Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry...Business Economy
Sustainable practices make GCC economy resilient
A shift to green tech and renewable energy is fostering the Gulf economy's resilience and diversification for a sustainable future,...Economy Uncategorized
Saudi ports throughput tonnage rise by 7.18 percent during Q1
The throughput tonnage at Saudi ports increased by 7.18 percent during the first quarter of 2022, reaching a total of...The number of transshipment containers increased by 5.91 percent, with a total of 1.3 million TEUs.
Saudi ports have recorded a fall in container throughput which declined by 1.27 percent with a total of 2.5 million containers.
Euro slides to two-year low as ECB dithers over rate hike
The euro slumped to a near two-year low on Thursday after the European Central Bank remained vague about when it...The drop in the single currency helped boost European stocks, while Wall Street equities resumed a downward slide amid worries over tightening US monetary policy
The euro took a knock after the ECB's decision, slipping under $1.08 for the first time since May 2020, falling as low as $1.0758
Sri Lanka imposes fuel rationing as economic crisis worsens
Cash-strapped Sri Lanka imposed fuel rationing on Friday in another worsening of the economic crisis that has sparked widespread demonstrations...The state-run Ceylon Petroleum Corporation (CPC), which accounts for two-thirds of the retail fuel market, said it would limit the quantities drivers can buy
Energy ministry officials said they expected the country's other fuel retailer, Lanka IOC -- the local unit of Indian Oil Corporation -- to follow suit
Investopia first UAE trademark to be registered under Madrid Protocol
The Ministry of Economy (MoE) has received the request to register the Investopia Summit trademark internationally, in line with the...The UAE acceded to the Madrid Protocol on 28th September 2021 to enable trademark owners in the country to protect their trademarks in more than 125 member countries.
Investopia Summit is one of the strategic projects announced last September by the UAE government as part of the first set of 'Projects of the 50.'
Fitch revises Saudi Arabia’s outlook from stable to positive
The international credit rating agency ”Fitch” updated its credit report for Saudi Arabia affirming its “A” rating for the Kingdom...Fitch’s outlook revision makes Saudi Arabia one of the few countries globally, and the only G20 country, to have received two consecutive upward outlook revisions in 2022
Fitch also forecasts the government debt to GDP to remain below 30% until 2025, which is approximately half the median level of comparative countries with similar credit ratings
Iraqis queue for fuel as stations protest government
Motorists in Iraq formed long queues for fuel Thursday after some owners of filling stations shut off their pumps to...Iraq is the second largest producer in the Organization of the Petroleum Exporting Countries.
But the country, with a population of about 41 million, is also grappling with a major energy crisis
UAE’s Federal Tax Authority launches tax whistleblower program
UAE’s Federal Tax Authority (FTA) has announced the launch of Raqeeb, the whistle-blower program for tax violations and evasion, which...Effective from April 15, 2022, Raqeeb allows the Authority to receive reports from individuals on tax evasion cases, tax-related fraud, and violations of tax legislation.
It also allows the Authority to verify the reports and grant monetary rewards to informants when certain conditions are met.
USA to ease limitations on E-15 gasoline sale as oil demand surges
In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease...In 2011, the US Environmental Protection Agency approved the use of E15 following research on its pollution impact.
According to the White House, at today's prices, E15 can save an average of 10 cents per gallon of gasoline.
World Bank says war in Ukraine raising risks for Middle East
The war in Ukraine has "multiplied risks" for the Middle East and North Africa's poorer countries by raising food and...World Bank president David Malpass said this week that the Russian war on Ukraine has started a chain reaction in the global economy, pushing energy and food prices higher
Oil-exporting economies are expected to grow 5.4 percent on the back of the recovery from the pandemic, the expected increase in oil output and high oil prices
IMF says Ukraine war slowing economic growth worldwide
The war in Ukraine has undercut the global recovery, slowing expected economic growth in most countries in the world, IMF...The war hit as the world was struggling to recover from the ongoing impact of the Covid-19 pandemic, which has caused an acceleration of inflation
The IMF is due to release its updated economic forecasts on Tuesday, which Georgieva said will further downgrade the estimate for global growth
