Qatar warns will cut gas supply to Europe over EU’s green rules
Qatar's energy minister on Monday warned the Gulf state would halt its supply of liquefied natural gas to Europe over...
Economy
Steady and sensible, Oman builds its future brick by brick amid the Gulf’s glittering rush
With volatile geopolitics and the resulting uncertainty, the year 2025 has been challenging for most of the countries across the...
Economy
Geostrategy
World’s five richest men doubled their fortunes since 2020: Oxfam
A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week,...
- Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic.
- With riches among the world's wealthiest increasing the way they are, Oxfam predicted that within a decade the world will see its first "trillionaire".
World Economic Forum
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
- Around 56% economists expect the global economy to weaken this year, while 43 percent foresee unchanged or stronger conditions
- In the MENA region, US the outlook is weaker too, with about six in 10 respondents foreseeing moderate or stronger growth this year
Business
Saudi govt exposes violations in expatriate partnerships
Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella...
- The government identified cases of cover-up, including scenarios where a Saudi citizen transfers ownership of a commercial establishment to a non-Saudi individual
- A key point of differentiation stressed by the program is between commercial cover-up and the concealment of labor violations
Economy
AI to impact 60% of advanced economy jobs: IMF’s Georgieva
The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP. "We must focus...
- The IMF report notes that half of the jobs impacted by AI will be negatively affected, while the rest may actually benefit from enhanced productivity gains due to AI
- AI will initially have a lower impact on developing economies and they are also less likely to benefit from the advantages of the novel technology, according to the report
Economy
Saudi Arabia leads world in innovation and investment
"This is in the service of humanity and in building an interconnected and innovative future in various fields, including public...
- Saudi Arabia has emerged as a major technology hub with a $43 billion market.
- The Kingdom sees significant growth in women's empowerment and digital capabilities.
Business
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...
- The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security signed an agreement.
- The first day of the forum also saw the announcement of unexplored mineral estimates, rising from $1.3 trillion to $2.5 trillion.
Economy
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
- Saudi Arabia’s participation in the annual meet underscores its pivotal role in the transition toward carbon neutrality.
- The Kingdom’s engagement provides an opportunity for communication with key players in the private sector globally.
Economy
Saudi Vision 2030 aligns with global eco-goals
"The Davos meeting provides a platform for showcasing Saudi Arabia’s significant efforts and progress in these areas ... International partnerships...
- Saudi Arabia commits to economic diversification through Fourth Industrial Revolution technologies.
- The Kingdom's participation in the World Economic Forum highlights its role in global challenges.
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
- In Friday trade, the Dow dipped while the S&P 500 edged higher as investors digested corporate earnings and a surprise drop in wholesale inflation
- Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors
Saudi Arabia announces operational start of this year’s Hajj season
Riyadh, Saudi Arabia - Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah, officially inaugurated the operational activities for the 1445...
- The commencement follows the conclusion of the Hajj and Umrah Services Conference and Exhibition, a 4-day event that showcased facilities for the well-being of pilgrims
- The conference witnessed the signing of multiple agreements covering areas such as housing, logistical services, healthcare, transportation, catering, technology, etc
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Qatar warns will cut gas supply to Europe over EU’s green rules
Qatar's energy minister on Monday warned the Gulf state would halt its supply of liquefied natural gas to Europe over...
Economy
Company News
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Asian markets rally after positive China-US trade talks
Asian stocks rallied Monday after top Chinese and US officials held "substantial" trade talks at the weekend, fuelling hopes the...
Economy
Washington hails ‘substantive progress’ after trade talks with China
Washington expressed optimism at the end of a weekend of trade talks with China aimed to de-escalate trade tensions sparked...
Economy
Trump hails ‘total reset’ in US-China trade relations as talks continue
Geneva, Switzerland - US President Donald Trump hailed a "total reset" in US-China trade relations, ahead of a second day...
Economy
Most Read
Economy
US and China prepare for trade talks as Trump floats tariff cut
Senior US and Chinese officials are in Switzerland this weekend for talks aimed at de-escalating a burgeoning trade war sparked...
- Tariffs imposed on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative duties on some goods reaching a staggering 245 percent.
- In retaliation, China slapped 125 percent levies on US goods, cementing what is effectively a trade embargo between the world's two largest economies
Economy
Damascus, Ankara agree natural gas deal for Syria
Damascus, Syria - Syrian Energy Minister Mohammad al-Bashir said Friday Damascus and Ankara had reached a deal for Turkey to...
- Syria's Islamist authorities, who toppled Bashar al-Assad in December, are seeking to rebuild the country's infrastructure
- The conflict badly damaged Syria's power infrastructure, leading to cuts that can last for more than 20 hours a day
Economy
‘Bombshell’ OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...
- The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia and six other members of the oil cartel on Saturday added to concerns about over-supply
- The price of crude has already been sliding because of fears of a global economic slowdown on the back of US President Donald Trump's tariff onslaught