GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
Business
Non-Arabs invest $87m in UAE markets from Jan-May 2021
Growth indicates a steady capital inflow into the two markets due to the increased investor confidence in UAE capital markets
Wealthy nations cancel Sudan debt worth $14 billion
The remaining of the total $23.5 billion debt will be rescheduled and will likely be canceled in the future, says...
Qatar re-opens for fully vaccinated international travellers
The new arrangements will also make it easier for citizens and residents of Qatar to travel in and out of...
France announces aid conference for Lebanon as Hariri quits bid to form govt
Lebanon faced yet more misery Friday after the failure of premier-designate Saad Hariri to form a government, and as France...
Saudi minister inaugurates projects, initiatives worth $8.35 million for pilgrims
Saudi Arabia on Thursday inaugurated several projects in Jeddah worth SAR 31.32 million ($8.35 million) to help Hajj pilgrims
Saudi ports see 1.83% increase in cargo handling
Saudi ports saw an increase in the total number of handled cargo as well as passengers during June 2021
Saudi Arabia to remain stable as oil prices boost economy: Fitch
Thanks to a boost it received from higher oil prices, Fitch has revised its outlook for Saudi Arabia from negative...
Global economy to grow fastest in 40 years in 2021: Report
Advanced economies, especially the US, drive forecast upgrade as they are expected to grow by 5% in 2021
Lebanese economy in a fix as PM-designate Hariri steps down
Lebanon's prime minister-designate Saad Hariri stepped down Thursday, saying he was unable to form a government, nine months after accepting...
High cost of food, fuel lifts inflation in Saudi Arabia to 6.2%
Accelerated mostly by the cost of food and fuel, inflation in Saudi Arabia has surged to 6.2 percent in June,...
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GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
Business
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Pause, hike, cut: Central banks diverge over regional challenges
The Bank of Japan (BoJ) has gone against the grain set by the Fed and ECB, announcing on Friday that...
Siemens to expand business
BERLIN, GERMANY - German industrial giant Siemens said on Thursday it would build a new high-tech factory in Singapore and expand...
Business
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
Economy
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Business
Tawuniya Q1 2023 net profit $20m
Insurance services results in Q1 improved by US$55 million.
- The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
- Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.
Economy
European Central Bank raises rates for eighth consecutive time
The hike was the highest since 2001, despite a darkening economic outlook. The ECB increased rates by another 25 basis...
- Like all central banks, the ECB has to walk a fine line in raising interest rates sufficiently to dampen demand and contain inflation, without provoking a sharp economic slowdown.
- The ECB also slightly raised its inflation outlook, predicting it will reach 5.4 percent in 2023, 3.0 percent in 2024 and 2.2 percent in 2025.
Economy
Saudi inflation in May rises slightly to 2.8% on higher rents
Dubai, UAE -- Saudi Arabia’s inflation increased by 2.8%, compared to May 2022, slightly higher than April 2023 (2.7 percent),...
- The main driver of CPI inflation in May was the higher prices of housing, water, electricity, gas, and other fuels by 8.4 percent, and food and beverages by 0.9 percent.
- The cost-of-living index for May rose to 109.37 points, according to the base year 2018, from 106.42 points in the same month a year earlier.