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
Geostrategy
UAE announces $10 billion fund for investments in Turkey
Erdogan greeted Sheikh Mohammed on the ceremonial blue carpet at the presidential palace in Ankara on Wednesday before they went...
- The fund's aim was "to support the Turkish economy and boost bilateral cooperation between the two countries," the official Emirati news agency WAM said
- The main focus of the fund will be on "strategic investments", especially in sectors including energy, health and food, WAM reported
Economy
Syria eyes visitor resurgence, especially from Europe
Syria is an important destination for Shiite pilgrims, and has continued to welcome visitors from Iran, Iraq, and Lebanon during...
- Syria is home to several UNESCO world heritage sites that were very popular with tourists before the war
- Most sites were damaged by more than 10 years of a conflict, but restoration work was undertaken
Economy
Help lower oil prices, IEA urges OPEC
The head of the IEA has called on OPEC and its allies to take measures to help bring oil prices...
- OPEC nations and their allies, including Russia, agreed in July to slowly increase their oil output each month towards pre-pandemic levels
- This comes as the world economy recovers from the Covid-19 pandemic
Economy
Lebanese currency sinks to new low on the black market
The Lebanese pound sank to a new low on the black market Wednesday, with no end in sight to the...
- The new record, topping a previous peak in July, comes as the government fails to resolve a diplomatic crisis with Gulf countries.
- The World Bank estimates Lebanon may need almost two decades to recover its pre-crisis per capita GDP.
Economy
Saudi employers can now issue residence, work permits on quarterly basis
Saudi Arabia has announced a new procedure that allows employers to renew residence permits, work permits and financial compensation for...
- The Ministry of Human Resources and Social Development and General Directorate of Passports have started the service.
- The General Directorate of Passports stated that this service can be availed through the Absher Business and Muqeem platforms.
Economy
Saudi non-oil exports leap up 28% to $18.48bn in Q3
Saudi Arabia recorded a 28.4 percent rise in non-oil exports in the third quarter of 2021 to $18.48 billion thanks...
- The ratio of non-oil exports to imports increased to 48 percent in Q3 2021 from 44 percent in the year-ago period
- Overall, exports increased by 72 percent year-on-year to 276 billion riyals, mainly due to higher oil exports, which rose by 100 billion riyals, or nearly 94 percent
Business
UAE banks waive $313 million in debts of 4,511 Emirati citizens
Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions,...
- 20 banks and financial institutions provided debt relief on the direction of Sheikh Khalifa bin Zayed Al Nahyan.
- First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank were among the banks that waived debts.
Economy
China’s birthrate plummets to lowest figure in decades
Last year, China recorded 8.52 births per 1,000 people according to the 2021 Statistical Yearbook released in the past week...
- Last year, China recorded 8.52 births per 1,000 people according to the 2021 Statistical Yearbook released in the past week - the lowest figure since 1978
- The unbalanced ratio of male and female population have become the major reason which causes the lowest birthrate in China
Economy
Algeria’s poor fret over plan to slash subsidies on basic goods
During Algeria's transition to a market economy in the 1990s, subsidies replaced the fixed prices of a planned economy that...
- The North African country, heavily dependent on oil and gas exports, has for decades subsidised everything from bread and milk to fuel and electricity
- The income from energy exports has fallen for years, especially during the downturn driven by the Covid-19 pandemic, heightening the strain on public finances
Interview
Fintech fuels MENA startup scene
It is vital for the economic development of the Middle East by fostering innovation, entrepreneurship and creating large-scale employment opportunities...
- According to a recent Forbes report, there are at least 2,800 FinTech startups in the Middle East and Africa
- In Saudi Arabia, startup funding topped US$168 million in the first half of 2021, 65% more than it did in H1 2020
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...
Company News
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Abu Dhabi crown prince reviews progress of government projects in emirate
Abu Dhabi, UAE-- The Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council Sheikh Khaled bin...
Economy
UAE, French ministers review ties, economic cooperation
Abu Dhabi, UAE - The United Arab Emirates and France reviewed the prospects of growing bilateral trade exchanges and advancing...
Economy
Egypt, Ethiopia to finalize deal on Nile dam in four months
The two countries resolved to finalize a deal over Ethiopia's big dam on the Blue Nile in four months, a...
Geostrategy
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Economy
Will extended oil production cuts stunt Saudi growth?
The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain...
- The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts
- Amidst varying projections, the overall concern is clear: the extended cuts could strain the economy and may even lead to contraction if the trend continues into 2024
Business
ExxonMobil to buy Denbury
ExxonMobil will acquire Denbury for $4.9 billion.
- The all-stock acquisition provides ExxonMobil with Denbury's carbon dioxide pipeline network in Texas, Louisiana and Mississippi.
- Oil companies have championed carbon sequestration as a major response to climate change.
Arts & Culture
Sweltering heat leaves Gulf residents at risk during noon
DUBAI, UAE- As much of the world swelters in record temperatures, spare a thought for Issam Genedi, who ekes out a...
- Apart from last week being identified as the hottest ever recorded worldwide, a wave of humidity has been suffocating the Gulf
- Two weeks ago, more than 1.8 million Muslims battled through a days-long hajj pilgrimage in Saudi Arabia in temperatures up to 48C (118F)