US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
Economy
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)Â 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
Business
Abu Dhabi Chamber and San Marino to boost trade cooperation
Abu Dhabi and San Marino will explore new avenues of economic cooperation and boosting trade. Saeed Ghumran Al Remeithi, Deputy...
- Saeed Ghumran Al Remeithi, Deputy Treasurer of Abu Dhabi Chamber, met with Fabio Righi, San Marino’s Minister of Industry.
- Remeithi noted Chamber's readiness to provide all the necessary support to investors and entrepreneurs from San Marino.
Economy
President of World Banks says MENA must create 300m jobs
To achieve development goals, the MENA region must create three hundred million jobs, according to President of the World Bank...
- Malpass noted that MENA countries often fail to rise to developmental challenges, and it could have “serious implications for livelihoods"
- According to Malpass, Gulf Cooperation Council countries were initially concerned about the global community’s desire to shift away from oil
Economy
OPEC+ sticks to modest oil output increase despite Western pressure
The 13 members of the Saudi-led OPEC and 10 countries spearheaded by Russia backed an increase of 432,000 barrels per...
- While OPEC refused to budge, the United States said it would tap its strategic stockpile by a record amount in a bid to cool soaring prices.
- Berlin and the International Energy Agency, which advises developed countries, have also urged producers to boost production to bring relief to the market.
Geostrategy
Saudi hosts talks on Yemen war, but without Houthi rebels
Ahmed Al-Emad, a spokesman for the rebels' foreign ministry said that the recent meeting on Yemen conflict held in Riyadh...
- Ahmed Al-Emad, a spokesman for the rebels' foreign ministry said that the recent meeting on Yemen conflict held in Riyadh "has nothing to do with the issue of peace."
- Saudi-led military coalition has announced that it would cease military operations in Yemen during Ramadan
Research
Soaring global urban tech market to benefit KSA: Mastercard report
The paper has shone a spotlight on how Saudi Arabia’s e-government, tourism, healthcare, and transit sectors stand to benefit from...
- The paper has shone a spotlight on how Saudi Arabia’s e-government, tourism, healthcare, and transit sectors stand to benefit from the smart city revolution in the Kingdom
- The paper highlights 5G, Wi-Fi 6, cloud computing, virtual reality and geospatial technology as focus areas for digital infrastructure to develop cities
US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
Company News
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Saudi CST urges public for feedback on ‘space use plan’ for frequency spectrum
Riyadh, Saudi Arabia--The Communications, Space and Technology Commission (CST) has urged the public to provide their views on its space...
Science
Saudi Arabia and India sign agreement on digital economy
Riyadh, Saudi Arabia - Saudi Arabia and India signed on Friday an agreement on digitization and electronic manufacturing. The agreement...
Economy
Challenges prevail as UAE adapts to remote work
The UAE labor law has introduced changes to support remote workers, but there are still gaps compared to European countries,...
Interview
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Business
China’s investment rises 23% in BRI countries in Jan-July 2023
BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in...
- This growth amounts to approximately US$13.69 billion, constituting nearly 20 percent of the overall investment in January-July 2023.
- The value of newly signed contracts amounted to US$103 billion, indicating a marginal 0.6 percent year-on-year increase.
Stocks dragged further by US rate worry, China gloom
Expectations of another Fed hike have pushed 10-year Treasury yields -- a gauge of future rates -- close to their...
- All three main indexes on Wall Street sank for a third straight session on Thursday, while London, Paris and Frankfurt also suffered heavy losses
- Asian markets were well in the red, including Hong Kong, which was down for a sixth consecutive trading day, while European investors were also on the back foot
Economy
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.