IMF chief urges countries to strengthen independence of central banks
"Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates...
Economy
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Economy
Palestine wheat stocks could run out within 3 weeks
The cost of wheat flour in Palestine has already surged by nearly 25 percent because of the Ukraine crisis.
- Most households in the Gaza Strip are now buying food on credit
- Many families are eating less and lower quality of food items
Economy
Jordan Interior Ministry introduces 5-year entry visa
The decision also grants visa holders a temporary three-month stay that is obtained directly at border posts on each trip.
- The decision also grants visa holders a temporary three-month stay that is obtained directly at border posts on each trip
- The ministry said that it is working to create a safe environment for investors and simplifying procedures for their travel
Geostrategy
From Denmark to Portugal, Europe ups effort to quit Russian gas
In Denmark, large black pipes are about to be buried in a muddy trench, as construction of a gas pipeline...
- In Middelfart in central Denmark, work resumed last month on the Baltic Pipe project intended to help Poland reduce its dependence on Russian
- In southern Europe, Spain and Portugal are strengthening an alternative supply route to help Europe wean itself off Russian gas
Infographics
How do MENA oil prices compare with the world?
Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions...
- Russia is a major supplier of oil to European countries and the United States, besides other countries
- However, they are not accepting crude from Russia anymore, pushing up prices of oil from elsewhere
Economy
WTO: War in Ukraine could halve 2022 global trade growth
Russia's invasion created a crisis of 'immense proportions' and a 'severe blow' to the global economy. Russia's war in Ukraine...
- Shares of Russia and Ukraine in overall world trade and output are relatively small but they are important suppliers of essential products, notably food, and energy
- Europe is the main destination for both Russian and Ukrainian exports and therefore is likely to experience the heaviest economic impact
Opinion
Cybersecurity – The rush to catch up with reality
The invasion of Ukraine was a major wake-up call globally for both governments and private firms. Small-to-medium businesses need to...
- The number of cyberattacks against small-to-medium businesses has increased by 150 percent over the past two years, and the companies’ defenses have not grown accordingly
- Shortage of workforce, which needs to grow by 65 percent for organisations to be able to sufficiently defend their critical assets, is adding to the cybersecurity woes
Economy
UAE approves formation of council for digital economy
The United Arab Emirates (UAE) has given go-ahead to the formation of a digital economy council in a cabinet meeting....
- The strategy aims to double the contribution of the digital economy to the UAE's GDP from 9.7 per cent to 19.4 per cent within the next 10 years
- The maturity of GCC digital economies could match that of Organization of Economic Co-operation and Development (OECD) countries within five years if they continue at the same pace
Business
Saudi Eastern Province launches 11 investment projects in Dammam
Saudi Arabia’s Eastern Province has launched 11 investment projects in Dammam metropolis. The Undersecretary for Investments and Revenue Development, Eng....
- The launch of these investment sites is part of the objective of 40 investment projects with an area of 3 million square meters.
- The duration of investment projects is 25 years, subject to extension, according to Undersecretary for Investments and Revenue Development, Eng. Hamdan Al-Aradi.
World Bank warns of bleak economic outlook for Ukraine, region
The conflict also has caused prices of grains and energy to soar.
- The World Bank's recent report has revealed that Russia will see an 11.2 percent decline in GDP as its economic consequences invading Ukraine
- World Bank has predicted that Ukraine's economy can collapse by 45.1 percent in 2022
UNGA welcomes Qatar’s hosting of 2022 FIFA World Cup
The 2022 World Cup, organized by the international football association (FIFA), is the first such event in the Middle East.
- The 2022 World Cup, organized by the international football association (FIFA), is the first such event in the Middle East
- The General Assembly adopted its resolution under the title "The 2022 World Cup organized by FIFA in Qatar."
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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
IMF chief urges countries to strengthen independence of central banks
"Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates...
Economy
Company News
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ADNOC L&S secures big contract
Business
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
Economy
Saudi, Chinese companies, banks sign 12 pacts worth $1.33bn
Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33...
Business
Dubai leverages AI robots in testing construction materials
Dubai, UAE - Dubai has started using robots that employ X-Rays and other latest AI technologies to carry out automated...
Business
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Business
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
- The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Geostrategy
Russian defense officials meet Saudi Arabian, Iranian counterparts
MOSCOW, RUSSIA - The 11th Moscow Conference on International Security, held at the Patriot Congress and Exhibition Center here, saw...
- The conference saw participation from over 800 delegates from 76 countries, including China, India, South Africa, Israel, Turkey, Mexico, the UAE, Saudi Arabia.
- Representatives from eight international organizations, including the UN, CSTO, SCO, ASEAN, Arab League, and the African Union took part in the conference.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.