The latest batch of data show higher borrowing costs starting to slow down consumption -- a key goal of the central bank. Turkey's gross domestic product rose by just 0.3 percent between July and September. It had risen by 3.3 between April and June.

According to a new report from Net Zero Tracker, at least 150 countries have committed to a net-zero emissions target of some kind. But the climate monitor said only 13 percent of those countries have made at least one commitment to phase out the use, production or exploration of coal,...

The bank, according to a statement, "is putting to work more than $40 billion", around $9 billion more than previously programmed. In 2021, the bank announced a goal to reach an average of 35 percent by 2025 and is currently ahead of schedule, running at an average of 36.3 percent...

It will pour US$3.4bn into the new venture this decade.

Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel (SAF), in a pivotal step towards exploring the possibilities of supplying and purchasing of SAF regionally in the coming years. This ambitious goal underscores ENOC's proactive approach to fostering a...

Billions of dollars are being invested into ventures to grow food in the GCC to make the arid, hot region self-sufficient, in a sector vulnerable to the vagaries of war, climate and disease.

Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up. Brent crude futures fell 3 cents, or 0.04%, to...

Its income for the first nine months of 2023 is US$816m.

It posted a 189% jump in revenue in Q3 to US$1.15bn.

Dubai, UAE--Egypt's annual core inflation rate decelerated by 1.6 percent in October, recording 38.1 percent, down from 39.7 percent in September, according to data released by the Central Bank of Egypt (CBE) on Sunday. The monthly core inflation rate rose to 1.8 percent in October compared to 1.1 percent in...

Doha, Qatar--Qatar's Planning and Statistics Authority has given out 769 building permits in various municipalities in the country during the past October, marking a 17% increase compared to the 655 building permits issued in the preceding month of September. According to the statement released today by the Planning and Statistics...

The company recently reported a net loss of US$4.9bn in Q3.

Ajman, UAE-- The Department of Economic Development in Ajman (Ajman DED) has reported an 11 percent growth in the total number of economic licenses issued during the third quarter of 2023. According to a report published by Ajman DED, professional licenses came in first place with 51% of the total...

The International Organization for Migration said in an update that 28,965 people have been displaced, mainly in the country's south, adding that the figure had risen by 37 percent since October 23. Some have found refuge with family members elsewhere in the country, while those who can afford it have...

Abu Dhabi, UAE--Abu Dhabi International Airport has posted a 29.3 percent jump in passenger traffic for the third quarter of 2023 to a healthy figure of 5,951,025. The passenger traffic recorded the increase at Abu Dhabi International Airport between 1st July and 30th September, an increase of 29.3%, compared to...

The bank's operating income rose 23% to US$3.32 billion.

Tehran, Iran--A treaty on comprehensive strategic partnership between Russia and Iran is about 85 percent ready, Russian Foreign Minister Sergey Lavrov said on Monday. "The work on a new big treaty is at an advanced stage. I would say that it is 85 percent agreed. Several specific issues are yet...

The automaker made sales to the tune of US$83.5bn in Q3.

Its revenues rose 77% to US$92m in the same period.

It will cut six percent of its staff to build a leaner company.

Dubai, UAE-- CEOs from around the world consider geopolitics and political uncertainty as the greatest risk to the growth of their business — be it navigating a company’s presence in a conflict zone or attempting to navigate disrupted supply chains and manage price fluctuations. The conclusion emerged from a survey...

The company's profit swelled to US$327 million in Q3 of 2023.

Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the challenges they have faced, according to Jassem Mohamed Albudaiwi, the Secretary-General of the Gulf Cooperation Council (GCC). He added that the GCC nations experienced substantial growth in their gross domestic...

The company expects Q3 profits to fall nearly 80% to US$1.8bn.

Tehran, Iran-- Iran's foreign trade has registered a 4.84 percent jump to $54.6 billion between March and September this year. According to the head of the Iranian customs office (IRICA) Mohammad Rezvanifar, 68 million tons of non-oil goods, valued at $24.1 billion, were exported overseas from March 21 to September...

The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is based on the government's fiscal objectives to expand strategic spending at the sectoral and regional levels, broaden and diversify the economic base, as well as improve public services, among others.

