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...
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...
Economy
Business
Saudi ports throughput tonnage rise by 7.18 percent during Q1
The throughput tonnage at Saudi ports increased by 7.18 percent during the first quarter of 2022, reaching a total of...
- The number of transshipment containers increased by 5.91 percent, with a total of 1.3 million TEUs.
- Saudi ports have recorded a fall in container throughput which declined by 1.27 percent with a total of 2.5 million containers.
Economy
Euro slides to two-year low as ECB dithers over rate hike
The euro slumped to a near two-year low on Thursday after the European Central Bank remained vague about when it...
- The drop in the single currency helped boost European stocks, while Wall Street equities resumed a downward slide amid worries over tightening US monetary policy
- The euro took a knock after the ECB's decision, slipping under $1.08 for the first time since May 2020, falling as low as $1.0758
Economy
Sri Lanka imposes fuel rationing as economic crisis worsens
Cash-strapped Sri Lanka imposed fuel rationing on Friday in another worsening of the economic crisis that has sparked widespread demonstrations...
- The state-run Ceylon Petroleum Corporation (CPC), which accounts for two-thirds of the retail fuel market, said it would limit the quantities drivers can buy
- Energy ministry officials said they expected the country's other fuel retailer, Lanka IOC -- the local unit of Indian Oil Corporation -- to follow suit
Economy
Investopia first UAE trademark to be registered under Madrid Protocol
The Ministry of Economy (MoE) has received the request to register the Investopia Summit trademark internationally, in line with the...
- The UAE acceded to the Madrid Protocol on 28th September 2021 to enable trademark owners in the country to protect their trademarks in more than 125 member countries.
- Investopia Summit is one of the strategic projects announced last September by the UAE government as part of the first set of 'Projects of the 50.'
Economy
Fitch revises Saudi Arabia’s outlook from stable to positive
The international credit rating agency ”Fitch” updated its credit report for Saudi Arabia affirming its “A” rating for the Kingdom...
- Fitch’s outlook revision makes Saudi Arabia one of the few countries globally, and the only G20 country, to have received two consecutive upward outlook revisions in 2022
- Fitch also forecasts the government debt to GDP to remain below 30% until 2025, which is approximately half the median level of comparative countries with similar credit ratings
Economy
Iraqis queue for fuel as stations protest government
Motorists in Iraq formed long queues for fuel Thursday after some owners of filling stations shut off their pumps to...
- Iraq is the second largest producer in the Organization of the Petroleum Exporting Countries.
- But the country, with a population of about 41 million, is also grappling with a major energy crisis
Economy
UAE’s Federal Tax Authority launches tax whistleblower program
UAE’s Federal Tax Authority (FTA) has announced the launch of Raqeeb, the whistle-blower program for tax violations and evasion, which...
- Effective from April 15, 2022, Raqeeb allows the Authority to receive reports from individuals on tax evasion cases, tax-related fraud, and violations of tax legislation.
- It also allows the Authority to verify the reports and grant monetary rewards to informants when certain conditions are met.
Economy
USA to ease limitations on E-15 gasoline sale as oil demand surges
In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease...
- In 2011, the US Environmental Protection Agency approved the use of E15 following research on its pollution impact.
- According to the White House, at today's prices, E15 can save an average of 10 cents per gallon of gasoline.
Economy
World Bank says war in Ukraine raising risks for Middle East
The war in Ukraine has "multiplied risks" for the Middle East and North Africa's poorer countries by raising food and...
- World Bank president David Malpass said this week that the Russian war on Ukraine has started a chain reaction in the global economy, pushing energy and food prices higher
- Oil-exporting economies are expected to grow 5.4 percent on the back of the recovery from the pandemic, the expected increase in oil output and high oil prices
Economy
IMF says Ukraine war slowing economic growth worldwide
The war in Ukraine has undercut the global recovery, slowing expected economic growth in most countries in the world, IMF...
- The war hit as the world was struggling to recover from the ongoing impact of the Covid-19 pandemic, which has caused an acceleration of inflation
- The IMF is due to release its updated economic forecasts on Tuesday, which Georgieva said will further downgrade the estimate for global growth
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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...
Company News
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China cuts key interest rate to support economy
The measures, which run counter to rising interest rates around the world as other major economies work to curb inflation,...
Economy
UAE’s ERC unveils housing project for victims of February quake in Syria
Latakia, Syria--The Emirates Red Crescent (ERC) has inaugurated the Al Naqa housing project in the Latakia Governorate in Syria. The...
Economy
Saudi Arabia issues tax warning to businesses: Pay up or face hefty fines
Riyadh, Saudi Arabia - Saudi authorities have issued a clear warning to businesses operating within the country: settle your outstanding...
Economy
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Business
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...
- Libya has seen 12 years of stop-start conflict since the 2011 NATO-backed revolt that toppled strongman Moamer Kadhafi.
- The Central Bank of Libya said it has "again become a unified sovereign institution", in a statement issued by the governor and his deputy.
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...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Business
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
- Iran-EU trade exchanges declined by 10 percent compared to the last year’s corresponding period.
- Germany, Italy and the Netherlands accounted for most of the export of products to Iran from January to June 2023.