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
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Geostrategy
Saudi, Kuwait to develop gas field despite Iran complaint
Saudi Arabia and Kuwait will develop a disputed gas field despite Iranian objections, while urging Tehran to engage in negotiations,...
- The two countries also issued a new invitation for Iran to negotiate over the boundary of the gas field
- Tehran had earlier said that the deal contravened "previously held negotiations", adding that it "reserves its right to exploit" the field
Economy
Yen slides to 20-year low against dollar
The yen hit its lowest level against the dollar in two decades on Wednesday, extending recent falls as the gap...
- Despite being traditionally considered a safe-haven currency, uncertainty fueled by the war in Ukraine has not caused the yen to strengthen
- Government spokesman Hirokazu Matsuno said "the stability of exchange rates is important and we see rapid currency moves as undesirable"
Economy
KSA to back joint Arab actions, develop regional economic ties
The Cabinet authorized the Tourism Minister to discuss tourism promotion with Iraq.
- The Cabinet authorized the Tourism Minister to discuss tourism promotion with Iraq
- Approval was also given for an MoU between Saudi Arabia and Algeria in housing field
Economy
IEA lowers world oil demand outlook on China lockdowns
Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its...
- Rich countries have agreed to tap an additional 120 million barrels of oil from emergency reserves, with half from the United States.
- Prices fell below $100 in recent days as severe lockdowns in Shanghai raised concerns that crude demand from China would fall.
Ukraine crisis pushes US inflation to new four-decade high
"The Russia-Ukraine war has added further fuel to the blazing rate of inflation," Kathy Bostjancic of Oxford Economics said.
- Consumer price index has hit 8.5 percent over the 12 months to March, considered the biggest jump in last 4 decades
- Central bank Governor said that fall of Ukraine war "probably skews risks to the upside in inflation"
Business
UAE Central Bank, Bank of Korea renew bilateral currency swap pact
The agreement will allow the exchange of local currencies between the two central banks of up to AED20 billion and...
- The agreement will allow the exchange of local currencies between the two central banks of up to AED20 billion and up to KRW6.1 trillion for five years
- "The agreement with the Bank of Korea contributes significantly to the development of financial markets in both countries,” Mohamed Balama said
Economy
Qatar, UK ink pact on food safety, environmental health
Qatar Food Safety and Environmental Health Department Director Wassen Abdullah Al Bakr said that the agreement would enhance food safety...
- Qatar Food Safety and Environmental Health Department Director Wassen Abdullah Al Bakr said that the agreement would enhance food safety in Qatar
- It provides a framework for enhanced cooperation in food safety research, particularly food contaminant and risk management analyses
Economy
Ferries resume between Morocco and Spain
A Spanish ferry docked in Morocco's Tangiers port Tuesday for the first time in two years, after a pandemic and...
- Spain and Morocco reopened ferry links days after Spanish Prime Minister Pedro Sanchez visited the North African kingdom
- The busy, 14-kilometre (nine-mile) route across the Strait of Gibraltar had originally been shut in March 2020
Economy
OPEC cuts 2022 world oil demand forecast due to Ukraine war
In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022,...
- In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast
- The invasion in February sent oil prices soaring above $139 a barrel, the highest since 2008, worsening inflationary pressures
Economy
DMCC registers record 665 companies to its Free Zone in Dubai during Q1
Dubai Multi Commodities Centre, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, welcomed...
- This represents DMCC’s best first quarter since its inception over twenty years ago, a 13 percent year-on-year increase.
- In the first quarter of 2022 alone, 16 percent of all company registrations were for crypto-related activities.
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
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UAE, KSA optimistic as BRICS leaders weigh expansion
South Africa has revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations,...
Economy
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,...
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...
Business
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Economy
Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...
- The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
- Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert
Economy
Syrians rally against poor economic conditions in government-held areas
Beirut, Lebanon - Hundreds of demonstrators took to the streets again on Monday in Syria's southern city of Sweida, local media...
- Days of rare protests have erupted in the south after the government lifted fuel subsidies last week, dealing a blow to Syrians.
- "We've had enough, the Syrian people are suffocating," one activist in Sweida said on condition of anonymity for security reasons.
Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme