Muscat, Oman-- Oman's inflation rate increased by 2.8 percent in 2022 as the consumers price index (CPI) registered 109.7 points compared to 106.7 points in 2021.According to the data issued by the National Centre for Statistics and Information (NCSI), there was a rise in the prices of main groups in...

The oil firm and its subsidiaries posted a net profit of US$8.4bn.

It fell to US$25.6 million in H1 of 2023, a 21.4 percent drop.

Abu Dhabi, UAE - The UAE is establishing federal prosecution entities specialised in economic crimes and money laundering, to develop the UAE's judicial system in line with changing global economic landscape. The establishment of these entities also represents a first step towards investigating and cracking down on crimes such as corporate...

The net profit surged to US$493 million in the first half of 2023.

DUBAI, UAE - Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of the International Road Transport (TIR Carnet) system, the global customs transit procedure.Dubai Customs cleared the first transit consignment under the TIR carnet in 2020.Dubai Customs is a signatory of the...

Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks amid the searing summer heat.Electricity is a sensitive political issue in Iraq as despite the country's huge oil reserves, its dilapidated power grid is incapable of meeting peak demand and...

The new set of conditions brought in by the finance ministry look to shore up the integrity of the corporate tax system in order to boost the UAE's appeal as an investment haven.

Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out that the US economy continues to demonstrate its resilience despite significant headwinds from high inflation, tighter financial conditions, and an uncertain global environment.In its weekly commentary, QNB added that since...

The talks to be hosted in the Red Sea coastal city of Jeddah next weekend will discuss a path toward peace in Ukraine, convening representatives from Kyiv, Western powers and developing countries. Russia is likely to miss the meeting just as it did not participate in a similar gathering last...

ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do...

The African Union demanded Niger's military "return to their barracks and restore constitutional authority" within 15 days as the EU intensified pressure on the coup leaders by suspending security cooperation with the country. General Abdourahamane Tiani, head of the Presidential Guard since 2011, appeared on state television to declare himself...

SHARJAH, UAE – The seventh edition of Al Dhaid Date Festival continues to captivate participants and visitors alike, in a celebration of heritage, competition and taste.Organized by the Sharjah Chamber of Commerce and Industry (SCCI), the event has been hosted at Expo Al Dhaid and offers an enticing platform to...

The company's total operating income was $135m.

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 from...

Amman, Jordan--Jordan's exports to the European Union (EU) shot up 23.4 per cent during the first five months of 2023 to $192 million compared to $155 million for the same period last year.According to Jordan News Agency (Petra), foreign trade data issued by the Department of Statistics indicated an increase...

Speaking at G20 Climate Sustainability Ministerial Meeting in India, Dr. Sultan Al Jaber said G20 makes up some 85 percent of the world's GDP and contributes 80 percent to emissions. He appealed to the audience to work with "your leaders to drive global climate action in this critical decade."

The Abu Dhabi firm will push for growth in the defense sector.

MOSCOW, RUSSIA -  Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of Ukraine grain exports to Africa, after Moscow's withdrawal led to the collapse of a Black Sea pact.The Ukraine grain deal was agreed last year and allowed around 33 million tonnes...

Profits fell on lower refining margins, natural gas prices.

Firm Saudi Tourism Investment Company has been set up.

New customers and projects were added in H1 2023.

After a closely watched meeting, the Bank of Japan said it would allow "greater flexibility" in government bond markets, having allowed them to move in a tight band in a process known as yields curve control. But on Friday it said that while it would maintain that range, its upper...

The company on Wednesday announced its earnings for 2021 and 2022 -- showing a loss of almost $12 billion -- and returned to the Hong Kong stock market Friday morning. But soon after the opening bell, the firm tanked 69 percent before paring the losses slightly.

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.

The Arab world's most impoverished country, locked in an eight-year conflict between Houthi rebels and forces supporting the internationally recognized government, has deep ties to coffee.

Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) to expand cooperation and investment between the two entities, enabling new investments in Oman’s rapidly growing economy.The MoU provides incentives for PIF and...

The money transfer firm plans to set up base across the GCC.

Manama, Bahrain-- for "exceeding the scope of the permit." The owner had exceeded the scope of the permit which was issued to him, in accordance with the provisions of the Real Estate Sector Regulation Law,  promulgated by Law No. 27 of 2017 and its amendments and executive edicts. In a statement issued...

Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until the end of June.According to the Telecommunications and Digital Government Regulatory Authority (TDRA), the jump in the average number of pages viewed was 3.52%, compared to the same period last...

The decision by the central banks, in the US and most of the Middle East, to hike interest rates are designed to fight off inflationary pressures and maintain economic stability.

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said, crediting last year's surge in oil prices. The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said.

The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said. More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.

A projected decline in the Middle East and Central Asia from 5.4 percent in 2022 to 2.5 percent in 2023 has been attributed to a steeper-than-expected growth slowdown in the Kingdom from 8.7 percent in 2022 to 1.9 percent in 2023, a negative revision of 1.2 percentage points.

The UAE's firm signed an agreement with Iberdrola to co-invest in the 476-megawatt Baltic Eagle offshore wind farm in the German Baltic Sea. The Spanish company will have a majority stake of 51 percent in the investment, which will accelerate green-energy security in Europe. Iberdrola will control and manage the...

The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more time to assess the health of the world's largest economy. At the June meeting, members of the rate-setting Federal Open Market Committee (FOMC) nevertheless indicated they see possibly two additional...

Its net profit for H1 of 2023 jumped to US$169 million.

Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms with a range of financial services.In this connection, the two leading institutions of the gas-rich country have signed an agreement to widen the areas of cooperation between both organizations to...

The sales in H1 of 2023 climbed on the back of high demand.

During Tuesday's protest, Ennahdha spokesman Imed Khemiri denounced "the return of a policy of intimidation... which restricts freedom of expression and impacts the media".

The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent this year, down 0.2 percentage points from the previous forecast in April.

After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest rate hike since it started a campaign of monetary tightening in response to soaring inflation in March of last year. But despite an aggressive cycle of hikes, inflation remains above...

The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to General Authority on Statistics (GASTAT). Compared to April 2023, total merchandise exports decreased by SAR 7.0 billion or 6.7 percent.

The group's public market portfolio stands at $9.1bn.

Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister Bisher Khasawneh, and his Iraqi counterpart, Muhammad Shia'a Sudani, on Monday.In a joint statement, both PMs reaffirmed the strategic nature of the Jordanian-Iraqi relationship and called for efforts to strengthen...

Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur to European markets.Ghanim Al-Otaibi, the deputy CEO of Fuel Supply Operations and official spokesman for KNPC, said that the volume of the shipment that was exported from Mina Al-Ahmadi amounted...

Dubai, UAE-- Calling on governments around the world to demonstrate leadership by signing the "Leaders Declaration on Food Systems, Agriculture and Climate Action", the COP 28 Presidency launched its Food Systems and Agriculture Agenda during the Food Systems Summit in Rome.It forms part of its continued work to define the...

It will enable Saudia Cargo to widen network in Europe.

The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its quest to tame inflation.

Its parent firm has been named the X Corporation.