Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index increased by 6.8 percent in Jan 2023, compared to Jan 2022, mainly due to the increase in mining, quarrying manufacturing activities.A monthly bulletin by the General Authority for Statistics said the mining and quarrying activity increased by 3 percent year on...

The growth rate is also the highest in the last decade, with crude oil and natural gas contributing 32.7%, government services 14.2%, and manufacturing other than oil refining 8.6%.

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 a...

Dubai, UAE--TAQA Morocco is looking to invest $1.6 billion in renewable energy solutions in Morocco in order to lift up electricity production by 50 percent by 2030. Owned by Abu Dhabi National Energy Co., the company plans to diversify its activities in clean energy and water desalination as part of its...

Vienna, Austria - The OPEC Fund for International Development (OFID) is offering a US$25 million loan for solar energy development in Niger, scaling up electrification and access to renewable energy in the country. The loan will be provided to Solar Plant Development and Electricity Access Improvement Project (RANAA). The OPEC...

Washington, United States--President Joe Biden will unveil a proposed budget on Thursday that would reduce the US national deficit by $3 trillion over the next decade, in part by raising taxes, the White House said.The budget plan "will cut the deficit by nearly $3 trillion over the next 10 years," Press...

Beirut, Lebanon - Lebanon's commercial banks do not have enough liquidity to pay back depositors, the secretary general of the country's banking association said on WednesdayThe letter that laid out the banks' positions, was signed by the Association of the Banks of Lebanon (ABL)'s Fadi Khalaf. The letter said commercial banks...

Decades of unsustainable policies and fundamental neglect, capture of state resources by elites, alleged corruption, and vested interests cripple the power sector in Lebanon.

According to state newspaper Al-Ahram, a decision by Prime Minister Mostafa Madbouli published in the official gazette,  says the premier can now "grant Egyptian nationality" to applicants that meet one of four conditions. Foreigners can either buy at least $300,000 of real estate in Egypt, invest $350,000 in the country,...

Reacting to howls of condemnation his controversial comments have ignited, Tunisia's President Kais Saied on Wednesday denied racism. Last month, the president ordered officials to take "urgent measures" to tackle irregular migration, claiming that a "criminal plot" was underway to change Tunisia's demographic makeup.

Last week, Lagarde said that more interest rate hikes might be needed in the eurozone after the half percentage point hike it has already signaled will come later this month.

"We're seeing robust hiring, which is good for the economy and workers, but pay growth is still quite elevated," said Nela Richardson, chief economist at ADP, in a statement.

Dubai, UAE-- Making payments digitally for every purchase may have become a universal thing, but it is not always the safest method, according to a new survey by Kaspersky.The survey revealed that some 18% of respondents from the Middle East experienced financial losses associated with threats when using online banking...

Doha, Qatar-- In order to ensure education for children in the least developed countries of Asia and Africa, Qatar Fund for Development (QFFD) and the Education Above All Foundation (EAA) signed four Memorandum of Understandings (MoUs) with Senegal, Bangladesh, Liberia, and Burkina Faso.The four MoUs focus on opportunities to provide...

Abu Dhabi, UAE-- The UAE and Jordan have resolved to draw on each other's experiences in order to combat corruption, and increase competence in the field of auditing.In this regard, a delegation from the UAE, headed by the Supreme Audit Institution (SAI) and participants from Abu Dhabi Accountability Authority (ADAA),...

In the latest rail tragedy to hit Egypt, two people were killed and many more injured at Qalyub north of Cairo. According to the country's health ministry, the injured are in a stable condition. An earlier toll provided by the ministry said that one person died and 16 were wounded,...

The World Bank estimated last week that the devastating quake, which flattened entire cities, had caused damage worth more than $34 billion in Turkey, with recovery likely to double that sum. But Louisa Vinton of the UN Development Program said the Turkish government had calculated far higher damage.

Migrants from sub-Saharan Africa faced violence and many were made homeless since Saied ordered "urgent measures" against them. In response, World Bank defers a key board meeting on Tunisia.

Emtelle to invest $50m to build manufacturing facility.

In a statement, HESC said the project has entered its commercial demonstration phase with money from Japan's Green Innovation Fund, which will be used to design and build facilities to liquefy and ship hydrogen from Australia's Victoria to Japan. The project aims to produce and liquefy hydrogen from a type...

Doha, Qatar-- Qatar's Prime Minister Sheikh Khalid bin Khalifa bin Abdul Aziz Al Thani has resigned from his job, according to Qatar News Agency.And in the wake of the resignation, the country's Emir Sheikh Tamim bin Hamad Al Thani has appointed Sheikh Mohammed Bin Abdul Rahman Al Thani in the...

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 and...

Muscat, Oman -Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth $777 million to international investors after securing approvals from the Authority for Public Services Regulation (APSR).According to media reports, the Manah 1 and 2 projects, which will jointly produce a total of 1,000MW,...

Colombo, Sri Lanka--Sri Lanka's president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to an International Monetary Fund bailout.China's state-owned Exim Bank "sent a letter to the IMF" on Monday night expressing Beijing's willingness to "restructure" credit to Sri Lanka,...

Years of war and insurgency have taken a heavy toll on the many Mesopotamian, Islamic and Christian treasures in a country home to six UNESCO World Heritage sites. Iraq is the cradle of civilizations, where writing and the first cities emerged, but decades of unrest have left many priceless cultural...

Emphasizing that the oil and gas industry was vital in the fight against climate change, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said that energy leaders have the knowledge, experience, expertise and the resources needed to address the dual challenge of driving sustainable progress while...

