India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy
First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...
Economy
Business
Qatar Airways hits out at Airbus as new jet grounded in paint dispute
Qatar Airways has secured an injunction preventing Airbus from cancelling deals for other jets as the two are involved in...
- The airline has now grounded 22 of its 53 A350 jets since November 2020, and said it will move ahead with legal action.
- In retaliation, Airbus has in turn sought to cancel orders made by Qatar Airways for two other A350 jets and 50 A321neo planes.
Business
Shell to sell stakes In Gazprom
Action followed after Russia's invasion of Ukraine.
- The announcement came after UK Foreign Secretary Liz Truss said more than 3 million Russian companies would be unable to access funding from London-based financial institutions
- European football's governing body UEFA also ended its estimated 40-million-euro sponsorship deal with Gazprom
Economy
Region needs tourism to beat inflation
Despite the global closures and economic crisis, the tourism sector in the Gulf region fared well in 2021 due to...
- Despite global closures and the economic crisis, the tourism business thrived in 2021
- The sector is likely to rebound in 2022 after faltering due to lifting travel restrictions
Geostrategy
US expels 12 Russian UN staff for ‘espionage activities’
The announcement of the expulsion came on the last day of Russia's presidency of the UN Security Council and it...
- The US deputy ambassador to the UN said the 12 members of Russia's UN mission had engaged in non-diplomatic activities
- A Russian diplomatic source later said the expulsion decision did not target either the ambassador or his two senior deputies
Business
Tech giants clamp down on Russia state-linked news
Facebook's parent Meta said it would be restricting access in the European Union to RT and Sputnik.
- Facebook's parent Meta said it would be restricting access in the European Union to RT and Sputnik
- Twitter and Facebook have both been hit with access restrictions in Russia since the invasion of Ukraine
Economy
Explained: Inflation and its impact on GCC
It's time to review how inflation, which measures the overall increase in prices or the increase in the cost of...
- It's time to review how inflation, which measures the overall increase in prices or the increase in the cost of living in a country, is affecting the region?
- Inflation represents how much more expensive the relevant set of goods and/or services has become over a certain time period
Economy
Saudi job market to stay upbeat in 2022
During the past four years, the kingdom has created 555,000 new jobs as part of its plan to develop $1...
- Slump in other job markets makes candidates open to moving the kingdom for employment.
- Working on infrastructure projects underway in the kingdom will demonstrate future companies' capacity to work within different cultures and adapt to different cultures.
Business
Bangladesh to partner with UAE to boost trade in Middle East
The Federation of Bangladesh Chambers of Commerce and Industries, or FBCCI, will launch a UAE-Bangladesh Business Council next month to...
- Bangladesh’s Prime Minister Sheikh Hasina is likely to launch the business council
- The business council is expected to strengthening the trade relations with the UAE
Business
Bahrain eyes cooperation with Germany in aviation, tourism
Bahrain's Minister said the private sector plays a key role in strengthening bilateral relations, as it boosts the volume of...
- Bahrain's Minister stressed the importance of attracting more expertise and investments.
- He also highlighted the incentive packages provided by Bahrain for overseas investors.
Business
Shurooq to invest in GCC, Arab countries, Australia, says its Executive Chairman
Shurooq is currently considering in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar,...
- Shurooq has received a proposal to establish similar entities to Sharjah Sustainable City in Australia and the US.
- It is now engaged in tourism, environment, transport and project management sectors and will soon invest in health, education and robotics.
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy
Company News
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Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
Business
UAE 2023 growth prospects face least risk in Middle East, Africa
Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to...
Economy
Saudi capital market institutions post record 2022 net income
Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase...
Business
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Business
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
- Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
- The net profit was attributable to robust topline growth and significantly lower finance costs.
Eni, British Petroleum, Sonatrach say resuming operations in Libya
Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start...
- The NOC said in a press release it "received official notifications from the Italian company Eni and the British company British Petroleum regarding the lifting of force majeure
- NOC had also been notified by Algeria’s Sonatrach that "exploration and fulfilment of contractual obligations in blocks 065 and 96/95 in the Ghadames Basin" had resumed
Economy
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...
- The lending rate was increased to 20.25 percent, and the deposit rate to 19.25 percent
- The decision marks the second interest rate hike in Egypt this year, following a 2 percent rise in late March