GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In...
Economy
NEOM announces Treyam, its premier lagoon destination
Neom, Saudi Arabia - NEOM, Saudi Arabia’s futuristic mega city will now have a premier resort where the spectacular desert...
Economy
Economy
US Fed official sees big hike at March meeting, warns of Ukraine impact
Russia’s invasion of Ukraine threatens to drive up global commodity prices and disrupt the US recovery at a time of...
- Russia’s invasion of Ukraine threatening to drive up global commodity prices and disrupt the US recovery at a time of high inflation
- The central bank typically increases by a quarter percent, but Waller said an increase at the March 15-16 meeting of half a percentage point
Geostrategy
North Africa-Europe migrant deaths at sea up 155%: UN
The surge in deaths came alongside evidence of both increased arrivals in at least one key destination and rising interceptions.
- The central Mediterranean route, running from Tunisia and Libya to Italy and Malta, has claimed more than 18,000 migrant lives since 2014
- The Western Africa-Atlantic crossing to Spain's Canary Islands was the second most deadly during the first half of last year, with 250 fatalities
Economy
New US sanctions hit Russian banks, elites; spare energy
Washington said the penalties will be severe, and will have lasting impact on Russia's economy.
- The US Treasury added five more Russian banks to the sanctions list, including the country's two largest
- Western allies banned exports of key high-tech goods aimed at choking off the Russian military's capabilities
Economy
IMF, World Bank warn of global impacts as Russia invades Ukraine
The World Bank and IMF warned on Thursday that Russia's invasion of Ukraine would have repercussions for the global economic...
- IMF Managing Director Kristalina Georgieva said the conflict ‘adds significant economic risk for the region & the world’
- World Bank President David Malpass warned that ‘the devastating developments’ would have ‘far-reaching economic and social impacts’
Economy
Ukraine-Russia war may affect Gulf food supply
The ongoing conflict will directly impact the Gulf and Arab countries since they import vast food items from the two...
- The Gulf states will be directly affected by the conflict as they depend on the two countries to meet a large proportion of their food requirements.
- Experts, however, believe a severe food shortage crisis in the Gulf countries is unlikely to happen in the short term as they can absorb rising import costs
Business
New South Wales displays agri-food innovations at Expo 2020
The Australian state of New South Wales (NSW) displayed its agri-food innovation and manufacturing capabilities to strengthen further its ties...
- New South Wales highlighted its prominent companies in agtech, food & beverages besides prime investment opportunities.
- The event saw six NSW companies pitched their businesses to the buyers, investors, distributors and retailers present in the audience.
Economy
With Spanish funds, Lebanon plans to revive railway out of service since ’70s
Lebanon's transport minister has said that Spain will finance a plan to revive the railway network that has been out...
- Lebanon had a railway network since the end of the 19th century which connected Beirut to the Syrian capital Damascus.
- It was built during Ottoman rule and inaugurated in 1895, operating until the devastating civil war begun 47 years ago.
Economy
Russia-Ukraine conflict: GCC can fill the energy gap
The Arab oil and gas producers are likely to close the gap that could arise from the disruption of oil...
- The Arab oil and gas producers are likely to close the gap that could arise from the disruption of oil flows from Russia, according to the Institute of International Finance
- The brent oil prices surged to US$100 per barrel for the first time in eight years after Russia attacked Ukraine
Economy
Saudi Arabia overall export rose 62.6% y-o-y in December
GASTAT data said the value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021.
- The total value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021
- This was up from the SAR65.3 billion ($17.41 billion) that Saudi Arabia had in December 2020
Economy
Russian central bank to intervene as ruble, Moscow exchange plummet
The ruble-dominated Moex index opened down 13.97 percent, while the dollar-dominated RTS was down 20.16 percent.
- The central bank measures are intended to provide ‘additional liquidity to the banking sector’ in Russia
- This, as Western sanctions loom after the military operation announced by Vladimir Putin against Ukraine
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further. In...
Economy
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Turkish inflation surges in July at 47.83 percent
The new figure comes as Turkey radically shifts its policies since the May election that includes an end to more...
Economy
Kenya suspends Worldcoin crypto over privacy concerns
Users who registered with the Worldcoin cryptoproject in Kenya were offered 25 free Worldcoin tokens worth about 7,000 shillings ($45),...
Business
Global trade in goods, services worth US$31trn in 2022: WTO
Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the...
Economy
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Economy
UAE president and Jordan’s king renew resolve to boost ties
The talks between Sheikh Mohamed bin Zayed and King Abdullah focused on ways to ramp up cooperation across key strategic...
- The meeting between the UAE president and Jordan's king took place at Basman Palace in Amman during the president's official visit to Jordan
- The two leaders discussed various aspects of UAE-Jordan cooperation and opportunities to build on the deep, historic ties between both nations
Business
Global outstanding sukuk cross $800bn for first time: Fitch Ratings
Sovereigns were the key issuers. Fitch said the pricing of most sukuk and comparable bonds continued to be similar and...
- Most Fitch-rated sukuk are senior unsecured obligations of the issuer and rank equally with other senior unsecured obligations, including bonds.
- Most Fitch-rated sukuk continued to be investment-grade at 79%, with 12.6% of issuers having a Positive Outlook, and 77.5% having a Stable Outlook in Q2.
Economy
‘UAE’s compliance level high in anti-money laundering’
She adds that the Ministry’s participation in this workshop forms part of its commitment to fostering regional and international cooperation...
- The UAE has achieved the highest compliance levels in anti-money laundering, developing an advanced ecosystem in line with global best practices
- The Gulf country seeks to foster regional and international cooperation with partners, contributing to establishing a sustainable AML ecosystem