Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
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...
Economy
Tunisia president decrees he will name electoral chief
The election commission, created in 2012, has currently nine members with its president appointed by parliament.
- Tunisia's president will name three members of the electoral commission, including its president
- Saied has inaugurated a 'temporary' council of judges to replace an independent watchdog
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.
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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
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
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Iran’s steel production sees 4.1% growth in first 7 months of 2023
Tehran, Iran - The World Steel Association (WSA) has reported a significant 4.1% increase in Iran's steel production during the...
Economy
Suez Canal ship traffic normal after tanker collision
Cairo, Egypt--Shipping traffic was flowing normally on Egypt's Suez Canal on Wednesday, two shipping sources based in the country said,...
Economy
Saudi Arabia and Germany discuss cooperation in industrial, mining sectors
Riyadh, Saudi Arabia - Saudi Arabia and Germany have decided to strengthen cooperation in the industrial and mining sectors. A...
Economy
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Business
Stocks advance but traders wary of US rates outlook, China concerns
The gains, including a jump in US tech stocks, "looked more like a correction than a reaction to fresh news,...
- The gains followed a mixed showing on Monday as investors tried to turn the tide of losses that have swept over markets in recent weeks.
- Markets globally have struggled this month on the prospect that the US Federal Reserve will hike borrowing costs once more.
Business
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
- Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
- This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.
Economy
CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...
- According to the apex bank, foreign securities were down to $45 billion from $46.56 billion at the end of June,, with other foreign assets up to $17.27 billion
- The monetary base, according to the CBUAE, grew by 0.1%, climbing from $169.20 billion at the end of May 2023 to $169.42 billion at the end of June 2023