Asia-Pacific markets mixed after Powell signals smaller rate cuts
Asia-Pacific markets are mixed on Tuesday, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the...Economy
UAE airports see 14.2% passenger traffic surge in H1
Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling...Economy
Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...The Dubai Land Department report showed that 248 plots were sold for US$476 million.
The DLS report said 1,197 apartments and villas were purchased for US$865 million.
Saudi Arabia’s Tabuk region produces over 28m roses annually
TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's...These flowers have a market value of over US$8.5 million making the region a leader in rose production and export.
The Kingdom’s Ministry of Environment, Water and Agriculture has developed strategies to advance the sector.
El Nino forced sugar price to hit 13-year high in September, says FAO
Paris, France - Global sugar prices soared to their highest level in almost 13 years in September as the El Nino...While world food prices steadied as a whole last month, the FAO's Sugar Price Index jumped by 9.8 percent compared to August.
El Nino, a climate pattern, is typically associated with warming ocean surface temperatures in the central and eastern tropical Pacific Ocean.
World Bank expects Gulf economies to grow by 1 percent in 2023
Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023,...In its recent report, the bank said the Gulf economies combined will grow by 3.6 percent in the year 2024.
The World Bank added that Saudi Arabia's economy, the largest in the region, will contract by 0.9 percent in 2023 before rebounding to grow by 4.1 percent in 2024.
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa making it the first cargo of oil byproduct from Yanbu-based hub.
This reflects Mawani’s step to position the ports sector as a vehicle to fulfil Vision 2030’s ambition of transforming the Kingdom into a logistics hub.
Saudi Arabia to enhance air connectivity to over 250 destinations by 2030
RIO DE JANEIRO, BRAZIL - A delegation led by President of the General Authority of Civil Aviation (GACA) Abdulaziz bin...The Kingdom plans on carrying 330 million passengers annually and raising freight capacity to 4.5 million tons by 2030.
Saudi Arabia and the Dominican Republic also signed agreements on air transport services between the two countries.
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...In the capital city, new-build flats sell for around $1,300 per square foot and older ones go for 10,700 euros. The average cost of a house is 1.5 million.
Housing crisis has become the number one concern in the Grand Duchy of 660,000 people -- smaller than Rhode Island, the smallest US state -- as it goes to the polls on Sunday.
Tens of millions of children uprooted by climate disasters: UNICEF
In a sweeping report on the issue, the United Nations agency detailed the heart-wrenching stories of some of the children...From 2016 to 2021, floods, storms, droughts and wildfires led to 43.1 million child displacements in 44 countries, the UNICEF report says
UNICEF called on world leaders to take up the issue of child displacement at the COP28 climate summit in Dubai in November and December
GCC economic integration: The grouping okays more measures at Muscat meeting
Riyadh, Saudi Arabia - The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its...GCC took more steps to complete the GCC Customs Union and the GCC Common Market to achieve economic unity by 2025
Muscat meeting also took note of the signing of a Free Trade Agreement between GCC countries and the Islamic Republic of Pakistan
Innovative solutions crucial to deal with challenges
"From 2021 to 2022, Saudi exports to Portugal jumped by 50 percent, and imports from Portugal rose by nearly 40...Saudi Arabia's Minister of Economy and Planning, Faisal F. Alibrahim, emphasizes collaboration between Saudi Arabia and Portugal
From 2021 to 2022, Saudi exports to Portugal jumped by 50%, and imports from Portugal rose by nearly 40%, resulting in a trade volume of $1bn
