Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates in September following comments from Fed Chair Jerome Powell, CNBC reports.Spot gold pricesGold rose 0.5% to $2,482.29 per ounce, hitting an all-time high according to LSEG data. Gold futures climbed...
Global economic growth forecast to pick up towards Q2 end: OPEC report
The global oil demand is anticipated, according to the report, to average 101.8 mb/d in second half of this year, up from 98.7 mb/d on average seen in the first half.
Biden gambles there’s more to gain by courting Saudis
Making an about-face by deciding to visit Saudi Arabia, US president Joe Biden is betting there is more to gain than lose by meeting Crown Prince Mohammed bin Salman. Biden joins eight decades of US presidents who have all in due time courted the oil-rich kingdom, which has assiduously cultivated...UN envoy appeals to Houthi rebels to open road to Taez
The United Nations special envoy to Yemen called on rebel Houthis on Tuesday to agree to reopen roads into the besieged city of Taez in the southwest of the war-torn country, during a meeting of the UN Security Council.
Facing gas ‘blackmail’ by Russia, EU turns to Israel
The European Union wants to strengthen its energy cooperation with Israel in light of Russia's use of gas supplies to "blackmail" its members over the Ukraine conflict, the European Commission chief said Tuesday. Ursula von der Leyen's remarks came as Italian Prime Minister Mario Draghi, also visiting Israel, said Rome...Algeria president sacks finance minister after 4 months in job
The president "on Tuesday signed a decree ending the functions of Minister of Finance Abderrahmane Raouya," the presidency said in a statement.Food security main agenda of UAE delegation in Netherlands
A UAE delegation visits Netherlands to exchange knowledge and best practices in the food sector with their Dutch counterparts with food security as the main agenda of the meetings
Qatar passenger traffic may surge by 105 percent in 2022: Report
The report of Qatar Aviation body is updated with the IATA Air Transport data (Airport-IS) related to schedule statistics until the end of 2022.
Jordan’s FDI in 2021 reaches $622million, Arab region’s $53 billion
The Foreign Direct Investment (FDI) in Jordan amounted to $622 million in 2021, constituting 1.2 percent of the Arab region's total FDI. The Arab Investment and Export Credit Guarantee Corporation (Dhaman) issued data Tuesday which confirmed this. The Arab region's FDI in 2021 went up by 42 percent to $53...
Arab League calls for efforts to counter global economic crisis
The Arab League says the world is facing challenges from political, economic crises and armed conflicts and that unified efforts are needed among countries in the region to confront the problemsJordan energy ministry inks MoUs for copper, gold exploration
Jordan's Ministry of Energy signed an MoU with a local company to explore for copper and it also signed another MoU with a Turkish company to explore for goldSharjah, Costa Rica strengthen economic, cultural relations
Sharjah is building on the long-standing historical ties the emirate shares with Costa Rica to bolster and deepen diplomatic and cultural relationsUN raises $5m to prevent oil spill disaster in Red Sea
The United Nations is launching a crowd-funding campaign for an operation intended to prevent an aging Yemeni oil tanker from unleashing a potentially catastrophic spill in the Red Sea, a senior official said Monday. "We hope to raise $5 million by the end of June," David Gressly, the UN's humanitarian...Turkey constructs Black Sea pipeline to pump natural gas
Turkey's president hailed on Monday the start of the construction of an underwater pipeline to tap a Black Sea natural gas field that the government hopes will help wean the country off its dependence on energy imports. President Recep Tayyip Erdogan watched via video link as the first pipeline section was...
Turkish share of global exports reaches 1 percent: Erdogan
Turkish exports, Erdogan added, have now reached 217 countries and regions around the world.UN urges WTO to not restrict food export for humanitarian purposes
The United Nations on Monday begged world trade ministers meeting at the WTO not to impose export restrictions on food for humanitarian purposes, amid a food security crisis. The UN's human rights chief Michelle Bachelet and its trade and development head Rebeca Grynspan said Russia's war in Ukraine was increasing the...
