China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
Economy
GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
Economy
Economy
Bitcoin in El Salvador: How will it work?
Bitcoins are loaded onto digital wallets and accessed via a mobile app. To download the wallet, one needs a Salvadoran...
- Bitcoins are loaded onto digital wallets and accessed via a mobile app. To download the wallet, one needs a Salvadoran ID document
- To draw or deposit cash (in dollars), the government has erected 200 Chivo automatic teller machines countrywide
Economy
UAE, Qatar least hit by graft in MENA region: Survey
Across the MENA region, years of corruption has left countries woefully unprepared to face the COVID-19 pandemic
- Across the MENA region, years of corruption has left countries woefully unprepared to face the COVID-19 pandemic
- In terms of performance, the UAE and Qatar are the top regional performers on the CPI with scores of 71 and 63 out of 100 respectively
Economy
Belt and Road Initiative in GCC: A deep dive
The relations between the Arab world and China have touched new highs particularly after China launched the Belt & Road...
- Bilateral trade between China and GCC increased 180 percent from US$68bn in 2009 to US$190bn in 2019
- Gulf imports from China totaled US$10 bn in clothing, textiles, and fabrics, accounting for 66 percent of Arab trade with China
Economy
Iran spends $620m to mechanize agriculture
That amount reportedly equals 87 percent of the total budget allocated to a credit line for agricultural mechanization.
- The money has been used to supply agricultural machinery, tools, and equipment
- These have been supplied in fields like horticulture, livestock, poultry, and aquaculture
Geostrategy
Morocco polls: ‘New model of development’ in focus
King Mohammed VI will name a prime minister from the party that leads the parliamentary poll to govern for the...
- King Mohammed VI will name a prime minister from the party that leads the parliamentary poll to govern for the next five years
- The palace remains the source of key decisions and strategic direction in the country of 36 million people
Economy
Power cuts stall industrial revival in Syria’s Aleppo
The conflict has ravaged electricity networks as well as oil and gas infrastructure across the country
- The conflict has ravaged electricity networks as well as oil and gas infrastructure across the country
- Syrians in government-held areas have had to adapt their lives at home and work around power cuts of up to 20 hours a day
Economy
In world first, bitcoin becomes legal tender in El Salvador
El Salvador has become the first country to introduce bitcoin as legal tender, with high demand forcing a freeze of...
- Bitcoin can be bought and spent using a cyber wallet called "Chivo"
- Special ATMs allow people to make bitcoin transactions and draw cash in dollars
Economy
Asian markets lifted by recovery hope, Tokyo breaks 30,000
While the mood is generally upbeat, analysts remain cautious owing to the constant threat of the pandemic.
- Shanghai, Sydney, Singapore, Wellington, Manila, Mumbai and Bangkok post gains; Seoul, Taipei and Jakarta the only stragglers.
- Tokyo continued its march higher on stimulus hopes, while a reshuffle of the Nikkei 225 also provided healthy support.
Business
Aramco Q2 net income $25.5 billion, up by 288 percent
The results driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19...
- H1 net income $47.2 billion, representing a 103 percent increase over the same period in 2020.
- The Q1 dividend of $18.8 billion was paid in the second quarter and Q2 dividend of the same amount will be paid in the third quarter.
Economy
Saudi non-oil revenues jump 206%
The non-oil revenues of Saudi Arabia have increased to US$31 billion in Q2 2021 as against US$10.1 billion in Q2...
- Saudi economy contracted by 7 percent in 2020 but grew by 1.5 percent in Q2 2021
- IMF expects Saudi real GDP to expand by 2.4 percent in 2021, following a contraction of 4.1 percent last year
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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
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
Economy
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Bahrain central bank $185m Treasury bills oversubscribed 109%
Manama, Bahrain -- Treasury bills valued at Bahrain Dinar 70 million ($185 million) issued this week by the Central Bank...
Business
Cruise visitors to Qatar in 2022-23 rise 151 percent
DOHA, QATAR - New data from Qatar Tourism (QT) revealed that the country welcomed 253,191 cruise visitors during its 2022-23...
Business
Qatar takes part in 58th MENA customs regional meeting
Doha, Qatar--Qatar participated in the 58th regional meeting of director general of customs of the North of Africa, near and...
Economy
Most Read
Economy
EIB to finance Jordan’s upgrade of water-supply system with US$66.52mn
Amman, Jordan--The European Investment Bank (EIB) has approved the provision of $66.52 million for Jordan to upgrade the water supply...
- EIB said the project will improve the quality of drinking water in the area and reduce the loss of water due to leakage from the major water networks
- Late last year, EIB singed a $218 million loan agreement with Jordan to construct a desalination project between Aqaba and Amman, to be completed in 2028
Economy
Remittance flows to Egypt to surge by 3.1% in 2023: World Bank
Cairo, Egypt - The remittances to Egypt, the biggest recipient of such flows in the MENA region, are set to...
- Remittances, which amount to billions of dollars, play a crucial role in supporting the national economy
- The majority of the remittances sent by the diaspora, half of which lives in GCC nations, go back to Egypt
Geostrategy
Future of Iran-UAE relations promising: Reza Ameri
Tehran, Iran-- The future of relations between Iran and the United Arab Emirates is promising and in line with the...
- Reza Ameri, Iran's new ambassador to the UAE, noted progress in relations between the two countries after a period of downturn
- The UAE and Iran have had discussions to cooperate in political, economic, commercial, consular, cultural and scientific fields