Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...
Economy
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
Economy
Iran says oil production back to pre-sanctions level
Iran's oil production capacity has returned to the same level as prior to the reimposition of sanctions in 2018, when...
- "Oil production has reached pre-sanctions figures, despite economic pressures," said Mohsen Khojastehmehr, CEO of the National Iranian Oil Company
- In a monthly report, the OPEC group of oil-producing countries estimated that Iran produced 2.54 bpd of oil in February
Business
DFF to support tech startups in luxury retail challenge
Dubai Future Foundation (DFF) has announced the launch of a new, first-of-its-kind initiative in the region to encourage and support...
- The challenge is to utilize the latest technologies and innovations and contribute to the development of a quality and innovative experience for luxury brand customers.
- The challenge is part of the Future of Luxury Retail start-up incubation program, organized by Dubai Future Accelerators, an initiative by the DFF.
Economy
Lebanon, its central bank have gone bankrupt, says Deputy PM
In the first official admission, Saadeh al-Shami said the losses have occurred and the government will try to reduce losses...
- Lebanon has been grappling with an unprecedented economic that the World Bank says is usually of scale associated with full-scale wars.
- The country’s currency has lost 90 percent of its value, making it difficult for people to access basic necessities. Lebanon has not been able to afford consistent fuel imports.
Economy
UAE announces $2m prize for startups in agritech innovation
The UAE has announced a prize of up to $2 million for startups that can offer technology innovations to transform...
- The FoodTech Challenge is organized by the UAE Ministry of Climate Change and Environment and Tamkeen.
- It is targeted at early-stage start-ups, ranging from international university-based research teams to individual entrepreneurs and small firms.
Geostrategy
Zelensky calls Russian troops murderers as outrage grows over ‘war crimes’
Despite Russian denials of responsibility, condemnation was swift, with Western leaders, NATO, and the UN all voicing horror at reports...
- 410 civilian bodies had been recovered from Kyiv's outskirts and 280 bodies were found buried in mass graves have been seeing as war crimes of Russia
- Peace talks between Russia and Ukraine are scheduled to resume by video on Monday though Russian negotiator said it's too early for meeting between Zelensky and Putin
Economy
Russia invasion of Ukraine pushes Turkey inflation to record 61.1%
Inflation was up from 54.4% in February to 61.14% in March.
- The weakening lira and the rising cost of living has become a major source of discontent as President Recep Tayyip Erdogan faces election next year
- The Turkish currency was stable following the latest inflation data, trading at 14.7 lira against the dollar and 16.2 lira against euro
Business
76.5% of firms in Dubai recorded growth during Expo 2020: Report
Dubai Chamber of Commerce facilitated 1,500 bilateral business meetings between UAE investors and their global counterparts, and received 1,746 visiting...
- Titled, 'Business Integration for Growth, Digital Transformation and Global Partnerships' the report was developed by the Chamber in collaboration with Oxford Business Group
- Dubai Chamber of Commerce organized 98 events during Expo 2020 Dubai, which were attended by more than 25,000 participants from over 130 countries
Economy
UAQ signs agreements to support blue economy strategy
The emirate of Umm Al Quwain has signed a series of agreements to enhance cooperation and partnership to achieve its...
- In 2017, the World Bank defined blue economy as the ‘sustainable use of ocean resources for economic growth, improved livelihoods, and jobs’
- The aim of UAQ’s Sustainable Blue Economy Strategy is to enhance investment attractiveness while developing the natural, cultural, and human wealth
Geostrategy
Nearly 100 die in new Mediterranean boat tragedy: UN, MSF
Prior to the latest tragedy, the UN's International Organization for Migration had recorded 367 deaths in the Mediterranean so far...
- The commercial tanker Alegria 1 rescued four people from an overcrowded boat carrying hundreds of migrants through the Mediterranean sea
- 'Libya is not a place of safety,' said Doctors Without Borders while stressing that survivors 'are in need of urgent protection and care'
Most Read
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
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Company News
Latest News
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
Economy
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...
Business
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...
Geostrategy
Most Read
Economy
Bahrain supports AI tendering platform, Procural, to create jobs
Manama, Bahrain - Tamkeen, a semi-autonomous government agency, tasked with developing Bahrain's private sector has decided to support the Bahrain-based...
- The support will enable Procural to enhance its ability to use cloud-based technology and Artificial Intelligence (AI) to match vendors with buyers
- Procural offers a range of features that include cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking
Business
4.4m travel by SAR in H1 2023
Train trips in H1 2023 rose 46 percent compared to H1 2022.
- The volume of minerals and goods transported over SAR networks during the second quarter of the year exceeded 6.34 million tons.
- The total volume of goods transported by SAR H1 2023 rose to over 12 million tons, a 13 percent increase compared to the previous year.
Economy
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...
- Al-Sayari revealed that the total value of Islamic finance assets worldwide has surged to over $2.99 trillion
- The Islamic banking sector in Saudi Arabia contributes a substantial 33% of the global Islamic bank assets