Saudi Arabia grapples with over 1 million tons of annual vegetable waste
Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and...
Economy
MENA region could gain $385bn from women reentering workforce: survey
Doha, Qatar - The women returning to the workforce following a career break have the potential to contribute nearly US$385bn...
Economy
Analysis
War, inflation threaten world income
The US Federal Reserve chair has said every $10 hike in oil prices would impact growth by 0.1 percentage points...
- S&P has cut its projection for global growth this year to 3.4 percent, a decline of 0.7 percentage points over its earlier forecast
- Nations launched huge stimulus program to prevent their economies from crumbling after the pandemic emerged in 2020
Geostrategy
Ukraine war to ‘deeply destabilise’ food supply in Europe, Africa: Macron
“Europe and also Africa will be very deeply destabilised as regards food because of what can’t be planted right now...
- “Europe and also Africa will be very deeply destabilised as regards food because of what can’t be planted right now in Ukraine,“ Macron told reporters
- The French leader added that still more economic punishment would be piled on Russia if it continues its invasion of its neighbour
Business
UAE, Bangladesh to expand cooperation in trade, investment
The UAE-Bangladesh Business Forum discussed ways to enhance cooperation between the two countries in the field of trade and investment,...
- An MoU was signed between the two to establish a joint UAE-Bangladesh Business Council.
- The UAE-Bangladesh Business Forum was held at DP World Pavilion at Expo 2020 today in the presence of ministers.
Business
Sharjah Chamber and Argentina to foster ties between businesses
The Sharjah Chamber of Commerce and Industry (SCCI) and an Argentinian delegation discussed ways to enhance cooperation between the business...
- Sharjah Chamber and a delegation from Argentina discussed economic, trade and investment relations at a forum.
- Abdallah Sultan Al Owais, Chairman of the SCCI highlighted the importance of joint work to advance the existing relations.
Business
Chinese companies threatened with delisting on Wall Street
Five Chinese companies have been ordered to comply with audit requirements by the US Securities and Exchange Commission (SEC) or...
- In total, some 248 companies are affected, with a market capitalization of about $2.1 trillion, according to an ad hoc committee.
- Mainland Chinese and Hong Kong companies are notorious for not submitting their financial statements to US-approved auditors.
Economy
UN warns of clashes in Libya as armed groups mass near Tripoli
On Thursday, the US ambassador in Libya, Richard Norland, also expressed fears over an escalation.
- Tensions have simmered since the parliament swore in a prime minister earlier this month despite interim premier Abdulhamid Dbeibah
- Dbeibah has refused to hand over power to Fathi Bashagha, and says he is the country's rightful steward until elections are held
Economy
IMF expects to cut global growth forecast due to Ukraine war
The IMF in January cut the global growth forecast for 2022 to 4.4 percent due to the Omicron variant of...
- Russia’s invasion of Ukraine, and sanctions that include a US ban on Russian oil imports, are spilling over to the global economy
- These are causing costs for energy and other key commodities like wheat, fertilizers and metals to surge, the IMF has said
Economy
Egypt inflation hits 10 percent as Ukraine impact pushes food prices up
Egypt's inflation rate hit 10 percent in February, official figures showed Thursday, as the country heavily reliant on wheat imports...
- The country, heavily reliant on wheat imports from Russia and Ukraine, braces for the full impact of their war.
- CAPMAS attributed the latest hike to a surge in prices of food especially vegetables, bread and grain.
Economy
UAE reaffirms commitment to OPEC+ pact, production adjustments
The United Arab Emirates on Thursday reaffirmed its commitment to OPEC+ alliance agreements, a day after an envoy said it...
- A surge in prices and supply fears following Russia's invasion of Ukraine have led to calls for the Organization of the Petroleum Exporting Countries to increase output.
- The OPEC+ group plans to boost production by just 400,000 barrels a day in April, the same pace as in recent months.
Economy
What would be the impact of a US “digital dollar”?
It would still be a dollar issued by the US Federal Reserve central bank, like all US bills and coins...
- It would still be a dollar issued by the US Federal Reserve central bank, like all US bills and coins used now, but in a digital form
- At the same time, the digital dollar would be worth the same as its paper counterpart, a divergence from cryptocurrencies which currently have highly volatile valuations
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
Saudi Arabia grapples with over 1 million tons of annual vegetable waste
Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and...
Economy
Company News
Latest News
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
Business
Eni, British Petroleum, Sonatrach say resuming operations in Libya
Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start...
Most Read
Business
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
- Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
- AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Business
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
- Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
- This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.