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
Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...
Economy
Business
Saudi deposits $5bn in Egypt, plans to invest double: State media
The Egyptian and Saudi governments have signed a draft agreement for Saudi investments in the country totaling a projected $10...
- The announcements come as the North African country enacts a slate of financial measures to mitigate the economic fallout of Russia's invasion of Ukraine.
- As the world's largest importer of wheat, Egypt relied on the two countries for 85 percent of its supply, as well as 73 percent of its sunflower oil.
Economy
Unemployment rate in Saudi Arabia reduced to 11 percent in Q4 2021
The unemployment rate among Saudi citizens reduced to 11 percent in the fourth quarter of 2021. The General Authority for...
- The unemployment rate fell by 0.3 percentage points (pp) from Q3/2021.
- Also, it lowered by 1.6 pp when compared to a year ago in Q4/2020.
Business
Evergrande to sell stake
The developer would sell the Crystal City Project in Hangzhou for 3.66 bn yuan.
- Its total liability is now $300 billion as the company has struggled to repay its investors and bondholders.
- The company has said said it would finish projects and deliver them to buyers in a desperate bid to salvage its debts.
Business
German businesses urged to explore investment opportunities in Sharjah
The Sharjah Chamber of Commerce and Industry (SCCI) has called on German businessmen and investors to explore investment opportunities within...
- A German business delegation attended a forum organized by the Sharjah Chamber of Commerce and Industry.
- Gulf Cooperation Council (GCC) countries are the seventh-largest export destination for German industry outside Europe.
Economy
Tunisia facing major structural challenges, weak growth, social inequity: IMF
Tunisia is facing major structural challenges that result in deep macroeconomic disequilibria, a weak growth in spite of its strong...
- The impact of the pandemic and the war in Ukraine are now adding to these structural challenges, an IMF mission that visited the country said.
- Initiatives aimed at enhancing competition and the business climate are also critical to unlock the country’s potential growth and job creation, IMF said.
Business
$1.59 bn worth of deals signed on Day 3 of Global Entrepreneurship Conference
On the third day of the Global Entrepreneurship Congress (GEC) in Riyadh, SAR 6 billion ($1.59 bn) worth of agreements...
- The Small and Medium Enterprises Financing Guarantee Program “Kafalah" signed a number of agreements with a number of ministries as well as public and private sector institutions.
- Monsha'at) also signed various cooperation agreements and launched National Industrial Development and Logistics Program “Thousand Mile” Initiative.
Economy
Dubai summit highlights future to governments
This year’s summit has brought together 190 countries, over 500 speakers, and 4,000 participants worldwide to discuss the future of...
- The summit’s topics focused on policies that drive progress and government development, sustainability, and future technology
- The Investopia Summit was launched as part of the WGS 2022 to improve global economic and investment sectors
Economy
Muslims face frugal Ramadan as Ukraine war drives up food prices
Russia's Ukraine invasion, which has already exacerbated food woes in parts of Africa and the Middle East, is marring preparations...
- Russia and Ukraine account for a huge share of the globe's exports in several major commodities such as wheat, vegetable oil and corn
- The disruption in export flows resulting from Russia's invasion and international sanctions has spurred fears of a global hunger crisis
Economy
Russia accused of causing ‘global food crisis’ at UN
'Russia's aggression against Ukraine is increasing the risk of famine around the world,' France's representative to the UN said.
- Russian President Vladimir Putin can stop the global food crisis, US Deputy Secretary of State Wendy Sherman told the Security Council
- According to WFP, Russia and Ukraine export 30% of the world's wheat, 20% of corn, and 75% of sunflower oil
Economy
More than 30 NGOs slam Tunisia economic crimes amnesty
"The criminal reconciliation decree feeds impunity and hides the truth," 34 organizations said in a joint statement.
- Tunisian President Kais Saied has put money-laundering crimes including theft of public funds
- The criminal reconciliation decree do not jail the offender but allows for the 'payment of sums of money'
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
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‘UAE’s humanitarian endeavors resonate globally’
"The UAE's humanitarian endeavors and diplomacy have resonated globally, exemplifying unity and camaraderie to pave pathways of hope. We have...
Economy
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...
Business
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...
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Business
Saudi, Chinese companies, banks sign 12 pacts worth $1.33bn
Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33...
- The two countries focused on strengthening partnerships in urban infrastructure, housing, real estate development, and financing
- Saudi Ministry of Municipal, Rural Affairs, and Housing is currently working with several Chinese companies on housing projects worth $800 million
Business
Dubai leverages AI robots in testing construction materials
Dubai, UAE - Dubai has started using robots that employ X-Rays and other latest AI technologies to carry out automated...
- The technology shortens the duration of the tests from 4 days to 8 minutes, with a record daily increase in the ratio of samples examined to 650%
- This will accelerate the process of submitting laboratory results to the consulting sector, ensuring the timely completion of the project stages according to their deadlines
Economy
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...
- Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries.
- Group said that private finance flows need to grow much faster to meet the $2.4 trillion investment estimated nnually.