Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to strain the region's finances, data and analytics company GlobalData said in its Global Risk Report Quarterly Update -- Q1 2023. The region's risk score went up from 54.3 out of...

Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled strongman Moamer Kadhafi in 2011. Over the past decade, Libya has been regularly plagued by clashes...

The main activist group representing families of those killed has called for a protest march on Friday afternoon, converging on the port. On Thursday, 300 individuals and organisations including Human Rights Watch (HRW) and Amnesty International renewed a call for the United Nations to establish a fact-finding mission, a demand...

RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of 2023, the finance ministry said on Thursday. Saudi Arabia, the world's top oil exporter, recorded a budget surplus of almost $30 billion in 2022 as the high prices of the...

Acquisition aims to diversify and expand into several sectors.

The new figure comes as Turkey radically shifts its policies since the May election that includes an end to more than a two-year era of ultra-low interest rates. Last week, the central bank revised its year-end inflation forecast to 58 percent from 22.3 percent after years of doubts from independent...

The German airline's net profit climbed to US$964m in Q1.

Both Saudi Arabia and Kuwait renewed "their previous and repeated calls to the Islamic Republic of Iran to negotiate" the demarcation of their maritime borders to settle the issue, according to the statement carried by the official Saudi Press Agency (SPA). Recent attempts to revive negotiations have failed.

Users who registered with the Worldcoin cryptoproject in Kenya were offered 25 free Worldcoin tokens worth about 7,000 shillings ($45), drawing thousands of people to multiple sign-up points in the capital Nairobi. Interior minister Kithure Kindiki said authorities were "concerned" by the project and launched investigations to ascertain "the safety...

The Qatari gas firm's net profit rose to US$213m in H1 of 2023.

Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the World Trade Statistical Review 2023, issued by the World Trade Organization, while trade in goods exceeded pre-pandemic levels already in 2021, trade in services caught up in 2022. China remained...

The net profit rose to US$39.21m in H1 of 2023.

The talks between Sheikh Mohamed bin Zayed and King Abdullah focused on ways to ramp up cooperation across key strategic sectors, with a particular emphasis on economic partnerships, investment and development opportunities, and other key areas aimed at fostering sustainable development and prosperity in both countries.

Its net profit vaulted to US$132 million in the first half of 2023.

On July 11, Prime Minister Mohammed Shia al-Sudani announced that Iraq would start paying for Iranian gas with oil, as a way of circumventing the complicated mechanism. "Work is continuing with the American side concerning unpaid bills, which have fallen to 9.2 billion" euros ($10 billion), Sudani told reporters at...

Amman, Jordan-- Jordan and Cyprus are looking to boost cooperation in energy, trade, industry and tourism sectors in order to deepen the overall partnership between the two countries. In this regard, King Abdullah and Cyprus President Nikos Christodoulides met on Tuesday at Al Husseiniya Palace, and discussed enhancing cooperation in...

SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone for the construction of a new library in the University of Sarajevo here. The funding for construction and equipping of the library has been through a generous US$22 million grant...

Revenue jumped $12.3 billion to $36.9 billion.

Despite the drop, BP hiked dividend.

Fabinho, the Brazil midfielder, will join Karim Benzema and N'Golo Kante at Al-Ittihad, one of four Saudi clubs controlled by the Gulf state's sovereign wealth fund. He has signed a three-year deal after completing his move from Liverpool. The 29-year-old was left out of Liverpool's pre-season squads for trips to...

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....

Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the year as non-oil economy witnesses strong growth in spite of global macroeconomic headwinds. According to a market report by CBRE, rental performance in Abu Dhabi’s occupier market showed substantial improvement...

Dubai, UAE - The International Data Corporation (IDC) has forecasted that the Middle East will spend $3 billion on AI in 2023, with this figure expected to more than double to $6.4 billion by 2026. CEOs in the region are recognizing the significance of AI for their businesses, with over...

New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in the week, including from Apple and Amazon. After a strong first half of 2023, US equities have continued to trend higher in July behind hopes that the Federal Reserve will...

Washington, US - A Federal Reserve official left open the possibility on Monday of pausing or stopping interest rate hikes at the central bank's next policy meeting in September, saying "there's nothing off the table." "Thus far we're on the golden path and we've got to walk that line," Chicago Fed...

Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing renewable energy projects across solar, battery energy storage system (BESS), wind and other renewable energy technologies. The MoU was signed in Malaysia by Abdulla Zayed, Masdar’s Head of Development and...

The fighting between Fatah and Islamists in the camp, which erupted overnight and subsided by the evening, killed a Fatah military leader and four of his colleagues, the secularist movement said. A ceasefire was agreed from 6:00 pm (1500 GMT) during a meeting of Palestinian factions including Fatah, also attended...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...