Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
Economy
Investigation
Qatar tops GCC region in food security
The country's National Food Security Strategy 2018-2023 is geared to increase the strategic stock of food commodities to ensure food...
- In terms of food security indicators, the country ranks first in the Arab world and 13th globally, according to the December 2019 World Food Security Index
- Qatar’s "National Food Security Strategy 2018-2023 is geared to achieve local food security and increasing the strategistock of food commodities
Economy
Bahrain central bank issues e-cheques
The e-cheques will retain all the basic functions, legal validity, and benefits of paper cheques while providing a paperless payment...
- The e-cheques will come into effect on October 19, and will be available through two apps
- They are expected to complement traditional paper cheques, which are a popular payment instrument in Bahrain
Economy
UN calls for ‘transformative action’ on World Food Day
UN Secretary-General Antonion Guterres has called for changes in the way the world produces, consumes, and wastes food. His remarks...
- Around 40 percent of the world — roughly 3 billion people — cannot afford a healthy diet
- The Covid-19 pandemic has left an additional 140 million people unable to access the food they need
Economy
Banking on apps for personal finance
People in the Middle Eastern countries are increasingly relying on apps to manage their money, streamline expenses and other banking...
- TRENDS presents a list of apps that can be used to manage personal finances in UAE and elsewhere in the region, as well as those that can be used anywhere
- Middle East has one of the highest percentages of smartphone penetration in the world
Economy
Brazil’s Paraná emulates UAE to be a logistics hub: Governor
In an exclusive interview with WAM in Abu Dhabi, Carlos Roberto Massa Ratinho Junior said the economic relations between his...
- In an exclusive interview with WAM in Abu Dhabi, Carlos Roberto Massa Ratinho Junior said the economic relations between his state and the UAE are on an upswing
- In an exclusive interview with WAM in Abu Dhabi, Carlos Roberto Massa Ratinho Junior said the economic relations between his state and the UAE are on an upswing
Economy
Saudi non-oil exports post 37% record jump to SR125.3bn
Saudi Arabia’s non-oil exports rose 37 percent to a record SR125.3 billion in the first half of 2021, SPA reported....
- They increase by 8 percent in quantity, equivalent to 34.7 million tons, suggesting a rebound in prices as volumes returned to normal
- Saudi Arabia exported to 170 countries in the first half, led by SR17.0 billion of goods to the UAE
Economy
Egypt’s current account deficit widens in Q1 as imports surge
Egypt's current account deficit widened in the first quarter of the current financial year because of a surge in imports...
- A strong currency helped boost imports to $19.59 billion in the quarter from $13.83 billion a year earlier
- Two years earlier, before the pandemic, Egypt reported tourism revenue of $3.18 billion for the April-June period
Economy
Moody’s changes Oman economy outlook to Stable
Moody’s expects Oman’s current account deficit to decline below 4 percent of the GDP in 2021-23 from more than 13...
- Moody’s said the change ‘reflects the significant easing of pressures on government liquidity and external financing’
- This is said to have come as a result of the ongoing implementation of the Medium-Term Fiscal Plan and a relative rise in oil prices
Economy
Turkish lira hits record low as Erdogan sacks central bankers
The Turkish lira sank to a record low against the US dollar on Thursday after President Recep Tayyip Erdogan fired...
- One of the dismissed bankers was reportedly the only one to vote against a surprise interest rate cut last month.
- A dollar was worth 3.75 lira at the start of 2018. Erdogan has fired three central bank governors since 2019.
Economy
Inflation spikes in Saudi Arabia, fueled by high food prices
The rate of inflation in Saudi Arabia spiked in September after being at the lowest level in August, according to...
- It was 0.6 percent in September, up from 0.3 percent in August, the General Authority of Statistics said today
- The spike was fueled by a faster growth in prices for food and beverages
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Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
Company News
Reliance posts Q1 profit rise
Business
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Market Report
China to restrict export of semiconductor making materials
BEIJING, CHINA - China said on Monday it would slap export controls on two rare metals essential for the manufacture of...
Business
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
Business
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT - Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
Geostrategy
Most Read
Business
Investcorp buys stake in SEC Newgate
Investcorp buys majority stake in SEC Newgate for $100m.
- SEC Newgate's other shareholders will roll over 100 percent of their equity investment as part of the transaction.
- The deal values Milan- headquartered SEC Newgate at over US$250 million, an Investcorp statement said.
Economy
UAE finance ministry releases annual report, highlights achievements in 2022
ABU DHABI, UAE - UAE Ministry of Finance (MoF) released its annual report for the year 2022 highlighting performance, initiatives,...
- The Ministry of Finance harnesses all capabilities to support the UAE's competitiveness, aligning with the government visions and directions.
- The ministry has been keen on becoming a model and global reference for best practices and international standards in government financial work.
Business
Saudi Arabia extends 1mbpd oil cut, Russia slashes exports
The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency...
- The move leaves daily production by the world's biggest oil exporter at approximately nine million barrels per day.
- Alexander Novak, the Russian deputy prime minister responsible for energy policy said Russia will voluntarily reduce its oil supply in the month of Aug by half a million bpd.