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
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...Economy Energy
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year.The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity of 18.5 percent.
The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
Strong first-quarter Meta earnings push Wall Street stocks up
Meta reported a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave...About 30 minutes into trading, Meta was up around 15 percent, while all three major US indices were in positive territory.
The broad-based S&P 500 advanced 0.8 percent to 4,087.37, while the Nasdaq Composite Index climbed 0.9 percent to 11,960.26.
US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a...US gross domestic product rose at an annual rate of 1.1 percent in the January to March period, down from 2.6 percent in the fourth quarter last year.
The GDP growth figure "reflected increases in consumer spending, exports, federal government spending," said the US Commerce Department.
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.
Gulf countries build on unprecedented megaprojects
Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States,...Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States, a latest report highlights
The first construction megaproject with a cost exceeding $1 trillion is expected to emerge by the end of the decade, the latest 1Build report points out
One in five cars sold this year will be an electric vehicle: IEA
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as...In its annual report on electric vehicles, the IEA said it expects annual sales to rise 35 percent this year to reach 14 million.
The IEA said the overwhelming majority of electric car sales are concentrated in three markets: China, Europe and the United States.
India to connect its power grid with Saudi Arabia, UAE
New Delhi, India--India is looking to connect its power grid with Saudi Arabia and the UAE by way of undersea...The agreements between India and Saudi Arabia and the UAE are expected to be signed once the Indian cabinet ratifies the decision
In January this year, India and the UAE said they will conduct a feasibility study to link up their power grids through underwater cables
Bahrain’s real GDP grows by 4.09% in Q4 2022
Manama, Bahrain - Bahrain has reported a 4.09 percent increase in its real GDP in the fourth quarter of 2022...The high-achieving sectors include the financial corporations sector which grew by 8.22 percent and the trade sector, which increased by 6.57 percent
With 18.57 percent of the GDP, the financial corporations sector contributed the most to Bahrain's economy, followed by the crude oil and natural gas sectors
Jordan urges financial support to UNRWA for refugee relief
Amman, Jordan - Jordan has urged the international community to provide urgent financial support to the United Nations Relief and...The call was made by Jordanian Foreign Minister Ayman Safadi during his meeting with UNRWA Commissioner-General Philippe Lazzarini in Jordan on Tuesday
They discussed efforts to bridge the financial deficit and ensure that the agency can continue to provide education, and relief aid to Palestinian refugees
‘Sustainable supply chains, global ties crucial’
The Gulf country has introduced several initiatives to support and promote international economic partnerships, including the comprehensive economic partnership agreements...The UAE aims to promote global economic cooperation and enhance openness to the world, says its Economy Minister Abdullah Bin Touq Al Marri
The Gulf country focuses on creating investment opportunities in new economy sectors and supporting sustainable supply chains, the minister adds
