMCG companies benefited from the pandemic since people spent more time at home baking and spending time together. As...
- Rising worldwide raw material and transportation costs have put pressure on FMCG profits
- The current global issues caused by rising oil prices is also impacting consumers and prices
Economy
Lebanon annual inflation surges more than 200%
Annual Inflation in Lebanon has spiked to 208 percent in March despite the intervention of the country's Central Bank. According...
- According to the government data, transportation costs rose 489 percent compared to March 2021, with health expenses up 441 percent
- Food and beverages climbed 390 percent, while restaurant and hotel costs went up by 349.45 percent
Economy
Eurozone posts growth in April despite Ukraine war
Economic growth in the eurozone accelerated and hit a seven-month high in April, a key survey showed on Friday, despite...
- "The eurozone has therefore started the second quarter on a stronger-than-anticipated footing, confounding consensus expectations of a slowdown," said S&P
- The automotive sector took the hardest hit, with production levels falling sharply in April -- and at a faster rate than in March, the survey said
Economy
Sustainable development hinges on fate of world’s cities
Martha Delgado, President of the UN-Habitat Assembly called for resilient, sustainable “smart cities” that are more inclusively governed and better...
- Martha Delgado, President of the UN-Habitat Assembly, called for resilient “smart cities” that are inclusively governed
- Upgrading slums and addressing the housing affordability crisis remain the highest priorities for countries
Business
Saudi Arabia taps Fawaz Alhokair and Partners to support designers
The MoU is expected to help the commission as well as the company to support Saudi fashion designers.
- As part of the agreement, Saudi fashion designers will benefit from the support of platforms managed by Fawaz A Alhokair and Partners Co
- The two parties will also collaborate on sustainability programs and projects, with implementation supervised by specialized teams in both parties
Economy
UAE’s central bank launches two new notes made of recyclable polymer
The Central Bank of the UAE (CBUAE) has launched two new banknotes, in five and ten dirham denominations, made of...
- The new banknotes are the third issue of the national currency, following the success of the initial 50-dirham polymer note.
- The bank said the new notes are more durable and sustainable than traditional cotton paper banknotes, lasting two or more times longer in circulation.
Economy
ECB to put an end to bond buying in July
The European Central Bank "should" end its stimulus program at the beginning of the third quarter, its vice-president said in...
- The Frankfurt-based institution has been under pressure from rising prices to withdraw its stimulus faster and follow other central banks towards interest rate hikes
- In the eurozone, inflation ran at 7.5 percent in March, the highest figure on record for the currency club and well above the ECB's own two-percent target
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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
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China cuts key interest rate to support economy
The measures, which run counter to rising interest rates around the world as other major economies work to curb inflation,...
Economy
UAE’s ERC unveils housing project for victims of February quake in Syria
Latakia, Syria--The Emirates Red Crescent (ERC) has inaugurated the Al Naqa housing project in the Latakia Governorate in Syria. The...
Economy
Saudi Arabia issues tax warning to businesses: Pay up or face hefty fines
Riyadh, Saudi Arabia - Saudi authorities have issued a clear warning to businesses operating within the country: settle your outstanding...
Economy
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Business
Rival branches of Central Bank of Libya reunite
Libya's central bank announced that its two rival branches in the west and east are reuniting after nearly a decade...
- Libya has seen 12 years of stop-start conflict since the 2011 NATO-backed revolt that toppled strongman Moamer Kadhafi.
- The Central Bank of Libya said it has "again become a unified sovereign institution", in a statement issued by the governor and his deputy.
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Business
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
- Iran-EU trade exchanges declined by 10 percent compared to the last year’s corresponding period.
- Germany, Italy and the Netherlands accounted for most of the export of products to Iran from January to June 2023.