Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...Economy
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...Economy Tourism
Saudi Arabia approves rules to aid foreign investment in securities market
Riyadh, Saudi Arabia - Saudi Arabia has approved new rules aimed at boosting foreign investment in the country's securities market. The...The rules aim to make it easier for foreign investors to enter the Saudi capital market by consolidating regulations governing foreign investment into a single document
They remove several requirements previously placed on Qualified Foreign Investors, including the need to apply for a qualification and assessment agreement
Turkey discovers oil field with 100k barrels daily capacity: Erdogan
The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey...Erdogan said in a speech that Turkey has already begun supplying "high-quality" oil to refinery, with a productivity rate reaching about 100,000 barrels per day
The president said that with reserves worth "tens of billions" of dollars, it will shore up Turkey's energy prospects and contribute to its economic growth
e& profit at US$600mn in Q1
Its consolidated revenues rise to US$3.53bn in Q1 of 2023.Etisalat by e& added 13.9 million subscribers in the UAE, a 6 percent increase as against the same period of last year
According to Brand Finance, e& has strengthened its position as the most valuable brand in the MENA region
Tech impact: New jobs emerge as automation prevails
As future job market will be affected by AI, digitization and economic developments, big data analytics, management technologies, and cybersecurity...As future job market will be affected by AI, digitization and economic developments, big data analytics, management technologies, and cybersecurity will drive employment growth
Slower economic growth, supply shortages, and inflation pose greater threats to employment prospects, says WEF report while highlighting the importance of investing in green firms
Pfizer Q1 profit at $5.5bn
Profit fell on declining COVID-19 vaccine revenues.Shares of the pharma giant edged higher as Pfizer CEO touted an "unprecedented" number of new launches.
Revenues fell 29 percent to $18.3 billion following a $10 billion drop from COVID-19 vaccine Comirnaty.
Federal Reserve begins rate talks that could hearld end of hikes
With the Federal Open Market Committee (FOMC) widely expected to raise its base rate a quarter-point on Wednesday, analysts will...In March, the Fed held off a larger rate hike, instead opting for a quarter-point rise amid a banking crisis unleashed by SVB's collapse.
Like the Fed's previous rate decision, the meeting on May 2 and 3 takes place shortly after one of the largest bank failures in American history.
DIFC, PwC launch program to boost tax settlement knowledge
DUBAI, UAE- DIFC Academy announced a collaboration with PwC’s Academy to offer a globally recognized diploma program aimed at upskilling...Under the deal, DIFC Academy will offer the UAE Corporate Tax Diploma Program in collaboration with PwC’s Academy.
The program was announced in preparation for the UAE Federal Corporate Tax Law, which comes into effect June 1, 2023.
Eurozone banks toughen lending criteria, says ECB
FRANKFURT, GERMANY -  Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt...A net 27 percent of banks reported a tightening of credit standards for loans to companies, meaning it is harder for the enterprises to borrow.
Demand for housing loans declined, while there was a smaller decrease in consumer credit and other lending to households.
Eurozone inflation rises to 7% in April after five months fall
Consumer prices edged up from 6.9 percent in March, which could further encourage the European Central Bank (ECB) to raise...Food and drink prices keep climbing, putting pressure on European households, but the pace of the increase slowed to 13.6 percent in April.
The eurozone's core inflation, which excludes volatile food and energy prices, fell slightly to 5.6 percent in March from 5.7 percent a month earlier.
US exhorts Lebanese parliament to elect new president
Former president Michel Aoun's term expired in October, with no successor lined up. Countries including France, the United States and...A caretaker cabinet with limited powers has been at the helm since May last year after legislative polls gave no side a clear majority
Numerous parliamentary votes have been held since October 2022, but no candidate has garnered enough support to succeed Michel Aoun
