Saudi Arabia launches ‘National Semiconductor Hub’Â
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...Economy
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...Economy
Global debt dominates as G20 finance chiefs meet in India
Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the...Key on the two-day agenda will be "facilitating consensus to intractable issues associated with rising indebtedness", Sitharaman said
A top official from G20 chair India said there had been a "not so encouraging response" from Beijing on shared debt understanding
Standard Chartered sells Africa business
It sold the sub-Saharan Africa business to Access Bank.Last year, the bank decided to divest from a number of markets, in Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan
The two entities will work together to ensure a seamless transition, with the transaction expected to be completed over the next 12 months
QIB posts 7.7% profit rise
The net profit shot up to US$538m in H1 of 2023.The bank said its earnings per share amounted to QR 0.83 on June 30, 2023 as against QR 0.77 in the same period of last year
The total assets the bank now stand at $50.27bn., financing assets reached $33bn and customer deposits now stand at $32.14bn
War-scarred Sudan refugees face soaring rent prices in Cairo
As Egypt said more than 250,000 people crossed in from Sudan -- fleeing ceaseless air strikes, street battles, rampant looting...Purchasing power in the import-dependent economy has been slashed as families struggle to make ends meet
New arrivals from Sudan face hardships, with realtors reporting a sharp increase in demand in Egypt's Cairo
GCC, Japan resume Free Trade Agreement negotiations
Jeddah, Saudi Arabia--Looking to consolidate trade and investment ties, the Gulf Cooperation Council (GCC) and Japan announced their resumption of...GCC Secretary-General Jassem Mohamed Albudaiwi met with Prime Minister of Japan Fumio Kishida for talks and later their representatives signed a joint statement
GCC secretary general said Japan's exports from the GCC countries touched $76.7 billion and its imports to the GCC was valued at $22 billion
Jordan, World Bank sign US$250m agreement to boost water efficiency
Amman, Jordan--Jordan and the World Bank have signed a $250 million financing agreement for a water sector efficiency project in...Nearly $200 million of the amount will be a soft loan from the International Bank for Reconstruction and Development, and $50 million will be in the form of a grant
The Jordanian minister praised the World Bank for its partnership with the kingdom's government and support for reform and development needs in the country
Tunisia and EU sign ‘strategic’ deal on economy, migration
The deal between the two countries will include partnership on irregular migration, economic development and renewable energy. Tunisia has been...European Commission President Ursula von der Leyen said Sunday's accord aims to "invest in shared prosperity"
The International Organization for Migration has said 2,406 migrants died or disappeared in the Mediterranean in 2022
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...The commercial transport activities sector has experienced consistent economic growth over the last two years fueled by e-commerce, said an official
The number of registered commercial vehicles operated by these companies exceeds 300,000, reflecting a 16 percent growth rate compared to 2021, he noted
Israeli court orders government to release seized Palestinian boat
GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...Israeli authorities had called for the vessel, belonging to fisherman Mohammad al-Hissi, to be permanently confiscated.
However, a Haifa court last month ordered that the boat be returned to Hissi even as legal proceedings continued.
Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent.
Clothing, shoe prices fell 2.9 percent, communication costs were down by 0.7 percent.
