Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Economy
Workers go on strike in Turkey as inflation sinks lira deeper
Soaring inflation in Turkey has propelled a wave of strikes unlike any the country has seen since the 1970s, as...
- Supermarket warehouse worker Bekir Gok was sacked this month -- alongside 256 of his colleagues -- for demanding an extra four Turkish liras (30 US cents) per hour
- Turkey's annual inflation rate officially reached 48.7 percent in January, and workers have struggled to keep up with the sky-rocketing cost of living
Economy
Palestine exports rose 23% y-o-y in December
The rise in exports was 7 percent when compared to November of the same year.
- Exports to Israel increased in December by 12 percent compared to November
- Exports to other countries decreased by 19 percent during the same period
Economy
QAIA saw passenger traffic grow 161% in January
Passenger and aircraft movement and air cargo traffic at QAIA remained far lower than pre-pandemic levels.
- Aircraft movements grew to 4,630 in January, 127.2 percent up from the same period last year
- Air freight traffic also reached 4,048 tons in January, 13.6 percent up from the same period in 2021
Business
Aramco is targeting investment in China : CEO Amin Nasser
Saudi Aramco is interested in investing in China, its President and CEO Amin H Nasser, said. He asserted that Aramco...
- Aramco is holding initial talks with partners, including the state-owned defense contractor Norinco.
- The talks were reportedly about the development of a $10 billion refining and petrochemicals complex in China.
Business
UAE trades $22.8 bn worth of rough diamonds in 2021, hits top spot globally
UAE reached the top spot globally as a rough diamond hub, trading over $22.8 billion worth of rough diamonds in...
- Dubai boasts direct flights to other diamond hubs across the world, including mining countries in Africa and manufacturing centers in India.
- Since 2015, the UAE has increased its rough diamonds trade by 76 percent, overtaking Belgium as the world’s leading rough trade hub
Geostrategy
Gas prices ‘in God’s hands’, producers warn as Ukraine crisis sparks surge
Major gas exporting nations said Tuesday they could not guarantee prices or supplies at a summit overshadowed by the worsening...
- Emir of #Qatar', which hosted a summit, said #gas producers were working to ensure "credible and reliable" supplies.
- The United States has asked Qatar to help Europe if supplies are cut, but its Energy Minister Saad Sherida al-Kaabi said that his country could not rescue Europe alone.
Geostrategy
Oil nears $100 as Western powers prepare sanctions against Russia
The jump in oil prices is compounding worries about inflation around the world, with the US Federal Reserve coming under...
- That has in turn battered equity markets in recent months, and the latest developments out of Europe led to another day of hefty selling on Tuesday.
- Russia's recognition of the breakaway regions of Ukraine will "strongly increase" economic uncertainty for the EU, its economy commissioner Paolo Gentiloni said.
Economy
Fitch says outlook on Moroccan banks’ operating environment stable
Fitch Ratings has upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB), one of the five Moroccan banks whose...
- Fitch upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB).
- Five banks, which account for nearly 77 percent of Morocco's banking system assets were reviewed by the ratings agency.
Economy
4% growth in new companies registered in Ajman Free Zone in 2021
The record shows 1,792 newly registered companies in the zone, testifying to the increased investor confidence in the services provided...
- The record shows 1,792 newly registered companies in the zone, testifying to the increased investor confidence in the services provided by the emirates.
- The growth is attributed to the competitive advantages offered by AFZ such as the strategic location, advanced infrastructures and modern facilities.
Economy
Financial corruption hinders Gulf economic model
Beside Covid-19 pandemic, many countries in the region face war and conflicts. A robust economic system necessitates an effective strategy...
- Many Middle Eastern countries face rampant political corruption and the recycling of corrupt positions, says Transparency International
- The UAE is considered the least corrupt Arab country in 2021; however, its score decreased by 2 points from 2020, according to the "Corruption Perceptions Index 2021"
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
Company News
Latest News
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
Business
In Asia expansion push, Masdar to develop 2GW clean energy in Malaysia
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing...
Economy
Lebanon’s central bank chief to end term with no successor
Lebanon's deeply divided political class has failed to agree on a replacement for Salameh, 73, creating another power vacuum in...
Most Read
Riyadh, Jeddah among world’s least expensive cities
Key global reports list Saudi Arabia's Riyadh and Jeddah among the world's least expensive cities for living. TRENDS finds out...
- Key global reports list Saudi Arabia's Riyadh and Jeddah among the world's least expensive cities for living. TRENDS finds out the cost of living in other cities of the Kingdom
- Affordability and stability of Saudi cities make them attractive destinations for both locals and expatriates seeking a cost-effective living environment, TRENDS points out
Economy
Saudi Arabia aims for 30% marine reserves by 2030
Dr Faqeeha commends the G20's support for the global platform CORDAP (Collaborative Action on Coral Reefs and People), which was...
- Saudi Arabia is collaborating with regional countries and the International Maritime Organization to establish the Red Sea as a special marine zone by 2025
- The Kingdom has implemented a circular strategy for the carbon economy and introduced a new waste management law to increase recycling rates
Economy
Global exports propel Saudi date industry to the top
The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$...
- The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$ 340 million
- Saudi Arabia's annual production of dates surpasses 1.6 million tons, with exports increasing by 121 percent from 2016 until 2022