Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Date palm cultivation in AlUla sees increased productivity
AlUla, Saudi Arabia - Date palm cultivation in AlUla governorate has witnessed a significant increase in productivity this year, with...
Economy
Too early to dismiss oil’s role in energy market
Saudi Arabia, the world's second-largest oil producer that produced more than 10 million barrels of crude per day before the...
- Saudi Arabia, the world's second-largest oil producer, plans to produce 13.5 million barrels by 2027, as well as 23 billion cubic feet of gas by 2030
- Despite its national policy to diversify the economy and lessen reliance on fuel, the Kingdom continues to increase its oil and natural gas production
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.
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Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
Geostrategy
Company News
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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...
Economy
UAE launches finance strategy to boost government performance
Dubai, UAE -- The United Arab Emirates Sunday launched Ministry of Finance's Strategic Plan 2023-26 aimed at accelerating government performance...
Economy
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
Business
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Economy
UAE Corporate Tax: Relief measures for SMEs
Abu Dhabi, UAE - The UAE has unveiled a series of relief measures to support the growth and prosperity of...
- Only profits exceeding AED 375,000 are subject to the 9% corporate tax
- Only 50% of entertainment expenses are deductible against taxable profits
Economy
Oman annual inflation inches up to 0.69 percent in June
Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price...
- Inflation was fueled by the increase in most of the main groups making up the consumer price index and the prices of the food and non-alcoholic beverages
- The prices of oils and fats rose by 4. 81%, fruits by 4.3%, other foodstuffs by 3.91%, bread and cereals by 2.34%, and non-alcoholic beverages by 0.67%
Economy
Borders, culture strengthen Iran-Pakistan relations
"The economies of Iran and Pakistan are inherently complementary. For example, Pakistan can be a supplier of Iran's needs in...
- Iran and Pakistan have taken effective measures to expand their economic relations in recent years
- Two new border terminals have been opened along the common border between Iran and Pakistan