Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...Economy
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...Economy
Iran’s mineral reserves valued at over $15bn, says official
Tehran, Iran - Iran's in-situ and proven mineral reserves are now worth more than $15 billion, the director general of...The reserves encompass six different minerals comprising iron ore, lead and zinc, gold, copper, antimony, and coal
Discoveries include 100 million tons of iron ore concentrate, 79 million tons of gold concentrate, and 1.32 billion tons of copper concentrate
Oil companies pay Insta, TikTok influencers for ads
Online celebrities best known for posting about video games are also dropping in unexpected plugs for gasoline stations, fuel rewards...Analysts say companies are targeting young people on social media to shore up their oil and gas-based business even as countries seek cleaner alternatives to limit global warming
One gamer, who has 178,000 followers for her @chica account on Instagram, drew sighs of dismay with a recent post showcasing a new Shell-sponsored feature in video game Fortnite
Riyadh to host Expo Expo, held for first time outside of US
Riyadh, Saudi Arabia - Riyadh is set to host the exhibition and conference industry show Expo Expo MENA on September...Expo Expo MENA will feature over 100 exhibitors specializing in the field of presentations and conferences from various countries around the world
With its first Middle Eastern edition, the event offers the opportunity for international decision-makers in the industry to convene in Riyadh
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...In the MENA region, customers are enticed by augmented reality games with tangible rewards, as the digital economy rises and brands innovate to meet growing expectations
In an intensifying market, customers' multi-channel interactions offer brands crucial CX strategy insights, reflecting the escalating expectations they have from merchants
Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...SAIPA is planning to supply 90,000 units of the QUIK sedan model to Russian customers in the next three years.
Exports can start within a month and after the required permits are issued by Russian authorities.
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...Also 14.4 million tons of non-oil goods, valued at US$24.2 billion were imported into the country from March 21, 2023 to July 22, 2023.
In this period, China, Iraq, the United Arab Emirates (UAE), Turkey and India were Iran’s main export markets respectively.
There are no frozen assets abroad, says Iranian President
TEHRAN, IRAN – Iran President Ebrahim Raisi on Tuesday said that the country’s money is only blocked in South Korea...Iran has forged strong relations with Islamic and other like-minded countries.
The country is keen on membership in regional and extra-regional alliances.
Qatar’s trade balance surplus increases by 12.8 percent in July
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...Imports of goods in July 2023 amounted to around QR 9.4 billion, showing a decrease of 1.6 percent compared to July 2022.
China was the leading country of origin of Qatar's imports with about QR 1.6 billion, a share of 16.7 percent of the imports.
GCC optimistic about FDI growth despite hiccups
Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic...The GCC countries are generally stable and have a good track record of protecting foreign investments.
The Gulf nations have abundant natural resources, such as oil and gas, which attract foreign investors in the energy sector.
Renewables helped save $520bn fuel costs globally in 2022: Report
In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...In addition to these direct cost savings, there would be substantial economic benefits from reducing CO2 emissions and local air pollutants.
IRENA’s Director-General Francesco La Camera said the world must add 1,000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach.