After having forecast a contraction earlier this year in Russia's economy, the European Bank for Reconstruction and Development is now expecting the country's economy to grow in 2023 thanks to rising oil prices. The bank said in May it expected Western sanctions against Russia"to be more effective in constraining the...

Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of this year, the Iranian customs administration reported on Monday, According to a report released by the Islamic Republic of Iran Customs Administration (IRICA) in the first 5 months of this year...

Muscat, Oman--Annual inflation of Oman has shot up 0.82 percent in August as against 2.4 percent in the same month of last year, according to the country’s National Center for Statistics and Information.  But compared with the previous month, Oman’s inflation rate sunk to its lowest level in 28 months...

Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...

Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector, and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told a media outlet. The Fund will strongly urge...

Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such as advanced biofuels or hydrogen, in the aviation sector. The RefuelEU aviation rules are part of the “Fit for 55 package”, the EU’s plan to reduce greenhouse gas emissions by...

Vienna, Austria--The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the UAE's economy grew by 3.8 percent in the first quarter of 2023. In its September 2023 report, OPEC said it expects the UAE's economic expansion to continue, noting that key sectors of the country's economy have seen...

Led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations revealed that its Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 121.4 points in August, down 2.1% from July and as much as 24% below...

Beijing, China--China's exports and imports sank again in August, data showed Thursday, as the world's second-largest economy struggles with sluggish global demand and a wider slowdown. However, the pace of contraction slowed from the previous month and not as bad as feared. Overseas shipments sank 8.8 percent on-year, the customs authority...

Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, primarily driven by Vision 2030 which has been steadily diversifying the economy since its launch in 2016, according to the International Monetary Fund.   The IMF said in a statement...

The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity of banks to deliver trade financing. But at the same time, rebounding strongly after the COVID-19 pandemic, global goods exports grew in 2021 and 2022 at 26.6% and 11.5%, respectively.

Riyadh, Saudi Arabia-- The gaming industry has witnessed exponential growth in Saudi Arabia with an average revenue per paying user touching $270 as compared to $181 in MENA. With the game live streaming market poised to an annual growth rate (CAGR 2023-2027) of 10.08% in Saudi Arabia, esports is gaining...

According to the research published by Ember, an energy thinktank that pushes for renewable power, per capita G20 coal emissions rose nine percent. In July, the group failed in talks to agree that global emissions should peak by 2025 or to massively ramp up renewable energy use.

Doha, Qatar--Planning and Statistics Authority (PSA) of Qatar has released the new monthly Producer Price Index (PPI) of the Industrial sector for July 2023 which is estimated at 108.62 points showing a decrease of 0.22 percent, when compared to the previous months June 2023. On Y-o-Y basis, PPI of July...

According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite of economic uncertainty. During the second quarter payments by the 1,200 biggest public companies rose more than expected, increasing by 4.9 percent compared to the same April-to-June period last year.

Amman, Jordan--Jordan has succeeded in securing US$1.9 billion in foreign aid and negotiations are underway to ramp it to $3.2 billion by the end of the year. Addressing Jordan's financial assistance at a forum convened by the government on the shores of the Dead Sea on Friday, Minister of Planning...

Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to the country's statistics agency CAPMAS report on Tuesday. More than two million Egyptians were without a job, including 1.2 million men and 941,000 women, the data revealed, adding that 61.8...

Surpassing pre-pandemic levels, more than 40 million passenger visits were recorded at Dubai international airport in the first half of the year, a 50 percent jump. According to its operator, the airport, busiest for international passengers before Covid-19, the passenger traffic went well past the number recorded in the first...

Dubai, UAE--Oil prices jumped about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel,...

The division recorded 32% growth in H1 of 2023.

Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel by 0631 GMT while U.S. West...

Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15 percent in the ongoing fiscal year while aiming to reach a break-even point by 2026.   The airline in May made a forecast of reducing its net loss by a further...

Its net profit jumped 1.1 percent to US$178 million.

Muscat, Oman-- Oman's total domestic production of natural gas shot up 2.3 percent to 26.19 billion cubic meters (CBM) until the end of June 2023, as compared to the same period in 2022, when the total amounted to 25.60 billion cubic meters. Statistics issued by the National Center for Statistics...