Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...Business Economy Geostrategy Global
In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...Business Economy
BNPL payments in UAE may reach US$17.5bn by 2028
A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy...A number of people in the 24-45 age group prefer alternatives to credit cards for purchases.
As per the scheme, purchases can be split into four easy interest-free payments from the time of purchase.
Anger rife as Lebanese banks reopen after weeklong closure
Depositors scuffled and long lines formed at Lebanese banks Monday as they partially re-opened after a week-long closure following a...Banks started imposing draconian restrictions on withdrawals after Lebanon's economy collapsed in 2019.
Since then, the Lebanese pound has lost more than 90 percent of its market value meaning public sector salaries have slumped to as low as $40 a month.
Saudi Arabia to set up five new renewable energy projects
The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use...The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use solar energy
The projects are part of the National Renewable Energy Program as part of Saudi Arabia’s target to reach the best energy mix
Pound hits record low against dollar on recession fears
Continuing with its slide against the dollar, the pound hit a record low on fears about the UK economy after...The pound fell below $1.10 for the first time since 1985 as new finance minister Kwasi Kwarteng announced his controversial mini-budget
The collapse in sterling came as markets across the world are sent into a spin by recession worries caused by a sharp tightening of monetary policy
Germany vows to protect its SMEs from energy crisis
The German economy, like the economy of the vast majority of European countries, faces major challenges due to the Russian...Habeck said that the German government should not leave small and medium-sized companies to face the risk of recession alone
The German minister seeks to include about one million small and medium-sized companies under the protectionist umbrella
Egypt’s gas export revenues up 13-fold in 8 years
Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022.Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022
Egypt has quadrupled its exports of LNG and natural gas over the past eight years from 1.9 million tonnes to 7.2 million tonnes
Global Islamic Refugee Fund launched, seeks to raise $400m
The funds are scheduled to be deposited in a trust account to finance programs as per the needs of refugees...The fund consists of an endowment account and a non-endowment account, to receive and invest donations per the principles of Islamic finance.
Islamic Solidarity Fund for Development contributed $50 million to endowment account, and UNHCR contributed $50 million to non-endowment account.
Jordan PM meets Iraqi, Syrian, Lebanese agriculture ministers
Jordan Prime Minister Dr. Bisher Khasawneh has a joint meeting with the agriculture ministers of Iraq, Syria and Lebanon.The Jordan PM stressed the importance of the four countries' cooperation to enhance sustainable food security.
The PM said COVID-19 pandemic and Ukraine war have affected basic commodities supply chains.
Gender bias in MENA workforce raises concerns
The latest study on Diversity, Equality and Inclusion sheds light on the diversity gap in the region while offering solutions.Middle East – IMA and IFAC recently release DEI report: "Diversifying Accounting Talent in the MENA region: A Critical Imperative to Achieve Transformational Outcomes”.
The study focuses primarily on gender, nationality, and ability within the MENA region, assessing deeply rooted issues inhibiting DEI progress within the accounting profession.
UAE delegation attend meetings on sidelines of UNGA session
The UAE delegation attended the sixth day of high-level meetings on the sidelines of the 77th Session of the United...The meetings included a ministerial-level interaction with the Non-Aligned Movement.
It also included meeting with the African Union.
