Tunisia gets new central bank chief amid economic crisis
TUNIS, TUNISIA - President Kais Saied on Thursday appointed a new governor of the central bank of Tunisia, a north African...
Geostrategy
Saudi Arabia extends online services to help foreign firms set up regional hqrs in kingdom
Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking...
Economy
Economy
Inflation in Saudi Arabia leaps to 0.4 percent in July
Owing to higher prices in the transport sector, Saudi Arabia's consumer price index rose 0.4% in July from a year...
- CPI rise stemmed from higher prices in the transport sector
- There was also an increase of 1.2 percent in food and beverages
Analysis
A lot is at stake for poor in Tunisia
The country's economy is witnessing deterioration as sources of income decline, unemployment rises to 18 percent and rising debt necessitates...
- Lifting subsidies is a risky decision that could spark public unrest
- The number of poor and vulnerable people will rise from 16.7 percent to 20 percent
Business
UAE’s Operation $300bn eyes more M&As
The strategic merger between Arkan and Emirates Steel Industries highlights the focus of the UAE's new industrial initiative 'Operation $300bn.'
- The UAE government wants to raise the industrial sector’s contribution to the GDP from US$36.20bn to US$81.66bn by 2031
- The strategy is aligned with national goals and international commitments relating to advancing sustainable economic growth, deploying clean energy solutions
Economy
Lebanon’s bank chief vows no forex raid to fund fuel unless law changed
Lebanon's central bank governor has vowed not to reverse his decision to stop subsidising fuel imports, unless parliament votes to...
- The country's Foreign exchange reserves have dwindled in recent months to now stand at $14 billion
- Earlier this week, the central bank had said it would no longer subsidise fuel imports
Economy
Saudi Arabia starts $3.4bn infrastructure projects in Tabuk region
The projects in the Tabuk region will include initiatives related to housing, transportation, environment, and agriculture.
- The Tabuk region is currently the epicenter of quite some activity, like the building of a substation for the Green Duba power plant
- Tabuk City also happens to be a hub for tourists who wish to explore the northern parts of Saudi Arabia
Geostrategy
OFID lends Jordan $70m to boost economy
The loan is expected to be used to provide for stimulus packages to for workers and create new jobs.
- The loan will support the creation of some 14,500 jobs in the forestry and tourism sectors
- It will also promote the employment of fresh graduates in the ICT sector, and strengthen the staffing of healthcare institutions
Economy
Lebanon’s fuel crisis deepens as leadership brawls
As the fuel crisis worsens in Lebanon, the country's leadership appears to be at odds over how to end the...
- Dwindling fuel supply has plunged Lebanon into extended blackouts and long queues for petrol and bread
- This week the central bank announced an effective end to fuel subsidies that have drained the reserves at a time when Lebanon is in a state of financial collapse
Economy
Iran may need to import 8m tons of wheat
Iran is currently suffering a drought that has led to water protests in several regions, most so in the Khuzestan...
- Iran’s wheat production exceeded 14 million tons in the previous Iranian calendar year 1399
- However, this year Iran may need to import as much as 8 million tons of wheat
Saudi Arabia to penalize artificial lakes in farms
The country has said it will take legal action against the construction of manmade or artificial lakes in farms for...
- The Ministry of Environment, Water, and Agriculture said any such construction would be deemed ‘a violation of the water bylaws and the relevant executive regulations’
- The laws and regulations it pointed to are aimed at preserving water resources, ensuring their sustainability, rationalizing water consumption, and preventing its misuse
Business
Dubai records $1.2 billion realty deals
AED 2 billion worth of properties were mortgaged, the highest being a plot of land in Al Hebiah First, mortgaged...
- The highest number (21) of sales worth AED 59.14 million were recorded in Nad Al Shiba Third.
- AED 2 billion wroth of properties were mortgaged, the highest being a plot of land in Al Hebiah First, mortgaged for AED 333 million.
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Tunisia gets new central bank chief amid economic crisis
TUNIS, TUNISIA - President Kais Saied on Thursday appointed a new governor of the central bank of Tunisia, a north African...
Geostrategy
Company News
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Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
Business
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
Economy
Iran-EAEU free trade zone agreement can be signed by year’s end: Russian deputy PM
Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the...
Economy
Most Read
Asian, European markets drop as China stimulus hopes fade
Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of...
- Tokyo, Hong Kong, Shanghai, Seoul, Mumbai, Singapore, Taipei, Manila, Jakarta, Bangkok and Wellington were all down, though Sydney rose
- Pound will be in view this week as the Bank of England holds its latest policy meeting, with expectations for another hike to battle persistently high inflation
Economy
UAE’s GCAA signs agreement with ICAO to boost collaboration
Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement...
- The meeting between the two sides discussed training collaboration that aims to support a safe, secure, and sustainable development of the global air transport
- The GCAA and ICAO delegations also reviewed joint initiatives, the most notable of which is Fujairah Air Navigation's accession to ICAO's TRAINAIR PLUS Program
Economy
Oman’s SMEs leading the way in transition to a low carbon economy: report
Muscat, Oman - The small and medium-sized enterprises (SMEs) are playing a critical role in ushering in Oman's shift towards...
- A growing number of Omani SMEs are actively transforming their business models to embrace sustainable practices
- The SMEs account for 90 percent of firms worldwide and consume 13 percent of energy used by businesses