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
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...Business Economy
Kuwait looks to regulate local used-car trade market
The regulation will look to limit the maximum number of cars non-Kuwaiti residents in the country can own.Local authorities were recently alerted to people in the country with up to 50 vehicles in their names
These people were apparently trading in used cars without a proper license
Lebanon to disburse dollars to families
The decision to disburse the $246-million World Bank loan in dollars will have a significant impact on the beneficiaries.Lebanon had approved a $246-million loan from the World Bank in March this year
Its disbursal had been held up due to government’s initial decision to disburse the loan in Lebanese pounds
Developing countries to get $275bn of IMF reserves
Managing Director IMF Kristalina Georgieva said the largest allocation in history, about $650 billion in Special Drawing Rights, was a...The IMF's last SDR distribution came in 2009 when member countries received $250 billion in SDR reserves to help ease the global financial crisis.
The possibility of a new trust is being explored, which could use channeled SDRs to help the most vulnerable countries with structural transformation.
Riyadh eyes top 10-city league with $440bn makeover
As part of its grand "Riyadh Strategy," the kingdom will give the city a complete makeover, building satellite townships, new...Saudi Crown Prince Mohammed bin Salman’s “Riyadh Strategy” includes satellite townships and new airports, among other state-of-the-art projects
The Saudi government expects a matching sum of US$220bn from the private sector in its efforts to turn Riyadh into a global city
Despite economic crisis, Lebanon to reopen schools
Rights groups have decried an “education catastrophe”, with more than a million children in Lebanon out of school since the...Rights groups have decried an “education catastrophe”, with over a million children in Lebanon out of school since the country’s Covid-19 outbreak began in February last year
Other students are at risk of never returning due to a financial downturn that has seen poverty rates soar to reach 78 percent of the population
US oil prices soar
At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26...At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26 dollars
The main international contract, Brent for October delivery was up 4.7 percent at $68.25
Iran to get $300m Japanese loan to upgrade oil refinery
Japanese Foreign Minister Toshimitsu Motegi said this assistance would be in the form of low-interest loans.The pledge was made during Motegi’s trip to Baghdad, the first by a Japanese foreign minister since 2006
The financial aid will be used to expand one of Iraq’s major refineries in Basra
Bitcoin jumps above $50,000 for first time since May
Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and...Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and is now back above $50,000
In April, PayPal-owned mobile payments service Venmo began letting users in the US buy, hold or sell cryptocurrency using its app
Saudi Arabia set to build two 600MW solar plants
The plants will be built on land plots with a total area of 12 million sq m in Jeddah and...The projects will be handled through the Saudi Authority for Industrial Cities and Technology Zones Modon
They are part of the country’s plan to generate 50 percent of its energy from renewables
Saudi anti-concealment law violators get grace period
The period has been extended from August 23, 2021, to February 16, 2022, with violators looking at fines of around...The Saudi Ministry of Commerce has already given a six-month grace period once to violators of the anti-concealment law
Several enterprises, whose annual revenues exceeded SR6 billion ($1.6 billion), benefited from this
