Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
Business
China maintains basic balance in international payments in 2023
Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2...
Economy
Economy
$250bn GCC rail project on track after hiccups
The project linking the six GCC countries is expected to boost exports, diversify mode of transportation and reduce carbon emissions...
- Once the project is completed in the GCC, the developers plan to link the railway line with the ones in Jordan, Syria and Turkey and connect to Europe from thereon.
- GCC Railway project not only benefits the six countries economically but attracts investments, both local and foreign
Economy
Egypt’s exports leap up 49 percent to $3.61bn
Egypt’s exports recorded a nearly fifty percent jump to $3.61 billion in June 2021, as a compared to $2.94 billion...
- The country’s trade deficit fell by 27.8 percent during June to reach $2.49 billion, down from $4.07 in June 2020
- Egypt witnessed a hike in exports of some commodities such as plastic (78 percent), ready-made clothes (54.6%), pasta and other food items (53.1 percent)
Economy
Bahrain’s value of indigenous exports rises 103%
The value of exports of national origin of Bahrain increased to BD386 million ($1.06 billion) in August 2021, compared to...
- Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD77 million (around $205 million) from Bahrain
- The United States was second with BD62 million (around $165 million) and the United Arab Emirates third with BD53 million (around $141 million)
Economy
Oman’s actual revenues fall 20 percent to $22.1bn
Oman has suffered a sharp decline in its total actual revenues, falling a staggering twenty percent to $22.1 billion in...
- Current expenditures, on the other hand, totaled $24.6bln in 2020
- The fall is being blamed on the Covid restrictions and a drop in oil prices
Economy
Saudi Arabia posts 1.8 percent GDP growth in second quarter
GASTAT announced this increase while making public the country’s GDP and National Accounts report for the second quarter of 2021....
- Compared to Q1 2021, seasonally adjusted GDP recorded a growth of 0.6 percent
- This increase resulted mainly from the increase in the oil sector by 2.4 percent
Business
Saudi mega power plant still seeking takers
The Ras Al Khair plant produces 1.05 million cu m of desalinated water per day and generates 2.65 GW of...
- Saudi Arabia was planning to sell 60 percent stake in the Ras Al Khair plant and raise $2 billion
- However, bidders backed out after considering several factors, including the plant’s age and its waning technology
Analysis
GCC insurance firms battle pandemic woes
It has been a roller coaster ride for insurance companies in the GCC countries and the health care sector since...
- Experts see up to 40 percent rise in premiums in the next two to three years.
- Abu Dhabi-based Daman Insurance looking at new markets such as Kuwait and Bahrain.
Economy
UAE to spend $6.53bn to create 75,000 jobs
The United Arab Emirates (UAE) intends to spend some $6.53 billion over the next five years in order to create...
- It has also unveiled a series of initiatives to extend financial support and aid career development for local residents
- Government monetary assistance will include pension fund or retirement contributions, training costs, child support and salary aid
Economy
Iran needs more than $1 billion to improve roads
Iran plans to improve the condition of the major freeways and highways, and expand the country’s freeways network to 10,000...
- Iran’s Deputy Transport and Urban Development Minister Kheirollah Khademi said the country needs $1.07 billion to improve 10 major freeways in the next two years
- The country also announced the construction of new freeway corridors as another part of infrastructure development programs for the coming years
‘Third mass exodus’ feared in Lebanon as crisis worsens
Based on a survey done last year, 77 percent of Lebanese youth said they think about emigrating and seek it,...
- Based on a survey done last year, 77 percent of Lebanese youth said they think about emigrating and seek it, and this percentage is the highest among all Arab countries
- Many professionals, including doctors, academics, entrepreneurs, and designers, have left or are planning to go
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
Business
Company News
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Germany gears up for continued recession after years of bloom
BERLIN, GERMANY - On his many visits to semiconductor factories and electric car plants, Germany's Chancellor Olaf Scholz bangs the drum...
Economy
India’s Modi, Egypt’s Sisi pledge to deepen strategic partnership
Indian Prime Minister Narendra Modi met Egypt's President Abdel Fattah al-Sisi in Cairo on a rare visit during which both...
Geostrategy
UAE discusses tourism with India, UK, Indonesia and Japan
NEW DELHI, INDIA - UAE Minister of Economy and Head of the Emirates Tourism Council Abdullah bin Touq Al Marri...
Geostrategy
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Economy
UAE GDP up 7.9% in 2022 on strong non-oil sector performance
Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking...
- The UAE's GDP at constant prices totaled AED1.62 trillion in 2022, while non-oil GDP at constant prices reached AED1.174 trillion.
- Al Marri noted that the UAE's GDP per capita has grown by an unprecedented rate of 24.7 percent in the past six years, the highest in the GCC region.
Saudi Arabia hosts the biggest hajj pilgrimage in years
Islam's holiest site is expected to host more than two million worshipers from 160 countries during the annual rites that...
- The hajj began early on Sunday with the "tawaf" -– the circumambulation of the Kaaba, the large cubic structure draped in black cloth with gold trimmings
- This year’s pilgrimage will be the biggest since Saudi Arabia scrapped rules in 2021 that banned women who weren't accompanied by a male relative
Economy
Abu Dhabi approves housing benefits worth US$844mn for 1,807 citizens
Abu Dhabi, UAE-- The emirate of Abu Dhabi has approved the disbursement of housing benefits worth US$844 million to citizens...
- Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed, and chairman of the Abu Dhabi Executive Council, approved the grant for 1,807 citizens in Abu Dhabi
- Two grants will go toward ready-made housing for low-income individuals worth $272 million, and another for housing loans to citizens worth $571 million