Eight OPEC+ countries raise production by 547,000 bpd to regain market share
Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudis and Russians currently produce about 41-42 mbd.
Geostrategy
Gaza truce talks: Netanyahu says sending a team to Qatar after Hamas nod
But Netanyahu, who is due to meet with President Donald Trump in Washington on Monday, said the Palestinian group's proposals...
Geostrategy
Geostrategy
Saudi authorities foil attempt to smuggle 4 million captagon tablets
Riyadh, Saudi Arabia -- Saudi customs authority foiled an attempt to smuggle more than 4 million tablets of captagon through...
- On Tuesday, Saudi Arabia announced the seizure of more than 12 million amphetamine pills hidden in a shipment of pomegranate fruit.
- The vast majority of the region's captagon is produced in Syria and Lebanon and smuggled to its main consumer market in the Gulf.
Business
Dubai Investments okays 12.5% dividends
The group reported AED1.60bn as profit attributable to the shareholders.
- The surge in net profit was attributed to disposal of controlling interest on retained investment in Emirates District Cooling.
- The Board of Directors' recommendation to expand the board's size from seven to nine members was accepted by the shareholders.
Geostrategy
Libya green group battles to save country’s remaining forests
The "Friends of the Tree" group works to raise awareness about green areas around Tripoli that are quickly disappearing because...
- The group meets weekly to launch media campaigns and carry out activities to confront "the dangers facing Tripoli and other coastal cities", said Ramadan.
- Rainfall is scarce in the largely desert country, which is only starting to recover from the years of bloody conflict that followed the 2011 uprising.
Business
Dubai records $2.94 billion in weeklong real estate transactions
Dubai, UAE -- A total of 2,049 real estate transactions worth AED10.8 billion ($2.94 billion) were conducted during the week...
- The DLD report said that 172 plots were sold for AED 1.58 billion, while apartment and villa sales stood at 1,877, totaling AED 4.23 billion.
- The top three apartment and villa transfers were two apartments in Palm Jumeirah for AED58 million and AED 55 million respectively, and an apartment for AED 51 million in Al Ras.
Economy
Eurozone GDP grows 0.1 percent in first quarter as high inflation looms
Germany, the EU's biggest economy, saw growth stagnate at zero percent over the previous quarter. Year-on-year, Germany was the only...
- For the European Union overall, GDP expanded 0.3 percent over the previous quarter, according to the figures from Eurostat, the EU's statistics office.
- Inflation remains the bugbear in the eurozone, feeding through to higher wages that, while a short-term fillip, could give the ECB more reason to tighten monetary policy further.
Business
Borouge Q1 net profit $199m
The company reported revenues of $1.38 billion in Q1 2023.
- The company said with a significant cash balance of over $1 billion, Borouge repaid $500 million of its $3.65 billion loan, which resulted in interest cost savings.
- The company will pay a final dividend of $650 million to shareholders, bringing total post-IPO dividends for 2022 to $975 million.
Opinion
The devastating impact of online identity theft
While companies with robust defense measures witness decreased attack volumes as criminals target easier targets, account takeovers have a profound...
- Most online consumers reuse usernames and passwords, making them vulnerable to organized crime rings as the attack surface for account takeovers continues to expand
- While companies with robust defense measures witness decreased attack volumes as criminals target easier targets, account takeovers erode trust and cause emotional trauma
Geostrategy
Iran seizes US-bound oil tanker off Oman, says 2 missing in collision
The US Navy demanded the immediate release of the tanker, saying it was transiting international waters in the Gulf of...
- The latest flare-up comes only days after Tehran's Western rivals toughened sanctions on Iran's Islamic Revolutionary Guard Corps.
- The Fifth Fleet initially blamed the Revolutionary Guards, but then said the capture was carried out by Iran's navy.
Business
Emirates Islamic Q1 profit up 76%
The total assets grew by 4% to reach AED 77.9bn ($21.21bn)
- The bank's total income surged by 74 percent, driven by higher core revenues due to improved financing and deposit mix with higher profit rates.
- Total assets grew by 4 percent from the end of 2022 to AED 77.9 billion, while customer financing and customer deposits increased by 3 percent and 2 percent respectively.
Business
Tunisia’s president seeks phosphate revival to counter economic woes
Tunis, Tunisia -- President Kais Saied has called for the revival of Tunisia's phosphate industry, suggesting he will seek alternative sources...
- Saied has previously called for a revival of phosphate production, one of the North African country's few natural resources often used for agricultural fertilizer.
- Gafsa Phosphate Company (CPG), a former flagship of the Tunisian economy, has seen its production collapse since the 2011 revolution due to a lack of investment and unrest.
Most Read
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
Eight OPEC+ countries raise production by 547,000 bpd to regain market share
Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudis and Russians currently produce about 41-42 mbd.
Geostrategy
Company News
ADNOC Gas awards $550m contracts
Business
Latest News
Abu Dhabi non-oil GDP up 6.6% in second quarter: SCAD
Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the...
Economy
Foreigners and institutions pour $4.9 billion into UAE equities
Abu Dhabi, UAE -- Net investments by foreigners and institutions in UAE equities amounted to AED 18.3 billion ($4.9 billion)...
Business
Two-thirds of Gaza buildings destroyed or damaged: UN
Updating its damage assessment, the UN Satellite Centre (UNOSAT) said very high-resolution imagery collected on September 3 and 6 showed...
Geostrategy
Most Read
Business
Saudi leisure tourism surges by 656% in 2024: Tourism Ministry
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector, particularly the leisure and holiday segments, witnessed substantial growth in 2024.In a...
- The Kingdom welcomed 17.5 million international tourists between January and July 2024, a 10 percent increase over the same period in 2023
- The Kingdom had set the goal of 100 million tourists by 2030, but achieved this milestone in 2023, seven years ahead of schedule.
Business
Lebanon may be seeing ‘largest displacement’ ever: PM
Prime Minister Najib Mikati said that "the estimated number is very high and may reach one million" -- which would...
- On Friday, Israel killed Hezbollah's leader Hassan Nasrallah in a move many fear risks destabilizing Lebanon and the wider region.
- Since Monday, intense Israeli attacks across Lebanon's east, south and on southern Beirut have killed hundreds of people and forced many to flee their homes.
Geostrategy
Israeli air strikes hit densely populated Hezbollah bastion in Beirut
The strikes were by far the largest in scale. Iran embassy in Lebanon warns that the strikes 'change the rules...
- Hezbollah chief Hassan Nasrallah was unharmed in the strikes, after Israeli television networks reported he was the target.
- Israel's aerial bombardment of Hezbollah strongholds around Lebanon has killed around 700 people this week alone.