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
Iran, Armenia eye $3 billion bilateral trade volume
Tehran, Iran – Deputy Prime Minister of Armenia Mher Grigoryan on Thursday said that Iran and Armenia have the potential...
Geostrategy
Economy
Iran to build 3GW renewable power plants
The move is a collaboration between Iran's Power Generation, Distribution, and Transmission Company, and the Iranian Fuel Conservation Company.
- There are currently 100,000 agricultural wells in the country that use diesel to pump water
- The construction of renewable power plants would save huge amounts of fuel in addition to supporting the power grid
Business
Oman sets terms for top hotels to open event halls
Four and five-star hotels in Oman may open meeting and celebration halls, but must follow certain restrictions.
- Celebration and meeting halls in top hotels can function with a maximum of 35 percent capacity
- The hotels would have to allow entry to only those fully immunized with vaccines approved Oman
Economy
Jadwa says Saudi economy to fare better
Saudi economy may perform better this year than forecast earlier with the continual recovery of the non-oil industry from the...
- Jadwa predicts growth of 1.8 percent, revising previous estimate of 1.3 percent
- Non-oil private sector growth seen at 4.4 percent
Business
Lebanon taps Dubai’s ENOC for fuel swap
Lebanon is expected to use ENOC’s fuel to generate electricity, as the Iraqi oil is deemed unsuitable for the process.
- As part of the deal, Lebanon will give ENOC 84,000 tons of Iraqi high-sulfur fuel oil
- In return, the country will receive 30,000 tons of Grade B fuel oil and 33,000 tons of gasoil
Economy
Israel gives hospitals $31 million to end partial strike
Finance Minister Avigdor Liberman said the Treasury had transferred the amount to the public hospitals.
- Staff and administrators at these hospitals have been protesting against the government’s failure to provide adequate healthcare funding
- Since Wednesday morning, several public hospitals in Jerusalem have not been admitting patients from brought by the emergency services
Iran steel production rises 10% in 2021
The country has kept its position as the 10th largest producer of steel in the world this year.
- The performance of some leading Iranian steel companies indicates they exported 916,236 tons of steel in June
- This which indicates a growth of 104 percent compared to June 2020
Analysis
Unemployment will haunt Gulf in 2021
While joblessness will be a worry, the economies of the GCC countries are expected to grow by about 2.5 percent...
- Saudi Arabia ranked first in the GCC in terms of the unemployment rate, which reached 8.2 percent of the total workforce in 2020.
- Bahrain and Oman are struggling with rising public debts while their unemployment rates stood at 4.1 percent and 5 percent respectively.
Economy
Nasdaq, S&P 500 again end US trading at records
The broad-based S&P 500 closed 0.2 per cent higher at 4,496.19, its second consecutive record
- The broad-based S&P 500 closed 0.2 per cent higher at 4,496.19, its second consecutive record
- The benchmark Dow Jones Industrial Average gained 0.1 per cent to end at 35,405.50
Economy
Raisi says economy, Covid response ‘does not befit’ Iran
He delivered the remarks while chairing the first meeting of his cabinet which was approved by parliament on Wednesday
- He delivered the remarks while chairing the first meeting of his cabinet which was approved by parliament on Wednesday
- Iran has been strangled financially by sanctions reimposed by Washington after then US president Donald Trump pulled out of a multilateral nuclear deal in 2018
Infographics
How will new remittance rules affect Lebanon?
The new rule authorizes banks to buy dollars from fresh dollar accounts without a customer's permission.
- Lebanon ranked third in the Arab world in receiving remittances in 2020
- Dollars entering Lebanon in the first half of 2021 were higher by 50 percent than those over the same period in 2020
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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
Company News
Latest News
UAE airports receive 31.8 million passengers in Q1: CBUAE
Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of...
Economy
In policy about-turn, Turkey to raise rates to fight inflation, steady lira
The Turkish leader pushed the central bank to start slashing interest rates two years ago as part of a "new...
Economy
French envoy to hold talks with Lebanese leaders to end divisions
Amid continuous divisions plaguing the country, France's new envoy for Lebanon, Jean-Yves Le Drian, landed in Beirut to hold talks...
Geostrategy
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Economy
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of...
- The apex bank noted the strong liquidity and funding positions of the UAE banking system in the first quarter of 2023, supported by strong deposit growth
- It revealed that the net NPL ratio moderated from the peak during the Covid-19 pandemic to 2.9 percent in Q1, showing a rise in credit growth and a fall in NPLs
Economy
Dubai International Chamber opens new office in Johannesburg
Dubai, UAE - Dubai International Chamber, one of the three chambers operating under Dubai Chambers on Wednesday marked the official...
- The new office further strengthens the UAE’s growing trade links with Africa and will seek to boost the level of bilateral investments between Dubai and South Africa
- A total of 777 South African companies were registered with Dubai Chamber of Commerce by the end of 2022, representing growth of 77 percent since 2016
Business
TAQA to buy SWS Holding
The energy company will pay US$462 million for the buyout.
- TAQA will pay 50 percent of the amount on completion of the deal and the remaining 50 percent will be paid a year later
- The acquisition is expected to add some US$4.35 billion to TAQA's exisiting regulated asset value of approximately US$20.42 billion