Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Economy
Oil prices plunge on China lockdowns, stocks diverge
Oil prices plunged on Tuesday as China, a major energy consumer, placed nearly 30 million people under COVID lockdown, and...
- China reported 5,280 new COVID-19 cases on Tuesday, more than double the previous day's tally
- "China oil demand risk is real," Dickson said, adding that a strengthening dollar also pressures crude prices since oil is traded in dollars
Interview
Skills gap challenge for GCC digitization, says du CEO
GCC companies should work closely with digital and software companies to expedite digital transformation, says Fahad Al Hassawi, CEO of...
- du is the second largest telecom service provider in the UAE, and its 2021 revenues grew by 5.4% to $3.19 billion
- Agility will be key to the telecommunications industry and requires telecom operators to look beyond connectivity, says al Hassawi
Economy
UAE disburses $2.17bn in insurance expenditure among beneficiaries
UAE’s estimated insurance expenditure reached more than AED8 billion ($2.17 billion) in 2021 an increase of AED499.4 million in comparison...
- The number of pensioners in Sharjah amounts to 6,692 (26 percent), while the number of pensioners in Dubai is 5,892 (23 percent).
- At 16,597 (65 percent) female pensioners outnumbered male pensioners who totaled 8,786 (35 percent).
Business
Egypt and Lockheed Martin look to boost defense ties
Egypt and American Defense company, Lockheed Martin, have discussed ways to enhance cooperation.
- Mohamed Ahmed Morsi, Egypt’s minister of state for military production, held talks with Raymond Piselli, vice president of Lockheed Martin
- Morsi noted that Egypt’s growing presence in the field of security and defence is the result of economic reforms undertaken by Egypt
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
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
Company News
ADIA, EQT to buy Dechra
Business
Latest News
Saudi home to three of top five Arab smart cities
Saudi Arabia, which has pioneered the development of smart cities in the region, plans to establish more than 200 smart...
Infographics
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...
Geostrategy
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...
Business
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Economy
Youth play crucial role in building sustainable future
"The UAE is committed to a sustainable future, and we believe that our youth are the key to achieving this...
- The UAE is committed to a sustainable future, says Awaidha Murshed Ali Al Marar, Chairman, Abu Dhabi Department of Energy
- By empowering young people with green skills, we can help them shape the energy landscape for the future, adds the official
Business
ADX profits vault to $11.70bn
It posted gains in one week on the back of company results.
- The value of stocks on the bourse increased to $781 billion at the end of Friday's session as against $770 billion at the close of last Friday
- Over the week, the equities market saw an inflow of liquidity exceeding $2.34 billion, split between $1.81bn in ADX and $539m in the DFM
Economy
Global inflationary waves may hit Arab world’s growth
Rising rates and global slowdown pose challenges for economic growth and investment in Arab countries, which expect to expand at...
- Rising rates and global slowdown pose challenges for economic growth and investment in Arab countries, which expect to expand at 3.4% in 2023, down from 5.6% in 2022
- Diversified Arab economies are better equipped against economic shocks, says Arab Monetary Fund, adding that the regional inflation may hover around 6.8% for 2023