Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
Economy
Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...
Economy
Business
Bangladesh aiming at direct shipping line to UAE for faster connectivity
Bangladesh wants to establish a direct shipping line with the UAE, which will reduce the existing navigation time by two...
- Foreign Minister of Bangladesh AK Abdul Momen, on a four-day official visit to the UAE, said Bangladesh is keen to utilize the UAE’s expertise in port management.
- The bilateral trade between two countries in 2021 stood at $1.8 billion, Momen said, adding that a direct shipping line would help multiply it several times.
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.
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Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
Economy
Company News
Latest News
Egypt calls for renewal of Black Sea grain export deal
MOSCOW, RUSSIA - Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of...
Geostrategy
Most Read
Yen swings after Bank of Japan policy tweak, Asian equities mixed
After a closely watched meeting, the Bank of Japan said it would allow "greater flexibility" in government bond markets, having...
- The currency has been hammered for more than a year as the BoJ refused to shift from its loose policy
- With prices picking up at home and the yen struggling, pressure has been growing on the bank to change tack
Evergrande’s e-vehicle unit shares plunge 70% after trading resumes
The company on Wednesday announced its earnings for 2021 and 2022 -- showing a loss of almost $12 billion --...
- Officials called a halt to dealing in China Evergrande New Energy Vehicle Group (NEV) on April 1 last year after it failed to release its financial results
- In its financial results posted Wednesday, NEV said its debt hit 183.9 billion yuan ($25.6 billion) at the end of December 2022
Geostrategy
Trade between Russia and Africa totaled $18 bn in 2022: Putin
Moscow, Russia - Trade turnover between Russia and Africa reached $18 billion in 2022, which is one of the results...
- Last year Russia’s trade with African countries in agricultural products increased by 10 percent to $6.7 billion
- Russia exported 11.5mt of grain to Africa in 2022, and almost 10mt in the first six months of 2023