Gold hits fresh record above $2,300 as Fed hints at easing monetary policy
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...
SAMA: E-payments share reached 70% of total payments in 2023
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments...
Economy
Geostrategy
As major economies meet, US looks to increase pressure on Russia
Russian officials are expected to participate remotely in this year's G20 meeting led by Indonesia.
- Russian officials are expected to participate remotely in this year's G20 meeting led by Indonesia
- IMF and World Bank warned that the Ukraine war has devastating impact on global economy
Economy
Jordan economy is strong, far from bankruptcy: Khasawneh
Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis.
- Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis
- He revealed that the government achieved 104 per cent of its target revenue last year and experienced growth
Economy
Moroccan MPs call for cap on oil firms’ profit margins
Moroccan lawmakers on Monday called for a cap on oil firms' profit margins, describing them as "exorbitant" amid soaring fuel...
- Morocco, which relies on imports for its fuel consumption, has suffered from the skyrocketing prices of fuel
- In late March, the government said it would pay out more than $200 million to truck drivers who staged a national strike over spiralling fuel costs
Economy
UAE cabinet approves regulations of decree on entry, residence of foreigners
The UAE Cabinet has approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners aimed at...
- Substantial amendments are introduced to the Golden Residence Scheme to simplify the eligibility criteria and expand the categories of beneficiaries.
- New types of visas have been introduced without requiring a host or sponsor for the first time.
Economy
Abu Dhabi Business Centre adds 80 new economic activities during 2021
The Abu Dhabi Business Centre (ADBC), a part of Department of Economic Development (ADDED), announced that 80 new economic activities...
- New added activities cover many vital business sectors, including 40 new commercial activities, 25 professional and six industrial activities.
- In agricultural sector, the new added activities include beekeeping training, breeding reptiles and amphibians.
Business
Jordan and Azerbaijan look to boost trade ties
According to the statement, a Jordanian-Azerbaijani Economic and Investment Business Forum will be held in the coming period
- The meeting also discussed the successful economic policies established by the Kingdom to support the private sector
- It encourages foreign investment and provides more investment opportunities for companies wishing to invest in the Kingdom
Economy
Key Libyan oil export port closed amid shutdown ‘wave’
Libya's National Oil Corporation announced Monday the closure of operations in major oil fields after staff in the key export...
- Declaring force majeure is a legal move allowing parties to free themselves from contractual obligations when factors such as fighting make meeting them impossible.
- Zueitina is one of the four oil terminals in the so-called "Oil Crescent" region, and its closures will prevent Libya from exporting almost a quarter of its 1.2m barrels per day.
Economy
Morocco’s official reserve assets reach $33.39 billion on 1 Apr
Morocco's official reserve assets amounted to 329.1 billion ($33.39 billion) Dirhams on 1 April 2022, up by 8.2 percent compared...
- During the week of April 7-13, 2022, the Dirham depreciated by 1.06 percent against the US Dollar and by 0.16 percent against the Euro.
- On the interbank market, the average daily volume of trade stood at 4.2 billion Dirhams while the interbank rate stood at 1.5 percent on average.
Economy
Iraqi PM sets up workgroup to coordinate gas supply with Iran
Al-Kadhimi asked the workgroup to visit Iran and remove the obstacles hindering the supply of gas to Iraqi electricity power...
- Al-Kadhimi asked the workgroup to visit Iran and remove the obstacles hindering the supply of gas to Iraqi electricity power plants
- Earlier this month, Iraqi Electricity Minister Adel Karim had said that Iraq will need to import gas from Iran at least for the next couple of years
Economy
Jordan is regional hub for trade, investment: Minister
Jordan Minister of Investment, Khairy Amr, said the government seeks to turn Jordan into a destination for foreign and Arab...
- Jordan Minister of Investment, Khairy Amr, said the government seeks to turn Jordan into a destination for foreign and Arab investments
- He pointed out that the Ease of Doing Business report issued by the World Bank ranked Jordan among the 10 most reformed countries in the world
Gold hits fresh record above $2,300 as Fed hints at easing monetary policy
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...
Company News
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Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...
Economy
$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...
Business
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...
Economy
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Economy
Greek firefighters struggle to control wildfires for sixth day
Athens, Greece--Hundreds of firefighters in Greece struggled Thursday to gain the upper hand against major wildfires burning unchecked for a sixth...
- Threatening a national park, a huge blaze continued to burn on Mount Parnitha near Athens, in the largest forest adjoining the capital
- According to a government minister, Greece was going through the worst summer of fires since fire-risk maps were introduced in 2009
Economy
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
- According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women
- The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier
Economy
COP28 will provide a pivotal moment in climate action
The conference will focus on practical aspects, unifying action, and establishing partnerships, as well as aligning efforts to transition from...
- COP28 will focus on practical solutions, unifying global action, and fostering partnerships, says IUCN chairwoman
- The conference aims for a "human-centric" approach, emphasizing nature, food, health, and climate resilience, she adds.