Iran’s aluminum ingot output up 7% in Feb 2024
Tehran, Iran - Iran’s production of aluminum ingot in the country registered a 7% growth in the first 11th month...
US consumer inflation in Feb up as Federal Reserve mulls rate cut
The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core"...
Economy
Economy
Sharjah Police returns around AED500m to owners in 2021
A number of beneficiaries of the initiative are said to have expressed their happiness as they were able to recover...
- Colonel Youssef Obaid bin Harmoul, Director of the SP’s Comprehensive Police Stations Department, said this happened due to the Al Solh Khair initiative
- It resulted in 12,798 reconciliations out of 27,408 criminal reports in 2021, which included 8,523 financial reports, and the return of AED500m
Business
UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez
The discovery is one of the largest in the area in the past 20 years, and the field could contain...
- The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
- The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.
- The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
- Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Economy
Saudi inflation hovers at 1.2% despite spike in food prices
In spite of an increase in transport and food costs, inflation in Saudi hovered at 1.2 percent in January, according...
- GASTAT said the 1.2 percent growth in the general consumer price index, or CPI, “resulted from higher prices of transport and food and beverages prices
- In the food and beverages group – which has a 19 percent weighting in the general CPI — growth in food prices accelerated to 2.1 percent from 1.1 percent in December
Economy
Jordan passes 2022 budget with spending volume of over JD12 billion
The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon.
- The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon
- The budget seeks to increase the coverage of domestic revenues for current expenditures this year to about 88 percent
Business
UAE F&B trade hit $20bn in first 9 months of 2021: Dubai Chamber
The rise was said to have been supported by growing demand and expanded efforts to enhance food security and diversify...
- Imports, at $12.8 billion, accounted for the largest share of the UAE’s F&B trade during January-September 2021
- This was followed by exports at $4.1 billion and re-exports at $3.3 billion over the same period last year
Infographics
How economically free are GCC countries?
In economically free societies, governments allow labor, capital, and goods to move freely.
- Economic freedom may be described as the fundamental right of every human’ to control their own labor and property
- In an economically free society, individuals are said to be free to work, produce, consume, and invest in any way they please
Economy
Hassyan Power Complex adds 1,200 MW to Dubai’s capacity
Dubai Electricity and Water Authority (DEWA) has said the production capacity of Hassyan Power Complex reached 1,200 megawatts (MW), using...
- A further 600 MW will be added in Q4 of 2022, and an additional 600 MW will be added by Q3 of 2023.
- This will raise the capacity of Hassyan Power Complex, which has been converted recently to run only on natural gas instead of clean coal, to 2,400MW.
Economy
JEA to provide jobs for Jordanian engineers in KSA
One in every 40 Jordanians is an engineer, making Jordan the country with the most engineers per capita globally.
- One in every 40 Jordanians is an engineer, making Jordan the country with the most engineers per capita globally
- Ahmad Zu'bi, who is the President of the Jordan Engineers Association, said Saudi Arabia and its companies in various engineering fields appreciate Jordanian engineers
Videos
Most in-demand jobs in UAE as Covid shifts priorities
The pandemic, digitalization, change in employee priorities and new government policies in the region have influenced the most in-demand jobs,...
- About 78 percent of professionals in the UAE are considering changing their jobs this year
- About 48% expected an improved salary, while 45% hoped that opportunity to learn new skills will help them in switching jobs
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’s aluminum ingot output up 7% in Feb 2024
Tehran, Iran - Iran’s production of aluminum ingot in the country registered a 7% growth in the first 11th month...
Company News
Latest News
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
Economy
Strategizing internet use key to halt disinformation
“Handling disinformation is the need of the hour. The Global Media Congress will help devise a strategy to use the...
Economy
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
Business
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Business
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.
- Natural gas prices are down sharply from the year-ago period following a mild winter.
- The comparative weakness in refinery margins reflects sluggish economic conditions.
Business
PIF sets up tourism firm Asfar
Firm Saudi Tourism Investment Company has been set up.
- The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions.
- The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe
Business
Tabreed H1 23 net profit $105m
New customers and projects were added in H1 2023.
- In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
- Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.