Oman, Tanzania establish Joint Investment Fund
Oman foreign minister Al Busaidi anticipated the surge of trade deals between the two countries, especially after signing several MoUs.Realty helps UAE’s economy settle into new normal
The UAE's residential real estate market is poised to grow at a CAGR of 12.36 percent by 2026, Sharjah Sustainable City CEO Yousif Ahmed Al-Mutawa tells TRENDS
Saudi Arabia issues interim licenses for digital govt business
Saudi Arabia's Digital Government Authority issued the first package of interim licenses for digital government business to three companies - Elm, Takamol Business Services and Thiqah
Germany, UAE can jointly invest in ‘new economy’, says top diplomat
Germany and the UAE as strong economic partners will continue trade but they can make joint investments in the 'new economy' that will help achieve their net-zero targetsEuropean Union spent $305 billion on environmental issues in 2021
The European Union's expenditure in 2021 on environmental protection, investments and consumption amounted to €292 billion ($305.4 bn), said Eurostat, the statistical office of the EU. The expenditure has risen by over 3 percent on average each year, with a total increase of 54 percent since 2006. Also, the expenditure...‘Made in Saudi’ takes part in 17th OIC Member States Trade Fair
The Made in Saudi program is participating in the 17th Organization of Islamic Cooperation (OIC) Member States Trade Fair
Saudi youth excel in event management in Jeddah Season
Saudi youth make their mark in event management during Jeddah Season where they comprise over 80 percent of the workforce and present a wide range of talent and passion for work
Work in water reservoir project in Hatta ahead of schedule
The project includes the construction of two reservoirs with a storage capacity of 30 million gallons of desalinated water, supporting buildings and the extension of entrance and exit pipesVisa-free travel to Saudi Arabia for GCC residents
Under the new visa scheme, all GCC residents with a valid resident and work visa issued by the UAE, Bahrain, Kuwait, Oman, and Qataris immigration authorities will be allowed entry into Saudi Arabia for business, tourism, and Umrah purposes, with the exception of Hajj – the annual Islamic pilgrimage.IAEA urges Tehran to restart the halted nuclear talks ‘now’
The International Atomic Energy Agency on Sunday urged Iran to resume talks "now" to avoid a crisis that could make it "extremely more difficult" to salvage the 2015 nuclear accord. Iran this week disconnected some cameras allowing international inspectors to monitor its nuclear activities in response to a Western resolution...Saudi Arabia pledges $10m to prevent Red Sea oil spill disaster
Saudi Arabia on Sunday pledged $10 million to help prevent an ageing Yemeni oil tanker from unleashing a potentially catastrophic spill in the Red Sea bordering its waters.
TotalEnergies warns consumers to ‘turn down heating’ to ease crisis
TotalEnergies chief Patrick Pouyanne hailed a deal to expand production in the world's biggest natural gas field in Qatar but told AFP on Sunday that more projects are needed and consumers will still have to "turn down the heating" to ease the growing price crisis.Qatari, Swiss firms discuss investment prospects in medical tourism
The two countries will celebrate 50 years of diplomatic relations in 2023, which includes organizing events like car exhibitions, and promoting investments in hospitality and real estate.
Qatar Economic Forum highlights country’s role
The forum reflects the strategic position of Qatar as an influential economic player and as a bridge for communication and dialogue between the region and various countries
TotalEnergies takes $2bn share in Qatar’s giant gas expansion plan
Qatar's Energy Minister Saad Sherida al-Kaabi called the joint venture "a marriage more than an engagement" as it will last until 2054. Other foreign firms will also take stakes in North Field with state-owned Qatar Energy (QE) but none will be bigger than TotalEnergies, said Kaabi, who did not reveal...
