Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
Economy
Google’s new AI for corner kick tactics gets Liverpool approval
PARIS, FRANCE – Liverpool football analysts have given their seal of approval to a new artificial intelligence tool from Google that...
Science
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.
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 ($340 billion) for public and private infrastructure around the world by 2027
- Seen as a response to China's Belt and Road initiative, the strategy will use funding from EU institutions and member countries to leverage private-sector investment
Economy
Libya parliament names second PM to rival existing one
Libya faced the challenge of two prime ministers on Thursday after parliament named a rival to the existing unity government's...
- The House of Representatives, based in Libya's east, ‘unanimously approved’ former interior minister Fathi Bashagha ‘to head the government’
- On Thursday evening Bashagha flew to Tripoli from the eastern city of Tobruk, promising ‘to open a new chapter’ and ‘reach out to everyone’
Economy
UAE ranks 1st in Global Entrepreneurship Index 2022
The Global Entrepreneurship Monitor (GEM) has ranked the UAE 1st globally in its Global Entrepreneurship Index 2022, which was unveiled...
- The UAE also emerged as the number one global destination for establishing and starting businesses
- According to the report, the UAE has achieved an improvement on 11 out of the 13 axes covered by the index
Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
Economy
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Al Mahhar to list on QSE
Business
Global exports propel Saudi date industry to the top
The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$...
Economy
Egypt energy-saving measures evoke satirical reaction among citizens
Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and...
Arts & Culture
UAE urges collective action for sustainable development at G20 ministers meeting in India
DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective...
Geostrategy
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Economy
Fire at substation in Iraq sparks nationwide power outage
Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks...
- In spite of the country's vast oil reserves, Iraq continues to suffer from frequent power outages with its power grid incapable of meeting peak demand
- The electricity ministry said in a statement that the power grid experienced a total shutdown due to a fire that affected a transmission substation
Economy
UAE sets more norms for ‘Qualifying Investment Funds’
The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate...
- Except for real estate investment trusts, the new conditions require investment funds to be chiefly involved in investment business activities
- The cabinet decision also requires a single investor and its related paties not to hold more than 30% or 50% of the ownership interests in a fund
Qatar National Bank foresees recession in US economy
Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out...
- The bank notes that the US economy continues to be resilient in spite of headwinds from high inflation, tighter financial conditions
- In QNB's analysis while economic momentum should prevent a downturn for the US in 2023, a recession is not unlikely yet for 2024