Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...Business Economy Infographic
UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...Economy Geostrategy Global
Saudi Arabia starts $3.4bn infrastructure projects in Tabuk region
The projects in the Tabuk region will include initiatives related to housing, transportation, environment, and agriculture.The Tabuk region is currently the epicenter of quite some activity, like the building of a substation for the Green Duba power plant
Tabuk City also happens to be a hub for tourists who wish to explore the northern parts of Saudi Arabia
OFID lends Jordan $70m to boost economy
The loan is expected to be used to provide for stimulus packages to for workers and create new jobs.The loan will support the creation of some 14,500 jobs in the forestry and tourism sectors
It will also promote the employment of fresh graduates in the ICT sector, and strengthen the staffing of healthcare institutions
Lebanon’s fuel crisis deepens as leadership brawls
As the fuel crisis worsens in Lebanon, the country's leadership appears to be at odds over how to end the...Dwindling fuel supply has plunged Lebanon into extended blackouts and long queues for petrol and bread
This week the central bank announced an effective end to fuel subsidies that have drained the reserves at a time when Lebanon is in a state of financial collapse
Iran may need to import 8m tons of wheat
Iran is currently suffering a drought that has led to water protests in several regions, most so in the Khuzestan...Iran’s wheat production exceeded 14 million tons in the previous Iranian calendar year 1399
However, this year Iran may need to import as much as 8 million tons of wheat
Saudi Arabia to penalize artificial lakes in farms
The country has said it will take legal action against the construction of manmade or artificial lakes in farms for...The Ministry of Environment, Water, and Agriculture said any such construction would be deemed ‘a violation of the water bylaws and the relevant executive regulations’
The laws and regulations it pointed to are aimed at preserving water resources, ensuring their sustainability, rationalizing water consumption, and preventing its misuse
Dubai records $1.2 billion realty deals
AED 2 billion worth of properties were mortgaged, the highest being a plot of land in Al Hebiah First, mortgaged...The highest number (21) of sales worth AED 59.14 million were recorded in Nad Al Shiba Third.
AED 2 billion wroth of properties were mortgaged, the highest being a plot of land in Al Hebiah First, mortgaged for AED 333 million.
Cargo ship splits in two after running aground at Japan port
Aerial images showed the separated stern of the Crimson Polaris tipped upwards and the other part of the stricken boat...Aerial images showed the separated stern of the Crimson Polaris tipped upwards and the other part of the stricken boat listing into the sea
Authorities were trying to contain the oil leak but had not yet been able to erect an oil fence around the boat
Lebanon leaders, central bank lock horns over fuel subsidies
In a country suffering from one of the worst economic crises in the world, this could effectively raise prices for...The central bank on Wednesday ended subsidies on imported fuel, and instead offered importers a line of credit
Caretaker Prime Minister Hassan Diab said the move ‘contravenes the law’
US urges OPEC+ to pump more oil
US national security adviser Jake Sullivan has criticized the world's major oil producers over their production speed.The US believes lower oil prices resulting from slower pumping would be detrimental to a global economic recovery
As such, it has said it is engaging with ‘relevant OPEC+ members’ to urge them to extract more oil
Dubai hotels may work full capacity
Under new Covid-19 directions for tourism sector, the number of participants in community events has been increased to 2,500 for...The number of participants in community events increased to 2,500 for indoor activities and 5,000 for outdoor functions with no mandatory vaccination.
Recreational and entertainment destinations such as museums, cinemas, exhibitions and tourism spots may increase their capacity to 80 percent.
