Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
Geostrategy
KSA seeks to lead global sustainability drive with Alat
Led by Saudi Crown Prince Mohammed bin Salman, Alat is poised to revolutionize the tech sector, aiming for carbon neutrality...
Economy
Economy
Iran gives free electricity to 10m users
This happened as part of a program aimed to change the attitudes of household consumers towards the proper use of...
- This is part of the Power of Hope program, which entails rewarding efficient subscribers with a 100 percent discount on their bills
- The Iranian Energy Ministry program has reduced the number of high-consuming subscribers across the country by 6.1 percent
Economy
Oman launches laboratory for food security
The laboratory falls within the framework of the "Invest in Oman" program.
- The lab is aims to design of a strategic investment program for the food security sector in Oman
- This will happen in partnership with relevant governmental and private institutions, businessmen, and investors
Economy
1.8 million Saudis employed under Nitaqat program
Nitaqat is a nationalization scheme implemented, which requires Saudi companies to fill up their workforce to certain levels with Saudi...
- About 1.6 million establishments in the Saudi employment market are registered under the program.
- Under Updated Nitaqat, the number of economic activities will be reduced to 32 from 85.
Market Report
GCC equity markets shine in H1 2021
The growth was spurred by abundant liquidity created by easing monetary and fiscal policies besides a rebound in oil prices.
- The pharma and biotech index topped performance during H1 2021 with returns of 24.3 percent and 50.4 percent.
- Abu Dhabi Exchange topped the region’s equity markets by gaining as much as 35 percent.
Economy
UAE posts fastest job growth in three years
The UAE has recorded a sharp growth in employment for the first time in more than three years, with a...
- Output levels increased in August due to an improvement in demand as the economy recovered from COVID-19 restrictions
- The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, dipped to 53.8 in August from 54.0 in July
Interview
Hyperinflation imminent in Lebanon: Nasser Saidi
A crushing economic crisis, a sharp collapse of the local currency and a bankrupt banking sector are adding to the...
- Lebanon's banking sector must reduce the size by at least 50 percent if not more, says senior economist Nasser Saidi
- Lebanon, he says, will take 5–7 years to recover if it agreed to an IMF program within the next three months
Geostrategy
Syria agrees to help Lebanon get gas, electricity
The country has said it is ‘ready’ to help Lebanon with ‘transit for Egyptian gas and Jordanian electricity via Syrian...
- Lebanon’s fuel shortage has reached such proportions that millers have warned they might have to stop making bread
- Meanwhile, Unicef has said 4 million Lebanese could lose access to water as pumps run out of fuel
Business
Bahrain cuts truck wait duration by 15 times
Bahrain’s Customs president hailed importers, traders, and customs agents for the achievement.
- Bahrain said it has reduced the average waiting period for such loaded trucks to just 52 minutes in the first half of August
- This was in comparison to the 757 minutes — more than 12 and a half hours — in the previous years
Economy
Three in four in Lebanon are living in poverty: UN body
That number goes up to 5 out of 6 people when one redefines poverty beyond the usual fiscal lines and...
- Between June 2019 and June 2021, the inflation rate in Lebanon amounted to 281 percent
- This led to a rise in income poverty from 25 percent in 2019 to almost 74 percent in 2021
Economy
UAE pulls up underperforming tax authority, energy ministry
The UAE has said some underperforming government offices and ministries have 90 days to improve their digital services.
- The findings were based on a public poll announced three months ago to gauge efficiency of digital services by government entities
- As part of the poll, 55,000 people gave inputs on the digital services provided by 30 government agencies
Most Read
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Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
Geostrategy
Company News
Latest News
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
Business
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...
Economy
KSA outsources work worth US$693m for achieving Saudi Vision 2030
RIYADH, SAUDI ARABIA - The Minister of Human Resources and Social Development and Chairman of the Board of Directors of...
Economy
Most Read
Economy
Dubai Police and DIB sign agreement to support Bayti initiative with US$5.44mn
Dubai, UAE--The Dubai Police and Dubai Islamic Bank (DIB) have signed an agreement to back the social initiative, "Bayti", with...
- The charitable initiative was launched by Dubai Police and many others to support familes with low income in the construction of homes and furnishing
- DIB's Chief Operating Officer, Obaid Khalifa Al Shamsi, applauded the partnership between the two in executing social projects supporting citizens
Economy
Insurance becomes mandatory for foreign vehicles entering UAE
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign...
- In order to make it easier for vehicle owners to posses insurance cover, the authorities will provide them with online access to the platform to buy insurance
- The vehicle owners can access the service on the ICP's website or by downloading the "Shory Aber" application available for iOS and Android devices
Business
Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
- The records show that 278 plots were sold for US$473 million, while 2,965 apartments and villas were purchased for US$1.9 billion.
- The top transaction was that of a plot of land in Wadi Al Safa 3 which sold for US$24 million, the records revealed.