Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and a $146 million grant to rehabilitate neighboring Syria's electricity sector. Lebanon is reeling from last year's devastating war between Israel and Iran-backed Hezbollah, while Syria faces massive needs after Islamist-led...
Bank of England hikes interest rate for fifth consecutive time
British economic output declined for the second month in a row in April, weighed down by rocketing prices that are causing a cost-of-living crisis for millions of Britons.
Qatar Airways posts record profit
The profit result was "200 percent above its highest annual historical profit".
Venezuela President talks cooperation with Qatar emir
Venezuela's President Nicolas Maduro met Wednesday with Qatar's Emir Tamim bin Hamad Al-Thani in the gas-rich Gulf nation, his fifth stop of a regional tour. The two heads of state discussed "developing relations of friendship and prospects of joint cooperation" between the two countries, the Qatar News Agency said.
Tunisia union demands salary hike on nationwide strike
Up to three million workers could observe the strike, shuttering 159 state agencies and public companies and bringing public transport, the postal service, and utility firms to a halt.
GCC central banks raise interest rates
Taking a cue from US Federal Reserve's decision to hike interest rate, Saudi Arabia, the UAE, and Bahrain have raised interest rates, too, to tame soaring inflation.
US Fed raises key interest rate by 0.75%, largest since 1994
The US Federal Reserve announced the most aggressive interest rate increase in nearly 30 years on Wednesday, and said it is prepared to do so again next month in an all-out battle to drive down surging inflation. It was the first 75-basis-point increase since November 1994.
BoE set for fifth rate hike in row as inflation soars
The Bank of England is expected on Thursday to raise its key interest rate for a fifth straight time to cool runaway inflation that is causing a cost-of-living crisis in Britain. Economists widely forecast that the BoE will use a regular meeting to hike borrowing costs by a quarter-point to...Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering reliable, affordable energy solutions and provides a set of interim targets it aims to achieve by 2035
OIC aims for 25 percent trade among member states by 2025
OIC has set a target of 25 percent trade among member states in the next three years by 2025 and biennial general trade fair and specialized trade fairs are important means for intra-OIC trade
UAE Industry Development Council reviews action plan
Industry Development Council meeting reviews recommendations made at the first meeting, progress in implementing them and discusses the development of a unified platform for industrial data
WTO talks extended in bid to seal fishing subsidy, food security deals
The World Trade Organization's ministerial conference will run over into a fifth day on Thursday in the hope of striking thus-far elusive deals on fishing subsidies, food security and combating Covid-19. The Geneva gathering of trade ministers "will go on for a fifth day until Thursday", the WTO announced on...UAE prohibits export, re-export of Indian wheat, flour for four months
UAE's Ministry of Economy said the "decision comes in view of the international developments that have affected trade flows and in appreciation of the strategic relations that bind the two countries, especially after the signing of the Comprehensive Economic Partnership Agreement.80 percent children in Ghaza suffer ‘distress’ due to years long blockade: report
Four out of five children in Gaza suffer from emotional distress, Save the Children said Wednesday, 15 years after Israel slapped a strict blockade on the Palestinian territory. Israel imposed the measure in June 2007, as fighters of the Hamas movement took control of the densely populated enclave. Israel, and...
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 meetingsQatar 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 business
