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...

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-- 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...

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...

DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in green finance initiatives. The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers. Held by the chamber’s Center for Responsible Business as...

The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and driving innovation, reports suggest.

The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and driving innovation, reports suggest.

Abu Dhabi, UAE-- The Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has reviewed progress of the projects undertaken by the government in the emirate. The crown prince in this connection chaired a meeting of the council...

The revenue for the period ended May 2023 reached $193m.

London, United Kingdom--Over 100 British lawmakers on Monday expressed concern at the lack of progress in the case of a jailed British-Egyptian activist and urged the UK government to adopt "fresh approaches" to secure his release. Alaa Abdel Fattah -- a key figure in the 2011 revolt that topped Egyptian autocrat...

Beirut, Lebanon--Beirut motorists pull up to a drive-through counter -- not for fast-food, but to exchange empty bottles and cardboard for cash, a novelty in a country long plagued by garbage crises. Festering landfills often overflow in crisis-hit Lebanon, waste is burnt illegally at informal dump sites and rubbish floats off...

BAGHDAD, IRAQ -   Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a statement. The preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO) revealed that total crude oil exports in June generated revenue of approximately US$7.115 billion. The majority of these...

The brokerage firms added 26,953 new accounts in H1.

ABU DHABI, UAE  - Dr. Mohamed Al Kuwaiti, Head of Cyber Security for the Government, led a high-level UAE delegation of dozens of participants from leading Emirati entities to Cyber Week 2023 Conference in Israel. Dr. Al Kuwaiti addressed the Cyber Week Conference as a key-note speaker in the main...

RIYADH, SAUDI ARABIA - The Minister of Human Resources and Social Development and Chairman of the Board of Directors of the National Center for Non-Profit Sector, Eng. Ahmed bin Sulaiman Al-Rajhi, praised the contributions of the non-profit sector in achieving Saudi Vision 2030. The Saudi Arabian government has outsourced certain...

UN Middle East envoy Tor Wennesland issued a warning on Monday against changes made by the Israeli government that will simplify procedures to authorize settlements in the occupied West Bank. The alterations, expected to expedite settlement expansion, have caused international concern.

St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to ensure a sustainable and prosperous future for generations to come. This was stated by Sheikh Saud bin Saqr Al Qasimi, supreme council member and ruler of Ras Al Khaimah, in...

The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop to historically-normal levels for a sustained period. The Energy Profits Levy, introduced after Russia's invasion of Ukraine sent oil and gas prices surging, increased tax on profits from North Sea...

Hiring in the United States heated up again in May, according to government data released, with the strong labor market defying expectations of a slowdown amid efforts to cool the world's biggest economy. The jobs market has been surprisingly robust even as regulators have worked to ease demand and tamp...

Tehran, Iran-- Terming the UAE as a reliable trade partner, Iran's Foreign Minister Hossein Amir Abdollahian said bilateral between the two countries are developing in both government and private sectors. He made the remarks during a meeting with Khalifa Shaheen Al Marar, Minister of State of the UAE on Tuesday...

Dubai, UAE-- The UAE government has launched an AI-powered chatbot that allows users to access information about government services in one place in Arabic and English. The “U-Ask” platform, a unified AI-powered chatbot, is now available on the official portal of the UAE government. Using generative AI technology, the platform...

The UN-recognized Government of National Unity said the strikes hit "hideouts used by gangs of smugglers in fuel, narcotics and humans" and that they were ordered by interim PM Abdulhamid Dbeibah. But the country's parliament accused the Tripoli-based government of targeting the home of one of its lawmakers Ali Bouzribah,...

The discord in one of the two rival governments, based in the east and backed by Khalifa Haftar, where the parliament last week suspended its former premier Fathi Bashagha, may spur reconciliation.

Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic activities to be conducted in certain areas. This amendment comes in line with the economic vision of the government of Sharjah to achieve well-being and prosperity for citizens and residents....

Dubai, UAE-- The UAE has signed a memorandum of understanding (MoU) with Microsoft and PricewaterhouseCoopers (PwC) to set up the "UAE Centre for Government Digital Excellence." The centre will look to support the government’s digital transformation, enabling government authorities to benefit from the best global practices and modern technologies to...

Abu Dhabi, UAE--Gross banks’ assets, including bankers’ acceptances, rose by 2.2 percent, from $999 billion at the end of January 2023 to $1,020.55 billion at the end of February 2023, according to the Central Bank of the UAE's Monetary & Banking Developments for February 2023. Gross credit increased by 1.2...

Sharjah, UAE-- Sharjah Chamber of Commerce and Industry (SCCI) has reviewed the UAE efforts to achieve and maintain the food security in the country. In this connection, the newly restructured Foodstuff Trade and Industry Sector Business Group, operating under the umbrella of the Sharjah Chamber of Commerce and Industry (SCCI),...

Finance Minister Bruno Le Maire gave no details of Monday's talks with Musk, saying simply that "all of today's investments are the fruit of months or even years of negotiations". During a US trip in December, Macron held an unannounced face-to-face meeting with Musk, saying later the two had had...

Riyadh, Saudi Arabia -- Saudi Arabia will be enhancing partnerships in the digital sector with Estonia and Denmark, according to the kingdom's Digital Government Authority (DGA) which held several meetings with officials during a visit to these countries. Governor of DGA Ahmed Mohammed Al-Suwayan held meetings with Luukas Ilves, Estonia's...

