WEF24: Catalyzing investment, trade transform Africa
Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell...
Interview
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
Economy
Sports sector adds $1bn to Dubai economy each year
The growth in the sector is a result of the Dubai community’s increasing interest to participate in sports activities over...
- Around 1.5 million people regularly engage in sports and physical activities in the emirate, acccording to the Dubai Sports Council
- This has led to an increase in the number of national and international sporting events being hosted in Dubai
Economy
GDP of OECD economies up by 1.6 percent in Q2
Despite the rise in the GDP of the Organization for Economic Co-operation and Development (OECD) economies to 1.6 percent in...
- The UK recorded the strongest growth (4.8%) followed by Italy (2.7%)
- GDP also increased in the other Major Seven Economies, but to a lesser extent
Infographics
ADX is the least expensive equity market in MENA
ADX has plans to get at least 10 companies as well as additional services such as derivatives trading by the...
- ADX has plans to get at least 10 companies as well as additional services such as derivatives trading by the end of 2021
- The cost of execution includes several components and depends on the exchange
Economy
US stocks continue to advance
The S&P 500 and Nasdaq advanced after posting records at the close of trading Friday
- The S&P 500 and Nasdaq advanced after posting records at the close of trading Friday
- The broad-based S&P 500 was up 0.2 percent at 4,518.34 and the tech-rich Nasdaq Composite Index climbed 0.4 percent to 15,186.63
Economy
Foreign investment in Saudi markets rose 150% in Q2
The sectors in the country that attracted the most foreign investment were banking, basic items, energy, and communications.
- Saudi Arabia was granted membership of the World Trade Organization in 2005
- This is opened up the country to ever-increasing investments from foreign parties
Economy
Iran to build 6 million homes for underprivileged
The decision came from the country’s Constitutional Council, which is tasked with finalizing parliament legislation.
- Iran’s new President Ebrahim Raisi has already promised to build 4 million houses until the end of his term in 2025
- The government is expected to provide 60 percent of the funds needed to build a housing unit
Economy
Saudi net foreign assets dip by $4.4bn in July
Saudi Central Bank’s (SAMA) net foreign assets suffered a $4.4 billion drop in July, SAMA data showed on Sunday.
- Investments in foreign securities edge higher
- A country’s net foreign assets are a vital indicator of its economic health and a measure of its ability to support its currency’s peg to the dollar..
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WEF24: Catalyzing investment, trade transform Africa
Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell...
Interview
Company News
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UAE GDP up 7.9% in 2022 on strong non-oil sector performance
Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking...
Economy
Saudi Arabia hosts the biggest hajj pilgrimage in years
Islam's holiest site is expected to host more than two million worshipers from 160 countries during the annual rites that...
Abu Dhabi approves housing benefits worth US$844mn for 1,807 citizens
Abu Dhabi, UAE-- The emirate of Abu Dhabi has approved the disbursement of housing benefits worth US$844 million to citizens...
Economy
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Economy
Libya’s east-based government threatens to block oil exports
Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports...
- Hamad also said that he had "frozen" 2022 oil revenues "equivalent to more than 130 billion dinars" (around $27 billion) as a first step
- He accused the government in Tripoli of squandering energy revenues by making "extravagant spending", without elaborating
Business
Iran’s oil exports surge to 1.9 million barrels per day in May
In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge...
- The Islamic Republic has ramped up its crude output to more than 3 million barrels per day, nearly 3 percent of the world's supply
- Iran has been pouring more oil into the global energy market at a time when OPEC+ has lowered the supply in order to shore up the oil market
Business
More than 900,000 passengers to use Abu Dhabi International Airport on Eid
Abu Dhabi, UAE-- Some 900,000 passengers are expected to pass through Abu Dhabi International Airport on more than 5,000 flights...
- Abu Dhabi Airports gave out the projected numbers ahead of an expected uptick in passenger traffic at Abu Dhabi International Airport during the Eid celebrations
- On June 24, and June 25th, and July 2nd airport authorities expect heavy passenger traffic to pass through the emirate's five airports and expect to serve almost 65,000 passengers