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
Oman issues Treasury Bills worth US$181m this week
MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to...
Economy
Economy
High energy prices put more pressure on Turks
When temperatures plunged well below freezing in Ankara and energy prices soared, Dondu Isler had to make a tough choice...
- Energy prices in Turkey and other countries have soared in the past year due to recovering demand and geopolitical tensions
- Turks have also seen their overall purchasing power dwindle dramatically amid a currency crisis and two-decade high inflation that reached almost 50% last month
Economy
Godsend or ‘ghetto’: Syrian migrants flock to small Cyprus town
The Cypriot government says the divided country has the highest number of first-time asylum applications in the European Union per...
- The Cypriot government says the divided country has the highest number of first-time asylum applications in the European Union per capita
- Most of them are from Syria, and their number has more than doubled from 800 over the past three years
Business
Qatar Industrial Co. posts net profit of $38m in 2021
Qatar Industrial Manufacturing Co. has reported a net profit of $38m for 2021 in comparison to net profit of $23m...
- The company disclosed the interim financial statement for the 12-month period ending Dec. 31, 2021
- Qatar Industrial Manufacturing Co. was established in 1990 with a capital of QR 475.2 million
Geostrategy
New guidelines for Umrah pilgrims announced by Saudi ministry
The Ministry of Hajj and Umrah announced an update in the procedures for entering Saudi Arabia for Umrah, which is...
- This is done to ensure the health and safety of the Umrah Performers and visitors
- These new requirements will go into effect starting at 1:00 am Wednesday, February 9, 2022
Business
First edition of leading global event on defense to kick off in Saudi
The World Defense Exhibition (WDE) declared that its first edition will be held in Riyadh, Saudi Arabia, from March 6-9,...
- More than 450 companies from around 37 countries will participate in showcasing the latest defense and security industry technologies.
- A day before the start of the show the International Institute for Strategic Studies (IISS) will organize the “Riyadh Defense Forum”.
Geostrategy
DEWA first in the world to win 8 stars in EFQM Innovation Lens
Dubai Electricity and Water Authority (DEWA) has achieved 8 stars level in the European Foundation for Quality Management (EFQM) Innovation...
- DEWA achieved a score of 800 on this award that measures innovation culture and its role in achieving results in leading organizations worldwide.
- DEWA made many achievements in the field of excellence in 2021, including winning the Sheikh Khalifa Excellence Award (SKEA) in the Elite Category.
Economy
Cooper Fitch forecasts strong GCC hiring activity to continue in 2022
The Gulf Cooperation Council region witnessed a 40 percent rise in job creation in the last quarter of 2021 compared...
- Job creation across the region was driven primarily by a significant recovery in the UAE and Saudi Arabia.
- Real estate, public, software development, cyber security, sales and marketing sectors witnessed a significant increase in hiring.
Business
Bahrain to offer permanent residency visa to attract talent
Bahrain has launched ‘Golden Residency Visa’ for residents and non-residents with immediate processing of the applications electronically upon meeting the...
- The move is a part of the Kingdom’s strategy to attract foreign investments where the visa holders will enjoy benefits
- Bahrain’s ‘Golden Residency Visa’ will be available for qualifying residents, allowing them to take advantage of the benefits
Economy
High electricity bills in Jordan due to rise in winter consumption: Regulator
Jordan’s Energy and Minerals Regulatory Commission ascribed any rise in the electricity bill to high demand during this winter when...
- Jordan’s Energy and Minerals Regulatory Commission ascribed any rise in the electricity bill to high demand during this winter when the electricity load was at 4,010 megawatts
- The regulator referred to repeated complaints about higher electricity bills during summer or winter when temperatures rise or fall, prompting consumption to soar
Business
SoftBank Arm sale scrapped
The company plans public offering of Arm by March 2023.
- The announcement came as the telecoms firm-turned-investment giant reported a net profit of 29.0 billion yen ($251 million) in the third quarter
- And there have been challenges elsewhere for SoftBank, including losses on Chinese ride-hailing giant Didi Chuxing
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
Company News
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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...
Saudi Arabia turns to maritime to diversify revenues
Saudi Aramco's King Salman Complex, set to be the largest marine industry hub in the Middle East, is expected to...
Economy
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
Geostrategy
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Business
Seventh Al Dhaid Date Festival witnesses huge turnout
SHARJAH, UAE – The seventh edition of Al Dhaid Date Festival continues to captivate participants and visitors alike, in a...
- The event has been organized by the Sharjah Chamber of Commerce and Industry and is hosted at Expo Al Dhaid.
- The date festival has also attracted various official delegations and representatives from government institutions.
Business
UAE is fourth biggest market for Indian spices
NEW DELHI, INDIA - The UAE ranked fourth in the world among the top 12 markets for Indian spices in...
- World Spice Congress 2023 is being organized on the sidelines of the G20 Summit to be held in New Delhi in September.
- India produces 75 spices out of the 109 varieties listed by the International Organization for Standardization (ISO).
Economy
Jordan’s exports to EU climb 23.4% to US$192m in first five months of 2023
Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023...
- The value of the kingdom's imports from the EU during the first five months of 2023 rose 3.6 per cent to $1.66 billion
- Germany topped the list of countries from which Jordan imports, with the value of import climbing to $356 million