Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
UK inflation slows to lowest level since September 2021
ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this...
Economy
Business
Playa Hotels inks Saudi resort deal
It will set up facilities along the Arabian Gulf and the Red Sea.
- Playa signed an agreement regarding the resorts with Saudi’s Tourism Development Fund on Monday
- This will contribute to enhancing the distinctive tourism experience and create local job opportunities
Economy
Saudi inflation shoots up to 1.6%, fueled by higher food cost
Saudi inflation shot up to 1.6 percent in February, fueled by higher gasoline and food prices, the General Authority for...
- Inflation for January stood at 1.2 percent. In February, prices for gasoline 91, gasoline 95 and diesel grew 26.7 percent, 25.9 percent and 21.1 percent year-on-year, respectively
- The annual growth in prices for the transportation sector as a whole slowed to 4.3 percent in February from 4.9 percent in January
Economy
Saudi Arabia to inject $152 billion into economy by 2030
Saudi National Development Fund will inject SR570 billion ($152 billion) in the Kingdom’s economy by 2030, Saudi Arabia’s Crown Prince...
- The Crown Prince said that it will contribute to tripling the share of non-oil GDP to SR605 billion over the same period
- NDF, through its funds and development banks, will increase the participation of the private sector in the GDP by three-folds by 2030
Geostrategy
Ukraine launches website for cryptocurrency donations
On the “Aid for Ukraine” website, users can currently offer donations in 10 cryptocurrencies, including Bitcoin, ether, tether and dogecoin.
- On the “Aid for Ukraine” website, users can currently offer donations in 10 cryptocurrencies, including Bitcoin, ether, tether and dogecoin
- “Cryptocurrencies play a significant role in Ukraine’s defense,” Oleksandre Borniakov, Ukraine’s deputy minister of Digital Transformation, said in a statement
Geostrategy
Israel vows not to bypass Russia sanctions as meditation continues
Israel, which maintains close ties with both Russia and Ukraine, has been facing growing criticism from Washington and Kyiv over...
- Israeli PM spoke with Putin over a call on Monday that lasted 90 minutes after speaking with Ukrainian President on Saturday
- On Friday, Victoria Nuland from US administration has urged Israel to join Western sanction to punish Putin's aggression
Geostrategy
KSA, Greece partner to support growth of digital economy
The two countries discussed cooperation in establishing an advanced digital infrastructure.
- The two countries discussed cooperation in establishing an advanced digital infrastructure
- Partnership was reviewed between Saudi IT Minister Eng. Abdullah bin Amer Al-Sawaha and the Greek minister Adonis Georgiadis
Infographics
GCC countries lead the world in remittances
Over the past four years, GCC members have seen billions of dollars being remitted to other countries.
- Member nations of the GCC have always had a healthy representation of immigrants in their workforce
- As a result, these countries also see some of the largest amount of remittances sent out of them
Economy
Morocco to support transporters during fuel price spike
The Moroccan government faced weeks of pressure over rising prices, in a country heavily dependent on imports of energy and...
- The Moroccan government faced weeks of pressure over rising prices, in a country heavily dependent on imports of energy and cereals
- Both oil and wheat prices surged due to Russia's invasion of Ukraine, although oil fell back on Monday
Investigation
Solar switch may put off electricity crisis in Lebanon
Lebanon's energy industry sees a loss of up to $2bn every year as state treasury pays over $50bn in advances...
- Between $1.5bn and $2bn is lost in Lebanon's energy industry every year as state treasury pays over $50bn in advances to Electricité du Liban
- The country’s electrical network sees 3500 megawatts demand while only 2,000 megawatts is produced, says energy expert Ahmed Daher
Business
UAE e-commerce hits $5bn in 2021, may surpass $8bn by 2025
E-commerce in the UAE surged to over $5 billion in 2021 and is projected to surpass $8 billion by 2025,...
- More consumers in the UAE made online purchases across all categories during 2021, compared to 2020, with 75 percent of respondents typically purchasing online.
- The UAE and Qatar are on top, with GDP-per-capita above $40,000 and internet penetration above 90 percent.
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Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
Company News
Latest News
Global stock markets slip as European banks’ shares hit
The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese...
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
Economy
Residential prices, rents dip across Qatar as World Cup boost dissipates
Doha, Qatar - The residential property market in Qatar is grappling with a dual challenge of decreased demand and increased...
Economy
Most Read
Economy
China posts biggest fall in exports as global demand recedes
The drop in exports was bigger than expected and the heaviest since a 17.2 percent plunge in January-February 2020, when...
- Sales of Chinese products to foreign markets sank 14.5 percent on-year last month, a third consecutive drop
- The threat of recession in US and Europe, combined with high inflation, has contributed to weakening international demand
Economy
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
- The plan aims to achieve a string of goals underscored by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future
- The latest initiative by Dubai Taxi Corporation looks to protect its database and monitor systems to prevent disruptions caused by server downtime
Economy
Russia’s BSGI exit causes global food price hike: Blinken
Washington, United States - Russia's withdrawal from the Black Sea Grain Initiative (BSGI) has led to a surge in global...
- Top US diplomat highlighted that over half of the grain from the Black Sea Grain Initiative was directed towards developing countries
- Condemning the use of food as a weapon of war, he said that 91 countries have signed a declaration at the UN opposing such tactics