• OPEC+ decides to keep oil production levels unchanged

    Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to keep current oil production levels unchanged. During the meeting which took place via videoconference today, the JMMC reviewed the crude oil production...

  • Jordan sees surge of investments to US$844.8m in first half of 2023

    Amman, Jordan--Jordan’s economy has seen a 47.6 percent increase in investments in the first half of 2023, according to data released by the government. The kingdom's aggregate investments amounted to $844.8 million in the first six months of the year, up from $571 million over the same period in 2022....

  • Saudi Arabia real GDP grows 1.1 percent in Q2 2023

    RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023, compared to the second quarter of 2022, according to the General Authority for Statistics (GASTAT). Flash estimates for the GDP in Q2 of 2023, issued in a report by GASTAT,...

  • Jordan’s investments increase by 47.6% in H1 2023

    Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry of Investment on Sunday.  The total investment volume reached JD 598.2 million ($841.6 million), compared to JD 405.3 million ($570.2 million) during the same period in 2022. About 236 investment...

  • GAFTA imports from Jordan shoot up 16.6% to US$1.60bn

    Amman, Jordan-- Exports to Greater Arab Free Trade Area (GAFTA) countries from Jordan increased 16.6%, amounting to $1.60 billion, compared to about $1.38 billion for the same period last year. Foreign trade data issued by the Department of Statistics (DoS) indicated a drop in the value of the kingdom's imports...

  • US Federal Reserve’s united fight against inflation enters new phase

    Analysts are divided ahead of the Fed's next decision in September, with the so-called "hawks" predicting additional rate hikes in the face of strong economic data, and "doves" expecting an end to the current hiking cycle given recent inflation data.

  • Asian markets swing as US jobs data disappoint

    Asian equities wobbled at the end of a draining week as fresh US jobs data put revived bets on two more Federal Reserve interest rate hikes, adding to ongoing worries about China's economy. Investors have largely been on the back foot since Beijing announced a big miss on second-quarter growth.

  • UAE construction sector logs 135% growth in project announcements

    Dubai, UAE - The UAE has witnessed 135 percent year-on-year (YoY) growth with AED 49.25 billion ($13.37 billion) project announcements in the second quarter compared to AED 21 billion ($5.71 billion) in the same quarter last year, according to the latest construction intelligence cited in BNC Projects Journal,  The surge...

  • Chinese hackers breach mail accounts of US agencies: Microsoft

    Microsoft did not identify the targets but a US State Department spokesperson said the department had "detected anomalous activity" and had taken "immediate steps to secure our systems."

  • Meta loses more: Zuckerberg takes threads fight to European Union

    Threads, billed as the killer of Twitter, a platform that has tumbled into chaos under the leadership of mercurial tycoon Elon Musk, has added more than 100 million users in its first week in app stores.

  • UAE per capita income rises to 7th rank globally

    ABU DHABI, UAE - The UAE ranked seventh in the world in terms of per capita national income, according to the latest data released by the World Bank. The per capita income in the UAE, based on purchasing power parity (PPP) in current international dollars, rose to Int$87,729 in July...

  • Asian markets decline as US data spark interest rate fears

    Asian stocks tumbled again after another round of strong US data reinforced expectations the Federal Reserve will resume its interest rate hikes as officials wrestle with stubbornly high inflation. After a strong start to the week fueled by signs that US prices were stabilizing, regional markets have taken a turn...

  • Turkey’s inflation rate slows to 38.2 percent in June

    According to the TUIK state statics agency, the rate slowed from 39.6% in May. But a separate study released by independent economists from the ENAG group who question the official data put the June figure at 108.6 percent, up from 105.2% in May. The official rate has been steadily dropping...

  • Oman’s GDP climbs up 4.7 percent to touch US$22.59bn in Q1

    Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion at the end of the first quarter of 2023. The GDP at constant price was $21.71 billion in the first quarter of 2022, according to the initial data issued by...

  • In AI tussle, Twitter restricts number of posts users can read

    The decision was made "to address extreme levels of data scraping" and "system manipulation" by third-party platforms, Musk said in a tweet Saturday afternoon, as some users quickly hit their limits. The company is limiting verified accounts to reading 10,000 tweets a day and non-verified users are limited to reading...

  • Greater data access and control for users as EU modifies digital policy

    "Once the data act enters into force, it will unlock the economic and societal potential of data and technologies and contribute to an internal market for data," said Sweden's minister for public administration Erik Slottner.

  • Bank of England hikes rate half-point even as high inflation remains

    LONDON, UK -  The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to tackle stubbornly high UK inflation despite such a move worsening a cost-of-living crisis. The higher-than-expected hike to a 15-year high was the 13th increase in a row. "There had been...

  • In spite of US sanctions, Iran’s crude oil exports break five-year record

    Tehran, Iran-- In spite of the US sanctions against the Islamic Republic, Iran has seen a huge surge in the export of crude oil in 2023 to China, Syria, Venezuela, according to reports. According to media reports, Iranian crude shipments continued to rise in 2023 with higher shipments to China,...

