WEF24: Pragmatic actions to help in carbon neutrality
Technology investment and corporate partnerships can play a crucial role in driving significant emission reduction, Hans Kobler of Energy Impact...
Interview
Economy
Saudi budget deficit narrows sharply
Better days for Saudi economy seem to be on the horizon as the kingdom’s budget deficit has narrowed sharply in...
- Saudi budget deficit fell by 38 percent from Q1
- Spending rose to SR252 billion from SR212 billion
Business
US announces extra $165 mln in Yemen aid
Yemen's conflict flared in 2014 when Iran-backed Huthi rebels seized the capital Sanaa
- Yemen's conflict flared in 2014 when Iran-backed Huthi rebels seized the capital Sanaa
- The fighting has killed tens of thousands, displaced millions and left some 80 percent of Yemenis dependent on aid
Business
Dubai Chamber launches online tool to fill $10b export gaps
The launch of the tool is in line with the emirate’s new target to boost its foreign trade from around...
- The tool is focused at 30 promising markets across the MENA region, Asia, Africa, and Europe
- They added that Dubai Chamber’s online tool has 26 major commodities listed on it
Business
Riyadh leads Q2 Saudi Arabia residential market boom
Latest review by global property consultant Knight Frank says apartment values in Saudi capital grew by 7.6 percent year on...
- Latest review by global property consultant Knight Frank says apartment values in Saudi capital grew by 7.6 percent year on year.
- Riyadh and Jeddah likely to witness a 25 percent and 36 percent increase in total office supply in the next three years.
Business
Lebanon fuel scarcity leads to brawls that kill three
The fatalities have taken place in two different incidents in the country where fuel is scarce due to an ongoing...
- In one case, two people were killed in a brawl in the Lebanese city of Tripoli
- In the second instance, a youngster was shot dead at a gas station in a village
Business
Dubai Economy issues 3,243 trader licenses in H1
Trader License enables freelancers and start-ups to conduct businesses online and across social networking accounts.
- Trader License enables freelancers and start-ups to conduct businesses online and across social networking accounts.
- Males account for 63 percent of the licenses issued and IT tops the list of activities.
Business
Middle East’s largest wind farm produces first carbon-free MWh
The project, Saudi Arabia's first, is being developed by leading renewable energy companies EDF Renewable and Masdar.
- The project, Saudi Arabia's first, is being developed by EDF Renewable and Masdar.
- On completion, the farm will power about 70,000 Saudi households.
Business
Aramco net income rises to $25.5 billion in Q2
Higher oil prices and a recovery in demand, easing of COVID-19 curbs, vaccination campaigns, stimulus measures, and accelerating activity in...
- The company announces a dividend of $18.8 billion.
- Higher oil prices and a recovery in worldwide demand, easing of travel restrictions drive the rise in income.
Economy
Retail coffee prices rise as frost hits Brazil produce, freight costs go up
Arabica coffee on the ICE Futures US exchange has doubled in price over the last 12 months
- The Covid-19 which caused shipping logjams has also contributed to cost escalation by pushing the freight costs to record levels
- Arabica coffee on the ICE Futures US exchange has doubled in price over the last 12 months
Arts & Culture
Saudi borders reopen for vaccinated pilgrims
Authorities in the ministry responsible for coordinating foreign pilgrims will from Monday begin "gradually receiving Umrah requests from various countries...
- Before Sunday's announcement, only immunised pilgrims resident in Saudi Arabia were eligible for umrah permits
- The umrah is a pilgrimage that can be undertaken at any time -- distinct from the hajj, which takes place once annually
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
Company News
Latest News
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
Business
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
Geostrategy
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
Business
Most Read
Economy
Remittances to MENA may rise by 1.7% after drop in 2022: World Bank
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023...
- The remittances are likely to increase by 1.7 percent in 2023 and by 1.8 percent the following year, the World Bank said in its Migration and Development report.
- The 3.8 percent drop in the flows in 2022 was driven mainly by a drop in flows to Egypt and downturns in flows to Algeria and Jordan.
Interview
US supports China’s bid to advance Middle East peace
Saudi-Iran peace deal will reduce tensions in the region and would solve some of the problems if not all, says...
- Blinken spoke of his recent visit to the Middle East where he met with the GCC leaders who, according to him, still see the US as the preferred partner
- On Taiwan, Blinken said the US has real concerns about the direction it has taken and blamed China for what he called as reckless actions
Economy
Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...
- The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global economic activity.
- Oman's real GDP rose by 4.3 percent in 2022, basically on an expansion of the hydrocarbon sector.