Investment and innovation behind Qatar’s tech success
Maher praises the Gulf country for its substantial efforts, investments, and innovative ideas that have transformed it into a prime...
Economy
UAE presses for ‘sustainable development policies’ at BRICS meeting in Brazil
Sao Paulo, Brazil-- The UAE has affirmed that it collaborates with the BRICS nations in order to establish sustainable development...
Economy
Economy
UK and Gulf nations negotiate trade deal
"It brings me great joy and pleasure to officially announce the official launch of FTA negotiations between GCC countries and...
- The UK already enjoys strong economic links with the nations of the GCC, comprised of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait and Oman
- Trade between the UK and the Gulf nations topped 30 billion pounds ($41 billion) in 2020, according to the British government
Economy
GDP of Arab economies down 3.8 percent: World Bank
The region’s average real GDP per capita is forecast to increase by only 1.1 percent in 2021 after declining an...
- Thirteen out of 16 countries in the region will have lower standards of living in 2021 than their pre-Covid levels.
- Pandemic losses are calculated by comparing where the region’s GDP would have been if the pandemic had not hit, the bank said.
Economy
Chief trade negotiators from US, China hold ‘candid exchange’
This was the second consultation between the two countries' chief trade negotiators after relations were seriously damaged under former US...
- This was the second consultation between the two countries' chief trade negotiators after relations were seriously damaged under former US president Donald Trump.
- Talk was "an opportunity for the United States and China to commit to forging a trade relationship that is managed responsibly," a USTR official said
Economy
Amanda Staveley: Public face of Newcastle’s Saudi takeover
She has made a lucrative career as an intermediary for wealthy Gulf-based investors looking to invest in Europe through her...
- She has made a lucrative career as an intermediary for wealthy Gulf-based investors looking to invest in Europe through her company, PCP Capital Partners
- An indication of the circles in which she moves is the rumour that she once turned down a marriage proposal from Prince Andrew, Queen Elizabeth II's third child
Arts & Culture
NFTs take Mideast art world by storm
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought...
- An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online
- They include data about the artwork or item, such as the artist's name, the date it was sold, and the buyer's identity
Economy
IMF to decide ‘very soon’ on whether Georgieva keeps her job
The IMF Executive Board is reviewing last month's investigation by the law firm WilmerHale that found that during her time...
- An investigation by a law firm has concluded that she manipulated data in favor of China while in a senior role at the World Bank.
- On Thursday Georgieva, 68, said she hoped for an "expeditious resolution" of the case
Economy
S&P says global debt could reach about 260 percent of GDP by end of 2021
Global debt levels could reach about 260 percent of gross domestic product (GDP) by the end of 2021, though low...
- Higher leverage and weakened credit metrics amid the recovery will probably trigger more defaults
- The recovery won’t be complete until vaccinations are widespread enough to make people more comfortable to move about
Economy
Didn’t reject 2016 IMF report: Lebanon central bank chief
A Swiss newspaper claimed Riad Salameh struck out 14 pages of a 2016 IMF report that warned of economic crisis...
- Lebanon’s central bank Governor Riad Salameh denied he once rejected portions of an International Monetary Fund report
- Swiss newspaper Le Temps said in an article that Salameh struck out 14 pages of the report because it warned of an economic crisis in Lebanon
Business
Fedex arm plans Saudi growth
FedEx Express is a subsidiary of FedEx Corp.
- FedEx Express will invest more than SAR1.5 billion ($400 million) into the Saudi economy over the next 10 years
- This investment will be through talent management as well as local operations and infrastructure
Business
$1.93 billion worth of weekly realty transactions made in Dubai
Real estate and property transactions worth AED 7.1 billion ($1.93 billion) were recorded in Dubai during the week ending October...
- A plot of land sold for AED 33 million in Hadaeq Sheikh Mohammed Bin Rashid.
- The highest number of transactions, valued at AED 126.61 million, were recorded in Al Hebiah Third.
Investment and innovation behind Qatar’s tech success
Maher praises the Gulf country for its substantial efforts, investments, and innovative ideas that have transformed it into a prime...
Economy
Company News
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Reliance posts Q1 profit rise
Business
Markets down after Chinese data flops, EU oil prices decline
London, United Kingdom - Stock markets retreated Wednesday on poorly-received Chinese data, as investors looked ahead to the reopening of Wall...
Business
UAE FDI inflows record highest ever jump in 2022: UN report
The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008),...
Business
Turkey’s inflation rate slows to 38.2 percent in June
According to the TUIK state statics agency, the rate slowed from 39.6% in May. But a separate study released by...
Economy
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Geostrategy
Iraqi president presses for closer trade and energy ties with Iran
Baghdad, Iraq-- Iraqi President Abdul Latif Rashid has emphasized the need for reinforcing partnership with Iran in the fields of...
- Iraq's president highlighted the importance of forging closer ties with Iran in a meeting with an Iranian delegation visiting Baghdad
- He applauded Iran for the restoration of ties with countries in the Middle East and the resumption of diplomatic relations with Saudi Arabia
Economy
Egypt to pour US$1.8bn into offshore gas exploration program
Vienna, Austria-- Egypt plans to drill new gas wells in the Mediterranean Sea and the Nile Delta as part of...
- According to its petroleum minister, Egypt will develop fields in the Mediterranean Sea, Nile Delta, and Western Desert to boost its production capacity
- The offshore exploration involves companies such as Eni, Chevron, ExxonMobil, Shell and BP, aiming to drill 35 exploratory gas wells until July 2025
Economy
Central Bank of Bahrain Sukuk Al-Ijara oversubscribed
Manama, Bahrain - The Central Bank of Bahrain (CBB) has announced that the monthly issue of the short-term Islamic leasing...
- The Sukuk Al-Ijara has a maturity period of 182 days, starting on July 6, 2023 and maturing on January 4, 2024
- Earlier in June, the CBB said that the issue of the 4-year Government Development Bond was oversubscribed by 415 percent