Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...Business Economy Markets
Gulf countries eye global metal recycling hub status
Amidst an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to...Economy
Saudi Finance Ministry forecasts kingdom’s GDP to grow by 7.4%
The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.The expected growth is driven by a rise in the oil GDP associated with the Organization of the Petroleum Exporting Countries agreement and the expected improvement in non-oil GDP
As the economy continues to recover from pandemic repercussions, the government will continue to enhance the role of the private sector to be the main motivator of economic growth
Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
He noted the program will contribute to the development of the national business system in terms of access to financing.
EU plans to punish Russia more with sanctions on oil or coal
The EU is considering to hit Russia with sanctions on oil or coal over the war in Ukraine, a top...The Europeans are under pressure to hit Moscow in the crucial energy sector and stop paying out the huge proceeds from gas, oil and coal
Since Russia's military buildup against Ukraine began, sanctions against Moscow have been coordinated with the US and its Western allies
Lebanon central bank not bankrupt, says governor
Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The...Lebanon is in the third year of a financial implosion, which is widely blamed by experts on decades of corruption and bad policies
These have led the currency to crash in value by more than 90 percent since end-2019, and banks to lock most savers out of hard currency
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits
$2.4m grant for West Bank project to improve livelihoods
A grant of $2.4 million from the Japan Social Development Fund (JSDF) will help increase economic opportunities and improve the...The grant from Japan Social Development Fund will improve the lives of fragile communities along the Palestinian Heritage Trail across the West Bank.
The Palestinian territories have faced long-lasting instability, exacerbating macroeconomic volatility, and increasing unemployment for over a quarter of the population.
Saudi non-oil private sector posts fastest growth in four years
The non-oil private sector of Saudi Arabia has recorded more growth in March than it did in more than four...the seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index posted at 56.8 in March, rising from 56.2 in February, with the Output Index recording the highest growth
However, it highlighted that a sharp rise in global energy and commodity prices due to the Russia-Ukraine war had imposed an inflated cost burden on Saudi Arabian businesses
Oman to generate 25 GW of solar, wind energy
The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.
Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects
Japan grants $3.35m emergency aid to Gaza Strip
Japan will provide humanitarian assistance, such as food provision, targeted at vulnerable Palestinians.Japan will provide humanitarian assistance, such as food provision, targeted at vulnerable Palestinians
The humanitarian situation in Gaza Strip has significantly deteriorated due to the COVID-19 pandemic and floods
Saudi Arabia launches platform with Homeland of Dates tag
The Saudidates platform is expected to help the center promote digital transformation and digitize markets and the entire sectors.The National Center for Palms and Dates in Saudi Arabia has launched a platform called Saudidates
The platform is one of the center’s projects to invest in the history and culture of the kingdom
