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...
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
Russia, Iran eye trade and economic collaboration
Russian President Vladimir Putin has invited Iran’s President Ebrahim Raisi in Moscow for discussion over expanding strategic cooperation.
- A treaty on mutual relations and principles of cooperation between Iran and Russia turned 20 on March 12, 2021
- The diplomatic apparatus of Russia and Iran described the treaty as a turning point in both countries’ relationship
Economy
Tunisia central bank calls to avoid monetary financing of budget deficit
The Banque Centrale du Tunisie (BCT) board has urged for continued coordination between financial and monetary policies.
- The central bank reaffirmed its intention to closely monitor all economic, monetary, and financial developments
- It also said it would use mechanisms at its disposal to support the country’s economic recovery while containing inflation
Economy
EU moves to label nuclear, gas energy as ‘green’
The fact that the European Commission quietly distributed the text of this proposal to member states late on Friday, in...
- The proposal aims to support the 27-nation bloc's shift towards a carbon-neutral future
- It also looks to gild the EU’s credentials as a global standard-setter for fighting climate change
Economy
Tunisia launches national consultation to make new constitution
Eligible topics include electoral, economic, financial, social, developmental, health, education and cultural affairs.
- The move is part of a reform package pushed by President Kais Saied
- The exercise calls on citizens to send in suggestions and will last until March 20
Economy
Global stocks end strong year with losses
On Wall Street, the broad-based S&P 500 had its best December in over a decade, and scored a third straight...
- On Wall Street, the broad-based S&P 500 had its best December in over a decade, and scored a third straight year of double-digit gains with a 27.1% jump
- In Asia, Hong Kong's main stocks index finished with gains Friday, on surging Chinese tech shares
Economy
Cryptocurrency’s volatility may ease this year
Experts believe that 2022 will be a milestone year for bitcoin, with the ups outweighing the downs. Cryptos may suffer...
- Some experts believe that improved use and legality of cryptocurrencies will help reduce the wild swings in their prices
- The Dubai World Trade Center has announced it would become a specialized area in encrypted assets, including digital assets
Economy
Lebanon fuel distributors urge government to curb dollar rise
The Lebanese pound has lost more than 90 percent of its purchase power since end-2019, due to its devaluation against...
- Fuel distributors issued a statement urging ministers to shore up the value of the Lebanese pound against the dollar
- Their statement, read by representative Fadi Abu Shakra, stressed that ‘the schedule of fuel prices will be issued next Tuesday’
Economy
Oman on road to economic recovery, say government numbers
Given the current trends, the country’s GDP is expected to grow by 13.8 percent by the end of the current...
- As a percentage of the GDP, the deficit was down from 15.5 percent in 2020 to 3.8 percent this year
- All credit rating agencies amended Oman’s future outlook during this year to ‘stable’ and ‘positive’
Economy
Tunisia in ‘uncertainty’ as president pushes new constitution
Tunisian President Kais Saied is preparing to ask the public for their thoughts on a new constitution.
- President Kais Saied sacked the government, suspended parliament, and seized wide-ranging powers on July 25
- The former law professor has long called for an overhaul of the country's post-revolution political system
Economy
Libya PM back in position after election postponed
The election, set for December 24, was meant to be the culmination of UN-led efforts to drag Libya out of...
- Libya's interim Prime Minister Abdulhamid Dbeibah chaired a cabinet meeting on Thursday, marking his return to the post
- This happened despite concerns that postponing of the country's presidential election could jeopardize his position
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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...
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Dubai Chambers to host two-day event in November on global trade
Dubai, UAE-- Seeking to forge partnerships around the world, Dubai Chambers will host a two-day event in November this year...
Economy
GCC becomes safe haven for expats amid uncertainty
While Western economies continue to struggle with the aftermath, the region has shown remarkable recovery, instilling a sense of security...
Economy
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Business
Saudi Arabia’s exports to Turkey hit $13.93 billion in three years
Riyadh, Saudi Arabia -- Saudi Arabia’s exports to Turkey during the past three years amounted to SAR 52.280 billion ($13.93 billion),...
- Saudi exports largely comprised plastics, metal products, organic chemical products, steel, precious metals and stones.
- A total of 1,140 companies Saudi companies have invested in several sectors in Turkey, with investments surpassing $18 billion.
Business
Dubai issues law to regulate urban planning for sustainable development
Dubai, UAE -- Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has issued a law (No. 16 of 2023) to...
- The law seeks to create an integrated and effective urban planning system that promotes investment, sustainable development, prosperity, and an improved quality of life.
- To oversee the implementation of this law, a 'Supreme Committee for Urban Planning' will be formed, comprising representatives from authorities responsible for urban planning.
Economy
Rich-poor split could tighten ‘grip of poverty’: World Bank chief
The G20 talks come after Russia on Monday refused to extend a deal allowing critical Ukrainian grain exports through the...
- World Bank said it is working to increase its financial capability to spur growth and jobs, but said the future economy could not rely on expansion at the cost of the environment
- The United States says efforts to reform multilateral lenders such as the World Bank and other regional institutions could unlock $200 billion over the next decade