China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
Majority of WTO members sign investment deal for development
The deal aims to facilitate "the flow of foreign direct investment... particularly to developing and least-developed" countries with the aim...
Economy
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
Research
Assets under GCC SWFs grow 10% to US$2.77trn
The SWFs of Abu Dhabi, Kuwait and Qatar have underpinned the resilience of their sovereign ratings despite lower oil prices...
- The combined assets under managements of the GCC sovereign wealth funds rises to US$2.77 trillion
- The UAE has five sovereign wealth funds with a combined total asset of US$1.2 trillion
Infographics
Iraqis saddest people in Arab region: Report
Political, economic and social crises in the Middle East countries has led to an implosion of negative emotions among their...
- Lebanon, Egypt and Tunisia follow Iraq, according to Gallup World Poll.
- Research has revealed that emotions usually drive bad investment decisions.
Economy
Saudi Arabia eyes investment opportunities from Germany
The Saudi Vision 2030 has unlocked investment opportunities worth SAR12 trillion (€2.7 trillion or $3.2 trillion).
- Germany is a key trade and investment partner for Saudi Arabia
- It was the fourth-largest source of imports to the kingdom in 2020
Dubai Chamber members’ exports, re-exports reach $40 bn
Surge in trade activity in Dubai has lifted the value of exports, re-exports.
- 58,154 certificates of origin issued by Dubai Chamber in August 2021.
- Outside of the GCC, Egypt was the largest export market as member exports to the country.
Economy
Mikati seeks global support to revive Lebanon
The country no longer has the money needed to support its economy, says the new Prime Minister Najib Mikati said...
- Lebanon is going through a major economic and political crisis
- The World Bank has termed it as one of the deepest recessions recorded in modern times
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
Company News
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Italy warns against ECB decision to increase interest rates
The central bank has hiked rates at the fastest pace ever over the past year in a bid to cool...
Economy
Markets rise as upbeat US data plays against rates outlook
Wall Street popped higher Tuesday after a string of readings soothed concerns about a possible recession, while traders were also...
Economy
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
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Economy
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...
- The resolve to boost ties was expressed in a phone call between the Emir of Qatar Sheikh Tamim bin Hamad Al Thani and the Iranian President Ebrahim Raisi
- The Iranian president on his part said the Islamic Republic has always emphasized the promotion of relations and expansion of ties between the two countries
Economy
Sharjah Football Company signs Tunisian star Mohamed Firas Belarbi
Sharjah, UAE--Sharjah Football Company has signed Mohamed Firas Belarbi, the Tunisian international defender, from the Ajman Club for an undisclosed...
- Belarbi considered to be one of the most effective attacking midfielders in the UAE championships over the past two years took part in all 26 league matches, scoring 12 goals
- Sharjah Football Company, founded in 2007, is a joint venture between Sharjah Sports Club and the Sharjah Investment and Development Authority
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