  • Dubai records 78% realty sector YoY growth in May 

    Dubai, UAE: Dubai's property sector has witnesses a 78 percent increase in sales volume in May 2023 when compared to the same period one year ago. About 11,700 real estate transactions were logged last month, an almost double bump from the 6,587 sales that were registered in May 2022. A...

  • Meeza to offer 50% shares in IPO

    The company will follow it up with a listing on QSE.

  • Trade pacts propel Jordan’s trade to $23bn with partner nations

    Amman, Jordan - Jordan's trade exchange with countries it has free trade agreements with accounted for a significant portion of its overall trade in 2022, amounting to 58 percent, as per data published by the Amman Chamber of Commerce. The total value of these exchanges surpassed $23 billion, with more...

  • UAE sees 20 percent decrease in nitrogen oxide emissions: study

    Dubai, UAE-- The UAE has witnessed a 20 percent drop in nitrogen oxide emissions from power generation activities, according to a study undertaken by the Ministry of Climate Change and Environment (MOCCAE), in collaboration with entities involved in power generation. The study focused on measuring the intensity of nitrogen oxide...

  • US retail sales, industrial production post April gains

    Retail sales in the United States returned to growth in April fueled by a rebound in motor vehicle sales, data released showed, but not by as much as many expected. The US Federal Reserve has hiked interest rates 10 times in a row since last year in a bid to...

  • Global stocks mostly drop on eve of key US inflation data

    The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped on Chinese data suggesting that recovery in the world's number two economy was still taking time. Focus is now on Wednesday's consumer price index report for April and the following...

  • Iran’s annual trade with BRICS rises by 14% to $38.4bn

    Tehran, Iran – Iran’s trade with BRICS member states reached 47.99 million tons worth $38.43 billion in fiscal 2022-23. In fiscal 2022–23, Iran's trade with the BRICS nations—Brazil, Russia, India, China, and South Africa—amounted to 47.99 million tonnes worth $38.43 billion, up 14 percent in value and 0.81 percent in...

  • Iran-Turkey trade hits $1.3bn in 3 months

    Tehran, Iran - Iran and Turkey have traded $1.379 billion worth of goods in the first quarter of 2023, according to data released by the Turkish Statistical Institute.  This represents a 14 percent decrease year-on-year, with Turkish exports at $702 million, up 2 percent, and Iranian exports at $677 million,...

  • EU reports employment rate of 75 percent in 2022

    BRUSSELS, BELGIUM  - In the European Union countries, 75 percent (193.5 million) of people in the 20-64-year- age group were employed, the highest since the start of the time series in 2009, as per the labor force data published by Eurostat. The employment rate dropped to 72 percent in 2020...

  • Jordan’s exports to EU nations in January,  February 2023 rose to US$87m

    AMMAN, JORDAN - Value of Jordanian exports to European Union countries increased during January-February period of 2023, by 108.5 percent to reach about US$87 million (JD62 million), compared to about US$42 million (JD30 million) for the same period last year.According to foreign trade data issued by the Department of Statistics...

  • Global stocks rise despite data showing US economic  slowdown

    Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest rates hikes. The dollar rose against the euro and yen after the data showed US gross domestic product rose at an annual rate of 1.1 percent in the January to...

  • Air pollution causes more than 1,200 deaths a year: EU agency

    The EU environmental agency said that air pollution is responsible for causing more than 1,200 premature deaths a year in under 18's across Europe and raises the risk of chronic disease later in life. It said that in spite of recent improvements, "the level of key air pollutants remain stubbornly...

  • China’s economy bounces back after zero-Covid scrapped

    Beijing, China--China's economy grew much better than expected in the first three months of the year as the country reopened after the end of zero-Covid measures, official data showed Tuesday. The figures were the first snapshot since 2019 of the world's second-largest economy unencumbered by the strict health controls that helped...

  • German inflation eases to 7.4% in March as high energy prices slide

    Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final figures showed on Thursday. The data from federal statistics agency Destatis confirm a downward trend since annual inflation peaked at 10.4 percent in Europe's biggest economy in October -- revised...

  • Italy blocks AI chatbot ChatGPT over data privacy failings

    Italy became the first western country to take such action against the popular chatbot. The country's Data Protection Authority said US firm OpenAI, which makes ChatGPT, had no legal basis to justify "the mass collection and storage of personal data for the purpose of 'training' the algorithms underlying the operation...

  • British economy performs better in late 2022: official data

    London, United Kingdom--The British economy performed slightly better than previously estimated in the final quarter of last year as it expanded by 0.1 percent, revised official data showed Friday. The Office for National Statistics (ONS) initially said growth had been flat in the October-December period. Either way, the UK narrowly avoided...

  • UAE urges investment, action for water sustainability at UN meet

    DUBAI, UAE – UAE Minister of Climate Change and Environment Mariam bint Mohammed Almheiri emphasized the importance of collaboration, data sharing and investment in achieving global solutions for promoting water sustainability. The minister made these comments in an interactive dialogue and side sessions at the United Nations in New York....