Sudan ship sinks with 15,800 sheep on board
An overladen ship crammed with thousands of sheep capsized Sunday off Sudan's Red Sea coast drowning the animals on board but with all crew surviving, port officials said.Sudan talks put off as civilian bloc refuses to be part of process
The second round of UN-facilitated talks aiming to resolve Sudan's political crisis following a military coup has been postponed, a spokesman said Saturday, with a key civilian bloc still refusing to join.Discoveries give Saudi geotourism an edge in region
Aside from fossil discoveries, one of the unique geological phenomena discovered in Saudi Arabia is basalt columns. These one-of-a-kind columns are magnificent and incredibly accurate geometric shapes that erupted from the ground without human intervention. They owe their existence to the molten lava that burst out of the ground in...WTO negotiators finalize key texts on fishing, Covid vaccines
The WTO agreements on fisheries subsidies and a Covid vaccine patent waiver moved a step closer to completion Saturday after negotiators finalized texts for ministerial review, but significant obstacles remained in hammering out a final deal. The WTO takes decisions by consensus, making deas all the harder to reach.Kuwait keen on supporting IFAD for progress, says official
Kuwait is keen on supporting efforts by the International Fund for Agriculture Development to feed the poor and aid progress worldwide.
OPEC Fund to provide US$40m loan to Kosovo for reforms
The OPEC Fund for International Development will improve fiscal transparency, promote private sector development and enable environmental reforms
Jordan’s Economic Modernization Vision to simplify tax rules
Jordan's Economic Modernization Vision has proposed ways to simplify customs, taxes and shipping regulations for trade and retail businessPakistan unveils $47bn budget, 40% of it to service debt
Pakistan's new government, grappling with soaring inflation and political unrest, unveiled a 9.5 trillion rupee ($47 billion) budget Friday, earmarking more than 40 percent to service the country's massive foreign and domestic debt.2021 State of Country Report proposes fighting extremism, drug menace
The report recommended empowering youth politically by activating the role of the Political Institute of the Ministry of Youth.Iran, Venezuela ink 20-year deal on cooperation in Tehran
Iran and Venezuela signed a 20-year deal on cooperation between the two countries in various sectors including energy, financial and defense
Lebanon to restart issuing passports, after shortage concerns
Lebanon said Friday it will resume appointments to issue and renew passports next week after suspending such bookings in late April due to supply shortages that sparked nationwide alarm.FAO predicts increase in global food bill in 2022
FAO predicts the global food import bill would rise by $51 billion compared to 2021, of which $49 billion would be due to the increase in price.Abu Dhabi, China’s Shandong to enhance cooperation
Abu Dhabi, China’s Shandong agree to work towards boosting investment opportunitiesUAE, Philippines ink pact on mutual promotion, protection of investments
Protection and Promotion of Investments Agreements aim to protect investments from all non-commercial risks like nationalisation, expropriation, and sequestration.Cloud migration: A distant dream in Middle East
Security and lack of IT skills have cast a shadow over the pursuit of digital transformation in the Middle East, despite enthusiasm for the cloud, Rackspace Technology believes.
Saudi Industrial Production Index rises by 26 percent in April
Saudi Arabia's Industrial Production Index (IPI) in April 2022 increased by 26.7 percent compared to the same month last year. The General Authority for Statistics (GASTAT) said the IPI continued to show positive growth rates due to the high production in mining, quarrying and manufacturing activity. The IPI is an...UAE strengthens ties, strategic partnership with South Korea
The UAE Minister held a series of high-level meetings with government and business leaders in South Korea to strengthen bilateral ties and economic opportunitiesMEASA has world’s highest growth potential but untapped largely: Report
Middle East, Africa and Southern Asia (MEASA) has the world’s highest growth potential, according to a report by the New York University Abu Dhabi (NYUAD) Transition Investment Lab (TIL). The TIL marked its first year of activities by publishing its inaugural Annual Report, which studies how sustainable investments can contribute...
Saudi Arabia inks investment deals worth $4bn in Q1
Saudi Arabia finalized investment worth SR15.2 billion ($4 billion) in the first quarter of 2022 and closed 101 investment deal which represents a 225 percent increase from the same period last year.
Iraq approves $17bn to pay Iran gas debt and buy grain
Iraq passed Wednesday an emergency finance bill to pay debts to Iran to ensure gas supplies and forestall worsening power cuts, as well as to buy grain for "food security".
