economy
Algeria signed a $3.5 billion deal with Qatar's largest dairy producer Baladna on Wednesday, establishing a vast cattle-breeding farm for powdered milk, a highly sought-after product in the North African country. With an expected yield of 200,000 tonnes of powdered milk per year, the project would help meet 50 percent of national demand for the product, according to reports. The project, which covers an area of 170,000 hectares in the Adrar province, includes a farm for growing cattle feed, "a farm for cattle and producing milk and meat, and a factory for the production of powdered milk," the ...
The New Arab
Explosive documents obtained from Iraq's Federal Board of Supreme Audit have laid bare a staggering corruption scheme involving the illicit acquisition of US currency by over 151,000 citizens. Shockingly, these individuals obtained dollars at the official state rate for travel purposes but never left the country, hence locally called 'ghost travellers'. The corruption involved a network that spans Iraq's Central Bank employees, private banks, currency exchange entities, and tourism companies. As investigations unfold, the scope of complicity among key players in Iraq's financial landscape beco...
The New Arab
Oil prices rallied and equities fell Friday as reports said explosions had been heard in Iran and Syria, fuelling fears of an escalation of the Middle East crisis after last weekend's missile attack on Israel by Tehran. The reports followed another batch of data indicating the US economy remained in rude health and compounded concerns that the Federal Reserve will hold off cutting interest rates this year or even hike them again. Traders have been on edge since Saturday's retaliatory strike by Iran against Israel, which Israel's army chief General Herzi Halevi warned would be met with an attac...
The New Arab
Ratings agency S&P Global on Thursday cut Israel's long-term ratings to A-plus from AA-minus after the confrontation with Iran heightened last weekend and amidst the already elevated geopolitical risks for Israel. "We forecast that Israel's general government deficit will widen to 8% of GDP in 2024, mostly as a result of increased defense spending," S&P Global said in its statement. The negative outlook reflects the risk that the war on Gaza and the confrontation with Hezbollah could escalate or affect Israel's economy more than the agency currently expects. "We currently see several possible ...
The New Arab
Saudi Arabia's foreign minister said on Tuesday that Riyadh will be "moving ahead significantly" to invest in projects in Pakistan, days after Islamabad announced that the Kingdom had pledged to expedite $5 billion in investment. Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday to lead a delegation on a two-day visit as part of efforts to boost economic cooperation. His Pakistani counterpart Ishaq Dar told a joint news conference that Pakistan gave extensive briefings to the delegation on potential investment projects. Dar outlined areas of interest for Saudi investors such...
The New Arab
Equities retreated on Monday after Iran ramped up Middle East tensions by launching a retaliatory attack of missiles and drones at Israel over the weekend, fuelling fears of a wider conflict in the volatile region. However, while Israel called the attack – which Tehran said was in response to a strike on its Syrian embassy – an escalation of hostilities, analysts said there was hope among traders that the crisis could be contained. That sliver of optimism helped drag oil prices lower. Saturday's bombardment of more than 300 ballistic and cruise missiles and attack drones – which were mostly re...
The New Arab
Samsung Next will shut down its operations in Israel and shift its activities abroad, as the Israeli economy suffers a downturn due to the ongoing war on Gaza. The firm, which is the innovation branch of Korean company Samsung, announced to staff it was closing its operations in Tel Aviv, a regional tech hub. An email to office employees said: "[T]his decision, although difficult, does not diminish the achievements we have accomplished together for almost a decade", including investing in 70 companies and Israeli startups, according to Israeli tech publication CTech. The US office, which will ...
The New Arab
Iraq's government spokesperson has announced a significant decrease in external debts expected for this year. However, the current internal debts are expected to rise considerably due to increased public spending. Iraqi government spokesperson Basim Al-Awadi announced a notable reduction in the country's external debt. He told Iraq's State News Agency (INA) on Monday that the debt decreased from US$19.729 billion in 2022 to US$15.976 billion in 2023 and projected to reach approximately US$8.9 billion by the end of 2024. This achievement comes from diligent financial measures implemented by th...
The New Arab
The Egyptian cabinet allocated two plots of land to the Ministry of Civil Aviation to establish an international airport in Marsa Matrouh province, the most recent in several projects developed by the United Arab Emirates (UAE) in the Mediterranean Ras al-Hekma beach resort. During a cabinet meeting on Monday, Prime Minister Mostafa Madbouly said that the construction of Ras al-Hekma airport is part of a deal signed with the UAE earlier in February this year. The UAE will develop the airport, and Egypt will receive a share of the generated revenues as per the multi-billion-dollar agreement. Ma...
The New Arab
Egypt's annual urban consumer price inflation rate slowed to a lower-than-expected 33.3 percent in March from 35.7 percent in February, data from the country's statistics agency CAPMAS showed on Monday. Month-on-month, prices rose by one percent in March, down from 11.4 percent in February. A poll of 12 analysts had expected annual inflation to climb to a median 36.3 percent as prices adjusted to a currency devaluation as well as an interest rate hike in early March and an increase in fuel prices two weeks later. The central bank on 6 March allowed the Egyptian pound to fall to about 50 to the...
The New Arab
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