Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Economy
Metaverse set to transform banking in GCC
Regional players eye big share as Metaverse is expected to become a US$800 billion market. Some analysts believe it will...
- Metaverse is expected to become a US$800 billion market -although some analysts think it will reach $30 trillion
- The use of Metaverse in banking may lead to the emergence of fully digital bank branches, reducing or even eliminating the need for physical ones
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
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
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
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"