Qatar announces $430 mn in support for Lebanon
A visiting Qatari official on Monday announced a multi-million dollar aid package for Lebanon, primarily to support the country's crumbling...
Economy
How the Middle East is positioning itself at the crossroads of a changing world
AI, geopolitics, climate, and demographics are reshaping the Middle East’s growth model beyond oil.
Economy
Business
Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
- Chairman of Qatar Tourism Saad bin Ali bin Saad Al Kharji said Qatari tourism sector has witnessed significant development in recent years
- Al Kharji said that it is one of the main pillars of the state's strategy for economic diversification under the Qatar National Vision 2030
Economy
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
- The bloc is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and clean technology.
- The EU's $3.6 billion climate tax on shipping pushes for greener maritime practices, while the environmental toll of war demands global accountability and swift action.
Economy
Jordan oil imports decline in January, boosting trade balance
Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according...
- According to the Department of Statistics, there was a decrease in the value of oil imports, totaling $361m for January, compared to $427.36m the last year
- The fall had a positive impact on Jordan's trade balance, with the overall value of imports declining by 19.7% in January compared to the previous year
Ten years from home World Cup, Saudi sizes up ‘huge challenge’
As the only bidder, Saudi Arabia was anointed host of the 2034 World Cup last October by FIFA. Infrastructure is...
- To host the 48-team World Cup, the country needs 14 all-seater stadiums capable of holding at least 40,000 people, according to the bid document
- Saudi sports ministry is preparing to issue tenders worth 10 billion riyals ($2.69 billion) to build and expand football venues, according to domestic media
Economy
Regulated dollar transactions on the rise in Iraq, says central bank
With dollars dominating the country's economy, Baghdad has imposed a series of restrictions on the use of American greenbacks domestically....
- Transactions through the Central Bank electronic platform -- which ensures compliance with SWIFT -- have considerably increased, the bank's vice governor Ammar Khalaf told
- "At the beginning of 2023, transactions were at $50 million per day. Now, we have around $200 million, which is consistent with the size of Iraq's economy," he added
Market Report
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
- Moscow has escalated its aerial attacks on Kyiv, targeting key infrastructure in the wake of Ukrainian attacks on Russian oil facilities.
- Russia is a key producer of oil, while the Gaza-Israel war has given rise to worries about Middle Eastern crude supplies.
Business
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
- The CEO acknowledged China's economic growth in recent decades, and expressed admiration for the country’s ability to overcome challenges.
- He underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners.
Economy
UAE’s global investments grow amid economic crisis
"The UAE has strengthened its position in the global economy. The total value of UAE assets abroad, whether government or...
- UAE's investments abroad remain strong, hitting $2.5 trillion in early 2024 despite global economic challenges.
- Investments include deals with the US, Egypt, the UK, India, and upcoming focus on Europe for currency stability.
Economy
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
- The agreement looks to boost expertise exchange and cooperation between Bahrain and Saudi Arabia, focusing on joint efforts in infrastructure development and road safety
- The Bahraini minister noted the strong relations between the two countries, emphasising the keenness to enhancing ties, particularly in infrastructure development
Economy
UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
- United States remained the prime destination, attracting substantial investments in bonds and direct ventures
- Egypt closely follows with significant investments, along with the United Kingdom, India, and Morocco
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Qatar announces $430 mn in support for Lebanon
A visiting Qatari official on Monday announced a multi-million dollar aid package for Lebanon, primarily to support the country's crumbling...
Economy
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Trump says to move homeless people ‘far’ from Washington
President Donald Trump said Sunday that homeless people must be moved "far" from Washington, after days of musing about taking...
Economy
Gold futures hit record on US tariff shock; mixed day for stocks
Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks...
Economy
OpenAI releases ChatGPT-5 as AI race accelerates
San Francisco, United States -- OpenAI released a keenly awaited new generation of its hallmark ChatGPT on Thursday, touting "significant" advancements...
Business
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Economy
Trump announces 100% chip tariff, pressuring Asian producers
The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on...
- shares in Taiwan's TSMC -- world's largest contract maker of chips -- soared nearly 5% after the government said the company will not be affected.
- Trump has previously accused Taiwan of having stolen the US chip industry, and earlier this year, TSMC unveiled a plan to invest an extra $100 billion in the United States.
Economy
Syria inks infrastructure and real-estate deals worth $14 billion
Since the overthrow of longtime ruler Bashar al-Assad in December, Syria's new authorities have worked to attract investment for the...
- The plans include a $4 billion investment project for Damascus airport and $2bn in investment for a Damascus metro, as well as more than $2bn for a mall and two towers development
- Last month, Saudi Arabia signed major investment and partnership deals with Syria, valued at $6.4 billion.
Economy
Trump says to raise tariff on India over Russia oil purchases
President Donald Trump threatened Monday to "substantially" hike US tariffs on goods from India over its purchases of Russian oil...
- Trump's heightened pressure on India comes after he signaled fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv
- Moscow is anticipating talks with the US leader's special envoy Steve Witkoff, who is expected to meet President Vladimir Putin this week