Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
Business
Economy
‘Saudi Arabia spending on technology is globally the highest’
Digital Government Authority has launched the Digital Government Investment and Procurement Program (SADAF) initiative to accelerate digital procurement in government...
- Digital Government Authority has launched the Digital Government Investment and Procurement Program (SADAF) initiative to accelerate digital procurement in government agencies
- SADAF will be a gateway to digital investment for the public and private sectors, leading to a sustainable digital economy
Business
Qatar to invest $5bn in Egypt, with an eye on offshore gas
The move is being seen as another sign of a growing rapprochement between the two countries following last year's restoration...
- A Cairo statement said Qatar was to plough $5 billion in ‘investments and partnerships’ in Egypt, but did not give specifics
- However, QatarEnergy announced an agreement with ExxonMobil to acquire a 40% interest in a gas exploration block off Egypt
Economy
Palestine wants Russia-Ukraine war to stop: Minister
Hard-pressed to prop up the economy and stem steep price hikes if the Ukraine war continues, Khaled Osaily, Economy Minister...
- "I pray to God to stop this crazy war,"Osaily told TRENDS during a phone interview from Ramallah. "We don't know what will happen tomorrow
- Osaily said the PA's predicaments are worse than those of established states."We are under occupation. We don't have a central bank or currency. We are unable to finance salaries"
Business
Nahdi shares fall 1.26 percent
The firm made a strong debut on the Saudi stock exchange on Mar 22.
- Nahdi's initial public offering price was SR131, raising $1.36 billion in the biggest Saudi IPO since oil giant Aramco.
- Its profits dropped to SR813 million ($216.63 m) from SR849 million ($226.22 m) a year earlier, according to a bourse filing.
Economy
Saudi private equity, capital growth doubled in five years : Al Quwaiz
Private equity and capital growth in Saudi Arabia has reached SR12 billion ($3.2 billion), Mohammad Al-Quwaiz, chairman of the board...
- Mohammad Al-Quwaiz, chairman of the board of the Capital Market Authority, was speaking at the Global Entrepreneurship Congress 2022 in Riyadh.
- He cited the vitality of fintech companies in the business sector, and explained how the advent of these companies has reshaped the Saudi economy.
Economy
Government institutions need to provide youth skills: UAE minister
Shamma bint Suhail Al Mazrouei, Minister of State for Youth Affairs and Vice President of the Arab Youth Center (AYC),...
- Appropriate skills enable the youth to become drivers of sustainable human and economic development, said Shamma bint Suhail Al Mazrouei.
- The minister was speaking during a session, Power of the Youth: The Multiplier Effect’.
Economy
Bolsonaro removes Petrobras president after surge in fuel price
Brazilian President Jair Bolsonaro decided on Monday to replace the president of state-owned oil giant Petrobras, Joaquim Silva e Luna,...
- In early March, Petrobras upped the price of gas by 18.8 percent and diesel by 24.9 percent
- The ultra-right-wing Brazilian president has long criticized the pricing policy of Petrobras
Economy
Saudi minister says oil volatility would be worse without OPEC+
Volatility on oil markets sparked by Russia's invasion of Ukraine would be worse without OPEC+, the Saudi energy minister said...
- Oil shot up to nearly $140 on supply fears after Russia sent troops into its neighbor on February 24, and the price of crude is still trading at well over $100 a barrel
- The 13-member, Saudi-led Organization of the Petroleum Exporting Countries (OPEC) has so far resisted calls to lift production further following the Russian invasion of Ukraine
Economy
UAE calls for investment in oil, gas to protect global economy
The UAE has called for a stronger investment in oil and gas resources in order to protect the global economy...
- The two ministers warned that divesting from energy sources that drive the global economy will lead to a systemic supply crunch that erodes economic growth
- The Global Energy Forum is being organized by the Atlantic Council in collaboration with WGS2022, and moderated by Frederick Kempe, President and CEO, Atlantic Council
Economy
Education in Lebanon is in crisis because country is in crisis: UN
Lebanon is grappling with an education "emergency," a United Nations official said, as years of economic collapse weigh heavily on...
- "We are now in an emergency situation. Education in Lebanon is in crisis because the country is living in crisis," said Maysoun Chehab of UN education and culture body (UNESCO)
- UNESCO chief Audrey Azoulay visited Beirut weeks later, driving efforts to restore heritage sites and damaged schools
Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
Economy
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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...
Economy
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...
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...
Business
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Business
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
- The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Geostrategy
Russian defense officials meet Saudi Arabian, Iranian counterparts
MOSCOW, RUSSIA - The 11th Moscow Conference on International Security, held at the Patriot Congress and Exhibition Center here, saw...
- The conference saw participation from over 800 delegates from 76 countries, including China, India, South Africa, Israel, Turkey, Mexico, the UAE, Saudi Arabia.
- Representatives from eight international organizations, including the UN, CSTO, SCO, ASEAN, Arab League, and the African Union took part in the conference.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- 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.