China pledges to ‘work with all’ for results at Abu Dhabi WTO conference
Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference...
Economy
WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...
Geostrategy
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
Economy
Cyprus becomes safe haven for fleeing Lebanese
Since the start of the crisis in 2019, several thousand Lebanese have emigrated, many of them to Cyprus.
- Since the start of the crisis in 2019, several thousand Lebanese have emigrated, many of them to Cyprus
- According to the United Nations, 78% of Lebanese now live below the poverty line -- up from less than 30% before 2019
Economy
As economy slumps, Turkey turns on migrants
Turkey turned into the home of one of the world's largest migrant populations when it struck a deal with Brussels...
- Turkey turned into the home of one of the world's largest migrant populations when it struck a deal with Brussels to help resolve Europe's 2015-16 refugee crisis
- President Recep Tayyip Erdogan says the nation of 84 million now hosts five million migrants and refugees
Economy
Egypt’s foreign reserves leap up to $40.67bn in July
Egypt's net foreign reserves have risen to $40.672 billion in August from $40.609 billion in July, the central bank said...
- Egypt's net foreign reserves have risen to $40.672 billion in August from $40.609 billion in July
- Foreign reserves have been rising since June 2020, after dropping to around $36 billion
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
China pledges to ‘work with all’ for results at Abu Dhabi WTO conference
Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference...
Economy
Company News
LVMH posts Q1 revenue of $23.1bn
Business
Latest News
Egypt’s village traditions in peril as costs rise
Arts & Culture
Saudi Arabia’s imports from GCC states drop 15% to $1.49bn in Apr
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council countries fell 15 percent year-on-year to SAR 5.6 billion...
Economy
Central Bank of Bahrain treasury bills oversubscribed by 109%
Manama, Bahrain - This week’s BD 70 million issue of Treasury Bills of Government of Bahrain have been oversubscribed by...
Economy
Most markets rise but traders fret interest rate hikes, Russia situation
The more positive environment came as concerns over Russia subsided following an aborted uprising, though developments in the nuclear-armed country...
Economy
Most Read
Geostrategy
International Security Alliance seizes drugs worth US$750mn in global operation
Abu Dhabi, UAE--The International Security Alliance (ISA) has seized narcotics estimated to be worth US$750 million from a large transnational...
- Led by the ISA and Ameripol, the operation saw the participation of 22 countries across the Middle East, Africa, Asia, Europe and Latin America
- Founded in 2017 by the UAE and France, the ISA coordinated the operation from its secretariat in the UAE with the aim of fighting organized crime
Economy
Qatar Chamber signs MoU with Argentina Chamber to boost economic ties
Doha, Qatar-- Qatar and Argentina are looking to bolster ties and in this regard Qatar Chamber of Commerce and Industry...
- The agreement between the two will attempt to enhance and diversify trade exchanges and economic cooperation between the two countries
- Qatar Chamber also reviewed ties with Uganda Chamber of Commerce to design the path for increased coopeation between the two entities
Economy
Qatar and Iran agree to deepen ties in labor sector
Tehran, Iran-- Qatar and Iran have agreed to bolster ties in the labor sector with the aim of raising capacities,...
- The two sides discussed bilateral cooperation in labor affairs, including the adoption of occupational standards and labor inspection in establishments
- Qatar, according to its labor minister, has emerged as a leader in labor market reforms after a series of legislative changes to the country's labor laws