Tunisian economic crisis mutes build-up to Ramadan
Tunisians usually prepare for Ramadan -- when daytime fasting is followed by festive but often costly meals with family and...
Economy
UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi....
Economy
Economy
Libya central banks to reunite after 7-year split
Libya collapsed into years of violence after the 2011 fall and killing of dictator Moamer Gadhafi in a NATO-backed revolt....
- The existence of two central banks has complicated the handling of Libya's vital oil revenues and control over monetary policy
- This has contributed to runaway inflation and a liquidity crisis, despite the country's vast crude reserves
Business
Saudi Arabia, Oman ink 13 business deals
The deals were inked by Oman Investment Authority firms with Saudi counterparts as Saudi Crown Prince Mohammed bin Salman visited.
- OQ signed three MoUs in the fields of petrochemicals, renewable energy and green hydrogen sector
- In the field of dry dock and logistic services, Asyad signed an MoU with a Saudi shipping company
Business
Oman budget deficit down by 62.9 percent as oil prices recover
The deficit had fallen to RO1 billion ($2.6 billion) by October-end from RO2.71 billion ($7.05 billion) during the same period...
- Oman’s total general revenues as at the end of October had increased 28.1 percent and stood at RO8.33 billion ($21.67 billion)
- The revenues stood at RO6.5 billion ($16.91 billion) during the corresponding period in 2020
Business
Saudi Arabia to speed up real-estate title registration
The move is expected to raise the country’s ranking in relevant international indexes.
- Two Saudi ministries are looking to set up committee to facilitate real-estate tasks,
- The panel is also expected to prepare a plan for the application of property ID to all title deeds, and studying joint property title deeds
Economy
UAE Railways Program: Country’s largest integrated transportation system launched
The UAE government on Sunday announced the launch of the UAE Railways Programme, the largest integrated system for transporting goods...
- The first phase of the Etihad Rail has been fully operational since 2016
- The investments of the UAE Railways Programme amount to AED50 billion, 70 percent of which target the local market.
Economy
Bahrain to introduce digital currency in the country
The Central Bank of Bahrain will offer the digital Dinar through a digital payments platform that can be accessed round...
- The central bank also intends to gradually raise the share of financing for small- and medium-sized enterprises
- Bahrain plans to list five more companies on its stock exchange next year including Bahrain Airport Services Company
Economy
UAE foreign trade in past 50 years rises 473 times to $9.3 trillion
The total value of the UAE’s foreign trade in the past five decades amounted to some AED34.23 trillion ($9.32 trillion),...
- The country’s trade balance from 1971 to 2020 recorded a surplus of nearly $1.3 trillion (AED4.76 trillion).
- UAE's exports increased 380 times, rising from $842 million (AED3.1 billion) in 1971 to $319.3 billion (AED1.17 trillion) by the end 2020.
Economy
Egypt’s private sector non-oil activity shrinks in Nov as input costs rise
Egypt's non-oil activity in the private sector shrank for a 12th month in November as inflation expectations rose, causing new...
- IHS Markit's Purchasing Managers' Index (PMI) came in at 48.7, below the 50.0 threshold that separates growth from contraction.
- Higher fuel and shipping costs often led to increased prices, including for raw items such as foodstuff and paper, said IHS Markit.
Economy
Saudi non-oil private sector records growth in November
The non-oil private sector of Saudi Arabia continued to grow in November on the back of strong demand and modest...
- The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) fell to 56.9 in November from 57.7 in October
- The headline figure was down to a three-month low as growth in new orders declined for the second month in a row from September's seven-year high
Economy
QNB sees global economy recovering, despite bottlenecks
The bank said it was confident that the global bottlenecks would continue to improve over the coming year. ‘We expect...
- QNB has said the global economy has made a remarkable recovery from the peak impact of the Covid-19 pandemic last year
- It attributed the revival to ‘unprecedented fiscal and monetary stimulus,’ particularly in the US
Tunisian economic crisis mutes build-up to Ramadan
Tunisians usually prepare for Ramadan -- when daytime fasting is followed by festive but often costly meals with family and...
Economy
Company News
Latest News
Israeli court orders government to release seized Palestinian boat
GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...
Geostrategy
Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
Economy
UNDP says over US$14bn needed to mitigate global surge in poverty
NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number...
Economy
Most Read
Morocco, Shell sign 12-year natural gas deal: ministry
Morocco has sought to diversify its energy sources particularly since neighbouring Algeria stopped supplying natural gas via the GME in...
- The agreement includes the annual delivery of 500 million cubic meters of LNG to Morocco, the value of the 12-year deal has not been disclosed
- In the initial years, the gas will be delivered through Spanish ports and the Maghreb GME, It will eventually be delivered through planned Moroccan LNG terminals
Economy
Modi’s visit: India, UAE sign pact to trade in local currencies
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday...
- CBUAE and RBI aim to develop the foreign exchange market, facilitate bilateral trade, encourage direct investment, and facilitate financial transfers
- The pact enables acceptance of local cards in both countries for ATM cash withdrawals and direct point-of-sale purchases without relying on external payment networks
Economy
UAE, India join forces to bolster new economy sectors
"The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium...
- The collaboration between India and the UAE aims to boost the GDP of both countries by empowering startups, says UAE's Minister of Economy Abdullah bin Touq Al Marri
- The countries vow to expand cooperation in areas such as the circular economy, aviation, SMEs, renewable energy, technology, digital transformation, and transportation, he adds