ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has expressed keen interest in deepening bilateral relations with Iraq, particularly enhancing cooperation in oil and gas sectors, besides boosting the quantum of trade between the two counties. The adviser was talking to Ambassador of the Republic of Iraq to Pakistan, Hamid Abbas … Read more
DUBAI: Being raised in the Middle East with a lack of savings and investment culture, many young Arabs are turning to online banking services to help track their spending and budget. When Mayar Akrameh was growing up in Lebanon, financial advice was simple: work long, work hard and aim for a high-paying job. Now the 29-year-old … Read more
KARACHI: Huawei Cloud has announced the launch of ‘Spark’, a new startup ecosystem support programme, aiming at empowering the Small and Medium Enterprises (SMEs) to develop their cloud capabilities, a statement said. This initiative is the first step towards supporting Huawei Cloud partners in line with the recently launched Oasis Programme, where Huawei announced plans … Read more
CAIRO: Egypt announced it is ready to officially join the JPMorgan Government Bond Index-Emerging Markets (GBI-EM) for emerging markets by the end of January next year, CNBC Arabia reported citing the finance minister. Upon joining, Egypt will become one of only two countries in the Middle East North Africa region to make the index. Mohamed Maait said … Read more
RABAT: Morocco’s economy has rebounded with GDP in 2021 projected to grow 6.3 per cent on the back of a rapid response to the coronavirus pandemic, the International Monetary Fund (IMF) said on Friday. “Thanks to a very successful vaccination campaign and the prompt response of the authorities, the health crisis has been placed under control … Read more
The emergence of the Omicron variant has thrown early signs of recovery in the global supply chain into doubt across the world, including in the Middle East and North Africa, Arab News reported. “There may still be swings, but overall, I think the worst is over,” said Esben Poulsson, who chairs the International Chamber of Shipping, on … Read more
JEDDAH: Shipping costs have increased 700 per cent as a result of the pandemic, according to the CEO of the Saudi National Industrialisation Co, Arab News reported. Container plants in China stopped their production during the pandemic, which led to an increase in the container rental price from $800 to$1,200 to $7,500 to $8,500. The long-term shipping … Read more
BEIJING: The Chinese enterprises can expand their investment in date, palm tree planting and processing in Pakistan and cooperate with local enterprises, so as to jointly tap the international market. China can help Pakistan develop the modern logistics industry and establish modern cold storage systems and deep-processing production lines. These views were expressed by Cheng … Read more
PARIS: A 17-billion-euro ($19.23 billion) French arms deal with the United Arab Emirates will secure the industrial supply chain for France’s Rafale warplane for the next decade and directly support 7,000 domestic jobs, Reuters quoted a French defence ministry official, as saying. The deal, sealed on Friday, includes the largest ever overseas sale of the French warplane. … Read more
ISLAMABAD: The United Arab Emirates (UAE) has been the biggest trade partner of Pakistan in the Middle East and North Africa (MENA) region with a trade volume of more than $8 billion, the Pakistani foreign minister said on Thursday, congratulating the Gulf state on its 50th National Day, Arab News reported. The statement came during a grand … Read more
ISLAMABAD: The economic relations with the United Arab Emirates (UAE) are gaining strength, with a trade volume of over $8 billion, making it the biggest trade partner in the Middle East and Northern Africa, a senior government official said. Addressing the 50th National Day of the UAE, Foreign Minister Shah Mahmood Qureshi said that the economic … Read more
DUBAI: The new Covid-19 variant, omicron, has prompted global economic concerns, as fears of its spread begin to affect stock markets and oil prices, Arab News reported. Saudi Arabia’s main market, the Tadawul All Share Index, opened 5.3 per cent lower on Sunday, trading near 10,700 points. The Dubai Financial Market was down 8.49 per cent in … Read more
RIYADH: Oil demand will return to 2019 levels by the end of 2022, despite some delays in projects due to repercussions from the pandemic, Baker Hughes CEO Lorenzo Simonelli told Al-Arabiya. National oil companies in the Middle East have been preparing for the increased demand, while international oil companies, especially those in North America, have been … Read more
RIYADH: Venture capital impact investment in Saudi Arabia reached a new high in 2021 in both total number of transactions and capital deployed, Arab News quoted a report produced by MAGNiTT and Saudi Aramco. Impact investments are those aimed at generating a measurable social and environmental benefit alongside a financial return. Impact funding in the kingdom up … Read more
