Saudi budget records $10 billion deficit in Q4 2023
Riyadh, Saudi Arabia - Saudi Arabia's general budget recorded a deficit of $9.86 billion in the fourth quarter of 2023,...Economy
South Korea presses for enhanced ties with UAE in high tech and AI
Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...Economy
Wall Street stocks shine amid hopes of US policy pivot
US equities posted gains for a second straight session amid hopes of a US monetary policy pivot, after a bruising...The tech-rich Nasdaq Composite Index led the major indices, powering up 3.3 percent to close at 11,176.41
The Dow Jones Industrial Average rose 2.8 percent to 30,316.32, while the broad-based S&P 500 jumped 3.1 percent to 3,790.93
Energy crisis feared by Europe long a reality in Iraq
Soaring energy prices fuelled by Russia's war in Ukraine have forced a new reality upon European nations, where people are...The noise of privately owned generators can be heard all over the country as households and businesses try to make up for supply shortfalls from the national electricity company
The Middle Eastern country is rich in oil, but endemic corruption and devastating conflict have taken a heavy toll on its infrastructure and forced most of its people to adapt
Saudi Arabia’s non-oil economy is growing: S&P
Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month.Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month
Readings above 50 indicate expansion, while readings below 50 indicate contraction, according to S&P Global
Riyadh Chamber hosts Saudi-Russian business meeting
The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.The meeting stressed the importance of commercial relations between Saudi Arabia and Russia.
Businesses can benefit from investment opportunities and partnerships in the two countries.
Germany to continue with $198bn energy fund despite EU criticism
Germany pushed back against critics of a 200-billion-euro ($198-billion) energy fund, as Berlin faces fresh accusations it is going it...France and key members of the European Commission are asking for EU-wide solutions to the energy crunch aggravated by the Ukraine war.
They fear that European countries with high debts cannot afford the largesse demonstrated by Germany, the EU's biggest economy.
UAE free zone residence visas now valid for two years
The visas currently under process, even those in the last stages of completion, will also be valid for two years...The decision comes into effect from October 3, 2022. Earlier, the residence visas were valid for three years.
The UAQ Free Zone says that all residence visas or Emirates IDs issued for three years will be valid until renewal.
Asian, European markets surge on interest rate hopes
Asian and European stocks rallied and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease...Monetary tightening by Federal Reserve and other central banks has raised fears that it could plunge countries into recession.
Eurozone manufacturing survey data showed a contraction on the back of the region's ongoing energy crisis.
Lebanese man storms bank to demand money for son in Ukraine
Banks in the country, mired in an economic crisis for more than two years, partially reopened last week under strict...The armed pensioner, in his 50s, demanded access to the 24,000 dollars in frozen funds in his account.
He was detained, his brother said, and it was unclear whether he had been able to release any of his savings.
Multiply Group buys 80% of IEH
Firm aims to expand its utilities, energy investments.Multiply Group had recently invested US$2.7 billion in a 7.3 percent stake in the Abu Dhabi National Energy Company.
Other investments include 100 percent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry.
Saudi to host Asian Winter Games in NEOM megacity
"The deserts and mountains of Saudi Arabia will soon be a playground for winter sports," the Olympic Council of Asia...First announced in 2017, NEOM has consistently raised eyebrows for proposed flourishes like flying taxis and robot maids
The Asian Winter Games are slated to take place in Trojena, an area of NEOM "where winter temperatures drop below zero celsius
