Qatar Central Bank head calls for enhanced GCC action to tackle challenges
Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among...
Economy
Vision 2030 empowers women in Saudi legal sector
"The progressive momentum generated in the past decade fills us with positivity and reassurance in the Kingdom, where we have...
Opinion
Economy
Iranians protest against water crisis caused by dried-up river
"Thousands of people from Isfahan, farmers from the east and west of the province, have gathered in the dry Zayandeh...
- The massive protest was the biggest since demonstrations over the water crisis started on November 9
- The Iranian government has promised to come to the aid of farmers and resolve the crisis
Market Report
Dubai Index surges 80 percent, Saudi losses continue
Dubai index outperformed GCC peers, following the emirate's announcement of plans to open a $545 million market-making fund and IPOs...
- As of Thursday, Abu Dhabi's main index increased by 0.1 percent, aided by a 2.4 percent increase in Alpha Abu Dhabi Holding.
- Saudi index lost for the third consecutive week and Abu Dhabi was largely stable.
Economy
UN warns high shipping cost to spike global inflation by 1.5%
The UN Conference on Trade and Development (UNCTAD) has warned that the rising shipping prices could spike global inflation by...
- The current price to ship a 40-foot container unit from China to the US is now 348 percent higher than the pre-pandemic average
- The UN calculates that a global drive to vaccinate people against coronavirus can go a long way to ameliorate the current shipping crisis
Economy
$1.6bn Saudi initiatives to boost local manufacturing
Saudi Arabia has unveiled two initiatives to help the country boost its production and manufacturing.
- The National Industrial Development and Logistics Program has launched the initiatives along with the Riyad Bank
- The two schemes are called "We finance, you manufacture" and "We invest, you manufacture"
Economy
As Libya returns to democracy, urban Benghazi struggles
Libya’s second city Benghazi has mushroomed to twice its size, creating an unplanned and chaotic urban sprawl.
- The fighting in Libya has displaced countless families, forcing many to build new homes without permits
- This has led to a jumble of neighborhoods that often lack infrastructure, from proper roads to schools or sewerage systems
One year from FIFA World Cup, clock ticks ever louder for Qatar
Twelve months before the 21 November, 2022 kick-off, the Qatari capital Doha is dotted with roadworks and building sites that...
- Twelve months before the 21 November, 2022 kick-off, the Qatari capital Doha is dotted with roadworks and building sites that are causing chaos for its inhabitants
- With some Qatari infrastructure projects delayed by the pandemic, the clock is ticking more loudly than organisers might have liked
Economy
Joblessness in Egypt grows 7.5% to 2.2m in 3Q
The number of people out of work in Egypt grew 7.5 percent to 2.2 million in the third quarter of...
- According to the Central Agency for Public Mobilization and Statistics the size of the labor force increased 0.9 percent to 29.4 million from 29.1 million individuals
- The bulletin attributed the rise of unemployment and labor force to the influx of new graduates during the months of August and September into the labor market
Interview
‘GCC may avoid NMCs, Abraajs with robust norms’
The region’s financial regulators must be extra vigilant to avoid catastrophic debt crises, Khalid Abdulla-Janahi, chairman of Vision 3, UAE,...
- Strong corporate governance framework is an integral part of ensuring clean flow of money and the GCC region is yet to make some improvements, says Khalid Abdulla-Janahi
- The companies in the region should have independent board members and directors with fixed term role to ensure high level of corporate governance, the Vision 3 chief adds
Economy
Turkish lira sinks as central bank cuts interest rate
The Turkish lira sank further on Thursday as the central bank slashed interest rates for the third consecutive month following...
- The bank cut its policy rate from 16 to 15 percent despite rising inflation and a fast-depreciating currency
- The lira, the worst performing emerging market currency in 2021, sank to an all-time low of 10.98 against the dollar ahead of the announcement
Business
Dubai Airshow: UAE Armed Forces sign deals worth AED22 bn
The deals were announced by the Executive Director of the Military Organizing Committee of the Dubai Airshow 2021 Major General...
- The deals were announced by Major General Staff Pilot Ishaq Saleh Al Balushi, and Lt. Col. Pilot Sarah Hamad Al-Hajari, Dubai Airshow spokesperson
- AED5,239,207,000.00 in deals were signed on the first day, AED11,284,837,000.00 on the second day, and AED4,257,401,000.00 on the third day.
Qatar Central Bank head calls for enhanced GCC action to tackle challenges
Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among...
Economy
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BMW Q1 net profit at $4.1bn Â
Business
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US is on course for soft landing, may avoid recession
During periods of economic stability, government focus typically gravitates towards infrastructure development. Investments in sectors like construction, transportation, energy, utilities,...
Opinion
DEWA given Net-Zero statement of verification for work on climate change
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received the net-zero statement of verification and assurance certificate in...
Business
SCA and UBF sign MoU to strengthen UAE’s asset management industry
Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the UAE Banks Federation...
Economy
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Economy
Jordan and Japan review economic, strategic relationship
Amman, Jordan-- Jordan and Japan have discussed ways to boost economic cooperation and further strengthen strategic ties between the two...
- The Jordanian minister noted the "importance" of Japanese investments and their role in transfering advanced technology to the kingdom
- Jordan's exports to Japan, according to the Department of Statistics, amounted to $87 million, while imports from Japan touched $348 million
Business
Saudi-Turkish Business Forum kicks off in Istanbul with signing of 16 agreements
Riyadh, Saudi Arabia - The Saudi-Turkish Business Forum which began on Wednesday in Istanbul, witnessed the signing of 16 agreements...
- The forum is a collaboration between the Federation of Saudi Chambers of Commerce and the Foreign Economic Relations Board of Turkiye
- The forum was attended by the Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, and the Turkish Minister of Trade, Omer Bolat
Economy
GCC, API sign MoU to establish framework for cooperation
Riyadh, Saudi Arabia-- Seeking to establish a broad framework for cooperation in several areas, the GCC and the Arab Planning...
- The MoU is expected to contribute to the development of the local working force in the GCC through cooperation in several areas
- GCC secretary general applauded API for supporting Arab organizations and institutions in all their forms with projects and ideas