India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy
First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...
Economy
Business
UAE government holiday for Eid al-Fitr begins on 29th day of Ramadan
The holiday will last till the third day of the month of Shawwal, which is yet to be declared.
- The holidays will begin on Tuesday, the 29th day of Ramadan
- That date corresponds to April 30 on the Gregorian calendar
Economy
Oil prices up as traders weigh demand and supply issues
Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in...
- The United States has said it will release a substantial portion of its oil reserves to cushion the shortfall
- "Oil is still trading mixed after Tuesday's sharp pullback but is opening in Asia near the midpoint of yesterday's trading range," Stephen Innes of SPI Asset Management said
Economy
Third dust storm in two weeks sweeps through Iraq
Iraq was hit Wednesday by its third heavy dust storm in two weeks, temporarily grounding flights at Baghdad and Najaf...
- Two dust storms struck the country earlier in April, leaving dozens hospitalised with respiratory problems
- Iraq is particularly vulnerable to climate change, having already witnessed record low rainfall and high temperatures in recent years
Interview
BNPL gains currency in the UAE
It also seems to be extremely helpful for customers who want to pay for a purchase in installments or make...
- BNPL payments in the UAE are expected to grow 89.4% on an annual basis to reach $1.82 billion in 2022
- BNPL is not just for Gen Y and millennials; it is expected to see adoption by elderly individuals as well
Economy
Temporary aid can offset inflation hit to families: IMF official
Faced with surging inflation that is hitting poor families especially hard, which has sparked unrest in some countries, policymakers should...
- "We've seen already in some countries people protesting when they see the price of food or basic items increasing very rapidly," said IMF chief economist Pierre-Olivier Gourinchas.
- Governments can alleviate impact of the price jumps with "targeted measures to try to support vulnerable populations", he said.
Economy
Arab economies expected to grow by 5% in 2022: AMF
The expected growth rate for 2022 reflects the rise in the growth of the Arab oil-exporting economies to 5.6 percent...
- The expected growth rate for 2022 reflects the rise in the growth of the Arab oil-exporting economies to 5.6% due to the anticipated increases in the output of the oil sector
- The growth rate of the Arab oil-importing economies is expected to reach a moderate level of 3.7 percent, reflecting the challenges facing their internal and external balances
Economy
UAE launches Dirham-denominated Treasury Bonds worth $400 million
The UAE has launched conventional AED denominated Treasury Bonds (T-Bonds) with benchmark auction size of AED1.5 billion ($400 million). The...
- The bonds were launched by the Ministry of Finance (MoF) as the Issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent.
- Subject to market conditions, the first auction date to be held in May 2022 is expected to be announced soon, followed by a series of periodical auctions.
Business
Saudi Fashion Commission, Chalhoub Group to explore opportunities
The agreement is said to align with the objectives of the Fashion Commission to enhance collaboration and empower the sector...
- The MoU sets out a framework for the creation of leadership roles furthering nationalization in the fashion retail sector
- It is also to secure commercial spaces for the display of work by Saudi designers, and provide training courses in the field
Business
Italy looks to Africa for gas to end Russia dependence
Meanwhile, Italy is also looking into buying or renting two floating storage and regasification units (FSRU) to allow it to...
- Italy is one of Europe's biggest guzzlers of gas, which currently represents 42 percent of its energy consumption, and it imports 95 percent of the gas it uses
- The government hopes to reduce those imports by accelerating the investment in renewables and has vowed to cut red tape on wind and solar farms
Science
India turns to dung as new energy source
Cultivating alternative energy sources is an urgent priority in India, which burns coal to meet nearly three-quarters of the energy...
- This new energy source promises to help clean up India’s smog-choked cities
- It is already providing a vital revenue stream for poor Indian farmers
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy
Company News
Latest News
GCC steps up to diversify Europe’s natural gas supply
Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia...
Economy
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...
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...
Business
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Business
Bread-short Tunisia to restore flour supply to some bakeries
Since the beginning of August, European-style bakeries selling baguettes in the formerly French-ruled country had been prevented from accessing their...
- Days later those same bakeries also stopped receiving non-subsidized flour and semolina from the state, which controls the supply of all such essential goods in the country.
- Economists attribute the bread shortage partly to speculation but, more broadly, to the lack of cereals. Tunisia's debt is around 80 percent of gross domestic product.
Science
Saudi Arabian Crown Prince launches KAUST’s new strategy
RIYADH, SAUDI ARABIA - Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Prime Minister and Chairman of KAUST Board...
- Strategy aims to transform research into economically productive innovations by focusing on national priorities for research, development and innovation.
- It aims to strengthen KAUST’s partnerships with both the public and private sectors, which will contribute to achieving the objectives of Vision 2030.
Geostrategy
Hungarian companies want to expand work in Russia, says PM Orban
BUDAPEST, HUNGARY – Hungarian Prime Minister Viktor Orban said that companies from his country plan to expand their activities in...
- Hungarian Prime Minister Viktor Orban made the statement at a meeting with the head of Russia’s Tatarstan region Rustam Minnikhanov in Budapest.
- The head of Tatarstan came to Budapest at the invitation of Orban in connection with the Hungarian national holiday, St. Stephen's Day.