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
Date palm cultivation in AlUla sees increased productivity
AlUla, Saudi Arabia - Date palm cultivation in AlUla governorate has witnessed a significant increase in productivity this year, with...
Business
Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...
- Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
- He noted the program will contribute to the development of the national business system in terms of access to financing.
Geostrategy
EU plans to punish Russia more with sanctions on oil or coal
The EU is considering to hit Russia with sanctions on oil or coal over the war in Ukraine, a top...
- The Europeans are under pressure to hit Moscow in the crucial energy sector and stop paying out the huge proceeds from gas, oil and coal
- Since Russia's military buildup against Ukraine began, sanctions against Moscow have been coordinated with the US and its Western allies
Economy
Lebanon central bank not bankrupt, says governor
Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The...
- Lebanon is in the third year of a financial implosion, which is widely blamed by experts on decades of corruption and bad policies
- These have led the currency to crash in value by more than 90 percent since end-2019, and banks to lock most savers out of hard currency
Infographics
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.
- Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
- The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits
Economy
$2.4m grant for West Bank project to improve livelihoods
A grant of $2.4 million from the Japan Social Development Fund (JSDF) will help increase economic opportunities and improve the...
- The grant from Japan Social Development Fund will improve the lives of fragile communities along the Palestinian Heritage Trail across the West Bank.
- The Palestinian territories have faced long-lasting instability, exacerbating macroeconomic volatility, and increasing unemployment for over a quarter of the population.
Economy
Saudi non-oil private sector posts fastest growth in four years
The non-oil private sector of Saudi Arabia has recorded more growth in March than it did in more than four...
- the seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index posted at 56.8 in March, rising from 56.2 in February, with the Output Index recording the highest growth
- However, it highlighted that a sharp rise in global energy and commodity prices due to the Russia-Ukraine war had imposed an inflated cost burden on Saudi Arabian businesses
Economy
Oman to generate 25 GW of solar, wind energy
The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...
- The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.
- Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects
Economy
Japan grants $3.35m emergency aid to Gaza Strip
Japan will provide humanitarian assistance, such as food provision, targeted at vulnerable Palestinians.
- Japan will provide humanitarian assistance, such as food provision, targeted at vulnerable Palestinians
- The humanitarian situation in Gaza Strip has significantly deteriorated due to the COVID-19 pandemic and floods
Business
Saudi Arabia launches platform with Homeland of Dates tag
The Saudidates platform is expected to help the center promote digital transformation and digitize markets and the entire sectors.
- The National Center for Palms and Dates in Saudi Arabia has launched a platform called Saudidates
- The platform is one of the center’s projects to invest in the history and culture of the kingdom
Economy
Saudi Arabia to import 625,000 tons of wheat later this year
The wheat is being procured from Europe, North and South America, and Australia, and will arrive in Saudi Arabia from...
- The Russian invasion of Ukraine has threatened the food supply of not just Saudi Arabia but the entire Middle East and North Africa region
- Saudi Arabia buys wheat, beef, and milk from both Ukraine and Russia and relies on them for various products, particularly agricultural products
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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
Company News
Latest News
Air Arabia to double fleet
Business
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...
Videos
Lebanon freezes former central bank governor’s bank accounts
Seen as a key culprit in the country's dramatic economic crash, former governor Riad Salameh's bank accounts were ordered to...
Economy
ESG shapes MENA region’s urban regeneration strategy
ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and...
Economy
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Geostrategy
Russia open to defense cooperation with several countries, says Putin
Moscow is open to equal defense cooperation with all nations seeking to protect their interests, Russian President Vladimir Putin said...
- The Russian leader stressed that the forum had earned recognition as one of the world’s largest exhibitions of advanced military equipment.
- Putin said the event makes a significant contribution to the development of Russia’s multifaceted ties with other countries.
Business
Agility posts Q2 earnings of $46m
Net profit was affected by higher interest rate.
- For the first six months of 2023, Agility’s net profit stood at US$95.5 million.
- There was an increase in debt for financing the firm’s acquisitions last year.
Economy
Saudi Arabia to introduce stricter labour fines, penalties to ensure workers’ rights
Riyadh, Saudi Arabia - The Saudi Ministry of Human Resources and Social Development (MHRSD) is set to introduce a system...
- The companies will face fines for infringements, including the employment of foreign workers without proper permits and disregard for health and safety protocols
- Fines ranging from $400 to $1,333 will be slapped for non-compliance with official health and safety regulations, coupled with inadequate measures to protect workers