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
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Economy
Saudi sukuk issuance in 2021 reaches $36.9 billion: S&P Ratings
Saudi companies and government raised $36.9 billion sukuk in 2021, compared to $27 billion in 2020, an increase of 37...
- In 2021, the global sukuk issuance reached $147.4 billion compared with $148.4 billion in 2020.
- Foreign-currency denominated sukuk issuance increased by 10 percent; jumbo issuances in Saudi have contributed to this increase.
Business
Protests erupt in Lebanon against harsh economic policies
A group of engineers in Lebanon held a sit-in protest outside the Central Bank branch in Sidon, in conjunction with...
- The headline of the protest was, “Until rights are restored” & “For the right to hospitalization and a decent retirement
- They deemed that “the banks are seizing the funds and savings of engineers and depositors in general, and imposing controls
Business
3,000 new rooms added to Egypt’s total hotel capacity, says tourism ministry
Egypt has added 3,000 new hotel rooms to its total hotel capacity with the opening of 19 new hotel facilities,...
- Construction of 19 new hotel facilities in several governorates has led to the creation of these rooms.
- According to tourism ministry officials, the new facilities have created 2,500 job opportunities.
Economy
Dubai Supreme Council of Energy approves 2030 carbon strategy
The approval came at a meeting chaired by the council’s chairman Sheikh Ahmed bin Saeed Al Maktoum.
- The council approved the updated plans and objectives to reduce carbon emissions by 30 percent by the end of 2030
- This move is expected to, among other things, support the UAE’s efforts to achieve carbon neutrality by 2050
Economy
Tunisia president dissolves top judicial watchdog
Kais Saied has concentrated all executive power since July 25, when he dismissed his Prime Minister and suspended parliament.
- Tunisian President has dissolved a major independent judicial watchdog saying that the Superior Council of the Judiciary "is a thing of the past"
- Tunisia was the only democracy to emerge from the Arab Spring revolts but civil society groups and Saied's opponents express fear of it in danger
Economy
Syrian opposition groups make new bid to unite against Assad
The political groups, now mainly based abroad, have seen their influence wane in recent years as Iran and Russia steadfastly...
- Riad Hijab, who defected to the opposition when he was Assad's prime minister in 2012, did not say what mistakes had been made
- However, his entourage said opposition parties had failed to communicate with ordinary Syrians and make themselves relevant to their daily battles
Geostrategy
Iran wants better relation with neighbors, says official
Since connecting with neighbors is of utmost importance in Iran’s foreign policy, the current administration has set a transparent framework...
- President Ebrahim Raisi has time and again emphasized the development of mutual ties with neighboring countries, said the official
- The country's Ministry of Foreign Affairs has put on agenda several programs regarding its neighbors nations
Business
Data cover: GCC sees rise in cyber insurance demand
Compared to Europe and US, cyber insurance is a profitable proposition for GCC firms due to amenable market factors such...
- For the Gulf region, cyber insurance is still a viable and profitable proposition when compared to Europe, Asian and US markets
- There has been an increase in demand from the SME and mid-market client pool as well as financial institutions in the region
Business
Iran says Russia will invest $83.58m in Sirik power plant
Iran has confirmed that Russia will invest $83.58 million in Sirik power plant based in southern Iran.
- After discussions, the Russian Ministry of Finance agreed to invest in the 1400-megawatt (MW) gas-powered plant
- Some seven Iranian companies are working in the project, employing 250 manpower directly and indirectly
Business
Iraq keen to benefit from Egypt: Central Bank Governor
Iraq is keen to benefit from the Egyptian Investment Authority, the Governor of Iraq’s Central Bank Mustafa Ghaleb said on...
- Iraq’s Central Bank Governor Mustafa Ghaleb met Mohamed Abdel Wahab, CEO of the Egyptian General Authority for Investment and Free Zones
- Mustafa Ghaleb praised "the development witnessed by the Arab Republic of Egypt in all sectors, especially the business and investment sector"
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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
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Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
Economy
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...
Economy
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Business
Nissan Q1 net profit $750m
Results due to better sales in Japan, North America.
- Sales rose 37 percent to US$20.6 billion, even as tougher competition and a sluggish post-Covid recovery hurt its performance in China.
- The auto giant raised its annual net profit forecast to US$2.4 billion from its previous estimate of US$2.2 billion, boosted in part by cost-cutting.
Economy
US Federal Reserve likely to lift interest rates to 22-year high
The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more...
- A rate hike on Wednesday would raise the Fed's benchmark lending rate to a range between 5.25 and 5.5 percent - its highest level in 22 years
- Futures traders see a probability of close to 99 percent that the Fed will proceed with a quarter percentage-point hike, according to data from CME Group
Business
UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion...
- The results of financial transactions during the first quarter shows the value of net lending and net borrowing amounted to $6.3 billion
- The value of total expenditures worked out $25.0 billion ,comprising net investment in nonfinancial assets and current expenses