Saudi Arabia to expand customs duty exemption for some industrial products from April 1
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of...
Economy
Despite oil riches, Libyans hit by plummeting purchasing power
Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95...
Economy
Egypt’s plasticware exports rose by 43% in 2021: Trade minister
Chemical industries topped Egypt’s plasticware exports in 2021 with a total value of $2.7 billion compared to $1.4 billion posted...
- Chemical industries topped Egypt’s plasticware exports in 2021 with a total value of $2.7 billion compared to $1.4 billion posted in 2020
- In 2021, the Egyptian exports recorded their highest growth of $31 billion despite the ongoing Covid-19 pandemic
Analysis
UNWTO optimism to cheer up MENA tourism
While the likes of Egypt, Morocco, Tunisia, and Jordan depend heavily on tourism for revenue, the UAE and Saudi Arabia...
- UNWTO Executive Director Zoritsa Urosevic has said that the ‘future is bright’ for the tourism sector
- Tourists ‘will come back’ and the industry will recover from the pandemic because it is ‘very resilient,’ she said
Geostrategy
Gulf ministers visit China amid energy fears
The officials from Saudi Arabia, Kuwait, Oman and Bahrain, as well as secretary general of the Gulf Cooperation Council (GCC)...
- The officials from Saudi Arabia, Kuwait, Oman and Bahrain, as well as secretary general of the GCC Nayef bin Falah al-Hajrah, will be in China until Friday
- Recent unrest in oil and gas-rich Kazakhstan has raised concerns in China, which has long invested heavily in its central Asian neighbour's energy industry
Economy
IMF warns developing countries of ‘economic turbulence’
Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world...
- "Risks to growth remain elevated by the stubbornly resurgent pandemic," IMF economists Stephan Danninger, Kenneth Kang and Helene Poirson wrote in a blog post
- The highly contagious Omicron strain has spread like wildfire around the world since mid-December, causing record numbers of new Covid cases
Economy
Dubai ruler issues six decrees regulating Dubai Chambers
Dubai has passed legislations aimed at creating a new legal framework for Dubai Chambers and their Boards of Directors. The...
- The legislations include a decree establishing Dubai Chambers as a new entity that replaces the Dubai Chamber of Commerce and Industry
- The legislations also enable Dubai Chambers to map out a clear vision for the future by adding more roles and powers
Economy
Oil prices jump as unrest continues in Kazakhstan
Over the week, crude prices gained about 5 percent and on Friday Brent exceeded $83 per barrel.
- Kazakhstan is the largest oil producer in central Asia with a twelfth of the world's proven reserves, and produced around 1.8 million barrels a day in 2020
- The country is also the second largest oil producer in the OPEC+ group of top oil producers, behind Russia
Economy
Saudi Arabia GDP to gain in 2022: Kuwait Financial Center
Government spending on infrastructure projects as part of the Vision 2030 program is expected to boost non-oil GDP growth.
- Markaz’s report indicated that investments are expected to pick up as the government initiates major projects like Neom City
- Steady population growth, government subsidies, and the enacted mortgage law are enabling banks to finance home purchases, fueling the growth in the residential sector
Economy
Protesters behind national blackout in Lebanon, says power company
Lebanon experienced total blackouts after demonstrators stormed a key substation and tampered with the electrical equipment.
- Protesters disconnects a 150-220 kilovolt power transformer and opened circuit breakers connecting the Zahrani power plant which caused blackout
- The disruption will pressure on private generators which already struggles to keep up with the near-total absence of state power
Economy
Iraq signs project to reduce carbon emissions
The emission reduction is expected to take place through upcoming contracts in solar energy field.
- Iraq will reduce emissions by the solar energy project in 2025
- Iraq looks to produce 12,000 megawatts of solar energy by next three years
Economy
Dubai, Malaysia discuss cooperation in tourism sector
The Emirate and the visiting Malaysian minister discussed the initiatives that would enhance the industry.
- The Emirate and the visiting Malaysian minister discussed the initiatives that would enhance the industry
- The Malaysian market is considered as one of the important emerging markets for Dubai
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Saudi Arabia to expand customs duty exemption for some industrial products from April 1
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of...
Economy
Company News
Latest News
UAE construction sector logs 135% growth in project announcements
Dubai, UAE - The UAE has witnessed 135 percent year-on-year (YoY) growth with AED 49.25 billion ($13.37 billion) project announcements...
Economy
UAE and Egypt to boost cooperation in higher education, scientific research
Cairo, Egypt-- The UAE and Egypt are looking to ramp up cooperation in the fields of higher education and scientific...
Science
CBUAE Governor, IMF Managing Director explore areas for cooperation
Abu Dhabi, UAE - Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE) discussed ways...
Most Read
Economy
Harness AI opportunities, assess threats to peace
"AI development is now outpacing Moore's Law and moving at breakneck speed, and governments are unable to keep up. This...
- AI's rapid development is outpacing Moore's Law, presenting a wake-up call for global governments, says UAE minister Omran Sharaf
- The minister advocates for "optimistic realists" who balance between assessing threats and leveraging opportunities presented by AI
Business
Turkey, UAE sign agreements worth over $50bn
Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...
- The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
- This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.