Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
Economy
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Economy
Expectations rise for Expo 2020 gains to materialize
A study published said projections for 2019 indicated investments that would generate long-term returns of up to $33.3 billion.
- The mega event is expected to create 905,200 job opportunities.
- A survey ahead of Expo 2020 by the Dubai Chamber of Commerce and Industry maintains Dubai’s economy was recovering.
Interview
Expo 2020: Cisco operating next generation IT network
The company, the Expo's 2020 official partner, is ready to greet visitors and provide them with the most up-to-date digital...
- The company, the Expo's 2020 official Digital Network Partner, is ready to greet visitors and provide them with the most up-to-date digital solutions
- It will deploy 20,000 secure endpoints across the site to deliver industry leading connectivity
Geostrategy
Lebanon reaches out to Arab countries
Lebanese Prime Minister has confirmed that his country has reached out to Arab and Gulf nations for help, but the...
- Lebanon Prime Minister Najib Mikati has said his country has reached out to Arab nations
- However, there is no set date when a Lebanese delegation may visit them for help
Economy
Cyber-pandemic quickened UAE digital push
Mohamed Hamad Al Kuwaiti has said the UAE is fully equipped to transition into AI for governance and economy.
- The UAE has attained high ranks in many global cybersecurity indexes
- Moving into an AI government and economy involves sector-wise perspectives
Business
Dubai Chamber initiative focuses on West Africa
The initiative, called Why Africa, will also look at the region’s key economic indicators and competitive advantages.
- The initiative, called Why Africa, comprises in-depth analyses conducted by Dubai Chamber
- It is based on recent data from UNCTAD, up-to-date insights for prospective investors, and recent trade trends
Business
ADNOC Drilling IPO raises $1.1bn
The UAE's state oil giant will be listed on ADX on October 3.
- ADNOC said the offering was oversubscribed 31 times, with significant demand from UAE Retail Investors and Qualified Institutional Investors.
- Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the Company.
Business
PIF acquires 25 percent stake in EEC
Under the deal, EEC transferred part of its loan to PIF in exchange for company shares.
- Under the deal, EEC transferred part of its loan - worth $755 million- from the Ministry of Finance to the PIF in exchange for company shares.
- PIF believes that the transaction will also accelerate the development of EEC by establishing King Abdullah Economic City.
Arts & Culture
Riyadh Season 2021 has ‘big surprises’ in store
The event featuring concerts, theater performances, wrestling matches aims at making the Saudi capital a tourism entertainment destination.
- This year's slogan is #Imagine_More, as its events will be held in an area of 5.4 million square meters.
- The event is also an opportunity to showcase the outcome of several national goals, such as raising the level of the entertainment industry sector.
Research
Semiconductor shortage slows down GCC auto sector
Auto exports to the region are likely to suffer for the next more than a year due to an estimated...
- Toyota Middle East has pledged it would do its best to avoid inconvenience to customers waiting for delivery of vehicles.
- On an average, a car needs around 1400 chips. Electric vehicles utilize even more.
Economy
Egypt to tax social media stars earning more than $32,000 annually
Egypt said it will tax social media content creators in a revenue raising exercise as more citizens look to online...
- The tax authority said "YouTubers and bloggers" earning over 500,000 pounds ($32,000) annually would be taxed
- Social media was awash with comments after the taxation move
Geopolitical risks, sanctions keep commodity markets on edge
Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's...
Economy
Company News
Latest News
Stocks mixed, dollar firms on rate-hike fears
Market Report
Saudi tourism on growth path despite hiccups
Saudi Arabia is investing $500 billion in NEOM, a future city in the northwest, expected to be a hotspot for...
Infographics
Iraq’s oil export revenues in June hit $7 billion, says SOMO
Baghdad, Iraq - Iraq's Ministry of Oil has said that the country's crude oil exports reached over 100 million barrels...
Iraq exports crude oil worth over US$7bn in June 2023
BAGHDAD, IRAQ - Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a...
Business
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Business
Iran makes US$54 billion in revenue from export of oil in 2022
Tehran, Iran-- Iran has earned revenue to the tune of $54 billion last year from the export of oil, according...
- According to the estimate, Saudi Arabia earned the highest net oil export revenue among OPEC members in 2022, standing at $311 billion
- Iraq came second at $131 billion, followed by the United Arab Emirates with $119 billion, and Kuwait came fourth at $98 billion
Economy
Oman’s GDP climbs up 4.7 percent to touch US$22.59bn in Q1
Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion...
- The jump has mainly resulted from the growth of non-oil activities, climbing up by 4.6 percent to $17.55 billion at the end of the first quarter of 2023
- The country has seen oil activities at the end of Q1 grow by 3.5 percent to $7.32 billion as against $7.09 billion at the end of the first quarter of 2022
Business
DFM adds new investor accounts
The brokerage firms added 26,953 new accounts in H1.
- The new investor accounts at the bourse climbed more than 48 percent during the first five months of this year as against 18,204 last year
- Since the listing of companies such as DEWA, TECOM Group and many others, the market has witnessed significant momentum