Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
Economy
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
Economy
Business
Governor chairs meeting to turn Makkah into a smart region
The meeting was attended by the Minister of Communications and Information Technology Abdullah Al-Sawaha, as well as the heads of...
- During the meeting, the governor was reportedly briefed on the work carried out by the Ministry of Communications to contribute to the transformation
- Chief of these is the development of digital infrastructure, as the number of 5G towers reached around 4,000, and the average speed reached 155 Mbps
Economy
Tens of thousands march in climate protests across France
"When are we going to talk about it?" read a sign at demonstration in France where thousands came out to...
- Around 80,000 protesters took to the street of France to call for more attention to the climate crisis
- During the election campaign in France, climate crisis took up only 1.5 percent of talking points in media coverage
Business
Egypt nixes reports that Suez Canal traffic is falling
The key trading link is setting new records, said the government, quoting the Suez Canal Authority.
- About 10 percent of global trade, including 7 percent of the world’s oil, flows through the Suez Canal
- First opened in 1869, the canal is a source of national pride and foreign currency to Egypt
Economy
Rising food prices shake North Africa as Ukraine war rages
Tunisia, Morocco, and Libya, along with several other Arab countries, import much of their wheat from Ukraine and Russia.
- Tunisia imports almost half of the wheat used to make bread from Ukraine, and authorities say it has enough supplies to last three months
- Oil-rich Libya gets about 75 percent of its wheat from Russia and Ukraine, and Morocco too relies heavily on the same source for supplies
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.
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...
Economy
Company News
Latest News
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...
Economy
Stock markets drop over fears of more interest-rate hikes
In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a...
Business
IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
Business
Most Read
Markets struggle again as US inflation fails to sooth rate worries
A highly anticipated report showed July consumer prices rose more than the previous month but less than feared, giving the...
- Hong Kong and Shanghai fell further, even as Alibaba surged in response to an earnings report showing a forecast-busting rise in first-quarter revenue
- Sydney, Singapore, Manila and Jakarta also fell, though Seoul, Wellington and Taipei eked out gains. Tokyo was closed for a public holiday
Economy
Iraq’s apex bank introduces new exchange categories for dollar sales to travelers
BAGHDAD -- The Central Bank of Iraq has introduced three distinct categories of exchange companies dedicated to selling dollars to...
- Exchange companies will operate under strict Central Bank regulations and Anti-Money Laundering Law
- Enhanced electronic platform by the Central Bank of Baghdad will oversee all dollar sales to citizens
Economy
Iraq streamlines imports, focuses on strengthening domestic industries
In a move to fortify the local market, Iraq's Ministerial Council of Economy has taken decisive steps, including the removal...
- Iraq's Ministerial Council of Economy removes four items from import lists
- 4% customs tariff reduction announced for imported live animals for slaughter