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
Oman issues Treasury Bills worth US$181m this week
MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to...
Economy
Business
Dubai’s real estate market to ramp up going forward: Report
Over 84 percent of real estate professionals expect competition within Dubai’s real estate market to ramp up going forward, according...
- More than two-thirds (68 percent) of respondents in Dubai said they had experienced growth over the previous twelve months
- In November 2021, Dubai registered the best month of sales on record, with a total of 6,989 transactions worth AED17.95 billion
Economy
US allies agree to tap emergency oil reserves again
IAE repeated its warning that the prospect of large-scale disruptions to Russian oil production "is threatening to create a global...
- A ministerial meeting of IEA chaired by US Energy Secretary decided to tap its emergency oil reserve fifth times since 1991 to calm soaring energy prices
- IEA members had already vowed to release 62.7 million barrels of oil encouraged members to support Ukraine in the supply of oil products
Geostrategy
Jordan, US discuss ways to enhance strategic partnership
Jordan’s Deputy Prime Minister Ayman Safadi and US Secretary of State Antony Blinken discussed the new MoU for the strategic...
- A new MoU between the two countries frames the US aid for Jordan, replacing the current memorandum, which expires in September 2022
- According to the current MoU, the US has provided Jordan with annual support over the past four years, which amounted to 1.65 billion in 2021
Business
ADPG profit up Dh397m
The company’s revenue rose to AED 3.9 billion.
- AD Ports Group has evolved into a vertically integrated ecosystem of businesses that include Economic Cities & Free Zones, Ports, Logistics, Maritime, and Digital services
- As a strategic gateway to Abu Dhabi, AD Ports Group generated 21 percent of all non-oil related GDP in the Emirate, according to Oxford Economics
Economy
Jadwa Investment says Saudi economy to grow 7.7% in 2022
The economy of Saudi Arabia is forecast to grow 7.7 percent this year propelled by the expansion of the kingdom's...
- The firm sees the oil sector increasing by 15.5 percent, but it also estimates the level of ‘non-oil activities’ to grow by 3.4 percent
- It made the forecast as it revealed the Kingdom’s non-oil Purchasing Managers' Index hit its highest level for three months
Economy
NEOM subsidiary sets up Hydrogen and Innovation Development Center
ENOWA, the energy, water and hydrogen subsidiary of NEOM, has established the region's first Hydrogen and Innovation Development Center (HIDC)....
- The Hydrogen and Innovation Development Center will be a testing ground for new technologies in the clean energy industry.
- The Center will also be a collaborative learning community for research institutions focused on hydrogen and the circular carbon economy.
Business
Israel and UAE ‘milestone’ free trade deal to boost commercial relations
Israel described as "historic" the deal abolishing customs duties on "95 percent of the products" exchanged between the Jewish state...
- Talks for a free trade agreement were concluded Friday after four rounds of negotiations, including last month in Egypt between Israeli PM and Abu Dhabi Crown Prince.
- The deal was now "ready for signature", the UAE's Minister of State for Foreign Trade Thani al-Zeyoudi said.
Economy
Lebanon to pay $16m for power on polling day
Lebanon's electricity company is charging $16 million to supply power on the day of the May 15 parliamentary polls, a sum...
- The state-owned Electricite du Liban (EDL) presented a quote of $16 million to the government, which is trying to provide just half a day's worth of power to polling stations
- "I held several meetings with EDL, which apparently couldn't provide electricity except at a very high cost," Interior Minister Bassam Mawlawi said
Economy
World Bank urges support for poor as food prices soar
Developing and import-dependent countries have been heavily impacted by Russia's invasion of Ukraine -- the two countries that account for...
- Among those affected are Egypt, Lebanon, Tunisia and war-torn Yemen, whose humanitarian crisis is already considered the world's worst.
- Net food importers will suffer the most from the effects of the war, according to UNCTAD, which lists 36 countries as highly dependent on wheat imports from Ukraine, Russia.
Economy
Oil prices sink as US taps reserves, equities fall
President Joe Biden will announce later on Thursday the release of a record million barrels of oil a day for...
- President Joe Biden will announce later on Thursday the release of a record million barrels of oil a day for about 180 days from US strategic stockpiles
- Crude prices have spiked in recent weeks over fears of a major supply shortfall after Russia — the world’s second biggest exporter of oil after Saudi Arabia
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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
Company News
Latest News
Syria claims US responsible for military escalation in country
BEIRUT, LEBANON – The US is responsible for the military escalation in eastern Syria, where terrorist groups such as the...
Geostrategy
UAE ranks first globally in employing Indians, Saudi second: Minister
New Delhi, India -- The UAE ranks first among the countries in the world in the employment of Indians, currently...
Business
Saudi Arabia, France vow to promote secure, affordable and sustainable energy
RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
Geostrategy
Most Read
Business
QCB to grant licenses to website providers for comparing prices of insurance policies
Doha, Qatar--Qatar Central Bank (QCB) has exhorted companies willing to work in providing website services to compare prices of insurance...
- With this announcement, the central bank seeks to regularize and upgrade the financial sector in the country
- The bank said in a statement that the instructions are intended to streamline operations of service providers
Economy
Residents fume as Hawaii fire death toll climbs to 89
Lahaina, a town of more than 12,000 and former home of the Hawaiian royal family, has been reduced to ruins,...
- More than 2,200 structures were damaged or destroyed as the fire tore through Lahaina
- The new toll makes the blaze the deadliest in US since 1918, when 453 people died in Minnesota and Wisconsin
Economy
Battered by war, Sudanese start small businesses to survive
Until April 15, when the conflict erupted between the army headed by General Abdel Fattah al-Burhan and Mohamed Hamdan Daglo's...
- Eshraqa Mousa, another woman who fled Khartoum, has opened a small stall to sell tea. Without it, she said, she could "only provide one meal a day" for her children
- "We were forced to find alternatives," said Mohammed Ali, a former civil servant in the capital, he "teamed up with some colleagues to open a small mobile food stall"