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
Economy
Lebanon’s health sector is about to collapse: WHO
Lebanon is undergoing one of the worst economic crises in the world, with economists predicting that hyperinflation is imminent in...
- Basic and life-saving medicines are in short supply, with restrictions in foreign currency severely limiting import
- This has been caused by the Lebanese pound losing 90 percent of its purchasing power since end-2019, and subsequent government policies
Economy
Guilt-riven Lebanon expats ship aid as crisis bites at home
Social media platforms are filled with posts by Lebanese appealing for contacts abroad to send basic goods.
- Lebanon’s currency has plunged to an all-time low, which has sparked inflation
- It has also eroded the purchasing power of a population denied free access to their own savings by stringent banking controls
Business
UAE outperforms ten global tourism destinations in H1
The emirates achieves hotel occupancy rate of 62 percent, ahead of the US, UK and Turkey
- Hotel revenues grew by 31 percent to reach AED11.3 billion.
- Domestic tourism accounted for 30 percent of the total number of guests at hotels.
Research
Saudi biggest Arab economy, Sudan most indebted
The Saudi economy, as per IMF, is recovering "well" from the pandemic, estimating the kingdom's non-oil economy will grow by...
- COVID-19 increased the average debt in Arab countries to 81.8 percent of its GDP in 2020, up from 69.4 percent in 2019.
- Qatar has the highest GDP per capita in the Arab world due to its small population.
Videos
Assets of UAE banks rise despite pandemic
The UAE banking sector has posted a moderate yearly growth of 0.6 percent with total assets reaching US$873.6 billion, or...
- Total customer deposits in the country’s banks between Q2 2020 and Q2 2021 witnessed 2.3 percent year-on-year growth reaching US$519.4 billion or AED1.908 trillion.
- Personal loans to residents recorded 3.6 percent increase at US$92 billion or AED336.5 billion during the period
Business
Mitsubishi to supply Empower 100,000 refrigeration ton capacity chillers
DUBAI: Emirates Central Cooling Systems Corporation (Empower) will be using Mitshubishi's air-conditioning and heating systems for its environmentally friendly district...
- A deal between the two allows Empower to increase capacity to 200,000 refrigeration tons.
- Empower will start using the new units in its plants under construction located in Zabeel, Business Bay, Madinat Jumeirah.
Economy
World Green Economy Summit to tackle global food security
WGES will look into ways to advance the food and agricultural technology sectors
- WGES will look into ways to advance the food and agricultural technology sectors
- One of these is the Dubai Food Tech Valley, a programme launched by ruler of Dubai Al Maktoum
Research
Saudi gold glitters more in the region
Gold prices reached record levels in 2020 following an increase in investor appetite because of COVID-19. The price of yellow...
- Gold jewelry shopping in Saudi Arabia and Egypt grows 13 percent and 4 percent and decreases 12 percent in the UAE
- China purchased 191.1 metric tons of gold in 2021, followed by India, which bought 102.5 metric tons
Geostrategy
Iran looks east after China-led bloc okays entry
Iran has been trying to enter the SCO for years, and was close last year, but Tajikisatn objected to it.
- Iran has hailed its acceptance into the Shanghai Cooperation Organization, a bloc led by China and Russia
- This, for it, was an eastward turn that it sees as opening access to major world markets and a counter to Western sanctions
Economy
No end to Lebanese woes as new govt. hikes gasoline price
If the Lebanese were expecting a measure of relief from the new Mikati government, they were badly disappointed. The government...
- The government has promised action to address the crisis, including talks with the IMF and a start to reforms
- The new government has also signed a new contract with restructuring consultancy Alvarez & Marsal (A&M) to carry out a forensic audit of the central bank
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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
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Qatar’s nominal GDP to hit $227.3bn in 2023, inflation 3%
Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven...
Economy
Rescue ship saves 86 migrants off Libyan coast: charity
The UN's International Organization for Migration estimates that 1,724 migrants had disappeared trying to cross the Mediterranean to Europe so...
Geostrategy
Qatar to ramp up investment and economic cooperation with Iran
Tehran, Iran-- Qatar has renewed its willingness to boost economic cooperation with Iran, ramping up investment in order to strengthen...
Economy
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Economy
Doha, Dubai most competitive job markets globally
Despite international scrutiny over labor practices, Qatar and the UAE continue to attract job seekers with attractive policies like tax-free...
- Despite international scrutiny over labor practices, Qatar and the UAE continue to attract job seekers with attractive policies like tax-free income, a recent study points out
- Cities in Northern California, particularly San Jose and San Francisco, have demonstrated high competitiveness due to major layoffs in tech firms, adds the Resume.io study
Economy
Key technologies set to positively impact the world
Jurgens' remarks coincide with the World Economic Forum's announcement of its annual list of breakthrough technologies. These technologies, including flexible...
- The World Economic Forum has releases its annual list of breakthrough technologies poised for global impact
- The list of the important innovations includes flexible batteries, generative AI, and sustainable aviation fuel
Science
New WEF report reveals technologies to impact world in the next five years
TIANJIN, CHINA - The World Economic Forum on Tuesday announced its annual list of breakthrough technologies with the greatest potential...
- The new technologies include flexible batteries, generative AI and sustainable aviation fuel.
- These would be disruptive, attractive to investors, researchers, and achieve considerable scale within five years.