Despite oil riches, Libyans hit by plummeting purchasing power
Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95...Economy
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...Economy
Iraq calls for more economic cooperation with Saudi Arabia
Baghdad is currently heavily dependent on neighboring Iran for its electricity and gas and has sought to diversify its energy...Iraq's foreign minister said Riyadh was ready to back Saudi companies investing in Iraq and welcomed it.
Despite being oil-rich, Iraq suffers from crumbling infrastructure and public services, after decades of conflict.
DHA, DIEZ ink MoU to support healthcare sector
DUBAI, UAE - Dubai Health Authority (DHA) has signed a Memorandum of Understanding (MoU) with Dubai Integrated Economic Zones Authority...The MoU aims to enhance the private health sector’s investments in Dubai and consolidate the sector’s role in the ongoing development of health facilities.
DHA, DIEZ will develop a special framework to pinpoint innovation standards of healthcare start-ups in Dubai.
Telenor 2022 net profit at $4.5bn
Merger of its Malaysian subsidiary with a firm helped.Telenor said it had made good progress in the planned merger of its subsidiary Dtac with True in Thailand.
The firm maintained its earnings forecast for the current year and proposed a slight increase in its dividend for 2022.
Santander 2022 profit at $10.6bn
The bank's profit got a boost due to higher interest rates.Shareholders would receive a payout of around 40% of the group's underlying profit, divided equally between cash dividends and share buybacks
Central banks have hiked interest rates worldwide in an effort to tame runaway inflation.
Kuwait projects widening $16 bn budget deficit
The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April, up...The state spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and public subsidies
Oil revenues are expected to fall by 19.5 percent, they were calculated based on a price of $70 per barrel -- lower than last year's prices
Saudi entertainment authority issues licenses for more than 24 theme parks
According to a study, GEA also authorised permits for almost 1,300 entertainment shows until the end of last year.According to a study, GEA also authorised permits for almost 1,300 entertainment shows until the end of last year
The authority has provided above 630 permits in the field of art and entertainment talent management, the report added
Judicial reform plans won’t harm economy: Israel’s economy minister
High-tech workers organised their second protest against the measures on Tuesday in central Tel Aviv.High-tech workers organised their second protest against the measures on Tuesday in central Tel Aviv
Leading Israeli economists have warned that the proposed reforms will do "long-term harm" to the Israeli economy
OPEC+ committee recommends to stay course on oil ouput cuts
Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic...The 13 members of the OPEC led by Riyadh and their 10 allies led by Moscow agreed last October to reduce output by two million barrels per day until the end of this year.
Oil prices spiked following Russia's invasion of Ukraine in February 2022
Saudi Arabia, Oman sign 13 MoUs to promote investment
The pacts were signed on the sidelines of the Saudi-Omani Investment Forum which is held in Riyadh under the theme...The pacts were signed on the sidelines of the Saudi-Omani Investment Forum which is held in Riyadh under the theme of "Partnership and Integration"
The four-day forum aims to build sustainable partnerships in key sectors and contribute to enhancing mutual interests between the two sides
UAE, Saudi, Bahrain up rates after Fed’s hike; Qatar keeps status quo
Hours after the US Federal Reserve upped its target interest rate by a quarter of a percentage point, many central...The UAE central bank has decided to raise the base rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points
The US central bank said in a statement that Inflation has eased somewhat but remains elevated
