The bill requires Boeing to make some enhancements to the jets, but allows the Federal Aviation Administration to approve both the 737 MAX 7 and 737 MAX 10 without mandating an overhaul of the crew alerting systems. The bill requires the enhancements to be installed on other MAX models within...

Cairo, Egypt-- The Central Bank of Egypt has raised the overnight interest rates by 300 basis points, exceeding expectations. The Monetary Policy Committee (MPC) of the Central Bank of Egypt raised the overnight deposit rate, overnight lending rate, and the rate of the main operation to 16.25 percent, 17.25 percent, and...

A survey undertaken in Germany has revealed that consumers are heading into 2023 feeling upbeat as government interventions take some of the sting out of soaring energy costs. Pollster GfK said its forward-looking survey of around 2,000 people inched up by 2.3 points to reach minus 37.8 points for January.

The limit will increase from 49% to 100%.

Sharjah, UAE-- Arada has awarded two major contracts totalling $256 million to build 986 new homes across two residential districts at Masaar, Sharjah’s woodland megaproject. Valued at $2.17 billion and containing 4,000 homes spread over seven gated districts, Masaar features a nature-inspired master plan containing more than 50,000 trees. The...

Cairo, Egypt--The IMF's new $3 billion financial support package for Egypt aims to reduce government debt to less than 80 percent of the gross domestic product in the medium term, according to a cabinet report released on Saturday.  The IMF did not require the Egyptian government to cut spending on...

Amman, Jordan--Jordan’s judiciary on Thursday sentenced two men to long prison terms for attempting to smuggle nearly two million captagon pills into the country from Syria, a judicial source told AFP. The state security court handed a 20-year prison term and a fine of 20,000 Jordanian dinars ($28,000) to one...

Washington, United States--The Executive Board of the International Monetary Fund on Friday approved a $3 billion loan to Egypt, with an immediate disbursement of $347 million, the IMF said in a statement. Egypt will benefit from the loan over 46 months under the Extended Fund Facility. The agreement is for 2,350.17 million...

IMF chief Kristalina Georgieva has regretted the shortage of funds needed to help low-income countries tackle the impacts of climate change. Although IMF has secured $40 billion worth of commitments, its chief still feels that the amount is "nothing in comparison with the needs."

The $1.5bn deal will herald a new energy transition phase.

A noted Lebanese actor Stephanie Saliba was briefly detained by authorities in Lebanon in connection with a money laundering case. The actor was questioned as a witness in a corruption probe involving the country's central bank governor. She had failed to appear for previous summons in the case.

Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as the pace of recovery from the COVID-19 crisis quickens. It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for...

Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its own projections. The kingdom's finance ministry said that the surplus for 2022 touched $27 billion, representing 2.6 percent of GDP.

The bank listed the sustainable sukuk on Nasdaq Dubai.

The Portuguese football star Cristiano Ronaldo is likely to sign a $210 million a season blockbuster deal with Saudi Arabian club Al-Nassr in the wake of his high-profile exit from Manchester United. Ronaldo left United last month and will likely start playing for the new club from January.

World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force. Brent North Sea crude and WTI advanced over 2.5 percent, also after OPEC and its Russia-led allies decided to...

With talks suspended over a nuclear deal between Iran and the Western countries, Islamic Republic has begun the construction of a new nuclear plant in the southwestern province of Khuzestan. Estimated to cost between $1.5 billion and $2 billion, the plant will take seven years to complete.

Non-oil trade exchange between the UAE and Cameroon grew by 33.5 percent between 2012 and 2021, reaching $522 million by the end of last year

Washington, United States— The US government on Tuesday announced the approval of a $1 billion sale of FS-LIDS counter-drone systems and other equipment to Qatar. "The proposed sale will improve Qatar's capability to meet current and future threats by providing electronic and kinetic defeat capabilities against Unmanned Aircraft Systems," the US...

Riyadh, Saudi Arabia—The Arab Monetary Fund has signed a $1 billion agreement with the Yemeni government to shore up the war-scarred country's economic reform program. Sponsored by the Kingdom of Saudi Arabia, the program seeks to contribute to backing efforts made to implement reforms to strengthen the financial status of...

Appealing to guilty parties to hand themselves in and return all the money, the prime minister of Iraq has revealed that the country has recovered part of $2.5 billion in public funds fraudulently withdrawn from a government account. A wealthy businessman implicated in the theft had given back $125 million.

