Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
Economy
US Fed raises interest rate in battle against high inflation
Markets are expecting a total of seven rate hikes this year, and while the US Federal Reserve’s Open Market Committee...
- At the conclusion of its two-day meeting, the Fed’s Open Market Committee announced a quarter-point rate hike
- This is the first increase in interest rates since 2018 and since it cut the rate to zero at the start of the Covid-19 pandemic
Economy
OPEC projects UAE economy to grow rapidly in 2022
OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.
- OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
- Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports
Economy
IEA cuts oil demand outlook, fears Russia supply ‘shock’
The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over...
- Russia, the world's biggest exporter of oil, has been hit with a slew of international sanctions over the war in Ukraine, which sent oil prices soaring.
- While the measures exclude the energy market, the IEA said major oil companies, trading houses, shipping firms and banks have "backed away from doing business with the country".
Business
Fintech opens center in Riyadh
It is a first-of-its-kind center in King Abdullah Financial District.
- This follows an increased number of fintech companies in the region
- Saudi had witnessed a massive jump in venture capital investments in the fintech sector
Economy
Uncertainty for Russian tourists in Turkey hotspot as war rages
Dozens of Western countries have banned Russian planes from their airspace while some carriers operating flights to Russia have had...
- Dozens of Western countries have banned Russian planes from their airspace while some carriers operating flights to Russia have had their insurance policies cancelled
- Some Turkish holiday operators have cited the impact of Western sanctions when cancelling the plans of their Russian clients
Economy
Saudi economy grows 3.2% in 2021, the highest rate in 6 years
Saudi Arabia has reported a robust growth in its economy, posting a 3.2 percent increase in the gross domestic product,...
- The economy expanded in 2021 by the highest annual rate since 2015
- The economy grew thanks to the rise in non-oil sector by 6.1 percent, while oil activities showed a modest growth of 0.2 percent
Economy
UAE citizens can travel visa-free to Israel
Israel has announced that all UAE citizens can now travel visa-free to Israel. The move is part of a wider...
- Both vaccinated and unvaccinated tourists of all ages are permitted to enter Israel upon presenting a negative PCR test before departure and after arriving in Israel
- The announcement follows a recent agreement between the UAE and Israel extending visa-free entry to all UAE nationals as part of the ongoing strategic partnership between them
Economy
Fed set to raise interest rates to rein in inflation
The Federal Reserve will have to walk a tightrope to ensure its efforts don't derail the recovery from the Covid-19...
- The Federal Reserve will have to walk a tightrope to ensure its efforts don't derail the recovery from the Covid-19 pandemic
- Russia's invasion of Ukraine has introduced new uncertainty in an economy battered by supply chain snarls and labor shortages
Economy
Jordan to provide facilities to its businessmen in China
Secretary-General of the Ministry of Investment, Zaher Qatarneh held a virtual meeting with a group of Jordanian businessmen in China.
- Secretary-General of the Ministry of Investment, Zaher Qatarneh held a virtual meeting with a group of Jordanian businessmen in China
- He added that the work is underway to develop a strategy to draw foreign investments in priority sectors, especially in industry, tourism, information technology and health sectors
Business
Warsaw seeks NATO ‘peace mission’ to help Ukraine
Polish Prime Minister Mateusz Morawiecki again called on the EU to "very quickly give Ukraine candidate status".
- Polish Prime Minister Mateusz Morawiecki again called on the EU to "very quickly give Ukraine candidate status."
- Ukraine's deputy PM has praised "the courage of the true friends of Ukraine" as the Prime Ministers of three countries arrive to show support
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Company News
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ADIA, EQT to buy Dechra Â
Business
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...
Economy
Cristiano Ronaldo’s goal propels Al-Nassr to win King Salman Club Cup
Taif, Saudi Arabia-- Cristiano Ronaldo led his team to victory as Al-Nassr FC won the 2023 King Salman Club Cup...
Business
GCC deals with rice shortage amid Russia-Ukraine war
The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export...
Economy
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Geostrategy
Lebanon detains 134 Europe-bound migrants near Syrian border
BEIRUT, LEBANON -The Lebanese army arrested 134 migrants near the northern border with Syria on Saturday after foiling their attempt to...
- 130 Syrians and remaining four Lebanese nationals were taken into custody in the coastal town of Sheikh Zennad, in Akkar province.
- Migrants departing from Lebanon head for Europe, with one of the of the main destinations being Cyprus, only 110 miles away.
Business
Cage fight with Zuckerberg will be in Italy, says Musk
WASHINGTON, US - Elon Musk said that his much-hyped cage fight with Mark Zuckerberg would take place in Italy, as authorities...
- Musk said on his X social media platform - formerly known as Twitter - that arrangements were advancing.
- Meta chief Zuckerberg responded on his Threads social network, posting a photo of himself shirtless and pinning down an opponent.
Geostrategy
US to invest $1.2 bn on facilities to pull carbon from air
The two projects -- in Texas and Louisiana -- each aim to eliminate one million tons of carbon dioxide per...
- Direct Air Capture (DAC) techniques focus on that CO2 emitted into the air, which is helping to fuel climate change and extreme weather.
- Each of the projects will remove 250 times more CO2 from the air than the largest carbon capture site currently in operation, the Energy Department said.