The cost to secure thousands of inactive oil and gas wells in the US Gulf of Mexico could top $30 billion, as per research published weighing potential environmental damage against estimated price tag. With new US government funding available for plugging old fossil fuel wells, the authors focused on offshore...

The railway track will connect Iran's southwestern town of Shalamcheh with Basra in Iraq in what will be the first such link between the two countries. In this regard, the two signed an MoU in Basra. It outlines the route for the railway line, location of passenger stations, a timeline...

Fanned by strong winds wildfires flared across Alberta in the Canadian province, forcing 25,000 people to flee their homes as the province declared a state of emergency on Saturday to protect the "safety, health and welfare of Albertans." Thousands more have been told by the authorities to be prepared to...

TUNIS, TUNISIA - Tunisia's largest union on Monday attacked the government's handling of negotiations with the International Monetary Fund (IMF) on a loan to bail out the North African country as it slides deeper into debt. Tunisia is seeking a bailout package worth nearly $2 billion from the IMF, which conditions...

Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission from May 2023 onwards. The measure is intended to reduce costs on market participants in a way that enhances liquidity, increases competitiveness in the local market and expands domestic investors'...

Calling for an end to the "unconscionable" fighting in Sudan's capital, US President Joe Biden pushed for an "immediate and unconditional ceasefire". The president made the appeal while informing the country that the US military had evacuated American embassy staff from Khartoum, adding that the embassy was "temporarily suspending operations."

Condemning the arrests of political opponents in Tunisia, the US government on Wednesday said that respect for freedom of expression and human rights are essential "to the US-Tunisia relationship." The condemnation follows the arrest on Monday of former Speaker of Parliament Rached Ghannouchi and the closure of the Ennahdha party...

Seeing no way out of a political crisis that has prevented the country from having an effective government, Kuwait's emir has dissolved parliament on Monday and called a new general election. The wealthy Gulf state, the only nation in the region to have an elected government, remains mired in political...

Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final figures showed on Thursday. The data from federal statistics agency Destatis confirm a downward trend since annual inflation peaked at 10.4 percent in Europe's biggest economy in October -- revised...

Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International Monetary Fund warned. China and the United States are responsible for the vast majority of the expected debt increase over the next five years, the head of the IMF's Fiscal...

Continuing with their protests against Prime Minister Benjamin Netanyahu's plans to reform the judiciary, tens of thousands of demonstrators filled up Tel Aviv on Saturday despite the process being put on hold. According to organizers some 258,000 people attended the protest. The demonstration happened a day after a car-ramming attack...

The Israeli government approved a decision to form a national guard, officials said, which opponents warn would function as a "private militia" of firebrand National Security Minister Itamar Ben-Gvir. A statement from Ben-Gvir's office said the guard, which would operate under his ministry, would deal with "emergency scenarios, nationalistic crime,...

Following last month's rail tragedy, Greece's prime minister said that he would discuss with Italy safety improvements on Geek trains run by an Italian state company. The Prime Minister Kyriakos Mitsotakis told reporters that he will discuss the way in which the Italian government will be able to support the...

Jerusalem--Israel's ruling coalition presented on Monday an amended version of a key element in its contentious judicial overhaul, in hopes of allaying concerns at home and abroad for Israeli democracy. The country has seen 11 consecutive weeks of mass demonstrations against the proposed reforms, which are already moving through parliament...

PARIS, FRANCE  -  COP28 President-Designate Dr. Sultan Al Jaber met French President Emmanuel Macron and outlined his vision on the need to reform multilateral financial institutions to unlock capital for clean technologies and adaptation efforts. During his meeting with Macron, Dr. Al Jaber emphasized the need for ambitious reforms across...

In a rescue deal, it bought SVB for a nominal price of $1.2.

WASHINGTON DC, US -  UAE Minister of Industry and Advanced Technology and COP28 President Designate Dr. Sultan bin Ahmed Al Jaber met with key US government leaders at the White House to discuss global climate issues. During the meeting on Thursday, which was convened by US Special Presidential Envoy for...

Kuwait's government resigned on January 23, three months after it was sworn in, following disputes with lawmakers that have plunged the Gulf state into political paralysis. Kuwait's National Assembly is the only fully elected parliament in the Gulf but it has been fraught with repeated crises between the executive and...

Beirut, Lebanon--Lebanon intends to triple the tariffs it charges on imports in local currency, as the state seeks to boost its revenues amid a worsening economic crisis. Caretaker finance minister Youssef Khalil requested to change the rate at which customs fees are calculated from 15,000 pounds per U.S. dollar to...

Istanbul, Turkey -Turkey’s economy posted 5.6 percent growth in 2022, growing faster than expected last quarter as the government ramped up spending ahead of elections. Gross domestic product rose 3.5% in the October-December period from a year earlier. Growth for the whole year was 5.6%, state statistics agency TurkStat data...

DUBAI, UAE -  PwC Middle East and Microsoft have strengthened their global partnership at LEAP event in Riyadh, to support government and private entities in their digital transformation and cloud migration journey in Saudi Arabia. The collaboration will focus on cloud transformation, business process automation and technology consulting, addressing the...