UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
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.
Economy
IEA warns of ‘chronic’ OPEC+ failure to meet 2022 oil demand
The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, had...
- The group began to increase output last year, renewing every month a target of 400,000 barrels per day, as demand and prices recovered.
- But analysts have said some members, such as Angola and Nigeria, have been unable to scale up their production and others are unwilling to do so.
Geostrategy
Algeria’s Sonatrach signs deal to restart Libya operations
The Algerian group announced the deal during a visit to the neighbouring North African country by its chief Toufik Hakkar.
- The Algerian group announced the deal during a visit to the neighbouring North African country by its chief Toufik Hakkar
- The Sonatrach statement said the oil and gas giant planned to “redouble efforts for a swift return” to its activities in Libya
Geostrategy
EU chief unveils 150-bn-euro investment plan for Africa
The scheme is the first regional plan that seeks to mobilise up to 300 billion euros ($340 billion) for public...
- The scheme is the first regional plan that seeks to mobilise up to 300 billion euros ($340 billion) for public and private infrastructure around the world by 2027
- Seen as a response to China's Belt and Road initiative, the strategy will use funding from EU institutions and member countries to leverage private-sector investment
Economy
Libya parliament names second PM to rival existing one
Libya faced the challenge of two prime ministers on Thursday after parliament named a rival to the existing unity government's...
- The House of Representatives, based in Libya's east, ‘unanimously approved’ former interior minister Fathi Bashagha ‘to head the government’
- On Thursday evening Bashagha flew to Tripoli from the eastern city of Tobruk, promising ‘to open a new chapter’ and ‘reach out to everyone’
Economy
UAE ranks 1st in Global Entrepreneurship Index 2022
The Global Entrepreneurship Monitor (GEM) has ranked the UAE 1st globally in its Global Entrepreneurship Index 2022, which was unveiled...
- The UAE also emerged as the number one global destination for establishing and starting businesses
- According to the report, the UAE has achieved an improvement on 11 out of the 13 axes covered by the index
Economy
Global diesel supplies fall as demand rises in post-pandemic recovery
Global supplies of diesel are dwindling as refiners struggle to keep pace with rapid post-pandemic demand recovery, exacerbating an acute...
- Northwest European diesel cargo prices reached $114/bbl on Monday, the highest since September 2014.
- Tight supply has pushed Asian diesel prices for the benchmark 10ppm gasoil to their highest since Sept. 2014.
Geostrategy
Turkey eyes cooperation in agriculture sector with Iraq, says minister
Turkey wants joint cooperation with Iraq regarding the exchange of products, its Minister of Agriculture and Forestry Bekir Pakdemirli said....
- Tuekey suffers from lack of water, climate change and migration for several reasons, including wars and clashes
- Turkish minister discussed with the Iraqi Minister of Agriculture, cooperation in the agricultural field
Business
UAE and Spain to collaborate in 4IR, industry, aerospace
The UAE’s Ministry of Industry and Advanced Technology (MoIAT) and Spain’s Ministry of Industry, Trade and Tourism (MITT) signed a...
- The UAE’s Ministry of Industry and Advanced Technology (MoIAT) and Spain’s Ministry of Industry, Trade and Tourism (MITT) sign an MoU.
- Other areas of collaboration include automotive, health and life sciences and standards and regulations.
Analysis
Inflation, geopolitics might worsen credit conditions: S&P
The credit ratings agency has said the prospects for global economic growth have softened, even if it was to a...
- In a Global Credit Conditions Special Update, S&P Global ratings has said downside risks to global credit conditions are escalating
- It pointed especially to geopolitical tensions, persistent inflation, and the prospect of central banks raising borrowing costs
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UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Company News
Latest News
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...
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 --...
Most Read
Economy
US Federal Reserve’s united fight against inflation enters new phase
Analysts are divided ahead of the Fed's next decision in September, with the so-called "hawks" predicting additional rate hikes in...
- Thursday's GDP figure for the second quarter came in above analysts' expectations, a day after the Fed hiked its benchmark lending rate to its highest point for 22 years.
- The US central bank also left the door open to additional rate hikes, if needed, to get inflation down to its long-term target of two percent.
Economy
Saudi Arabia poised to become global biotech hub with $3.9bn R&D investment
Riyadh, Saudi Arabia - Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical...
- The country's strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare and food security challenges
- With initiatives like the Saudi Human Genome Program and the Saudi Network for Clinical Trials, Saudi Arabia could establish a biotech cluster over the next decade
Saudi PIF signs MoU with Oman Investment Authority to expand investment in Oman
Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding...
- The MoU builds on the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to $5 billion in Oman
- The SOIC recently closed its first investment in Oman as a 20 percent anchor investor in Abraj Energy Services’ IPO