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
‘UAE offers an economic model for all to emulate’
"This underscores our role in fostering development and regional and global cooperation, aiming to provide an economic model for all...
Economy
Business
AD Ports, Kuwait GAC sign MoU
The port operator will develop a virtual trade corridor between the two countries.
- AD Ports Group’s digital arm, Maqta Gateway, will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform.
- The MoU will also provide for accelerated procedures for expediting shipments of perishable goods, reducing dwell time at borders.
Geostrategy
UAE finance ministry to organize dialogue sessions WGS 2022
UAE’s Ministry of Finance will organize a series of specialized dialogue sessions on the sidelines of the World Government Summit...
- This year’s summit themed ‘Shaping the Future of Governments’ will be held on March 29 and 30, coinciding with the closing of Expo 2020 Dubai.
- The summit will also launch 20 in-depth knowledge reports that outline key topics on global governments’ agendas in cooperation with prominent global research institutions.
Economy
UAE to invest $2bn in Egypt in order to bolster its economy
The UAE is going to invest some $2 billion in Egypt by buying up the state-owned companies in order to...
- The world’s largest wheat importer has been hit hard by record grain prices that were fueled by the Russia-Ukraine war
- The decision came during a rare meeting between leaders of Egypt, the UAE and Israel to discuss energy and food security
Economy
Jordan, USAID launch project to support energy sector
The Ministry of Energy and Mineral Resources and the United States Agency for International Development (USAID) in Jordan have launched...
- The project seeks to achieve financial sustainability of Jordan's electricity sector, strengthen the sector's regulatory frameworks and improve its services in oil and gas markets.
- The project valued at $40 million will be implemented over a five-year period, citing a statement from the Energy Ministry.
Economy
Meat off the menu in crisis-hit Lebanon as poverty bites
The Lebanese pound has lost more than 90 percent of its value on the black market, more than 80 percent...
- Imported red meat price has been increased five times in Lebanon which is more than the monthly minimum wage of 675,000 Lebanese pounds ($33)
- Increasing transport costs has forced Lebanon to import 40 containers of frozen meat which used to import more than 70 containers every month
Economy
New world order? Pandemic and war rattle globalization
According to a professor at Ghent Institute, the pandemic did not bring radical changes in terms of reshoring but the...
- The Ukraine crisis has highlighted Europe's and especially Germany's heavy dependence on gas supplies from Russia
- The US warned China that if it provided material support to Russia against Ukraine, it would would face 'consequences'
Economy
Palestine elects West Bank councils in rare exercise of democracy
Central Elections Commission chief Hanna Nasser said a number of candidates had been arrested for political reasons.
- Saturday's second round of vote in West Bank was held in 50 towns; the first round in December covered 154 villages
- Because of the constant delay, Presidential elections have not been held for 15 years in Palestine
Economy
Saudi Arabia eases rules for US, UK, and Schengen visa holders
The move comes two weeks after the country lifted all Covid-19-related entry restrictions.
- Citizens of any country can now receive a 12-month tourism visa on arrival in Saudi Arabia without needing to apply in advance
- However, they will have to hold one of the three visas, and travel on one of the country’s national carriers: Saudia, Flynas, or Flyadeal
Economy
Riyadh, Dubai lead IPO surge in GCC
For the second time since the global financial crisis, the Middle East has surpassed Europe in terms of IPOs as...
- The proceeds of IPOs from Riyadh to Abu Dhabi have totaled $4.8 billion since the beginning of 2022
- Saudi Arabia has the busiest stock market in the Middle East in terms of IPO activity
Economy
S&P gives Saudi economy positive rating after recovery
S&P has revised its outlook for Saudi Arabia from a stable to positive in the light of the recovery of...
- The positive outlook reflects the improved GDP growth and public finances in the medium term, linked to the Kingdom’s recovery from the COVID-19 pandemic impact
- The agency also expected that the Kingdom, in the medium term, will continue its policy to drive growth in the non-oil sectors through planned economic diversification
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
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
Company News
Latest News
Global inflationary waves may hit Arab world’s growth
Rising rates and global slowdown pose challenges for economic growth and investment in Arab countries, which expect to expand at...
Economy
Stock markets drop over fears of more interest-rate hikes
In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a...
Business
IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
Business
Most Read
Markets struggle again as US inflation fails to sooth rate worries
A highly anticipated report showed July consumer prices rose more than the previous month but less than feared, giving the...
- Hong Kong and Shanghai fell further, even as Alibaba surged in response to an earnings report showing a forecast-busting rise in first-quarter revenue
- Sydney, Singapore, Manila and Jakarta also fell, though Seoul, Wellington and Taipei eked out gains. Tokyo was closed for a public holiday
Economy
Iraq’s apex bank introduces new exchange categories for dollar sales to travelers
BAGHDAD -- The Central Bank of Iraq has introduced three distinct categories of exchange companies dedicated to selling dollars to...
- Exchange companies will operate under strict Central Bank regulations and Anti-Money Laundering Law
- Enhanced electronic platform by the Central Bank of Baghdad will oversee all dollar sales to citizens
Economy
Iraq streamlines imports, focuses on strengthening domestic industries
In a move to fortify the local market, Iraq's Ministerial Council of Economy has taken decisive steps, including the removal...
- Iraq's Ministerial Council of Economy removes four items from import lists
- 4% customs tariff reduction announced for imported live animals for slaughter