Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
UK inflation slows to lowest level since September 2021
ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this...
Economy
Economy
IMF, Lebanon strike conditional deal on $3 bn aid
The IMF announced Thursday a conditional agreement to provide Lebanon with $3 billion in aid to help it emerge from...
- The country has been battered by triple-digit inflation, soaring poverty rates and the collapse of its currency since a 2020 debt default
- Experts reiterated doubts over the willingness of Lebanon's political elite, widely blamed for endemic corruption, to implement the reforms needed to resuscitate the economy
Business
Fuel price fall by five percent as demand takes a hit
The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in...
- Brent oil futures for June delivery fell 5.2 percent to $101.07 per barrel, while West Texas Intermediate for delivery in May slid 5.6 percent
- Oil executives rejected suggestions they had withheld supply to drive up prices and said they are in the process of increasing investments in response to higher commodity prices.
Economy
IMF reaches agreement on $3 billion deal for Lebanon
The country has been battered by triple-digit inflation, soaring poverty rates, and the collapse of its currency since a 2020...
- PM Najib Mikati said the deal is "a visa stamp for donor countries to begin co-operating with Lebanon and to put Lebanon back on the global finance map".
- The aid would be released only after the parliament in Beirut approves a 2022 budget and a new bank secrecy law to fight corruption.
Business
Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.
- Shell is gradually withdrawing from Russia owing to the war due to the UK government policy.
- Shell previously apologized for buying a cargo of Russian oil at a vast discount following the invasion.
Business
EGA, Ma’aden tech cooperation
The two will explore potential collaboration in the aluminum value chain.
- The two firms will also consider cooperation in managing by-products from processes in the aluminum value chain
- EGA has developed its own aluminum smelting technology for more than 25 years.
Business
DFSA regime to provide whistleblowers enhanced legal protection
Enhanced legal protection will be provided to persons who report financial misconduct internally within the entities regulated by Dubai Financial...
- DFSA regulatory regime for whistleblowing is the first of its kind to be introduced by a financial service regulator in the UAE.
- The regime applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre.
Rich nations to tap 120m barrels from emergency oil reserves: IEA
The IEA members which include the United States, European countries, Australia and Japan, among others had already pledged last month...
- IEA, which holds emergency stockpiles totaling 1.5 billion barrels, concurred with the decision to tap oil reserves again
- Joe Biden had already announced that the US would release 1 million barrels its oil reserves onto the market every day for six months
Economy
Rome unveils €650m boost for electric vehicles
"First the pandemic and now the war (in Ukraine) are putting a severe strain on this sector which represents one...
- Prime Minister Mario Draghi has chaired the cabinet meeting where the new decree has been adopted and funded by the "automobile fund"
- Purchases of low-emission electric or hybrid vehicles will be eligible for a bonus of between €2,000 and €3,000 in Italy
Science
Climate-related health emergencies on the rise in Africa: WHO
Floods, water, and vector-borne diseases have been worsening the health crises in Africa, said WHO's regional director for Africa.
- The WHO has said health emergencies caused by climate change are increasing in Africa
- The UN health agency has called on governments to implement WHO air quality guidelines
Economy
Ukraine war, energy crisis force UK into fossil fuels rethink
Boris Johnson's government will consult with local communities to host onshore wind farms in return for "guaranteed lower energy bills,"...
- The UK will release energy strategy to call for more renewable power from nuclear, offshore wind, and solar
- This new strategy may permit more drilling for North Sea oil and gas to control the spike in energy prices
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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
Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
Company News
Latest News
Saudi Arabia is largest Islamic finance market, with over $827bn assets
Riyadh, Saudi Arabia - Saudi Arabia boasts the world's largest Islamic finance market, with combined Islamic assets across various sectors...
Economy
Under UAE Presidency, COP28 will lead global efforts to protect the planet, safeguard future generations
"The UAE possesses essential capabilities such as modern infrastructure, a commendable track record in sustainability and environmental conservation, recognition as...
Economy
Nearly 40 migrants rescued, others found dead off Cape Verde
The boat was spotted on Monday almost 200 miles from the island of Sal by a Spanish fishing boat, which...
Geostrategy
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Economy
New industrial licenses surge 17% in first year after Abu Dhabi Industrial Strategy launch
The number of new industrial Rowad permits issued in Abu Dhabi increased from 204 to 238 from July 2022 to...
- $15.36 billion in capital investments made by manufacturing facilities moved to the in-production phase over the year
- The number of operational manufacturers in the emirate now stands at 966, up from 922 manufacturers at the end of H1 2022
Economy
Oil price, COVID-19 spur Arab world’s public finance
Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
- Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term economic growth
- In 2022, global, regional, and local inflation led to a decline in public revenues and expenditures in the Arab world, while the public budget deficit fell from 6.7% to 2.1%
Videos
Five skills workers require in real estate
Saudi Arabia’s real estate sector is evolving with new regulations, creating fresh job opportunities. The latest initiatives seek to enhance...
- Saudi Real Estate General Authority introduces 12 new roles, including positions like real estate broker, advertiser, and property manager
- The initiatives are aimed at boosting the real estate sector's contribution to the Kingdom's GDP, enhancing the role of non-oil sectors