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Eid al fitr 2024 moon

Eid Al Fitr 2024 likely date predicted by UAE astronomers

According to the latest calculations based on the Islamic astronomical calendar, the month of Ramadan is expected to be a 30-day one

Red Sea

Hapag-Lloyd to seek cost cuts in 2024 as Red Sea crisis hits profit margins

Habben Jansen said the Red Sea crisis had rather enforced route changes

Oil

Iraq to compensate for January crude production increase

Iraq’s oil ministry has confirmed that it will compensate over the next four moths for the increase in crude production

Red Sea

Red Sea attacks: Here’s how shipping firms have reacted

Several major shipping companies have had to react to challenges being faced in the Red Sea

Red Sea shipping

Red Sea tensions to drive ocean freight shipping rates up by 243%

While the situation remains volatile and subject to change, the newly-released data is best indication of where the market is headed

Fitch Ratings cuts Egypt’s credit score one step to B-

IMF, Egypt agree on ‘main elements’ of economic reform programme

The International Monetary Fund has agreed with Egypt on key policy components of an economic reform programme

Ikea furniture price discount

Your next Ikea purchase could come at a discount as raw material costs ease

The furniture retailer has announced price cuts in Germany – its biggest market by sales – as well as Sweden and the UK

Business as usual for Suez Canal as Egypt denies suspension

Navigation movement in Egypt’s Suez Canal is regular from both directions, says a top official from that country

ANTONY-BLINKEN-MAHMOUD-ABBAS-STATE-DEPT

Antony Blinken back in the Middle East as Israel crisis rages on: 8 countries on tour list

Blinken’s visit to the region comes amid an escalation to the crisis in the Middle East

REVEALED: The 30 best places to work in the Middle East

The annual Middle East list, published by “The Best Places to Work”, has just been released and it has based its results on the assessment of over 500 companies

EGYPT-Cairo-City-GettyImages-83589386.jpg

How deep are Egypt’s economic troubles?

An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition

Total passenger traffic rises 64.4% in 2022

Global airlines poised for 2.7% jump in profit in 2024, says IATA

Industry profits will reach $25.7bn in 2024, which is a slight improvement over this year’s $23.3bn

Fitch Ratings cuts Egypt’s credit score one step to B-

Fitch downgrades Egypt one notch deeper into junk territory

The country’s debt problems have come amid a bruising economic crisis that has triggered a string of currency devaluations and record inflation

Turkish central bank raises inflation forecasts

Turkish central bank raises inflation forecasts, sees 70%-75% peak

Inflation hit a 24-year peak of 85 per cent last year and surged again in recent months as the lira weakened for a third year in a row

Türkiye may exclude banks from inflation-adjusted accounting

Türkiye may exclude banks from inflation-adjusted accounting, says minister

Türkish companies’ end-2023 balance sheets will be inflation-adjusted, with the practice expected to continue until 2026

UAE ISRAEL BAHRAIN ABRAHAM ACCORDS Image courtesy: Getty Images

Abraham Accords: Marking the third anniversary of the historic agreement

Experts believe the third anniversary of the Abraham Accords is the most significant one yet

aiBANK partners with Visa to advance digital payments

EFG Holding’s aiBANK, Visa partner to advance digital payments

The partnership seeks to provide customers with a comprehensive range of innovative products and services tailored to modern digital payment preferences

King Salman and Prince Mohammad bin Salman invite members to the 32nd Arab League Summit. Image Credit: Saudi Arabia's MOFA

Arab League Summit begins in Jeddah

The 32nd Arab League summit brings together 22 member countries and five observer nations in Saudi Arabia’s coastal town

EFG Hermes exit Oman

EFG Hermes shuts Oman operations

The universal bank said the move comes in light of its efforts to drive shareholders’ value by optimising its operations and improving the return on equity metric

Egypt

Egypt inflation surges to highest since July 2017 on food prices

On a monthly basis, prices grew 2.7 per cent, compared with 6.5 per cent in February

TotalEnergies, Iraq deal

Iraq, TotalEnergies to proceed with $27bn energy project

The energy project aims to recover flared gas on three oil fields in order to supply power plants and build a seawater treatment plant to increase oil production

World Bank Egypt

World Bank approves five-year plan to support Egypt development

The framework’s projects will be supported with $7bn in lending, comprising of $1bn a year from the International Bank for Reconstruction and Development

quakes hit Turkey

Fresh quakes hit Turkey, two weeks after disaster

A 6.4 and 5.8 magnitude earthquakes hit the country’s southeastern Hatay province on Monday

Ministry of Defence

UAE’s Ministry of Defence ends rescue and search activities in Turkey

During the operation, the team managed to rescue 10 people and recover 26 bodies

Turkey

Rescue efforts continue a week after Turkey, Syria earthquakes

The death toll in Turkey and Syria from the earthquakes and major aftershocks rose above 35,000

ESG investing in the MENA region

Insights: Maximising the potential of ESG investing in the MENA region

Investors in the region could be missing a big opportunity, as investment firms globally are facing increasing demand for ESG investment products that integrate thematic ESG strategies and comply with regulatory requirements

Middle East CEOs PwC global ceos survey GettyImages-645973195

Middle East CEOs confident about economic growth in 2023, finds PwC survey

According to the survey, 61 per cent of Middle East CEOs expect regional economic growth to improve in 2023 and are ‘very confident’ about prospects for business revenue growth over the next three years

Home Retail takes centerstage in the Middle East

How home retail is growing in the Middle East?

Home Retailers are always on the look out to evaluate opportunities to expand their footprint and increase their assortment to ensure that they become a one-stop solution for all home retail needs

UAE, WHO sign $25m agreement

UAE, WHO sign $25m agreement for Al Makassed Hospital in East Jerusalem

The agreement comes as part of the UAE’s efforts to support the medical and healthcare sectors in Palestine

Renjan George and Sabu Thomas of DVCOM on the last day of GITEX

Gitex Africa: Dubai tech firm DVCOM is ready to launch global collaboration solutions

Gitex Africa will take place in Marrakech, one of the Morocco’s largest cities from May 31 to June 2, 2023