India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...Economy
DEWA exhorts customers to adhere to its safety standards
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has exhorted community members to ensure that safety standards are always in place...To improve the efficiency of electricity and water consumption in the emirate, DEWA has ruged customers to follow its tips and guidelines
Customers should switch off lights, use a timer for any floodlights in gardens and fences and shut off the water supply, recommends DEWA
Office segment demand drives Saudi Arabia’s real estate boom
"The office sector shines brightest in the real estate market. Saudi Arabia's rapid economic growth drives the demand," Faisal Durrani,...Prime rents in Riyadh have risen by 19 percent in the last year, while in Jeddah, they have risen by about 9 percent
The main demand centers for office space in the kingdom are Riyadh and Jeddah, and Dammam Metropolitan Area
Abu Dhabi frames new grazing regulations to protect rangelands
Abu Dhabi, UAE-- In order to protect natural rangelands and promote sustainable traditional grazing practices, the Environment Agency – Abu...The introduction of the new policy by the agency will ensure the recovery of vegetation cover and promote the sustainability of biodiversity
The new regulation mandates that licensees should stay away at least 2km from protected areas, forests, residential, military and private areas
Russia to cut oil output by another 500,000 bpd
Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...Earlier, Deputy Prime Minister Alexander Novak told reporters that Russia will slash oil supplies to markets in August through the reduction of exports
Saudi Arabia and Russia have recently announced their decision to extend cuts to oil production in an effort to bolster global oil prices
Saudia raises seat capacity by 10%
The number of domestic, international flights will rise.This would be a 10 percent increase in the number of seats on a year-on-year (YoY) basis, the airlines said in a statement.
Saudi Arabian Airlines said that more than 4.2 million seats would be added to international flights.
Global food prices fall to lowest level in two years in June
Dubai, UAE -- The World Price Index of the Food and Agriculture Organization of the United Nations (FAO) fell last...The World Price Index drop was driven by the lower cost of sugar, vegetable oils, cereals and dairy products.
The FAO Cereal Price Index fell 2.1 percent in June compared to the previous month, with prices of corn, barley, sorghum, wheat and rice declining.
Iraq, GECF discuss role of oil, gas in country’s development
BAGHDAD, IRAQ -Â Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...The two discussed the oil and gas sector and stressed on the importance of supporting gas and renewable energy investment projects.
The two leaders discussed on the development of the oil and gas sector in Iraq and its role in the country's economy.
Asian markets decline as US data spark interest rate fears
Asian stocks tumbled again after another round of strong US data reinforced expectations the Federal Reserve will resume its interest...Minutes from the Federal Reserve's last meeting showed officials plan to ramp up borrowing costs again this month.
Equity-buying sentiment was hammered again by news that US private firms created twice as many jobs as expected in June.
Kuwait has third largest millionaire population in world
Dubai, UAE -- Kuwait ranked third and Qatar 22nd on the list -- prepared by the World of Statistics --...About 15 percent of Kuwaitis were millionaires, after Hong Kong's 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world.
According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million.
Oil and gas firms must invest more in clean energy
“The phase down of fossil fuels is in-evitable. It is in fact essential. But it cannot be irresponsible. We must...Dr. Sultan Al Jaber, the COP28 President-Designate, highlights the need for comprehensive decarbonization and an urgent shift towards a new clean energy system
The COP28 President-Designate also insists on responsible management of the fossil fuel phase-down, emphasizing energy security, accessibility, and affordability
