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
Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
Economy
Business
GCC stock exchanges witness a mixed week
The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index...
- A 1.4% drop in Al-Rajhi Bank's stock and a 1.8% drop in Saudi National Bank's stock weighed on the TASI on Tuesday, causing a 0.3% drop
- On Friday, the Abu Dhabi index fell by 0.2%, with losses of 1.3% at First Abu Dhabi Bank capping off two sessions of gains
Economy
China factory activity dips to lowest in two years: official data
The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity, came in at 47.4 in April.
- The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity, came in at 47.4 in April
- The figures come as Beijing digs in on a zero-Covid strategy that involves stamping out clusters as they emerge through targeted lockdowns
Business
Surging ecommerce boon for GCC businesses
A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible...
- A meager $5.3 billion, or 0.4 percent of the GCC's GDP, was generated by e-commerce in 2015. By 2020, revenue had quadrupled to $21.6 billion.
- According to the Kearney Global Consultancy Firm, GCC e-commerce sales are expected to surge to $52 billion annually by 2025.
Economy
Libya losing $60 million a day from oil facilities shutdown: Minister
Oil is the lifeblood of the North African country trying to move past a decade of conflict since the fall...
- The Libyan closures follow the selection of a new PM, Fathi Bashagha, by Libya's eastern-based parliament in a direct challenge to Tripoli-based interim PM Abdulhamid Dbeibah.
- Analysts say eastern Libyan forces who back Bashagha have forced the closure of the oil facilities in a bid to press Dbeibah to step down.
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
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
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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...
Business
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...
Economy
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Economy
COP28 to help green transition in developing nations
"International reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change...
- The UAE's hosting of the COP28 will act as a leverage for international focus on climate action in the region
- Reports indicate that the Middle East and North Africa region is the most vulnerable to climate change risks
Economy
Space Economy: Saudi Arabia targets stars and beyond
From the establishment of the Saudi Space Authority to Serco Middle East's new space division in Riyadh, the Kingdom is...
- From the establishment of the Saudi Space Authority to Serco Middle East's new space division in Riyadh, the Kingdom is making significant strides in the space sector
- With challenges ahead, the nation's goal is to localize knowledge, foster capabilities, and create a sustainable space ecosystem to secure key position in space economy
Business
Joint Jordanian-Yemeni Business Council to resume activities, says JCC
AMMAN, JORDAN - President of the Jordan Chamber of Commerce (JCC) Khalil Al-Haj Tawfiq on Saturday discussed with Director General...
- The Jordan Chamber of Commerce stressed on the importance of attracting new Yemeni investments to the Hashemite Kingdom.
- The JCC said the Kingdom offers several opportunities in multiple commercial, service and industrial sectors for investors.