Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
Geostrategy
Business
Sukuk worth $174.6 billion issued globally in 2020
Sukuk has remained an attractive instrument and the positive growth trajectory has continued during the first half of 2021
- The report said that as of December 2020, over 90 percent of the $648 billion Sukuk outstanding globally were issued from markets like Malaysia, UAE and the others
- Sukuk has remained an attractive instrument and the positive growth trajectory has continued during the first half of 2021
Iraq looks up to IMF for $4bn loan
Iraq is confident about securing a $4 billion dollar loan from the International Monetary Fund (IMF) after it restarted talks...
- International Monetary Fund and Baghdad opened talks last year amid the pandemic as demand shock sent oil prices tumbling
- Iraq also expected to sign agreement with French oil and gas company before current government’s term ends
Economy
Jobs rise for first time in Egypt since 2019
Slight drop in headline seasonally adjusted PMI in July points to minor deterioration in the health of the non-oil sector.
- Slight drop in headline seasonally adjusted Purchasing Managers’ Index in July points to minor deterioration in the health of the non-oil sector.
- Influence of rising raw material prices, fuel costs, wages n cost pressures down in July, says IHS Markit survey.
Arab economies to grow by 2.9% in 2021, 3.6% in 2022: Report
Uneven recovery is expected as eleven Arab countries will likely recover by the end of 2022, while the recovery path...
Bread to cost more in Egypt as govt decides to slash subsidy
Egypt has decided to withdraw subsidy from bread that will make it dearer for a people who have relied on...
UAE’s non-oil economy picks up in July, strongest in two years
Latest IHS Markit UAE PMI says firms hoped easing of COVID-19 restrictions and the Expo 2020 later this year would...
Egypt’s exports shot up 54 percent to $282m in June 2021
Egypt’s exports of engineering products spiked by 54 percent to $282 million in June 2021, compared to $180m in the...
PMI: Saudi non-oil economy expands but challenges ahead
PMI falls for the first time in four months in July. The downgrade driven by weaker growth in output, new...
IMF officially approves increased lending capacity
The program, which had already been approved by the IMF's executive board in mid-July, will be implemented on August 23
Abu Dhabi cuts procedures to start business by 71 percent
Discussions with stakeholders helped the Abu Dhabi government identify and remove duplicate requirements and modify existing requirements to facilitate the...
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Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Company News
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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...
Economy
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...
Interview
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Business
India’s IndiGo places record order for 500 Airbus A320
Indian carrier IndiGo said it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show....
- Airbus boss Guillaume Faury said the signing was "an enormous milestone, to our knowledge and recollection no-one has ever ordered" so many planes at a stroke.
- With an order book now at over 1,300 aircraft, the contract also makes IndiGo Airbus' largest customer for the A320 family.
Business
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...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
Economy
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...
- The agreement, signed by UAE's Ministry of Human Resources and Emiratization, aims to develop the skills and capabilities of inspectors at the ministry.
- The pact enables the ministry's officials to carry out inspections proactively and enhance their capacities in line with the best international practices.