Maysa Sabreen made first woman chief of Syrian central bank
Damascus, Syria -- Syrian authorities have appointed Maysa Sabreen as interim central bank governor, a bank official told AFP on Tuesday,...
Economy
20-day-old baby Jumaa al-Batran dies from ‘severe cold’ in Gaza
Marwan al-Hamas, head of field hospitals in Gaza, confirmed the death. He said it brought to five the total number...
Geostrategy
Business
Maaden net profit falls 83%
The company's fourth-quarter net profit declined 12% YoY.
- The net profit decreased due to a decline in sales (by 27% YoY from SAR 40.27bn to 29.27bn) on the back of lower commodity market prices of all products except gold.
- Net profit was also impacted by higher finance cost due to increased borrowing rates and lower share of profit from joint ventures on the back of lower commodity market prices.
Geostrategy
Arab states tell UN court Israeli occupation is ‘affront to justice’
The International Court of Justice entered its last day of week-long hearings after a request from the UN, with an...
- Most speakers during the hearings have demanded that Israel end its occupation, which came after a six-day Arab-Israeli war in 1967.
- "If left unchecked, it runs the risk of not only threatening regional, but also global peace and security," Turkey's representative Ahmet Yildiz said.
Business
SABIC AN profit falls 64%
The company had posted a profit of $2.67 billion in 2022.
- The company attributed the profit decline to lower revenue, which fell by 42 percent year-on-year (YoY) due to a 43 percent drop in average selling prices.
- The fourth-quarter net profit slumped 55 percent to SAR 977.91 million from SAR 2.16 billion in the prior-year period.
Business
QGIRCO 2023 loss $439m
Loss attributed to revaluation of investment properties.
- The loss was also due to reclassification of the Group's investments in Algeria from investment in associates to financial assets at fair value through other comprehensive income.
- The loss per share amounted to QR 1.675 in 2023 versus loss per share of QR 0.608 for the same period in 2022. The Board of Directors proposed not to distribute dividends.
Over 6m worshippers perform prayers at Prophet’s mosque last week
Madinah, Saudi Arabia -- Saudi General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's...
- The statistics showed that 647,790 visited the Prophet Mohammed's tomb, and 298,397 visitors performed prayers at Al-Rawdah Al-Sharifa
- More than 160,000 bottles of Zamzam water were provided, and 142,007 Iftar meals were distributed in corridors of the mosque
Geostrategy
Ghobash: WTO meet to make difference in people’s lives
Abu Dhabi, UAE -- The Abu Dhabi Session of the Parliamentary Conference on the World Trade Organization (PCWTO) was inaugurated...
- He added that implementing such agreements promotes hope globally that world nations are capable of going beyond geopolitical barriers to make a tangible impact
- The Abu Dhabi Session of the PCWTO saw the attendance of a number of ministers and nearly 300 parliamentarians.
Business
Dubai Customs records 44% increase in declarations in 2023
Dubai, UAE -– Customs declarations processed by the Inland Customs Centers Management of Dubai Customs increased by 44 percent, reaching...
- The cleared goods' total weight last year was 6 million tons, a 20 percent increase from 2022's 5 million tons.
- The Inland Customs Centers also processed 238,149 Vehicle Customs Cards (VCC), and the number of licensed companies operating in Ducamz reached 396.
Geostrategy
US says talks came to ‘understanding’ on possible Gaza truce
"Representatives of Israel, the United States, Egypt, and Qatar met in Paris and came to an understanding among the four...
- "That work is underway. And we hope that in the coming days, we can drive to a point where there is actually a firm and final agreement on this issue."
- Negotiations for a ceasefire have resumed in Doha between the four countries, as well as Hamas representatives, state-linked Egyptian media reported Sunday.
Arts & Culture
Africa’s largest mosque inaugurated officially in Algeria’s capital
The vast mosque, which can hold 120,000 worshippers, first opened for prayers in October 2020, but President Abdelmadjid Tebboune was...
- It also boasts the world's tallest minaret -- 267 meters (875 feet) -- fitted with elevators and a viewing platform that looks out over the capital and the Bay of Algiers.
- The mosque's interior, in Andalusian style, is decorated in wood, marble and alabaster. The mega-project cost more than $800 million dollars and took seven years to build.
Economy
Gulf economies to outpace global forecast for 2024: FAB report
Abu Dhabi, UAE -- The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped...
- FAB sees UAE’s GDP expanding 3.7% in 2023 and 4% in 2024, and the GCC’s by 3.4% in 2024, higher than the IMF’s global forecast of 3.1% and 2.1% for the United States.
- FAB’s outlook notes that the GCC region continues to be supported by strong growth in non-oil GDP, with 3.4 percent expected in the medium term.
Maysa Sabreen made first woman chief of Syrian central bank
Damascus, Syria -- Syrian authorities have appointed Maysa Sabreen as interim central bank governor, a bank official told AFP on Tuesday,...
Economy
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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
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...
Economy
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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.
Geostrategy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
- Risks to the forecast are on the downside “due to current geopolitical tensions and policy uncertainty. Middle East troubles have diverted sea shipments between Europe and Asia.
- It added that import demand in real terms was weak in 2023 in most regions, especially in Europe but also in North America and Asia.
Business
AviLease acquires 9 aircraft from Avolon
AviLease had purchased 13 aircraft from Avolon in 2023.
- AviLease aircraft portfolio now comprises 167 owned aircraft, including purchase commitments, and 23 managed aircraft on lease to 48 airlines globally.
- AviLease said the acquired portfolio offers attractive yields and further contributes to the diversification of its portfolio.