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
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Economy
Abu Dhabi non-oil GDP grows by 4.1 percent in 2021: Statistics Centre
Abu Dhabi’s non-oil GDP at constant prices grew by 4.1 percent in 2021, according to Statistics Centre-Abu Dhabi. The emirate’s...
- In 2020, a significant decline in oil prices had caused the emirate’s real GDP to fall by 7.7 percent, oil-GDP by 3.9 percent and non-oil GDP by 11.5 percent.
- In 2021, agriculture, forestry, and fishing expanded by 23.1 percent while the manufacturing activity expanded by 21.7 percent,
Economy
KSA elected member of International Anti-Corruption Academy
The selection followed the Kingdom's admission to the Academy’s membership as one of the founding members of the international organization.
- The selection followed the Kingdom's admission to the Academy’s membership as one of the founding members of the international organization
- The election represents a recognition of the Kingdom’s local and international efforts in protecting the integrity and fighting corruption
Business
UAE free zones set to gain from corporate tax relief
Around 40 free zones in the UAE are likely to attract more investors and FDI after they were declared exempt...
- The 9-percent corporate tax will be levied on companies with profits above AED375,000 (approximately $102,090)
- Announced on January 31 by the UAE’s Ministry of Finance, the tax regime will be implemented from June 1, 2023
Economy
World’s fossil fuel assets risk evaporating in climate fight
Oil platforms, pipelines, coal power plants and other fossil fuel assets could lose trillions of dollars in the battle against...
- The warning was issued in a 3,000-page report by UN experts who said fossil fuel assets must be retired and replaced with clean energy faster to mitigate financial losses.
- Such assets will become "stranded" and worth less than expected because they may never be used since fossil fuel demand must fall in the near future to limit emissions.
Economy
Saudi Finance Ministry forecasts kingdom’s GDP to grow by 7.4%
The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.
- The expected growth is driven by a rise in the oil GDP associated with the Organization of the Petroleum Exporting Countries agreement and the expected improvement in non-oil GDP
- As the economy continues to recover from pandemic repercussions, the government will continue to enhance the role of the private sector to be the main motivator of economic growth
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.
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
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Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
Business
Bread-short Tunisia to restore flour supply to some bakeries
Since the beginning of August, European-style bakeries selling baguettes in the formerly French-ruled country had been prevented from accessing their...
Business
Saudi Arabian Crown Prince launches KAUST’s new strategy
RIYADH, SAUDI ARABIA - Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Prime Minister and Chairman of KAUST Board...
Science
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Economy
Carbon neutrality strategy to propel green transition
This ambitious strategy, commissioned by the ASEAN Member States and with the support from the Australia for ASEAN Futures (AUS4ASEAN)...
- The ASEAN Strategy for Carbon Neutrality aims to complement national initiatives of ASEAN Member States in meeting their Paris Agreement commitments
- The strategy, supported by AUS4ASEAN initiative, highlights the urgency of pursuing carbon neutrality to unlock the value potential of a green transformation
Economy
Indonesia president to participate in BRICS summit in South Africa
Jakarta, Indonesia--Indonesian President Joko Widodo departed for South Africa on Sunday to attend the BRICS summit in Johannesburg amid speculation that...
- Before leaving for the BRICS summit, Widodo told reporters that apart from attending the event he will also meet with other world leaders
- Launched in 2009, BRICS aims to tame Western economic domination in global affairs, much to the consternation of the Western political leadership
Economy
Iran-China cooperation at its best in various fields: envoy
Tehran, Iran-- China's ambassador to Iran has affirmed that his country's cooperation with Iran is at its best in various...
- The Chinese ambassador said there were many opportunities for cooperation with west Azarbaijan province in the areas of international trade with Europe
- He noted that a document has been signed to boost China's trade with Europe via Iran, noting that the capacities of west Azarbaijan can be used in this regard