High inflation leaves Nigeria struggling ahead of Ramadan
Lagos, Nigeria - The holy fasting month of Ramadan begins early next week in Nigeria, with the worst economic crisis in...
Geostrategy
Qatar and Estonia sign agreement to avoid double taxation
Doha, Qatar--Qatar and Estonia have signed an agreement to avoid double taxation and prevent income tax evasion. The agreement was...
Economy
Geostrategy
Bahrain and Egypt share solid relations: Fawzia bint Abdulla Zainal
Bahrain and Egypt share solid long-standing brotherly relations, and there is steady progress in it due to their deep partnership...
- The two sides discussed ways to enhance parliamentary relations between the two countries, in addition to the mechanisms to develop joint action.
- They also exchanged points of view on regional and global issues of mutual interest affirming the importance of cooperation between the two.
Business
2021 edition of World’s Coolest Winter raises UAE hotel revenues by 50 percent
UAE government's World's Coolest Winter campaign, which was launched in December 2021, has raised revenues of hotel establishments to AED1.5...
- The campaign promoted tourism, natural sites and entertaining destinations and experiences across the seven emirates of the UAE.
- The campaign also raised the number of domestic tourists from 950,000 to 1.3 million, an increase of 36 percent over the first edition of the campaign.
Geostrategy
Norway vows to increase funding for UNRWA
Norway's Minister has called on other donors as well to increase their funding for UNRWA.
- Norway has vowed to provide NOK 1.1 billion ($124 million) over a period of four years to UNRWA
- It is expected to help the organization protect children and boost initiatives to combat sexual and gender-based violence
Economy
West Libya defends naming of new PM
An influential figure in western Libya, Mechri accused Dbeibah's government of "fueling a campaign against the parliament and the HCS".
- Libya's western-based upper house defended lawmakers' decision that "unanimously approved" former interior minister Fathi Bashagha as new prime minister
- Abdulhamid Dbeibah's interim government had to lead the country to the presidential poll on December 24 but it was cancelled due to the candidacies of controversial figures
Economy
UN points to blue economy for global growth
Communities and businesses that rely on the ocean are hurting, as more than 3 billion people depend on marine and...
- The World Bank defines blue economy as "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs” while preserving oceans
- The UN has earlier noted that a good blue economy could help the world achieve its Sustainable Development Goals, including one for life under water
Economy
IMF says more work needed for Lebanon aid deal
After two weeks of talks, the IMF said Friday it has advanced efforts to secure an aid program to help...
- The Washington-based lender launched talks last month to pull the Middle Eastern country out of its deepening economic crisis
- The country will need fiscal reforms that ensure it can manage its debt load as well as measures to establish a "credible" currency system, the IMF said
Economy
Citing inflation, Fitch downgrades Turkey to ‘B+’
Fitch Ratings on Friday downgraded Turkey's debt from BB- to B+ with a negative outlook, citing high inflation and a...
- The downgrade comes after data released earlier in the month showed inflation hitting a two-decade record of nearly 50 percent in January
- The agency added that it "does not expect the authorities' policy response" to "sustainably ease macroeconomic and financial stability risks"
Business
Saudi Arabia scouts markets for non-oil exports
While initiatives like Made in Saudi Arabia are helping ramp up production, Saudi Exports is looking to rope in government...
- Saudi Arabia intends to increase the amount of non-oil exports from 16 percent to 50 percent of the total GDP
- The Made in Saudi Arabia program helps create a unified identity for exports and improve their reliability
Business
DWC Airport to host Business Aviation Event ‘MEBAA’ in December
DWC Airport in Dubai will host the MEBAA Show, a business aviation platform, from 6-8 December 2022. The event will...
- The event will showcase the latest trends, insights, innovation and commercial opportunities shaping the future of business aviation.
- Providing a platform for the entire business aviation community, the MEBAA Show will convene again to build partnerships.
Business
Saudi seaports registers 5.3 percent increase in cargo handling
This includes a 48.28% growth in passenger volume, with the total number reaching 88,000.
- The total food shipments amounted to more than 2 million in January, representing an increase of 2.06 percent compared to last year.
- The statistical figures for January 2022 issued by MAWANI also showed an increase in other operational indicators of Saudi ports.
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High inflation leaves Nigeria struggling ahead of Ramadan
Lagos, Nigeria - The holy fasting month of Ramadan begins early next week in Nigeria, with the worst economic crisis in...
Geostrategy
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Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
Economy
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...
Economy
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Business
Nissan Q1 net profit $750m
Results due to better sales in Japan, North America.
- Sales rose 37 percent to US$20.6 billion, even as tougher competition and a sluggish post-Covid recovery hurt its performance in China.
- The auto giant raised its annual net profit forecast to US$2.4 billion from its previous estimate of US$2.2 billion, boosted in part by cost-cutting.
Economy
US Federal Reserve likely to lift interest rates to 22-year high
The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more...
- A rate hike on Wednesday would raise the Fed's benchmark lending rate to a range between 5.25 and 5.5 percent - its highest level in 22 years
- Futures traders see a probability of close to 99 percent that the Fed will proceed with a quarter percentage-point hike, according to data from CME Group
Business
UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion...
- The results of financial transactions during the first quarter shows the value of net lending and net borrowing amounted to $6.3 billion
- The value of total expenditures worked out $25.0 billion ,comprising net investment in nonfinancial assets and current expenses