MENA startups had begun the year with a deluge of funding from investors, but toward the year end a dark cloud hovers over new businesses as global crises dip the enthusiasm.

Beating their chest in delight, tens of thousands of migrant workers witness Messi's magic in a game that saw Argentina defeat Mexico at the Asian Town stadium. Donning Argentina shirts bought for three dollars the workers bristle at European media suggestions that they are "fake fans".

It will now trade on Boursa Kuwait under KPROJ.

With its revenues buoyed by high hydrocarbon prices over the past year, Algeria intends to double its defense budget to $23 billion next year. Africa's top natural gas producer has seen a spike in tensions with its neighbor Morocco over the disputed Western Sahara.

The $3.2bn plant will make batteries for electric vehicles.

Doha, Qatar—Qatar has recorded a trade balance surplus in the third quarter of 2022 of $29.47 billion up from $15.87 billion in Q3 of 2021, an increase of 85.6 percent. The Planning and Statistics Authority (PSA) issued the press release on "Quarterly Foreign Merchandise Trade Statistics, Q3 2022 State of...

Global main stock markets rallied as investors fished for bargain shares and shrugged off losses elsewhere, but oil prices fell as concerns over the global economy persist. London stocks were lifted by official data showing UK retail sales rose 0.6 percent in October, rebounding from a 1.5-percent slump in September....

New York, United States— Twitter's new boss Elon Musk has asked staff to choose by Thursday between being "extremely hardcore" and working intense, long hours, or losing their jobs, according to an internal memo seen by AFP. The Tesla tycoon has come under fire for radical changes at the social media...

Doha, Qatar—  QatarEnergy and Chevron Phillips Chemical (CPChem) have announced they have reached a final investment decision to build an $8.5 billion polymers facility in Texas. Located about 180 kilometers east of Houston, the plant will include an ethylene cracker unit with a capacity of 2.08 million tons per annum,...

In order to shore up its economy battered by the Covid pandemic and political turmoil, the EU has signed off on a $103 million grant to cash-strapped Tunisia. The grant, according to EU, aims to support economic recovery efforts and consolidate the progress already made in distributing social aid.

The income vaulted to $1.77bn in the first nine months of 2022.

It will sell 10% of its stake, amounting to 12m shares.

The food firm's revenue shot up to $260 million in Q3.

Its profit rose to $52 million in first nine months.

Although its subscriber base has swelled by 12 million users, Disney+ has seen its operating losses touch $1.47 billion for the July to September period. The number of people subscribing to Disney+ reached 164.2 million people, more than 161 million estimated by Factset, a data company.

Its net profit tumbled to $16m in first nine months.

Its profit rose to $235m in the first nine months of 2022.

The company hopes to elevate its investments in India to $5 billion within the next five years, up from just over $600 million currently.

New York, United States— The US government announced Monday it had seized $3.4 billion in bitcoin from a real estate developer who stole the cryptocurrency from the dark web marketplace Silk Road a decade ago. James Zhong, 32, pleaded guilty Friday to committing wire fraud in September 2012 ago when he...

Expected to fetch more than $1 billion at the two-day sale in New York, late Microsoft co-founder Paul Allen's art collection will be up for grabs at Christie's at a time when experts say the super wealthy are viewing art as a safe investment this year amid a tumultuous global...

It posted a net profit of $1.36bn in H1.

Cairo, Egypt— Suez Canal Authority will make an investment of $550 million in the current fiscal year, according to Minister of Planning and Economic Development Hala Saeed. This comes as the authority – which owns and operates the Suez Canal – is targeting to increase the production rates. The revenue...

It attracted total orders of nearly $1.7 billion.

Its profit declined to $69.6m in the first nine months of 2022.

Almaty, Kazakhstan—Kazakhstan's anti-corruption agency said Wednesday it had seized jewels worth more than $230 million, in a case involving the nephew of ex-leader Nursultan Nazarbayev. "As a result of operational-search activities, exclusive gems and precious stones worth 230 million US dollars" were seized, the agency said in a statement. The agency...

The telecom company's net profit vaulted to $680.5m in Q3.

Riyadh, Saudi Arabia—Saudi Arabia has issued permits for non-oil industrial projects worth $1.1 billion in August. The licenses issued in August were for chemicals, metals, machinery, furniture, home appliances and other light-medium products. Around 115 licenses were issued for non-oil industrial projects — 20 percent higher than those issued in...

It posted $863.17m in revenues for the first nine months of 2022.

The third quarters profits were boosted by higher oil prices.