UN says 70% chance that 2025-2029 average global warming will exceed 1.5C threshold
The planet is therefore expected to remain at historic levels of warming after the two hottest years ever recorded in...
Science
Morocco to reopen embassy in Syria after Assad fall
Morocco said Saturday it will reopen its embassy Damascus, closed since 2012, signalling renewed support for Syria after the overthrow...
Geostrategy
Economy
Inflation pinches GCC consumers’ pockets
The wave of inflation continues to put pressure on consumers not just in the United States, Europe, and the Arab...
- Wholesale costs have been rising at a significantly across the region, and that this will continue to affect consumer prices in 2022.
- Saudi Arabia contributed 0.5 percentage points to the overall GCC inflation figures in October 2021, the month for which the latest data is available.
Economy
Rising inflation hobbles SMEs in Gulf countries
Diversifying, and strengthening local production structures is the most appropriate way to reduce inflation. Entrepreneurs and start-up companies may come...
- Increased inflation rates mean a rise in the supply chain, labor costs, and basic living costs, which result in more challenges for SMEs
- Diversifying, and strengthening local production structures is the most appropriate way to reduce inflation
Economy
Global and regional trade: The economic booster for GCC govts
The squeeze on real incomes within the region due to higher inflation may depress regional trade flows. The situation may...
- With the rise in the price of crude oil, the economy of the region might receive a big boost, say experts
- Many experts also believe that inflation will not impact the regional trade between the GCC countries
Economy
How GCC nations can tame rising inflation?
Investing in inflation-protected bonds and gold may provide some hedge against consumer price rise. Putting money into the real estate...
- Inflation is more of a global phenomenon than a localized one since major central banks may have loosened policy during COVID-19.
- Since interest rates are already meager, company owners should handle the early stages of interest rate rises (probably until at least 2023-24).
Videos
Is GCC inflation getting out of control?
Central bank action and risks to financial stability must be carefully monitored and managed as loose monetary policy is unwound....
- The possibility of emergence of new Covid-19 variant sparks fear of more disruptions in the supply chain, which may add to the inflation woes in the GCC.
- The anticipated global monetary tightening is likely to have an impact on the GCC growth outlook. Supply-driven inflationary risks are also imminent.
Economy
Why and how high is inflation in the region?
The main reason for high inflation rates in the GCC is a rebound in prices in the sectors that were...
- Kuwait was the costliest country in the Gulf to live in in 2021, with an annual inflation rate of around 4.1 percent
- Only in Qatar does annual inflation exceed 5 percent, owing to a high increase in the cost of’ recreation and culture
Infographics
Look: How Gulf inflation evolves in 25 years
GCC countries, like other nations across the world, are exposed to many economic challenges and risks such as higher prices...
- GCC countries, like other nations across the world, are exposed to many economic challenges and risks such as higher prices of basic products and services
- To reduce consumer prices, GCC governments are more focused on supporting the local manufacturing rather than depending on imports
Economy
Jordan, Saudi Arabia talk ways to raise trade exchange
According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint...
- According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint Commercial Committee meetings
- The meetings will tackle many topics aimed at increasing the volume of joint trade exchange and economic cooperation
Business
Shares of Ma’aden shoot up 6% on the back of record earnings
Shares of Ma’aden, the Saudi mining company, vaulted six percent in trading on Sunday when news broke of its record...
- Amid a jump in commodity prices, the miner turned into a profit of SR5.2 billion in 2021, after making losses of SR280 million a year ago, according to a filing
- Despite solid results, the company said it won't pay any dividends to shareholders for 2021 “based on the company’s need to continue funding its current and future projects”
Geostrategy
Turkey calls on Russia to end Ukraine attack
Turkish Foreign Minister Mevlut Cavusoglu asked Russian counterpart Sergei Lavrov to end the attack on Ukraine during a phone call...
- Ankara has repeatedly called the Russian invasion of Ukraine "unacceptable" and offered to mediate between Moscow and Kyiv
- Erdogan said Turkey was trying to work towards the declaration of an immediate ceasefire "to prevent further loss of life and prevent further damage to Ukraine"
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UN says 70% chance that 2025-2029 average global warming will exceed 1.5C threshold
The planet is therefore expected to remain at historic levels of warming after the two hottest years ever recorded in...
Science
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Business
Not facing a deal but imposition of American diktats: Hamas
"To say that we are getting close to a deal is an illusion," Hamas political bureau member Sami Abu Zuhri...
Geostrategy
United Nations calls Israeli settler attack in West Bank ‘horrific’
Geneva, Switzerland -- The United Nations on Friday said a deadly Israeli settler attack on a Palestinian village in the occupied...
Geostrategy
Gold hits record high, oil prices slide on weak Chinese demand
Expectations of US interest rate cuts weakened the dollar, while oil prices tumbled as weak Chinese demand expectations offset turmoil...
Business
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Geostrategy
UN, EU and US decry extremist Israeli minister’s prayer at Al-Aqsa
"We are against any efforts to change the status quo within the holy sites," said deputy spokesman Farhan Haq. "Al-Aqsa...
- The EU strongly condemned "the provocations by Israeli Min. Ben Gvir who, during his visit to the Holy Sites, advocated for the violation of the status quo".
- The United States said Ben Gvir had hurt efforts for talks towards a Gaza ceasefire, adding the US stands for historic status quo.
Geostrategy
OPEC says Chinese economy pulling down oil demand
Paris, France -- Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading...
- "The world oil demand growth forecast for 2024 is revised down slightly by 135,00 barrels a day from the previous month’s assessment," OPEC said.
- OPEC blamed the declining prices on "concerns about China's economic performance" as well "as easing geopolitical risk premiums and mixed economic indicators."
Geostrategy
Calls for Gaza truce grow, Hamas wants Biden plan implemented
Biden had said the first phase of the proposed roadmap would include a "full and complete ceasefire" lasting six weeks,...
- The second phase would see the remaining living hostages released as the warring sides negotiate "a permanent end to hostilities", followed by "a major reconstruction plan for Gaza
- Israel has accepted the invitation from the United States, Qatar and Egypt to send negotiators for talks planned for Thursday.