GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...Economy Energy
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...Business Economy Energy Geostrategy
Fed Reserve must stop raising rates for three reasons
There are three reasons why the Fed should not increase interest rates further: First, the US financial system is still...US inflation progress expected to stall despite robust labor market. Fed should avoid further rate hikes and focus on supporting the economy
The Bureau of Labor Statistics may report higher prices for core goods, driven by rising vehicle prices, counteracting cooling effect in other sectors
Carrefour now opens in Israel
French retailer is first foreign supermarket chain in Israel.Simmering rage over costs and income inequality dominated the country's elections in November.
Inflation hit 5.2 percent year-on-year, the central bank said in April, a record high for Israel in over a decade.
Global tourism industry is on track to reach pre-pandemic levels
MADRID, SPAIN - The World Tourism Barometer published its second report of the year, which showed that international tourism is...During Q1 2023, twice as many people traveled internationally than in the same period of 2022, with 235 million estimated tourists.
The report revealed that international arrivals have reached 80 percent of pre-pandemic levels in the first quarter of 2023.
Fertiglobe Q1 net profit $135m
The company posted Q1 revenue of US$694 million.Fertiglobe reported free cash flow of $271 million in the first quarter.
The firm continues to have a strong order book for the coming months.
DEWA announces pilot use of ChatGPT on its website
Dubai, UAE: Dubai Electricity and Water Authority (DEWA) announced the pilot use of ChatGPT, since April 2023, on its website...DEWAt is the first utility in the world and the first government organisation in the UAE to use ChatGPT
The step has been taken as part of the company’s strategy to employ Artificial Intelligence
Qatar’s Hamad International Airport passenger traffic soars 44.5% in Q1
Doha, Qatar— More than ten million passengers traveled through Qatar’s Hamad International Airport in the first quarter of the current...Some 3.56 million passengers arrived at the airport in January, followed by 3.24 million in February, and 3.5 million passengers in March
During the first quarter of the year, the airport handled more than 540,000 tons of cargo and transferred some 8 million bags
Uzbekistan calls for launch of ‘forum for businessmen’ in Doha or Tashkent
Doha, Qatar-- Uzbekistan has called for establishing a joint forum for businessmen in Doha or Tashkent to review investment opportunities...The minister highlighted opportunities for investment in the Central Asian state, saying large foreign companies have begun investing in various sectors
He lay emphasis on building trade and investment alliances between Qatari and Uzbek companies that contribute to boosting of trade exchange between the two nations
Aramco Q1 earnings take a hit
The Saudi company posts net profit of $31.9bn, down 19.25 percent from a year earlier.The result was lower than the $39.5 billion reported in the same period in 2022, when Russia's invasion of Ukraine caused oil prices to surge
Aramco is the jewel of the Saudi economy and the main source of revenue for Crown Prince Mohammed bin Salman's Vision 2030
Saudi Arabia launching tourism projects worth $400m
Riyadh, Saudi Arabia - Saudi Arabia is launching tourism projects worth SAR 1.5 billion ($400 million) in the targeted destinations...The Saudi Ministry of Tourism has sponsored ‘The Collective’ initiative launched by Kerten Hospitality, a hotel investment firm, to establish its projects under one umbrella
The announcement represents an important step toward achieving the objectives of the national tourism strategy by developing quality hospitality facilities
Kuwait’s central bank issues US$1.05bn worth of bonds and tawarruq
Kuwait City, Kuwait--The Central Bank of Kuwait (CBK) has announced the latest allocation of issuance of bonds and tawarruq valued...Early this month, the bank issued bonds and tawarrruq worth US$ 660 million for three-months term
It said the value of the first issuance amounted to $528 million for three months with a return rate of 4.250 percent
