Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Economy
DEWA completes Smart Grid Strategy short-term goals, installs 2m smart meters
Dubai Electricity and Water Authority (DEWA) has said it completed all short-term goals of its Smart Grid Strategy 2014-2035 as,...
- Between 2015 and 2020, it replaced all electricity and water meters with smart meters, a deployment of over two million smart meters.
- Between 2015 and 2017, DEWA fully automated its transmission network connected to the 400kV and 132 kV substations.
Oligarchs in the crosshairs as West targets Putin
Metals tycoon Oleg Deripaska from Russia has called for peace talks over Ukraine crisis "as soon as possible" between Russia...
- US, European G7 allies will set up a "transatlantic task force" to "identify and freeze" assets belonging to Russian officials and elites close to the Russian government
- One of Russia's richest billionaire, Mikhail Fridman has called the war in Ukraine a “tragedy” and called for the “bloodshed” to end
Economy
Makkah governor launches $4bn projects in the region
The new initiatives are expected to support environmental and water sustainability in accordance with the Saudi Vision 2030.
- The total cost of the 72 projects is said to be more than SAR15 billion ($4 billion)
- They are said to spread across several sectors, including water and the environment
Economy
Oil and safe havens rally, ruble sinks on Russia sanctions
Oil prices and safe havens surged Monday while the ruble plunged after world powers imposed fresh sanctions on Russia over...
- Oil prices and safe havens surged Monday while the ruble plunged after world powers imposed fresh sanctions on Russia over its invasion of Ukraine
- Russian President Vladimir Putin's decision to send troops across the border last week has sent shivers through trading floors as investors fret over a protracted war
Geostrategy
Russia on nuclear alert as Ukraine fiercely resists invasion
President Vladimir Putin ordered on Sunday Russia's nuclear forces onto high alert in response to what he called ‘unfriendly’ steps...
- Russia invaded on Thursday and quickly announced it had neutralized key Ukrainian military facilities, but fierce fighting has since raged
- Ukraine forces, backed by Western arms, are stymieing the advance of Russian troops, while the US leads Western condemnation and sanctions
Economy
WTI surges 6%, Brent 5% on Ukraine invasion by Russia
WTI rose 6.27 percent to $97.33, while Brent crude was up 5.24 percent at $103.06.
- Traders will closely watch an OPEC+ meeting this week, led by Russia, where they will discuss plans for further output
- The group has agreed previously to increase production gradually each month, but the Ukraine crisis could disrupt it
Business
UAE, Egypt sign reinsurance pact to bolster trade, economic cooperation
The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export...
- The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export relations
- The broad range of trade credit insurance amongst these two entities will mitigate risks they might encounter due to various political and commercial reasons
Economy
Riyadh confirms commitment to ‘OPEC Plus’ deal with Russia
Saudi Arabia confirmed its commitment to the OPEC+ agreement with Russia Sunday, the Saudi Press Agency reported, as Moscow faces...
- Members of the OPEC+ oil producers' group will meet Wednesday to discuss loosening the taps -- just days after Russia's invasion of Ukraine sent crude soaring past $100 a barrel
- The 13 members of OPEC proper will be joined by their 10 allies in the OPEC+ group at the teleconference meeting
Business
Dubai Maritime City launches $38m infrastructure project
Dubai Maritime City (DMC), DP World’s purpose-built maritime hub, announced the launch of a major project worth AED140 million ($38.1...
- The project is part of ongoing efforts to boost Dubai’s economy and enhance the efficiency of the logistics sector
- It includes developing networks for deep sewage, stormwater, fire, irrigation, potable water
Business
Aramco discovers four natural gas fields in Saudi Arabia
The exploration of natural gas will further enhance Saudi's status as the premium exporter of energy sources.
- The four major areas are in the Central Region, the Empty Quarter, the Northern Border Region and the Eastern Region.
- The four fields where the natural gas has been found are named as are Shadun, Shehab, Um Khanasser and Samna.
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
Company News
Latest News
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
Business
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...
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Business
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
- Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
- AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Business
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
- Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
- This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.