IMF, World Bank welcome efforts for Syria to reintegrate globally
Washington, United States - The International Monetary Fund and World Bank's leaders said in a joint statement Thursday that they...Economy
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...Business Economy
Waning influence of OPEC+ in spotlight as prices flag
Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain...Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output
While Riyadh blamed speculators for the drop, rather than weak demand, analysts say the cartel's lack of unity has fuelled scepticism about their latest announced cuts.
Saudi Arabia introduces unified platform for visas, including Hajj, Umrah
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday introduced 'KSA VISA,' a unified visa platform aimed at streamlining visa application...The platform aims to automate visa issuance procedures, thereby enhancing the overall visitor experience
The initiative is a step in the kingdom's strategy to bolster tourism in the forthcoming years
US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...US Defense Secretary Lloyd Austin condemned the "unprecedented" spate of attacks in waters leading to the Suez Canal.
The Canal is a chokepoint for about 10 percent of global trade, that have forced many shipping companies to divert their vessels.
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...The first day of COP28 - November 30 2023 - witnessed the highest daily air traffic rate in the history of civil aviation in the UAE with 2,848 flights.
The General Civil Aviation Authority organized meets and daily communication sessions to discuss plans, improve air navigation management systems.
Saudi Arabia eyes $13 billion from media sector
Riyadh, Saudi Arabia - Saudi Arabia aims to increase the media sector's economic contribution, targeting a GDP share of 47...In 2022, Saudi Arabia's media sector surged to SAR 17.4 billion ($4.6 billion), commanding 30% of the market share in the MENA region.
The growth trajectory has been primarily propelled by a a tech-savvy consumer base, marked by a surge in demand for local content
New platform to revolutionize global sustainability
World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and...World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and economic challenges.
The G17Eco platform, powered by WWG, equips organizations to effectively access and utilize sustainability data, integrating solutions and finances for comprehensive reporting.
MENA faces economic turbulence due to Gaza conflict
The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
Egypt, Lebanon and Jordan remain the most affected countries as the conflict will potentially disrupt oil markets and economic growth, it adds.
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..
Saudi Arabia, South Korea ink pact to manufacture vaccines, biotech solutions
Seoul, South Korea - Saudi Arabia and South Korea on Sunday signed a Memorandum of Understanding (MoU) to collaborate in...The agreement was inked between the Saudi Authority for Industrial Cities and Technology Zones "MODON" and the South Korean GL Rapha Holding Company
As part of the pact, an expanse of 51,000 square meters in Sudair City for Industry and Business is set to be allocated, involving an investment totaling $200 million
Enhanced norms help UAE win financial crime battle
“This has led to heightened compliance levels with the country's laws, aligning with global efforts to combat money laundering and...The UAE adopts innovative legislative policies in order to combat money laundering and terrorism financing.
Safeya Al-Safi, Director of Anti-Money Laundering, emphasizes heightened compliance with global standards.
