UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Business
Association of Iraqi Banks, Federation of Egyptian Banks sign MoU
The MoU was signed by the president of the association, Wadih Al-Handal in the presence of the Governor of the...
- The MoU was signed by the president of the association, Wadih Al-Handal in the presence of the Governor of the Central Bank Mostafa Ghaleb
- Al-Handal pointed out that the memorandum of understanding will also focus on establishing joint training programs
Business
Non-Jordan investors buy less, sell more at Amman bourse
The net of non-Jordanian investments during January 2022 showed a negative value of JD5 million ($7.05 million).
- The value of shares that were bought by non-Jordanian investors during January 2022 was JD11.2 million ($15.8 million)
- The value of shares sold by these non-Jordanian investors for the same period amounted to JD16.2 million ($22.85 million)
Geostrategy
IMF will only support a ‘comprehensive program’ for Lebanon
Lebanese officials began talks with the IMF last month to pull the country out of the worst economic crisis in...
- Lebanon’s currency has lost about 90 percent of its value on the black market
- Meanwhile, four out of five Lebanese now live below the poverty line
Analysis
Oil prices help GCC economies script revival story
GCC countries appear to be reaping the benefits of their efforts this year, with all indications pointing to the economies...
- According to the IMF, the region’s oil GDP will rise 5.3 percent in 2022
- Saudi Arabia’s non-oil GDP is expected to grow by 4.9 percent in 2022
Economy
Middle East Energy Event to address future of energy transition
The Middle East Energy Event (formerly Middle East Electricity) will be held at Dubai World Trade Center from 7th-9th March....
- The event, formerly known as Middle East Electricity, will be held at Dubai World Trade Center from 7th-9th March.
- A study by Goldman Sachs revealed green hydrogen could meet 25 percent of global energy requirements in the next 30 years.
Geostrategy
GACA and Oracle sign MoU to steer digital transformative initiative
Saudi Arabia’s General Authority of Civil Aviation (GACA) has signed an MoU with Oracle to develop and support a roadmap...
- The memorandum was signed on the sidelines of the Global Tech Conference "LEAP" held in Riyadh.
- It also stipulates mutual coordination regarding cloud seminars, training and guidance, facilitating training.
Economy
Green Hydrogen Production among 98 new activities added to Dubai economy
A total of 98 new economic activities have been added to several sectors of Dubai in 2021, bringing the total...
- The total number of economic activities in the Emirate has reached 2,200. In 2020, the DET had added 58 activities.
- Artificial Intelligence Developing Services, Gaming Localization Services and Industrial Consultancies are among other activities added this year.
ADNOC announces vital gas discovery offshore of Abu Dhabi
The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of natural gas resources offshore of the Emirate of...
- This discovery marks the first of Abu Dhabi’s offshore exploration concessions
- Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi
Business
Saudi connectivity takes off with five times faster Wi-Fi-6e
The Communications and Information Technology Commission (CITC), Saudi Arabia’s digital regulator, has announced the launch of WiFi-6e as part of...
- The latest generation of Wi-Fi technology offers data transfer speeds more than five times faster than the current standard
- It provides more capacity for high-bandwidth activities such as 8k gaming, video conferencing and virtual reality applications
Economy
Turkey inflation surges to near highest in 20 years
Independent data collected by Turkish economists suggested that the annual rate of inflation rose to more than 110 percent in...
- Erdogan staunchly opposes raising interest rates, which he believes cause inflation
- This is the exact opposition of conventional economic thinking
UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
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 --...
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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