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
GCC tourism growth skyrockets as diversification drive gains momentum post-Covid
GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable...
Economy
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
Economy
Gross bank assets up 0.8% to AED3,321.5bn at Dec 2021 end: CBUAE
The UAE Central Bank announced that the money supply aggregate M1 increased to AED 701.9 billion at the end of...
- The rise in M1 was due to AED 16.6 billion increase in Monetary Deposits
- The Money Supply aggregate M3 also increased by 1.5 percent, from AED 1,830.1 billion
Geostrategy
Libya’s energy sector paralyzed as second oil export terminal is shut
The suspension of operations at Brega terminal, which has an export capacity of 60,000 barrels per day, follows a force...
- Force majeure, a legal move, allows parties to free themselves from contractual obligations when factors such as fighting make meeting them impossible.
- Oil installations have often been attacked or blockaded by armed groups who hold sway in Libya.
Economy
UAE real non-oil GDP grew by 7.8 percent in Q4 2021: CBUAE
UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business...
- The growth was attributed to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE said.
- The bank said there was a 9.3 percent annual increase in Emirati oil production during the same period, in line with a related OPEC+ agreement.
Business
Firms listed on Muscat Stock Exchange post $1.4bn in net profits
Omani companies, which are listed on the Muscat Stock Exchange (MSX), reported total net profits of $1.39bn for the year...
- The profits were 3.7 percent less than the $1.44bn in 2020 due to a fall in net profits of four out of the top five sectors at the MSX.
- As per the report, Oman’s banking sector, the biggest sector in the exchange by market capitalization, offset some of the net profit declines of other main sectors.
Economy
UAE’s non-oil contribution to GDP hit 72.3% in 2021
The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8...
- The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8 percent respectively
- The UAE’s GDP at constant prices achieved a growth of 3.8 percent in 2021, exceeding the forecasts of relevant international institutions
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
Company News
ECI, KazakhExport ink MoU
Business
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Lebanon central bank declines to address nation’s deficit through lending
Beirut, Lebanon -- Acting Lebanese Central Bank Governor Wassim Mansouri has said the bank will not be providing government lending...
Economy
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
Business
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
Geostrategy
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Business
$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...
- The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion
- The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion
Economy
Currencies in Middle East resilient from Covid period till date Â
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
- Saudi Arabian Riyal and UAE Dirham maintain stability against US Dollar from 2020 to 2023.
- Both the countries witness GDP growth of 45 percent and 43 percent respectively during the period.
Business
Dubai Chambers saves water, works on sustainability agenda
DUBAI, UAE - Dubai Chambers has contributed to the emirate’s drive for sustainability by saving a total of 72,239 litres...
- The savings were achieved as part of the chambers’ participation in Dubai Can, a sustainability initiative launched by the Crown Prince of Dubai.
- Dubai Can is aimed at educating and mobilising all segments of society to reduce waste and protect the environment.