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
Digital innovation fuels surge in Iraq’s banking sector
"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like...
Opinion
Economy
Sri Lanka declares $51 bn foreign debt as economic crisis worsens
Sri Lanka's snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.
- Acute food and fuel shortages, as well as long daily electricity blackouts, have brought widespread suffering to the country's 22 million people.
- The government has struggled to service foreign loans and Tuesday's decision comes ahead of negotiations for an International Monetary Fund bailout.
Business
Czech Republic delegation explores business opportunities in Bahrain
A business delegation of Czech Republic visited Bahrain to explore investment opportunities and expansion of economic projects between the two...
- The delegation expressed keenness on cooperating with the Bahraini private sector for investment in various sectors.
- A minister said Bahrain welcomes all international investments and projects with added value to investment and investors.
Geostrategy
Oman becomes first GCC nation to ratify a treaty on rights of seafarers
Oman has become the 100th country to ratify a 2006 treaty that protects the rights, pay and conditions of seafarers. The...
- Maritime Labor Convention has become a worldwide reference for the maritime industry and a pillar of international maritime rules and regulations since its signing in 2006.
- Guy Ryder, the ILO Director-General, said Oman, a longstanding maritime nation, has set an example for other countries in the region.
Geostrategy
Jordan plans to expand cultivation of wheat, barley
The plan includes allocating interest-free loan packages to farmers through the Agricultural Credit Corporation.
- The plan includes allocating interest-free loan packages to farmers through the Agricultural Credit Corporation
- Jordan Minister of Agriculture, Khaled Hneifat said the ministry will provide seeds to grow wheat and barley in alignment with the climatic condition of the cultivation areas
Economy
Qatar, Iran ink bilateral pacts in aviation sector
An agreement to increase the number of flights between Qatar and Iran was also signed.
- An agreement to increase the number of flights between Qatar and Iran was also signed
- A series of meetings were also held between the two sides to enhance cooperation in the transport sector
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
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
Company News
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CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...
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...
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...
Economy
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Business
Soniqs wins PUBG Global Series 2 Crown
It claimed $600,000 prize at Gamers8 - The Land of Heroes.
- Saudi team Twisted Minds came in second and earned US$260,000.
- Question Mark, the Russian team, finished third and got US$162,000.
Business
Generative AI likely to supplement than destroy jobs: ILO
Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...
- An International Labour Organization (ILO) study has found most jobs and industries are only partly exposed to automation and are more likely to be complemented by Generative AI.
- It suggests this new wave of technological transformation could offer important benefits for developing countries.
Market Report
European stocks rise, China rate cut fails to ease worries
European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris...
- There are concerns that the US Federal Reserve could raise interest rates further and keep them elevated for longer.
- Focus turns this week to a symposium of top central bankers and business leaders at Jackson Hole, Wyoming, with dealers hoping for guidance on rates.