• Saudi Arabia offers 6 mining opportunities for local, international investors

    Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...

    The opportunities are part of the fifth round of mining competitions for exploration licenses and encompass gold, copper, zinc, lead, and silver ores

    Investment opportunities for exploration licenses include Al-Halahila site in the Najran region, estimated to be more than 34 square kilometers in size

  • Gold hits fresh record above $2,300 as Fed hints at easing monetary policy

    On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...

    Gold has chalked up multiple records over recent weeks as the US Federal Reserve indicates it is about to begin easing monetary policy which makes it more attractive to investors

    Its popularity as a safe haven in times of turmoil has also provided plenty of support, with traders fretting over the Middle East crisis and the ongoing war in Ukraine

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    Abu Dhabi targets 39.3 million visitors by 2030

    Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...

    The Strategy will generate an estimated 178,000 new jobs by 2030 as the entire tourism infrastructure develops to meet this demand

    It intends to almost double international overnight visitors from 3.8 million in 2023 to approximately 7.2 million in 2030

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    Russia becomes world’s fourth-biggest LNG producer, says PM

    MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...

    Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.

    In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.

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    World Bank estimates damage to Gaza infrastructure at $18.5bn

    The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...

    The bank said the rate of damage appears to be leveling off as few assets remain intact

    The report also found that more than half of Gaza's population were on the brink of famine

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    GCC tourism growth skyrockets as diversification drive gains momentum post-Covid

    GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable...

    Four years on, the GCC has not just recovered faster than was expected, but it has also led the global tourism recovery with a 122% surge in arrivals in 2023 compared to 2019

    The region has assiduously worked for it with its two major economies, Saudi Arabia and the UAE, embarking on economic diversification with tourism one of the thrust areas

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    SAMA: E-payments share reached 70% of total payments in 2023

    Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments...

    The achievement is attributed to the significant growth of payments processed through national payment systems in 2023

    The evolving cost-effective and reliable e-payment system helps enhance transaction efficiency, and support financial stability

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    Middle East economy firm despite challenges

    Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...

    The disruption to Red Sea trade has revived discussions around the need for alternative trade corridors

    There is a growing momentum around green financing following the success of COP28 and the introduction of green finance frameworks

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    Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE

    ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...

    The number of licenced insurance companies in the UAE remained at 60, the CBUAE announced in its quarterly economic report.

    The insurance of persons and fund accumulation premiums decreased by 12.4 percent YoY.

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    Debt, trade barriers drag Asian economies in 2024, says World Bank report    

    BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...

    Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023.

    A key risk is that the US Federal Reserve and other major central banks might keep interest rates higher than before the pandemic.