Oil prices dropped more than 5 per cent on Friday, falling to the lowest level in two months, as traders, already concerned about potential oversupply in the first quarter of 2022, added the emergence of a new Covid-19 variant to their list of worries, Reuters reported. Brent crude, the international benchmark, slid 5.8 per cent to $77.44 … Read more
RIYADH: US investment bank Moelis and Co plans to open an office in the Saudi capital Riyadh and will soon begin hiring staff in the kingdom, Bloomberg reported. The New York-based company sees the kingdom attracting more foreign investors and benefiting from an “energy supercycle,” Vice Chairman Eric Cantor said in an interview. The boutique financial adviser, … Read more
CAIRO: Chinese electronics manufacturer Hisense has expanded its footprint in the B2B sector in the Middle East, a statement revealed. It focused on intelligent Smart City solutions, interactive displays and 138-inch all-in-one business solution screens during its participation in the GITEX Technology Week 2021. “The introduction of our B2B expansion marks an exciting milestone in … Read more
DUBAI: It seems only fitting that the world’s biggest computer chip, developed by US-based Cerebras, be deployed in the Middle East, home to some of the world’s entertaining superlatives, biggest tower, deepest swimming pool, among many other ‘firsts’, Arab News reported. But this chip, roughly 9 inches on each side, promises more than just entertainment and a … Read more
DUBAI: Dubai’s economy is rebounding faster-than-expected, as property sales are rising and restaurants are busy, at a time when Europe is experiencing a surge in the Covid cases and tightening restrictions again, Bloomberg reported “The recovery has been faster than we expected,” said Scott Livermore, chief economist for Oxford Economics Middle East in Dubai. “Expo has played … Read more
RIYADH: Venture Souq, the venture capital firm, has launched the first sector-specific fund focused on fintech in the Middle East, North Africa, Afghanistan and Pakistan region, Asharq Business reported. The Middle East and North Africa Fintech Fund I is a $50 million fund that invests in fintech and software as a service startups. It focuses on sub-sectors … Read more
DUBAI: Global food and beverage giant PepsiCo is calling Middle East and North Africa-based entrepreneurs to join its sustainability-focused accelerator programme, Arab News reported. The programme, which was first launched in 2017, will deploy up to 1.1 million dirhams ($300,000) to startups who will meet the criteria, Eugene Willemsen, chief executive officer of PepsiCo Africa, Middle East, … Read more
DOHA: With many millions of dollars invested and thousands of hours spent on the training pitch, Qatar’s great football experiment will face the ultimate test when its start-from-scratch team makes its World Cup debut next year. Honed at Doha’s renowned Aspire Academy by coaches imported from Spanish giants Barcelona, no expense has been spared by tiny, … Read more
DUBAI: Robots puttering around Dubai’s hi-tech Expo site could be a sign of things to come for the Gulf, where new cities are being built from scratch with artificial intelligence at their core. The 5G-enabled Expo, covering an area twice the size of Monaco, will remain as a “city of the future” and tech industry hub, Expo’s chief … Read more
VELIKA KLADUSA: Huddled around cooking fires as winter looms in Bosnia, refugees are risking beatings and humiliation from Croatian police in the desperate hope of a new life in the European Union. Largely from Afghanistan, many of them have endured months or years of flight from war and poverty, only to be met by Croatian … Read more
Qantas and Emirates have announced that their long-term cooperation will be extended for another five years. Customers and frequent travelers of both airlines will now have access to a vast combined network that spans Australia, New Zealand, Europe, and the United Kingdom. At the International Air Transport Association (IATA) annual general meeting in Boston, Emirates … Read more
Royal Caribbean International is honoring its travel partners throughout Europe, the Middle East, and Africa, as well as their dedication to the cruise line, with a new offer to commemorate a global return to sailing. The Instant Booking Bonus will automatically award travel partners up to US$200 for any new, fully deposited bookings booked for … Read more
Ericsson Pakistan head and the Middle East and Africa Vice President Ekow Nelson gave a message on the 75th Independence Day of Pakistan. In his message to the Pakistani nation, he said: As we approach the 75th Independence Day of Pakistan, the great strides the country has made in telecommunications reflect the growth and maturity of a … Read more
ISMAILIA, (Egypt): Egypt’s Suez Canal Authority (SCA) held a ceremony on Wednesday to celebrate the recent arrival of a cutter suction dredger (CSD) named Hussein Tantawy. The ceremony was attended by SCA Chairman Osama Rabie and Egyptian Prime Minister Mostafa Madbouly, who hoisted the national flag of Egypt on the new dredger. “The dredger is … Read more