  • Turkish current account deficit rises to 40-year high

    Istanbul, Turkey - Turkey's current account deficit increased to $9.85 billion in January, the highest monthly deficit since 1984, the first year for which such a record is available, according to figures from the central bank released on Monday. The increase was caused by a rising energy cost and imports...

  • China consumer inflation drops to lowest level in a year

    China's consumer price inflation last month fell to its lowest level in a year, official data showed Thursday, as the country emerged from strict pandemic controls and a Lunar New Year spending binge. February's consumer price index (CPI) - the main gauge of inflation - rose one percent, down from...

  • Agility launches data center sites in Saudi, Kuwait and Egypt

    Dubai, UAE--Agility Logistics Parks (ALP) today announced the launch of data center campus sites in Saudi Arabia, Kuwait, Egypt and Ghana. The sites are being readied at ultra-modern ALP warehousing complexes in fast-growing markets and mega-cities that are looking to add hyperscale data center capacity and resolve data latency, security...

  • AI revolutionizes region’s distribution industry

    In just a few years, AI solutions have crossed from science fiction into business reality, delivering on their potential to save time, cut costs and deliver value through smart insights. Fear of AI has largely been left in the rearview mirror, and this is only the beginning of AI’s arrival,...

  • DEWA’s R&D Center registers 8th patent for geographical areas survey device

    DUBAI, UAE - Dubai Electricity and Water Authority's (DEWA) Research and Development Center has obtained its eighth patent for a cutting-edge device that leverages advanced sensors to locate and survey geographical areas. The device employs real-time kinematic (RTK) processing techniques to process data collected on-site and works with a smart...

  • China’s international trade in services stands at US$67.6bn in January

    Beijing, China--China's international trade in services stood at 459.5 billion yuan, or US$ 67.6 billion, in January, official data showed on Friday, Xinhua News Agency reported. Services exports totalled $25.44 billion last month, and services imports were at $40.50 billion, resulting in a trade deficit of $15.50 billion , according...

  • Data risk: China asks state firms to phase out Big Four auditors

    Citing people familiar with the matter, Bloomberg said China’s Ministry of Finance is among government entities that gave the so-called window guidance to some state-owned enterprises as recently as last month, urging them to let contracts with the Big Four auditing firms expire.

  • Asian markets drop as traders contemplate higher-for-longer rates

    All three main indexes in New York plunged at least two percent Tuesday, with forecast-beating purchasing managers index data showing the US economy remained in rude health despite almost a year of rate hikes and elevated inflation. The readings followed a massive surge in new jobs in January and a...

  • UAE minister stresses importance of data protection at WGS

    Dubai, UAE--Ohood Al Roumi, the UAE's Minister of State for Government Development and the Future and Vice Chair of the World Government Summit (WGS), has stressed the importance of data and data protection in shaping future governments and businesses. During a session titled "The Role of Data in Government Development",...

  • A nation or business can’t leave talent off the field

    “If you leave people off the field, you have a blind spot – as a country, as a business, in any project you a building. It is a competitive advantage to be inclusive in the boardroom when key decisions are made because if you are not, you are only hurting...

  • Innovations chart Dubai’s path to sustainable future

    "An effective partnership model between the public and private sector in Dubai has helped transform innovation into a culture that has enhanced the UAE’s competitiveness. Innovation has also helped in formulating strategies and unlock new achievements,” Al Basti adds.

  • $580m investment, 2 tech skills academies pledged at LEAP 23

    Riyadh, Saudi Arabia--Investment and funding programs worth $580 million were announced on the third day of LEAP 23 Tech Conference, which has been organized by the Ministry of Communications and Information Technology (MCIT), in cooperation with the Saudi Federation for Cyber Security and Programming and Tahaluf. The tech global event...

  • US trade deficit widens in 2022 to record on strong imports

    US trade gap widened to a record in 2022, though expanding less than expected in December, government data said, capping off the year on robust imports and strong spending. The overall trade gap grew US$103 billion from 2021 to $948.1 billion last year, according to Commerce Department data, on a...

  • Adopting best practices only way to secure data

    Businesses must remain prepared for the ‘whatever’ scenario. Cloud computing will continue to evolve, with best practise bound to change. If enterprises become data-centric now, both on the cloud and on-premises, they’ll be ready for whatever the future throws their way, he adds.

  • US sees surprise hiring surge as unemployment edges down

    US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in over five decades, government data showed. The world's biggest economy added 517,000 jobs in January after a five-month slowdown in hiring, as the jobless rate edged down to 3.4 percent, said the Labor Department in...

  • Jordan ranks fourth in combating corruption says anti-corruption watchdog

    The index shows that Jordan scored 47 points and is ahead of 119 countries in combating corruption, including Malaysia, China, Bahrain, Kuwait, Turkey and Egypt.