G20 leaders to grapple with climate, taxes, Trump comeback
G20 leaders gather in Brazil on Monday to discuss fighting poverty, boosting climate financing and other multilateral initiatives that could...
World leaders meet for climate talks, but big names missing
Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 but many big names are skipping the UN climate...
Economy
Business
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
- The 10-year loan was funded by a group of banks including Industrial and Commercial Bank of China
- Citigroup Inc, First Abu Dhabi (FAB), and HSBC Holdings Plc,will help in funs according to sources familiar with the matter.
Business
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
- At least 518 Egyptian companies are operating in the Saudi market, the minister said.
- He said that over 285 Egyptian brands are spread out across the Kingdom.
Business
Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...
- In Q3 2023, Asia was the principal destination of Qatar’s exports and imports, representing 74.9 percent and 36.3 percent respectively.
- In Q3 2023, the European Union, accounting for 10.4 percent and 27.5 percent of Qatar's exports and imports respectively.
Business
Saudi oil and non-oil exports fall by above 17 percent in Sept
Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly...
- The share of oil exports in total exports increased from 80 percent in September 2022 to 80.1 percent in September 2023.
- Imports also decreased compared to August 2023 by SAR 9.6 billion or 13.7 percent, according to data by GASTAT.
Economy
Gaza war: Israel stares at $48 billion in expenses
Dubai, UAE - The ongoing conflict between Israel and Gaza could result in a significant economic toll for Israel, with...
- The projected cost, although lower than some previous estimations, remains a substantial financial burden
- The Israeli Ministry of Finance had previously indicated that the war was incurring costs of approximately $270 million per day
Internet out: India deploys shutdowns in name of security
New Delhi, India - With the world's largest biometric ID database, a pioneering digital payment system for daily transactions and a...
- India, the world's largest democracy, with general elections due next year, is also a global leader in internet shutdowns, according to Access Now
- "Of the 187 internet shutdowns it recorded worldwide last year, 84 were in India, the "most of any country for the fifth consecutive year", it said
Economy
Rising temperatures worry MENA region
The Middle East and North Africa (MENA) region faces severe climate change challenges, including water scarcity and extreme temperatures, with...
- With diverse strategies from GCC to non-GCC nations, the battle against climate change underscores a delicate balance between economic growth and environmental sustainability.
- In the MENA region, resource-rich GCC countries are better equipped to tackle climate change challenges that threaten food security, water resources, and biodiversity.
Economy
IEA urges oil firms to pour half their investments into clean energy by 2030
Paris, France--The International Energy Agency on Thursday called on oil and gas companies to devote half of their investments to clean...
- It exhorted producers to make the choice between worsening the climate crisis or helping to limit global warming to +1.5C, in line with the Paris Agreement
- IEA Executive Director Fatih Birol said that remaining unfazed in the face of a worsening climate crisis is "neither socially nor environmentally responsible"
Economy
Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply...
- The Organisation of the Petroleum Exporting Countries (OPEC) and allied producers are set to consider additional oil supply cuts when it meets on Nov. 26.
- The head of the IEA oil markets said that even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024
Economy
World Bank anticipates 4.5% growth in UAE’s non-oil economy in 2023
Riyadh, Saudi Arabia - The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of...
- The WB report has projected a 3.4% growth in the real Gross Domestic Product of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024
- According to the report, the Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7% in 2024 and 2025
G20 leaders to grapple with climate, taxes, Trump comeback
G20 leaders gather in Brazil on Monday to discuss fighting poverty, boosting climate financing and other multilateral initiatives that could...
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India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
Economy
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
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Economy
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further.In this...
- Albudaiwi said the free trade talks exemplify the strategic partnership between the GCC countries and Turkey, as well as the regional cooperation in various sectors
- He said the GCC countries are actively engaged in free trade negotiations with other nations to expand trade opportunities, promote economic cooperation
Economy
First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...
- Expenditures were diverse, with a substantial portion allocated to food and beverages, amounting to $603.97 million across 45.8 million transactions
- Among various cities, Riyadh led in point-of-sale operations, totaling $1.04 billion followed by Jeddah with transactions valued at $438.61 million
Economy
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
- "Business activity in the euro area came close to stabilizing in March" with "only a marginal decline in output of goods and services", the survey said.
- The ECB has kept its interest rates steady since October, following an unprecedented series of increases to tame what was red-hot inflation.