Economy
Business and economy news
1542 articles in this section
Adnoc Unlocks $16.3 Billion in Local Manufacturing Opportunities for UAE Suppliers
Adnoc is offering over $16.3 billion in local manufacturing opportunities to UAE suppliers through 2030, aiming to boost domestic production, shorten delivery times, and reduce reliance on global supply chains. The company is also simplifying procurement processes and increasing local content requirements.
Egypt Denies Plans to Raise Fuel Prices or Implement Power Cuts Amidst Misinformation Concerns
The Egyptian government has denied any plans to raise fuel prices or implement electricity load-shedding, urging citizens to verify information and rely on official sources amidst concerns about misinformation.
Qatar Minister Links Global Trade and Investment to Peace and Security
Qatar's Minister of State for Foreign Trade Affairs, Ahmad bin Mohammed al-Sayed, stated at the World Investment Forum that global trade and investment depend on peace and security, warning against geopolitical instability and economic fragmentation.
PM Madbouly Defends Development Achievements, Cites Millions Benefiting from Key Initiatives
Prime Minister Mostafa Madbouly defended the government's development initiatives, citing millions of beneficiaries across housing, healthcare, economic opportunities, and infrastructure projects. He asserted that these achievements demonstrate that citizens are indeed feeling the fruits of development.
PM Madbouly Unveils Egypt's Ambitious Economic Growth and Public Service Agenda at Egypt Forum 2026
Prime Minister Mostafa Madbouly outlined Egypt's economic growth and public service priorities at Egypt Forum 2026, detailing plans for urban development, education reform, social protection, and economic transformation.
Sabic Achieves Profitability in Q3 Amidst Revenue Growth and Regional Challenges
Saudi Basic Industries Corporation (Sabic) has returned to profitability in the third quarter, reporting a net profit of 500 million Saudi riyals, driven by increased revenue and improved operating performance despite regional conflicts. The company also advanced its strategic objectives, including portfolio optimisation and the sale of its engineering thermoplastics business.
Macron's Qatar Visit Secures Winter Gas and Boosts Defense Ties, French Ambassador Reveals
French Ambassador Arnaud Pescheux announced that President Macron's visit to Qatar secured vital winter gas supplies and strengthened defense ties. The discussions also covered investments in technology and strategic partnerships.
Israel Considers Cryptocurrency to Circumvent Sanctions on West Bank
Israeli Prime Minister Netanyahu is reportedly considering the use of cryptocurrency to bypass sanctions on the occupied West Bank. This exploration is part of ongoing efforts to navigate regional economic pressures.
Egypt Forum 2026 to Tackle Manufacturing Hurdles and Spur Investment, Says Industry Minister
Egypt's Industry Minister Khaled Hashem stated that the Egypt Forum 2026 will focus on overcoming manufacturing challenges and attracting investment. The government is committed to simplifying procedures and fostering dialogue to boost the industrial sector and support economic growth.
Egypt Maintains Fuel Prices as Automatic Pricing Committee Holds Steady
Egypt's Automatic Pricing Committee for Petroleum Products has decided to keep gasoline, diesel, and kerosene prices unchanged. The decision, announced in mid-October, follows a review of local and global economic factors.
West Bank Palestinians Face Worsening Hunger as UN Food Aid Cuts Bite
Displaced Palestinians in the West Bank are facing severe hunger as the World Food Programme (WFP) significantly cuts food aid due to funding shortages. Families who have lost homes and livelihoods are now struggling to access even basic necessities.
US Consumer Sentiment Plummets to Near-Record Low Ahead of Midterm Elections Amidst Inflation Woes
US consumer sentiment has hit a near-record low ahead of the midterm elections, with inflation and cost-of-living issues significantly impacting financial outlooks across political divides. The University of Michigan's Consumer Sentiment Index dropped to 48.0, reflecting widespread concerns about purchasing power.
UK Faces Potential 'Tight' Winter Energy Days Amid Soaring Costs, Operators Warn
UK energy operators warn of potential 'tight' winter days in December and January due to soaring energy prices, though supply agreements are expected to meet peak demand. A new deal with a Belgian interconnector will boost gas import capacity.
CBE Governor Defends Flexible Exchange Rate Amidst Historic Pound Depreciation
CBE Governor Hassan Abdalla defended Egypt's flexible exchange rate policy after the pound hit a historic low against the US dollar. He urged the public to understand currency fluctuations in light of global and regional developments.
Egypt's Prime Minister Clarifies Energy Scenarios Amidst Global Price Volatility
Egyptian Prime Minister Mostafa Madbouly has clarified that no power load shedding has been announced, explaining that his remarks at the Egypt 2026 Forum outlined potential scenarios for dealing with rising global energy prices. He emphasized the government's efforts to absorb costs and shield citizens from the impact of price hikes.
UAE Fuel Prices Poised for November Increase Amidst Lingering Market Uncertainty
UAE petrol prices are expected to rise again in November due to ongoing geopolitical uncertainties and their impact on oil supply and transportation costs, despite a recovery in Middle East oil exports.
Axel Springer Takeover Leads to Job Cuts at UK's Telegraph Media Group
Telegraph Media Group is implementing job cuts just months after being acquired by German company Axel Springer. The move follows a business review and signals a strategic shift under new ownership.
Sanctions and Soaring Fees Drive Up Prices for New Electronics in Iran
New electronics are reaching Iran, but soaring government fees and the impact of US sanctions have significantly driven up prices for consumers. The import process has become more complex and costly, forcing many to rely on smuggled goods or pay a premium for devices.
Houthi Attacks on Saudi Arabia Drive Oil Prices Higher Amid Supply Concerns
Oil prices rose on Friday due to Houthi attacks on Saudi Arabia, raising supply disruption concerns. Brent crude increased by 1.1% to $114.50 a barrel, while WTI climbed 1.3% to $100.80.
AI and Tech Stocks Plunge Amidst Global Market Volatility
Global markets are in flux, with AI and tech stocks experiencing a significant drop termed 'Chip-mageddon.' The article also touches upon international fraud crackdowns and political developments.
NMDC Energy Secures $763 Million in Offshore Projects from Saudi Aramco
Abu Dhabi's NMDC Energy has secured new offshore EPC projects worth $763 million from Saudi Aramco, expected to be completed within 18-23 months. This adds to the company's substantial project backlog and recent financial performance.
Global Unrest Mounts: Cost of Living Crisis Fuels Protests and Exposes Widening Wealth Gap
Protests are erupting globally due to the rising cost of living, with significant demonstrations in France and Portugal. Underlying these movements is a widening wealth gap, as highlighted by UBS data showing extreme disparities in global wealth distribution.
Europe Faces Critical Winter as Gas Reserves Hit Record Lows Amidst Geopolitical Tensions, Warns IEA Chief
The head of the International Energy Agency, Fatih Birol, has warned that Europe is entering winter with record-low gas reserves, making it highly vulnerable to further supply shocks due to ongoing geopolitical conflicts. He anticipates rising energy costs and potential rationing measures.
AI Spending Fears Trigger Major Tech Stock Sell-Off on Wall Street
US tech stocks plummeted as investor concerns over the sustainability of massive AI spending grew, leading to significant drops in major indices like the Nasdaq and S&P 500. The sell-off impacted most "Magnificent 7" companies, with Meta, Amazon, and Nvidia among those experiencing substantial losses.