MENA

UAE, Jordan sign $2.3 billion investment agreement to boost railway sector

Investment memorandum follows a $2 billion agreement that the UAE and Jordan signed in 2023

Saudi Arabia and Türkiye central banks sign MoU to enhance economic cooperation, financial stability 

The central banks will share expertise and resources to address challenges and boost economic development

Softlogic partners with Daikin to advance UAE’s commercial air conditioning industry

The partnership is formed amidst a booming UAE air conditioning market worth over $650 million, driven by real estate growth

Oil prices gain slightly as OPEC weighs output delay amid falling U.S. stockpiles

Brent crude futures for November rose by 15 cents, or 0.1 percent, to $72.85

UAE, Kuwait strengthen bilateral ties with MoUs on standardization, infrastructure, and cybersecurity

Other notable agreements included collaboration in communications and information technology

Oil prices decline amid potential return of Libyan supply to the market

Brent Oil Futures fell by 4.9 percent, closing at $73.75 per barrel

Travel industry set to add record $11 trillion to global GDP in 2024

The industry's contribution to global GDP is expected to rise by 12.1 percent year-over-year

Algeria joins BRICS New Development Bank: A new era in economic collaboration

By joining the BRICS financial branch, Algeria is advancing its global financial integration

Oil prices plummet amid China’s economic slowdown, ongoing Libyan supply issues

Brent crude futures had fallen by 37 cents, or 0.48 percent, settling at $77.15 a barrel

MENA information security spending to grow 14 percent to $3.2 billion in 2025: Gartner

Gartner expects global information security end-user spending to reach $183.9 billion this year

Bahrain: Multinational enterprises required to pay new 15 percent minimum tax on profits starting January 1, 2025

This new framework for MNEs is fully in line with the guidelines set by the OECD

QatarEnergy to double urea production to 12.4 million tons by 2030

QatarEnergy plans to build a large urea production complex to boost global food and energy security

Moody’s upgrades Oman’s outlook to positive, citing improved debt metrics and strong fiscal management

The agency also retained its (P)Ba1 rating for the Government of Oman’s senior unsecured medium-term note program

UAE oil imports to Japan reach 31.07 million barrels in July 2024, 49.1 percent of total

Arab oil made up 97.8 percent of Japan's imports, totaling 61.92 million barrels

Listed firms in GCC report $60.7 billion in net profits, 8.1 percent QoQ growth

Dubai's YoY profit growth reached 30.9 percent in Q2 2024, totaling $6.7 billion

Celebrating Emirati Women’s Day: Visa’s ‘She’s Next’ returns to UAE with third edition

The third edition supports women entrepreneurs in publishing, fashion, food, and more over several months

Türkiye’s foreign trade deficit falls 41.8 percent to $7.3 billion in July

In July 2024, the main partner country for Türkiye's exports was Germany with an export value of $1.752 billion

GCC listed banks post record $14.8 billion net profit in Q2 2024

Year-over-year, the growth was robust at 9.2 percent compared to Q2 2023

$2.3 trillion crypto market reaches new heights, 95 percent more millionaires: Report

The count of Bitcoin millionaires has surged by 111 percent to reach 85,400

Oil prices pause after recent surge amid Middle East tensions, Libyan shutdowns

Brent crude futures declined by 32 cents, or 0.39 percent, to settle at $81.11 per barrel

Data breach cost for Middle East businesses rises 10 percent to $8.74 million in 2024: Report

Energy sector experienced the most expensive data breaches across all industries, reaching $9.83 million per breach on average