Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
Business
Economy
Saudi achieves 30 percent female labor force target 10 years early
Saudi Arabia has achieved its target of getting 30 percent female labor force participation nearly 10 years ahead of schedule,...
- The research, carried out by Roland Berger on behalf of Uber, shows that women made up 36 percent of workers in the Kingdom in 2021 — up from 22 percent just three years earlier.
- The increase was partly attributed to the success of the Wusool program, which made transport more accessible to working women.
Economy
Brent oil rebounds 5 percent from slump as hopes of supplies rise
European benchmark Brent North Sea crude climbed 5.1 percent to $116.80 per barrel in morning deals. New York's WTI contract...
- Brent tumbled as low as $105.60, having hit a peak of $139 just two days before, as the Ukraine crisis continues to send shockwaves through markets.
- The UAE said Wednesday it would urge fellow states in the OPEC oil producers' cartel to boost output.
Economy
Ukraine war affects green energy transition
The EU, IEA, and NGOs stress that the development of renewable energy sources and biogas must be accelerated.
- The global demand for the dirty fossil fuel reached a historic high in 2021 as several countries including China prefer it to pricier gas
- Some countries could burn coal for longer, using it to transition to renewable energy sources without passing through a gas-power phase
Geostrategy
Britain urges all G7 members to ban Russia oil imports
The US has led a Western assault on Russia's economic lifeline by banning imports of oil and gas followed by...
- The British foreign secretary, standing alongside US Secretary of State Antony Blinken, hailed transatlantic unity against Russia
- Blinken called absurd and offensive the Russia proposal of safe passage of Ukrainians through its own territory
Analysis
Can Gulf producers tame oil prices?
However, Gulf countries have an interest in acting in coordination — both within OPEC, and with Russia-led allies in the...
- US President Joe Biden on Tuesday announced a ban on US imports of Russian oil and gas
- Britain said it would phase out crude imports from the country by the end of this year
Geostrategy
UAE says will urge OPEC to boost oil output
Brent had spiked to $139 on Monday — about $8 short of an all-time record — in expectation of the...
- US President Joe Biden on Tuesday announced a ban on US imports of Russian oil and gas
- Meanwhile, Britain said it would phase out crude imports from the country by the end of 2022
Interview
F&B sector in GCC eyes greater sustainability
Tetra Pak Arabia Managing Director Niels Hougaard explains what lies ahead for F&B companies — bith regionally and globally —...
- Pollution and plastic litter in the ocean are the joint top environmental worry, while global warming is a close second
- GCC countries have launched several initiatives to educate consumers about recycling and sustainable consumption
Economy
Protests rock Iraq’s southern area as food prices surge
Protests erupted Wednesday in Iraq's impoverished south over a rise in food prices that officials attributed to the conflict in...
- The price of cooking oils and flour have skyrocketed in local markets as government officials have sought to address growing anger.
- More than 500 protesters gathered in a central square in the southern city of Nasiriyah opposing the unchecked rise in food prices.
Economy
Tunisia to initiate harsh action against food speculators
Tunisian President Kais Saied declared war Wednesday on food speculators amid a shortage of products such as wheat and semolina...
- Russia's invasion of Ukraine has threatened supplies of basic foodstuffs, particularly wheat
- Tunisia has seen a sharp shortage in staples such as rice, semolina, sugar and flour over the past weeks
Geostrategy
Kyrgyzstan and Ras Al Khaimah to expand cooperation in investment, trade
Kyrgyzstan and the UAE have discussed enhancing the investment and trade cooperation between the two sides. Mohamed Ali Musabbeh Al...
- Both sides agreed at a meeting to organize a business visit by a delegation from the chamber to Kyrgyzstan.
- The meeting also discussed several projects and investment opportunities that will increase the trade exchange between Kyrgyzstan and Ras Al Khaimah.
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Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Company News
Latest News
Central Bank of Egypt raises interest rate to 100 bps to combat inflation
Cairo, Egypt – In a surprising move, the Central Bank of Egypt (CBE) announced on Thursday that it has raised...
Economy
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
Business
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...
Economy
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Business
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.
- EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
- Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.
Business
DUBAL, Oriental Copper ink MoU
JV will manufacture high-quality copper products in UAE.
- As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
- Oriental Copper will contribute its extensive technical, operational, and market expertise.
Economy
Turkish inflation surges in July at 47.83 percent
The new figure comes as Turkey radically shifts its policies since the May election that includes an end to more...
- The official rate had been steadily dropping since reaching a more than two-decade high of 85 percent in October last year
- The consumer prices skyrocketed by almost 9.5 percent on a month-on-month basis, according to the TUIK state statics agency