China factory activity decline deepens in December
The National Bureau of Statistics (NBS) said, "In December... the level of vitality in the manufacturing sector somewhat declined." In...Economy
‘Gulf-Korea FTA marks historic economic milestone’
"The implementation of such free trade agreements follows directives from GCC leaders aimed at strengthening economic ties with other countries...Economy
Libya oil company chief appeals for state investment
The National Oil Corporation is trying "to maintain a level of production of 1.2 million barrels per day" but hopes...The National Oil Corporation is trying "to maintain a level of production of 1.2 million barrels per day" but hopes for state investment in order to boost output
Libya sits on the largest known oil reserves in Africa, and is heavily dependent on revenues from its oil and gas exports
Saudi, UAE and Egypt gaming to reach $3.14bn
A young population, increased user spending, robust govt backing for games and e-sports and new players are poised to push...Around half of the Middle East's population is reported to be under the age of 25, and electronic games constitute an integral component of their entertainment.
Saudi Arabia, the UAE, and Egypt attained a total gaming revenue of US$1.76 billion in 2021.
Millionaires, non-profits make joint appeal for wealth tax
A wealth tax on the world's richest people could raise at least $2.52 trillion per year.The proposal comes from a network of NGOs, social movements, and pro-tax millionaires
It follows separate reports showing that the world's wealthiest people have grown richer during the pandemic
Covid-19 pandemic far from over: WHO
The WHO has warned that the sheer numbers of people infected will mean many people are still falling seriously ill...The WHO has cautioned against a misleading narrative that the fast-spreading Omicron variant is risk-free
It stressed that existing vaccines do a good job of protecting against developing severe Covid-19 and deaths
OPEC expects robust oil demand in 2022 to overcome Omicron threat
Global demand for oil is expected to remain "robust" in 2022 and overcome short-term disruption caused by the Omicron coronavirus...The Saudi-led group of top oil producers warned future virus strains and pandemic-related travel restrictions could threaten the global economic recovery.
European crude benchmark Brent North Sea reached $88.13 per barrel, while US contract WTI hit $85.74 -- the highest levels since October 2014.
Bahrain private sector keen to strengthen trade ties with Saudi: BCCI chairman
BCCI chief reviewed ways to further increase the volume of bilateral tradeChairman Sameer bin Abdulla Nass appreciated the 'depth and solidity' of the Bahraini-Saudi economic and investment relations.
Nass praised the role played by Saudi Arabia to enhance the progress and prosperity of the people of GCC.
Lebanon govt may hike power supply to 8-10 hours
Lebanon ministers said they aim to increase the hours of EDL’s power supply in the near future by securing Egyptian...Lebanon's economic crisis has seen its currency lose around 95 percent of its purchasing power
This has caused fuel shortages that has led to power being supplied for just a few hours per household every day
Gender bender: GCC moves to empower more women
Member countries of the Gulf Cooperation Council are increasingly working towards the empowerment of women.The UAE and Canada held discussions last month on how to enhance cooperation to empower women
Statistics from Saudi Arabia from last year showed more women had entered the workforce, even as unemployment dropped
Libya’s parliament speaker calls for new government
A presidential election was due to take place on December 24, followed by legislative polls, but the UN-sponsored electoral process...Speaker Aguila Saleh said during a parliamentary session, in the eastern port city of Tobruk, that a new government must be formed
The call comes as the UN urged Libya's political factions and parties to hold safe, inclusive, and credible polls as soon as possible
Jordan’s ISSF to invest $1.5 million in Dubai-based Global Ventures
The Innovative Startups and SMEs Fund (ISSF) will invest $1.5 million in Global VenturesGlobal Ventures is a Dubai-based growth-driven venture capital firm focused on investing in growth-stage technology.
Investing in progressive funds such as Global Ventures supports ambitious SMEs to expand their businesses, ISSF said.
