Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
UK inflation slows to lowest level since September 2021
ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this...
Economy
Economy
National Water Carrier Project will be completed by 2027: Jordan PM
The government is "serious" in finding solutions to many pending investments, including Amman's Sixth Circle Towers project, the PM said.
- The government is "serious" in finding solutions to many pending investments, including Amman's Sixth Circle Towers project, the PM said.
- The PM announced that the government may provide incentives to the industrial city in both southern Karak and Tafileh governorates
Economy
World fuels its own destruction with $1.8trn subsidies: Study
Governments across the world pay an estimated $640 billion in support to the fossil fuel industry.
- Agriculture gets $520 billion in subsidies, which lead to soil erosion, water pollution, deforestation, emissions, and loss of biodiversity
- Another $350 billion in subsidies for the water industry is said to help fund water pollution and risk ocean and waterway ecosystems
Economy
Morocco announces $1 bn relief for drought-hit agriculture industry
Morocco said Wednesday it will launch a nearly $1 billion aid program to help its agriculture industry, which has been...
- The emergency plan aims to mitigate the effects of delay in rainfall, to alleviate the impact on agricultural activity and to provide assistance to the farmers and livestock breed.
- The kingdom's economy, already hit hard by the Covid-19 pandemic, is heavily dependent on agriculture, which contributes 12 percent of GDP.
Business
Air travel momentum up as countries lift Covid restrictions: IATA
Air travel recovery was gaining momentum as countries were lifting restrictions, with a sharp 11-percentage-point increase for international tickets sold...
- There was an 11-percentage-point increase for international tickets sold in recent weeks.
- The 11-percentage point improvement between the January and February periods is the fastest such increase for any two-week period since the crisis began.
Economy
Riyadh Economic Forum to hold 10th session in November
Chairman of the Riyadh Chamber Ajlan Al-Ajlan said the generous patronage from the king Salman bin Abdulaziz has enhanced the...
- Chairman of the Riyadh Chamber Ajlan Al-Ajlan said the generous patronage from the king Salman bin Abdulaziz has enhanced the role of the forum
- The forum is a strategic, economic and ideological center that contributes to diagnosing the main economic and development issues of the national economy
Business
Borsa Istanbul to provide consultancy services to Abu Dhabi Securities Exchange
The MoU is the latest in a series of strategic partnership agreements signed by ADX as part of its strategy...
- The agreement was signed during the visit of the President Recep Tayyip Erdoğan of Turkey, to the UAE on Feb 15.
- Borsa Istanbul will also provide consultancy service to ADX in the establishment of systems, integration, updating the platform.
Business
DMCC to collaborate with C3 to initiate Impact Scale-Up program in Dubai
C3 is a UAE-based social enterprise empowering impact-driven entrepreneurs across the Middle East, Africa and Turkey.
- The comprehensive training and networking program will provide a proven blueprint to successfully enter the UAE market, and connect with local and regional investors.
- DMCC will offer a total of 20 "Impact" business licences to successful firms, providing them with substantial savings on business setup costs through 70 percent discount.
Business
UAE and Turkey to cooperate in agriculture, rural development
The pact is in line with the UAE’s leadership to enhance international cooperation and exchange of successful experiences.
- Areas of cooperation include agricultural pest control and plant protection, organic agriculture, technology-based agricultural production, food safety, food production.
- The two countries will also collaborate in the promotion of joint agricultural ventures between their private sectors, and development of specialized agricultural zones.
Business
MAWANI signs pact with Bahri to build logistics park
The Saudi Ports Authority (MAWANI) signed an agreement with shipping giant Bahri to build and operate an integrated logistics park...
- Once built, Bahri will manage operations at the state-of-the-art facility for a duration of 20 years.
- The 95436m2 logistics zone will provide storage and handling services for all types of inbound and outbound shipping containers.
Business
Dubai International Financial Centre records best performance in 17 years
Dubai International Financial Centre (DIFC) has reported its best annual performance to date, recording its highest ever annual revenue and...
- The Centre said it achieved its 2024 Strategy growth targets three years ahead of schedule during the first half of 2021.
- Revenue increased by 16 per cent to AED897 million year-on-year versus AED774 million in 2020, and up by 7 per cent from AED838 million in 2019 (pre-pandemic levels).
Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
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Saudi Arabia real GDP grows 1.1 percent in Q2 2023
RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023,...
Economy
UK to issue hundreds of new oil and gas drilling licenses in North Sea
The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies....
Geostrategy
UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan
ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...
Geostrategy
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Economy
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...
- The two companies will join hands to build projects across the renewable energy mix in the picturesque Malaysian state of Pahang
- Masdar sees Southeast Asia as a key investment destination, where it has already built the region's biggest floating solar facility in Indonesia
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...
- Salameh has for two years been the subject of judicial investigations at home and abroad into allegations including embezzlement and money laundering, charges which he denies
- Lebanon's central bank chief Riad Salam is wanted in France and Germany, and Interpol has issued a Red Notice for his arrest, but Lebanon does not extradite its nationals
Economy
Oman inflation spikes 2.8% in 2022, pushing up food prices
Muscat, Oman-- Oman's inflation rate increased by 2.8 percent in 2022 as the consumers price index (CPI) registered 109.7 points...
- Food and non-alcoholic beverages prices went up by 5.2 percent, and housing, water, electricity, gas and other fuels also rose 1.1 percent
- The steepest increase was in the prices of oil and gas products, registering a growth of 44.1 percent, with non-oil products rising 3.8 percent