Egypt hikes subsidized bread price for first time in decades
Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...Economy
Qatar banking on AI with nearly $2.5 bn in investments
Qatari Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani delivered on...Economy
UAE, French ministers review ties, economic cooperation
Abu Dhabi, UAE - The United Arab Emirates and France reviewed the prospects of growing bilateral trade exchanges and advancing...Two sides discussed investment exchanges in innovative startups, circular economy, tourism, technology, family businesses, renewable energy and agriculture
The prospects of accelerating the existing partnership and economic cooperation between the two countries also featured high during the meeting
Egypt, Ethiopia to finalize deal on Nile dam in four months
The two countries resolved to finalize a deal over Ethiopia's big dam on the Blue Nile in four months, a...The two leaders, according to a joint statement, "discussed ways of overcoming the current stalemate in negotiations"
Egypt sees the dam as an existential threat as it depends on the Nile for 97 percent of its water requirements
OPEC anticipates 2.2% growth in oil demand in 2024
Vienna, Austria - OPEC Thursday predicted world oil demand to grow by a healthy 2.2 mb/d, to 104.25 mb/d in...In its Monthly Oil Market Report, the OPEC said the World GDP growth in 2024 is forecast at 2.5 percent, slightly below this year’s expected growth level of 2.6 percent
The world economic growth in 2023 is to remain broadly unchanged at 2.6 percent, with the initial forecast for 2024 economic growth expected at 2.5 percent
Will extended oil production cuts stunt Saudi growth?
The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain...The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts
Amidst varying projections, the overall concern is clear: the extended cuts could strain the economy and may even lead to contraction if the trend continues into 2024
ExxonMobil to buy Denbury
ExxonMobil will acquire Denbury for $4.9 billion.The all-stock acquisition provides ExxonMobil with Denbury's carbon dioxide pipeline network in Texas, Louisiana and Mississippi.
Oil companies have championed carbon sequestration as a major response to climate change.
Sweltering heat leaves Gulf residents at risk during noon
DUBAI, UAE- As much of the world swelters in record temperatures, spare a thought for Issam Genedi, who ekes out a...Apart from last week being identified as the hottest ever recorded worldwide, a wave of humidity has been suffocating the Gulf
Two weeks ago, more than 1.8 million Muslims battled through a days-long hajj pilgrimage in Saudi Arabia in temperatures up to 48C (118F)
Tunisia protestors demand jailed opposition figures be freed
Around 100 protesters rallied in Tunisia's capital to demand freedom for detained critics of President Kais Saied who has ruled...In addition to the crisis triggered by President Saied's power grab, Tunisia has been shaken by a serious financial crunch and is in search of foreign aid.
European parliamentarians expressed their opposition to any "unconditional agreement" between the EU and Tunisia, citing "the excesses" of Saied.
Pressure on Beijing to unveil stimulus measures as exports tumble
Customs spokesman Lyu Daliang also pointed to outside forces having a "direct impact" on Chinese trade, with Beijing engaged in...The 12.4 percent drop released by the General Administration of Customs was an acceleration from May's 7.5 percent.
Imports also fell 6.8 percent over the same period, reinforcing concerns about softening domestic demand.
US is on course for soft landing, may avoid recession
During periods of economic stability, government focus typically gravitates towards infrastructure development. Investments in sectors like construction, transportation, energy, utilities,...The Consumer Price Index (CPI) rose just 0.2% in June and was up 3% from a year ago, says Nigel Green, the CEO and Founder of deVere Group
The Federal Reserve seems to be successfully controlling inflation without pushing the United States into a recession, opines Nigel Green
DEWA given Net-Zero statement of verification for work on climate change
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received the net-zero statement of verification and assurance certificate in...This followed a comprehensive assessment conducted by W3 Solutionz - US based on the International Workshop Agreement Guidelines IWA 42:2022.
The Net Zero Guidelines were commissioned by Our 2050 World, a global collaboration to accelerate action towards net zero through standards.