To establish connectivity in the Indian Ocean, the two countries need to look at various other aspects, such as setting up a shipping chamber, holding conferences, and appointing transportation attachés at their diplomatic missions to facilitate shipping ventures between Indian and Indonesian firms, he adds.

Ahmed Al Khateeb, the Saudi tourism minister and board chairman of the Saudi Fund for Development, signed an agreement with Turkish central bank governor Sahap Kavcioglu "to make a significant $5 billion deposit", the Saudi government said in a statement. "This deposit is a testament to the close cooperation and...

Lebanon opened its probe following a request for assistance from Switzerland's public prosecutor probing more than $300 million in fund movements by Riad Salameh and his brother. Last month, Swiss media reported that 12 banks in the European country had received a large part of the money Salameh is alleged...

DUBAI, UAE - The Dubai Land Department (DLD) has launched the Instant Sale feature, which utilizes smart evaluation technology in real estate transactions without the need for audits.This move is in line with DLD's efforts to enhance the use of innovative solutions and achieve the goal of the Dubai Economic...

Norway earned 1.5 trillion kroner ($140 billion) in revenues from oil and gas, according to estimates by Statistics Norway (SSB). It was "by far the highest ever recorded in the statistics" and almost three times the 498 billion kroner earned in 2021, according to SSB.

The city has won a huge following among the people who see it not just as a city for business, but as one where families can co-exist with big money.

It will make an initial public offering before listing.

Dubai, UAE-- The UAE and Oman have signed an agreement to enhance cooperation in order to preserve environment and encourage sustainable development.In this connection, a UAE delegation, headed by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, paid a visit to Oman to enhance cooperation in fish...

Cairo, Egypt - Egypt’s foreign exchange reserves rose $127.9 million by the end of February to $34.352 billion, compared to $34.224 billion by the end of January, according to the Central Bank of Egypt (CBE).Foreign currencies in Egypt’s foreign reserves include the US dollar, euro, Australian dollar, Japanese yen and...

The opening day of general debate at the once-in-a-decade summit saw no major announcement of desperately needed cash - apart from $60 million that host Qatar said it would give to United Nations programmes. Leaders of the world's major economies have been markedly absent from debate, which will last five...

The UAE has utilized advanced technologies to develop capacities and meet the growing demand in these sectors. Additionally, the country aims to adopt a new and more open development model in line with the leadership's future vision and the UAE Centennial 2071, the minister adds.

Pact is likely to help enhance Kingdom's non-oil exports.

UNCTAD’s Secretary-General Rebeca Grynspan and Deputy Secretary-General Pedro Manuel Moreno will lead the organization’s delegation to the fifth UN conference on LDCs (LDC5) taking place in Doha, Qatar from 5 to 9 March.

Cairo, Egypt - Egyptian authorities have detained 29 people, including 13 foreigners, accused of running an online cryptocurrency scam that defrauded thousands of investors, state media reported Sunday.The network pocketed about US$620,000 at the expense of its victims in the country now battered by an economic crisis and rapid inflation, the...

Despite being the most educated demographic, women in the region have the lowest employment rates. it is crucial to incorporate women into non-traditional sectors to facilitate the GCC's shift towards a post-oil economy.

Riyadh, Saudi Arabia-- Saudi Arabia ranked first globally on the Global Knowledge Index 2022 in the percentage of students enrolled in post-secondary non-tertiary education (ISCED 4), in technical and vocational programs.The Index is issued by Mohammed bin Rashid Al Maktoum Knowledge Foundation in collaboration with United Nations Development Program and...

NEW DELHI, INDIA -  UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications Omar Sultan Al Olama said that his country has succeeded in adopting state-of-the-art, digital, and futuristic solutions as a key pillar for enhancing prosperity.Al Olama made this remark at the Raisina Dialogue 2023...

The deal described by many as historic is seen as key to conserving 30 percent of the world's land and ocean by 2030, as agreed by world governments in a historic accord signed in Montreal in December. Eventually, following two weeks of intense talks, delegates finalized a text that now...

Beijing, China--China on Sunday set an economic growth target of "around 5 percent" for 2023, one of the lowest in decades, as its annual National People's Congress opened in Beijing.The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the capital's...

Abu Dhabi, UAE-- Stating that the global reshuffling of economic gravity is providing an opportunity for the UAE, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the country has positioned itself as a key player in the global value chain. He was speaking at...

Ras al Khaimah, UAE-- Sunreef Yachts Middle East has signed a cooperation agreement with RAK Maritime City for the development of a new facility in Ras Al Khaimah.The signature ceremony was in the presence of sheikhs, dignitaries and industry professionals. This initiative is an opportunity for both parties to leverage...

In spite of divisions over the legislation, Iraq's customs department has given orders to begin enforcing a ban on alcohol imports that became law last month. The specialist retail stores dominating alcohol sales in absence of bars or licensed restaurants however remained open for business, at least in Baghdad.

TEHRAN, IRAN - Iran has announced the discovery of a large deposit of lithium, a key component of batteries for electric vehicles and electronic devices, state media reported Saturday."For the first time in Iran, a lithium reserve has been discovered in Hamedan", in the west of the country, state television quoted...

ABU DHABI, UAE -  The United Arab Emirates and Italy on Saturday announced the enhancement of their  bilateral relations to the Strategic Partnership level.The announcement came during a meeting between President Sheikh Mohamed bin Zayed Al Nahyan  and Italy's Prime Minister Giorgia Meloni at Al Shati Palace in Abu Dhabi.The...