Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...
Business
Economy
Meta and UAE’s initiative for SBMs launch ‘Boost with Facebook’ program
Meta and The Entrepreneurial Nation program have launched ‘Boost with Facebook’ program in the Emirates that is aimed at attracting...
- The Entrepreneurial Nation, Ministry of Economy's initiative, helps entrepreneurs set up as well as expand their ventures through PPP.
- There are around 350,000 SMBs in the UAE, accounting for 86 percent of the labor force in the private sector and making up over 60 percent of GDP.
Economy
Bahrain provides unemployment benefits to 31,099 people in 2021
Bahrain government has provided unemployment benefits to 31,099 citizens in 2021, according to the country’s Labor Minister Jameel bin Mohammed...
- Unemployment benefit has not been discontinued for any beneficiary who meets the eligibility conditions, said the country's Labour minister Jameel bin Mohammed Ali Humaidan.
- Amendments have been made to the Unemployment Insurance Law to keep pace with the economic requirements of Bahraini jobseekers, he said.
Economy
Saudi Arabia has stable food stocks, says agriculture minister
Saudi Arabia has taken steps to maintain the stability of domestic supply in accordance with the food security strategy.
- Abdul Rahman Al-Fadli said Saudi Arabia’s food commodity markets had not experienced any supply shortages
- The country has been ranked one of the world’s best in terms of food abundance, added the agriculture minister
Economy
Sanctions seek to cripple Russian economy as Ukraine invasion continues
The sanctions came as the Russian military stepped up its bloody, multi-pronged assault against Kyiv and other Ukrainian cities.
- The measures were backed by the United States, Canada, the European Commission, Britain, France, Germany and Italy
- In a symbolic gesture likely to resonate in Moscow and the Kremlin, the stunning news was first delivered from Europe
Business
Saudi Arabia and UAE drive real estate growth in the region
Saudi Arabia and the UAE are driving the real estate market in the Middle East region with the backing of...
- Kingdom’s residential real estate prices increased by 1.7 percent on an annual basis in the fourth quarter of 2021
- Apartment values in Riyadh and Jeddah accelerated by 17 percent and 12 percent, respectively, in the last 12 months
Economy
Job creation in Oman posts 129% jump in 2021
In 2021, total revenues of the Ministry of Labor stood at RO 232.9 million ($605million) generated from fees of licenses...
- The number of new employees in the private sector in 2021 stood at 49276 of which 42609 were contracted employees
- The employment-linked training programs and on-the-job training programs benefited 9859 job seekers in 2021
Economy
UAE eases Covid-19 protocols for citizens and travelers
The UAE’s National Emergency Crisis and Disasters Management Authority relaxed the rules in coordination with its main partners.
- At the local level, each emirate now has the flexibility to determine the duration of the quarantine period and PCR tests for Covid-19 contacts
- However, they must maintain the need to follow precautionary and preventive measures, which include physical distancing and mask-wearing
Business
DP World acquires 100% stake in Imperial
The acquisition is expected to also add significant strategic value to DP World given Imperial’s footprint and strong market access...
- The acquisition is expected to also add significant strategic value to DP World given Imperial’s footprint and strong market access and logistics solutions capability
- DP World and its subsidiaries employ over 71,000 people across its worldwide operations
Geostrategy
Sanctions bore in on Russia over Ukraine invasion
On Friday, US President Joe Biden extended his country's measures against Russia to include sanctions on President Vladimir Putin and...
- The first tranche will hit four Russian banks, cut off more than half of Russia's technology imports, and target several oligarchs
- Energy giant Gazprom and 12 other major companies will be barred from raising capital in Western financial markets
Economy
Global stocks rebound, oil slips as traders weigh Russia sanctions
In Europe, the three main indices all closed more than three percent higher, recovering most if not all of the...
- European benchmark Brent crude was down to $96.63 per barrel, having briefly soared past $105 per barrel on Thursday for the first time since 2014.
- Western nations added to sanctions on senior Russian officials and business figures as well as Russian banks. The US also blocked tech exports including semiconductors.
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Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Company News
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Jordan sees surge of investments to US$844.8m in first half of 2023
Amman, Jordan--Jordan’s economy has seen a 47.6 percent increase in investments in the first half of 2023, according to data...
Economy
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Business
US equities up as major firms set to unveil economic reports
New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in...
- US equities have continued to trend higher in July behind hopes that the Federal Reserve will soon relent on interest rate hikes
- The broad-based S&P 500 added 0.3 percent at 4,593.56, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 14,370.18.
Economy
Federal Reserve open to alter interest rates, says official
Washington, US - A Federal Reserve official left open the possibility on Monday of pausing or stopping interest rate hikes at...
- To rein in surging costs of living, the Fed has lifted the benchmark lending rate rapidly since March 2022
- While the full effect of policy will take time to ripple through the economy, inflation has cooled
Economy
Saudi Arabia real GDP grows 1.1 percent in Q2 2023
RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023,...
- According to the report, seasonally adjusted real GDP decreased by 0.1 percent in Q2 of 2023 compared to Q1 of 2023.
- GASTAT carries out all statistical work, as well as the technical oversight of the statistical sector in Saudi Arabia.