Trump’s Gaza plan wins Netanyahu backing, but hinges on Hamas disarmament
The plan calls for a ceasefire, release of hostages by Hamas within 72 hours, disarmament of Hamas and gradual Israeli...
Chaos, Israel-aided gangs and gunfire: Gaza aid fails to reach most needy
Nearly 1,400 Palestinians have been killed in the Gaza Strip while waiting for aid since May 27, the majority by...
Geostrategy
Business
Inter-Arab investments low, need favorable conditions to grow: Hanafi
Dubai, UAE -- The UAE had become a center for foreign investments, leading Arab, regional and global rankings in attracting...
- UAE had become a center for foreign investments, leading Arab, regional and global rankings in attracting investments.
- A rise in the volume of investments entering Arab countries would be accompanied by an increase in inter-Arab investments.
Geostrategy
Syrian President receives invitation to Arab summit in Saudi Arabia
The pan-Arab body had suspended Damascus in November 2011 over its crackdown on protests, which began earlier that year and...
- On Sunday, the Arab League welcomed back Syria's government, securing Assad's return to the Arab fold after years of isolation.
- The invitation comes a day after Riyadh and Damascus announced that work would resume at their respective diplomatic missions in Syria and Saudi Arabia.
Business
UAE issues decision on conditions of exemption from corporate tax
Abu Dhabi, UAE -- The UAE Ministry of Finance has issued a decision on conditions under which a "person may...
- The decision clarifies rules to ensure that businesses remain eligible for tax exemption if they fail to meet the relevant exemption conditions under certain circumstances.
- Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, said the decision was important to ensure a transparent and efficient tax system.
Business
Beyon Q1 net profit $47.7m
Revenues for the first quarter increased by 5 percent over Q1 2022.
- Revenues for Q1 2023 are BD103.5 million ($274.5 million) compared to BD98.5 million in Q1 2022.
- Operating profit for the first quarter of 2023 increased by 15 percent to BD25.5 million from BD22.1 million in Q1 2022.
Zain posts Q1 revenue of $639m
The company also posted its highest-ever quarterly profit.
- The company achieved net profit of SAR 563 million in Q1 2023, a growth of 595 percent compared to Q1 2022.
- Zain attributed the record profit to its "financial performance and the gains achieved through the sale and leaseback of Zain KSA’s 3600 towers.
Business
Ryanair orders 300 Boeing jets
The $40bn order is the largest ever by an Irish firm for US goods.
- The jets are set for delivery between 2027 and 2033, while airlines traditionally negotiate substantial discounts on list prices, especially for big orders.
- The Dublin-based carrier said the deal would be subject to shareholder approval at its annual general meeting in September, owing to the size and scale of the transaction.
Geostrategy
Arrest may hinder Imran Khan’s path to second Pakistan innings
Islamabad, Pakistan -- Since being ousted from office by a vote of no confidence last year, former Pakistan prime minister Imran...
- The one-time international cricket star was arrested as he appeared at Islamabad High Court to face one of a slew of cases levelled against him.
- Khan's vision was for Pakistan to become a welfare state modelled on the Islamic golden age of the seventh to 14th centuries.
Economy
Global stocks mostly drop on eve of key US inflation data
The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped...
- "US inflation data… will play a key role in shaping the Fed's interest rate plans moving forward," said Nigel Green, head of financial advisory firm deVere Group.
- A drop in the inflation reading in recent months has fanned hopes that the Fed will soon pause its tightening campaign and even begin cutting by the end of the year.
Business
Messi makes blockbuster Saudi move, will play next season
The deal would mean Messi potentially joins his arch-rival Cristiano Ronaldo in the Saudi league. There was no confirmation from...
- Reportedly, Messi has been signed under a 'huge' contract by a Saudi club, the details of which are yet to be revealed
- Messi's long-time sparring partner Ronaldo joined Saudi Pro League club Al Nassr in a massive deal in January.
Business
UAE among top three countries with high crypto use or ownership
According to Statista's Global Consumer Survey, countries in Africa, Asia, and South America have higher crypto adoption rates than Western...
- The global crypto market revenue is expected to double this year to almost $38 billion, following a challenging year in 2022.
- The crypto adoption rate in Germany, the United Kingdom, France, and Italy is even lower, at 12 percent and 11 percent.
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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
Trump’s Gaza plan wins Netanyahu backing, but hinges on Hamas disarmament
The plan calls for a ceasefire, release of hostages by Hamas within 72 hours, disarmament of Hamas and gradual Israeli...
Company News
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Trio wins economics Nobel for insights into income inequality
By examining the various political and economic systems introduced by European colonizers, the three have demonstrated a relationship between societal...
Geostrategy
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
China unveils major bond plan to revive economy and property market
The plan is part of a series of actions undertaken by Beijing to draw a line under a years-long property...
Economy
Most Read
Economy
World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
- Global GDP growth at market exchange rates is expected to remain at 2.7 percent in both years.
- Declining inflationary pressure has allowed central banks in advanced economies to begin cutting interest rates, which should stimulate consumption.
Geostrategy
Japanese group wins peace Nobel, says Gaza like Japan 80 years ago
Nihon Hidankyo, a grassroots movement of atomic bomb survivors from Hiroshima and Nagasaki, also known as Hibakusha, received the honor...
- The situation for children in Gaza is similar to the situation in Japan at the end of World War II, the co-head of Nihon Hidankyo said.
- "In Gaza, children in blood are being held. It's like in Japan 80 years ago," Toshiyuki Mimaki told a news conference in Tokyo.
Geostrategy
UN probe accuses Israel of seeking to ‘destroy’ Gaza healthcare
"Israel has perpetrated a concerted policy to destroy Gaza's healthcare system as part of a broader assault on Gaza," the...
- The country is "committing war crimes and the crime against humanity of extermination with relentless and deliberate attacks on medical personnel and facilities", it added.
- The report found that Israeli security forces had "deliberately killed, detained and tortured medical personnel and targeted medical vehicles" in Gaza.