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...

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...

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...

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...

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...

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...

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.

It seeks to enhance emirate's coastal and marine locations.

Amman, Jordan--Jordan and Algeria are looking to boost trade and parliamentary relations to further enhance bilateral ties between the two countries. The discussion on boosting bilateral ties came up in a meeting between the head of the Jordanian-Algerian Parliamentary Committee Marwa Saoub and Algerian Ambassador to Jordan Abdulkarim Behha on...

The forum was agreed during talks between Jordanian Foreign Minister Ayman Safadi and Syrian President Bashar al-Assad in Damascus earlier this month as regional concern mounts over an influx of the banned stimulant captagon from Syria. Jordanian security forces have tightened border controls in recent years and occasionally announce thwarted...

Sharjah, UAE-- Ruwad, or the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad), has approved the financing of three projects after studying the feasibility of 15 requests for funding in various sectors between April and June. Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the Sharjah Economic Development Department, praised the...

The president met with a string of leaders from the Arab world and the European Union and discussed ways to deepen partnerships with these countries. During the meetings, Sheikh Mohamed explored ways with the leaders to support and develop these relations for the benefit of the people of all countries...

DUBAI, UAE - Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the first six months of this year, a 10 percent surge from the 12.7 million transactions registered in the same period last year. The UAE economy is poised to experience further...

Cairo, Egypt--Egypt and Indonesia will ramp up trade exchange as the two countries look to strengthen the overall ties. This came during the seventh round of political talks between Egypt and Indonesia which was held in Jakarta. Middle East News Agency (MENA) quoted the Egyptian Foreign Ministry as saying that...

The Fed paused its aggressive campaign of monetary tightening last month to give policymakers more time to assess the health of the US economy, and the impact of recent banking stresses on lending conditions. In the weeks since, positive upgrades to economic growth and cooler inflation data have reinforced the...

Doha, Qatar-- Qatar has recorded a 70 percent growth in annual foreign direct investment (FDI) between 2019 and 2022. Just last year alone, the country received $29.78 billion in foreign investments, resulting in 13,972 jobs across sectors such as business services, technology, financial services and other industries. Investment Promotion Agency...

New York, US--The UAE and the UN have discussed joint cooperation and partnership on government experience exchange, global climate action and sustainable development as the UAE gears up to host COP28. In this regard, a senior UAE delegation met Selwin Charles Hart, the Special Adviser to the UN Secretary-General on...

NEW DELHI, INDIA - Energy ministers from the group of 20 nations meeting in India on Saturday failed to agree on a roadmap to phase down the use of fossil fuels in the global energy mix. A final statement after the meeting did not even mention coal, a major contributor...

NEW DELHI, INDIA – The UAE is committed to playing an active role in global efforts to shape a better future for societies and people through creating jobs, Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratization said. He said the UAE is also committed to enhancing human resources’...

Dubai, UAE-- Bahrain and the US have reaffirmed their commitment to freedom of navigation in international waters. They reiterated the importance of ensuring safe passage for commercial shipping in the Strait of Hormuz and condemned acts that put freedom of navigation in jeopardy. The joint statement came after a meeting...

When Morocco's women take on two-times former champions Germany in Melbourne they will be the first Arab team to play at a Women's World Cup, months after the men's historic run to the semi-finals in Qatar. The country is still buzzing from what their men did at the Qatar World...

Beijing, China - China's traditional export sectors, such as apparel, home appliances, and furniture, have been surpassed by electric vehicles, lithium-ion batteries, and solar batteries as the primary drivers of foreign trade growth, People's Daily reported. These "new three" industries have contributed to an impressive 61.6 percent year-on-year increase in...

Riyadh, Saudi Arabia--Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12, in coordination with the United Nations Framework Convention on Climate Change (UNFCC). The MENA week’s activities and events will be “Global Stocktake” to assess the progress made towards realizing the climate changes objectives outlined...

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has called on the public to take all necessary measures to avoid the risk of fire due to misuse of electrical appliances and connections with increasing temperatures in summer or failure to conduct periodic maintenance. DEWA called on customers to use its smart...

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.

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of the camel farming industry in the Kingdom and actively contribute to its sustainable development. The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider...

Cairo, Egypt-- Egypt is looking to resume exports of liquefied natural gas exports by October, according to the country's petroleum minister Tarek El Molla. The North African country's production is used at home during the summer when temperatures are very high, but in the winter months the country has excess...

Amchît, Lebanon--In a pristine patch of Lebanon's north coast, a rare marine visitor has fueled opposition to a seafront development, in a country where unchecked construction has obstructed access to beaches. Residents of Amchit say a Mediterranean monk seal sometimes visits the area, taking refuge in the crystal-blue waters of a...

Cairo, Egypt-- The UAE and Egypt are looking to ramp up cooperation in the fields of higher education and scientific research. In this connection, Sheikh Dr. Ammar bin Nasser Al Mualla, attaché of education and technology sciences of the UAE in Egypt, discussed with Mohamed Ayman Ashour, Minister of Higher...

The two sides endorsed a comprehensive joint statement that called for the boosting of political and strategic ties and strengthening of cooperation in various sectors. The meeting between the two sides coming after an invitation from Saudi Arabia's King Salman stressed the importance of bolstering relations based on shared values,...