UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
Saudi Arabia grapples with over 1 million tons of annual vegetable waste
Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and...
Economy
Economy
Iraq exported oil worth $7 billion in December
The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price...
- The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price premium
- The exported quantities were loaded by 29 international companies from ports of Basra, Khor al-Amiyah, mono-buoys on the Gulf, and the Turkish port of Ceyhan
Economy
Largest renewable energy project in Oman opened
The 500 megawatt utility, which cost RO 155 million, figures among Oman Vision 2040 major projects aimed at protecting natural...
- The 500 megawatt utility, which cost RO 155 million, figures among Oman Vision 2040 major projects aimed at protecting natural resources
- The project has been established on an area of 13 million square metres of which 1.5 million was accorded to the double-sided solar panel
Economy
Kuwait projects $10 billion budget deficit for 2022-2023
Revenues are projected at $62.2 billion, up 72.2 percent from the current fiscal year's estimates.
- Revenues are projected at $62.2 billion, up 72.2 percent from the current fiscal year's estimates
- A new Kuwaiti government was sworn in on December 29, the oil-rich Gulf emirate's fourth in two years
Economy
Lebanon and IMF begin talks on rescue package
Lebanese officials began much-delayed talks with the International Monetary Fund Monday on support measures aimed at lifting the country out...
- Lebanon is hoping to obtain a financial rescue package to rekindle an economy that has been in free fall for two years
- The previous government held several rounds of talks with the multilateral lender, but was unable to secure a bailout
Economy
Pandemic causing education losses globally: UNICEF
School closures due to the Covid-19 pandemic have caused "nearly insurmountable" losses in education among children around the world, UNICEF...
- More than 616 million students are still being affected by full or partial school closures, the UN children's agency said
- UNICEF reported that learning losses to school closures have left up to 70 percent of 10-year-olds unable to read or understand a simple text
Economy
UAE leads GCC in ICT investments, spending
The Gulf region stays strong both regionally and globally in terms of the number of internet users and the populations...
- The United Arab Emirates came out on top with 5.43 points in the GCC ICT Use Index for 2021, followed by Kuwait and Saudi Arabia.
- Saudi Arabia's ICT spending is set to reach $30.9 bn, and public sector spending will reach approximately $3 bn by the end of 2022.
Business
Saudi finance minister calls for GCC cooperation
Saudi Arabia's finance minister, Mohammed bin Abdullah Al-Jadaan, has stressed the need for the promotion of the joint Gulf action,...
- During the meeting, the ministers reviewed the progress made on issues related to strengthening the financial and economic cooperation among the GCC states
- The meeting was chaired by the Minister of Finance, Chairman of the current session, Mohammed bin Abdullah Al-Jadaan
Economy
Iran’s trade transactions with neighbors tripled over past months: Official
With rise in trade transactions, the Iranian economic activity also grew notably
- National Security and Foreign Policy Commission members stress that optimum economic management was important for a better future.
- Spokesman of the Commisison Abbaszadeh-Meshkini said that the economic policies should be arranged in a way to make sure that the low-income people will not be harmed.
Economy
Dubai’s energy demand up by 10 percent in 2021, T&D losses down
DEWA achieved a new world record in electricity Customer Minutes Lost (CML) per year, recording 1.66 minutes in Dubai
- Energy demand in 2021 reached 50,202 gigawatt-hours compared to 45,712 gigawatt-hours in 2020.
- In 2020, DEWA reduced losses in electricity transmission and distribution networks to 3.3 percent, which is less compared to that in Europe and the US.
Economy
Lebanon decision to convert deposits to local currency faces ire
The current midmarket rate for a US dollar is LBP1,500, while the black-market rate is more than LBP23,000 to the...
- Depositors in Lebanon demonstrated against the government's plan to convert deposits into Lebanese pounds
- The demonstration was also against an associated decision to compensate depositors in the local currency
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
Economy
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Aldar raises US$500mn
Business
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Abu Dhabi-Japan deal to boost economic diversification
“Our cooperation with Japan External Trade Organisation (JETRO) is part of these efforts as Japanese experience and progress reflect role...
Economy
IMF upgrades growth projection for 2023 on resilient service sector
The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent...
Economy
US Federal Reserve meets to consider raising rates to 22-year high
After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest...
Economy
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Economy
Jordan and Iraqi PMs renew pledge to boost economic ties
Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister...
- The two prime ministers resolved to boost volume of trade exchange, expanding cooperation in the economic, trade and investment fields
- They also lay stress on ramping up cooperation in the field of energy, completion of the electrical interconnection project between the two countries
Business
KNPC exports first shipment of 95 octane motor fuel to Europe
Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...
- The deputy CEO of the company said that the first shipment was loaded on board the oil tanker Pacific Sarah from Mina Al-Ahmadi
- He said the shipment was dispatched in close cooperation and coordination with Kuwait Petroleum Corporation's international marketing sector
Economy
Iran clothing industry employs over 2m people: official
Tehran, Iran – The clothing industry in Iran which employs around two million people grew by 17 percent last year...
- Currently 100,000 production units have been registered in the garment industry
- These statistics do not include the stores operating on the virtual space and also unauthorized people