Iran, India reach final agreement on Chabahar Port
Tehran, Iran – Iran and India on Monday finalized an agreement for the development of the strategic Chabahar port in...Economy Geostrategy
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...Economy
Saudi Q1 GDP grows by 9.6%
The growth was fueled by oil activities that increased by 20.4 percent. Non-oil activities saw a rise of 3.7 percent,...The growth was fueled by oil activities that increased by 20.4 percent and non-oil activities which saw a rise of 3.7 percent
The figures showed that the seasonally adjusted real GDP grew by 2.2 percent in the first quarter of 2022 compared to the previous year
Oil propels Saudi GDP growth to near 10 percent in first quarter
The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to...Growth in the oil sector reached 20.4 percent year-on-year in the first quarter, while the non-oil sector expanded 3.7 percent year-on-year, Saudi statistics authority said.
The Ukraine war and the resulting rise in crude prices has been a boon to oil-producing states like Saudi Arabia, whose GDP is expected to grow by 7.6 percent in 2022.
Pakistan and Saudi Arabia to discuss extending term of $3 bn loan
The latest sign of support follows a visit to Saudi Arabia by new Prime Minister Shahbaz Sharif, who has inherited...In recent years, Saudi has provided Pakistan with $4.2 bn of support in the form of the $3 bn loan deposited with the central bank as well as $1.2 bn in deferred oil payments.
Saudi Arabia also pledged "to further enhance the financing of petroleum products" at a time when the South Asian country is suffering from frequent power cuts.
Physical security adds to digital transformation
Cybercrime has risen to the forefront of physical security concerns. And big firms are acutely aware of the problem, says...Physical security has progressed from when it was viewed as merely a technique for responding to crime
It now plays a more significant role as a critical component in the digital transformation of business processes
CBUAE puts into circulation new AED5 and AED10 banknotes
The Central Bank of the UAE (CBUAE) has announced that the new AED5 and AED10 banknotes have entered circulation in...The CBUAE in collaboration with the UAE Banks Federation (UBF) has provided the new AED5, AED10 and AED50 notes
The new denominations have been replenished to dedicated ATMs from participating banks across the country
Indonesia’s palm oil export ban heats up vegetable oil market
Indonesia's decision to suspend palm oil exports in the face of domestic shortages has pushed vegetable oil prices to new...Indonesia's export ban is designed to bring down prices in the country and limit shortages, according to authorities
Indonesia's palm oil storage system, which was already holding substantial reserves, is now under further stress
GCC stock exchanges witness a mixed week
The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index...A 1.4% drop in Al-Rajhi Bank's stock and a 1.8% drop in Saudi National Bank's stock weighed on the TASI on Tuesday, causing a 0.3% drop
On Friday, the Abu Dhabi index fell by 0.2%, with losses of 1.3% at First Abu Dhabi Bank capping off two sessions of gains
China factory activity dips to lowest in two years: official data
The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity, came in at 47.4 in April.The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity, came in at 47.4 in April
The figures come as Beijing digs in on a zero-Covid strategy that involves stamping out clusters as they emerge through targeted lockdowns
Surging ecommerce boon for GCC businesses
A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible...A meager $5.3 billion, or 0.4 percent of the GCC's GDP, was generated by e-commerce in 2015. By 2020, revenue had quadrupled to $21.6 billion.
According to the Kearney Global Consultancy Firm, GCC e-commerce sales are expected to surge to $52 billion annually by 2025.
Libya losing $60 million a day from oil facilities shutdown: Minister
Oil is the lifeblood of the North African country trying to move past a decade of conflict since the fall...The Libyan closures follow the selection of a new PM, Fathi Bashagha, by Libya's eastern-based parliament in a direct challenge to Tripoli-based interim PM Abdulhamid Dbeibah.
Analysts say eastern Libyan forces who back Bashagha have forced the closure of the oil facilities in a bid to press Dbeibah to step down.
