Saudi stock market hits 12,500 points, highest since August 2020
Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its...
35 Jordanian companies to participate in Gulfood 2024 in Dubai
AMMAN, JORDAN – A total of 35 Jordanian companies are taking part in Gulfood 2024, the world's largest annual food...
Business
Economy
Israel’s budget passes first hurdle in parliament
The budget proposal was approved in August by the coalition government of Prime Minister Naftali Bennett
- The budget proposal was approved in August by the coalition government of Prime Minister Naftali Bennett
- The budget bill will now go to committee before being submitted for final approval at a second or third reading in the autumn
UAE’s non-oil trade with Arab countries hits AED191bn in H1
The non-oil trade between the UAE and Arab countries grew 29 percent to AED191 billion in the first half of...
- UAE’s Minister of Economy Abdulla bin Touq Al Marri calls for greater efforts to increase intra-Arab trade
- He underlines the UAE’s support for all relevant regional efforts, made within the Greater Arab Free Trade Area (GAFTA) and the Arab Customs Union
Geostrategy
Iran discusses oil cooperation with China
Iran is hard pressed to sell its oil to countries across the world due to the sanctions placed by the...
- Iranian Oil Minister Ali Owji has met discussed ways to increase cooperation with the CNPC
- CNPC’s Middle East department deputy head Libin Zhang met Owji in Vienna on Thursday
Economy
UAE announces 50 national development projects
The projects are expected to lay the foundations for further growth of the UAE.
- The economic and developmental projects will foster a competitive business environment
- This is expected to attract investors, innovators, entrepreneurs, and talents from across the world
Geostrategy
IsDB launches $100m fund in Uzbekistan
The $100-million fund, mainly supported by Saudi investors, will target 34 micro, small, and medium enterprises.
- The economic development fund is expected to generate 100,000 jobs in the country which is struggling with poverty
- The new fund is part of the IsDB’s series of development activities in Uzbekistan, which so far stand at $2.4 billion in value
Arts & Culture
Colonial-era architectural heritage at risk in Tunis
Built by Italian and French architects and businesspeople, such buildings are associated with colonialism
- Built by Italian and French architects and businesspeople, such buildings are associated with colonialism
- Built just outside Tunis's traditional Arab medina they were meant to "modernise" the city
Economy
Iran may see power-supply problems in winter
The Energy Ministry could face serious problems in meeting electricity demand in winter if power plants did not get fuel
- The Energy Ministry cannot reduce supply to the domestic sector in winter
- Therefore, it must supply liquid fuel to power plants in advance to keep up with demand
Economy
Lebanon crisis may fuel bread shortage
The Lebanese flour millers' association has said mills might gradually stop working as fuel supplies run out. This, when the...
- This is the latest casualty of fuel shortages in Lebanon, where hospitals have already warned that they are hanging on by a thread
- The overall shortage of power-generating fuel has resulted in protracted power cuts in the country, forcing medical facilities to run generators, which too need fuel to run
Economy
Lebanon’s ‘new poor’ pull children out of private school
Since 2019, Lebanon's financial meltdown, one on the planet's worst since the 1850s, has decimated the country's middle class
- Since 2019, Lebanon's financial meltdown, one on the planet's worst since the 1850s, has decimated the country's middle class
- Entire families have seen their savings all but vanish and salaries dwindle to barely a tenth of their previous dollar values
Economy
Kuwait loses $4b per year to corruption: Expert
According to Transparency International, Kuwait in 2020 ranked 78 out of 180 countries in the Corruption Perception Index.
- Kuwait Economic Society chairman Abdul Wahab Al Rasheed said failure to take the right decision at the right time was the worst form of corruption
- He also called for urgent economic reform, without which the country’s budget deficit would equal its sovereign fund by 2035
Most Read
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
Saudi stock market hits 12,500 points, highest since August 2020
Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its...
Company News
Latest News
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...
Business
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY - Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
Business
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
Business
Most Read
Economy
Eurozone economic growth slows sharply in June
BRUSSELS, BELGIUM - Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production,...
- Inflation remains well above the European Central Bank's target of two percent, which will keep pressure on the ECB to keep raising interest rates.
- The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month.
Economy
Interest rate increase must to control inflation, says Federal Reserve official
A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...
- The Federal Reserve's benchmark now sits in a range between 5.0 and 5.25 percent - its highest level since 2007.
- All members of the Federal Open Market Committee predicted that the bank will have to raise its benchmark further before the end of the year.
Business
Musk, Zuckerberg seek cage fight to settle differences
Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...
- The two men have baited each other for years with opposing views on everything from politics to artificial intelligence.
- Musk responded angrily to a recent claim by a Meta official that there was appetite for a "sanely run" Twitter alternative.