Author: Steven Sahiounie

Sheikh Khalifa said there are numerous leading German companies operating in Qatar in various sectors Qatar Chamber hosted on Sunday a high-level German delegation led by Dr Peter Ramsauer, president of the Ghorfa Arab-German Chamber of Commerce and Industry, Federal Minister (ret). Ramsauer – along with Abdulaziz al-Mikhlafi, the secretary-general of AGCCI, and several leading German businessmen – was welcomed by Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani in the presence of the chamber’s board members and general manager. Speaking at the meeting, Sheikh Khalifa lauded the close relations between Qatar and Germany across all fields, particularly in the…

On a month-on-month basis, inflation climbed 2% in September, compared to an increase of 1.7% in August Pakistan’s inflation rate rose to 31.4% year-on-year in September from 27.4% in August, statistics bureau data showed on Monday, as the nation reels from high fuel and energy prices. The country is embarking on a tricky path to economic recovery under a caretaker government after a $3 billion loan programme approved by the International Monetary Fund in July averted a sovereign debt default, but with conditions that complicated efforts to rein in inflation. On a month-on-month basis, inflation climbed 2% in September, compared…

The United Nations’ Libya envoy Abdoulaye Bathily said on Monday he was concerned about “unilateral and competing initiatives” by Libyan institutions to rebuild Derna, where a destructive flood killed thousands of people last month.“Unilateral efforts are counterproductive, deepen the existing divisions in the country, impede reconstruction efforts and are at odds with the outpouring of solidarity, support and national unity shown by Libyan people,” he said in a statement.Libya has had little stable governance since a 2011 NATO-backed uprising and it split in 2014 between western and eastern factions with parallel political institutions.On Sunday, the eastern administration said it was…

Benchmark aluminium on the LME was down 0.5% at $2,335 a metric ton at 1022 GMT LONDON – Aluminium prices hit five-month highs on Monday as the market factored in resilient demand in top consumer China, falling inventories in exchange warehouses and stronger activity in the country’s manufacturing sector. However, sluggish volumes due to a holiday in China and some profit-taking saw aluminium on the London Metal Exchange retreat after the London open. Benchmark aluminium on the LME was down 0.5% at $2,335 a metric ton at 1022 GMT, having earlier hit its highest since May 2 at $2,367. “It…

, Al Zaabi said that the new batch of ‘Abu Dhabi Channel Partners’ programme to incentivise investors in the thriving chemical industries The Abu Dhabi Department of Economic Development (ADDED) will provide 100 investment opportunities, with a combined market size of Dh123.3 billion ($33.5 billion) by 2027, a top official said on the opening day of ADIPEC 2023. Ahmed Jasim Al Zaabi, Chairman, ADDED, underlined the impressive array of investment opportunities that comes under the ‘Abu Dhabi Channel Partners’ programme, which was launched as part of Abu Dhabi Industrial Strategy’s (ADIS) initiatives to enhance the industrial ecosystem through providing detailed…

To attain the 2050 goal, $2 trillion would need to be invested annually by 2030, according data from the International Energy Agency (IEA) cited in the report The private sector must drastically increase its climate-related investments, most crucially in developing countries, for the world to reach net zero carbon by 2050, the International Monetary Fund (IMF) said in a report published Monday. To attain the 2050 goal, $2 trillion would need to be invested annually by 2030, according data from the International Energy Agency (IEA) cited in the report. But this is far above the estimated $400 billion planned for…

RIYADH: Saudi modular building solution provider Red Sea International has sealed a SR330 million ($87.9 million) financing deal with Al Rajhi Bank. The arrangement includes a SR250 million loan to facilitate RSI’s acquisition of a 51 percent stake in the Fundamental Installation for Electric Work Co. Ltd., also known as First Fix. The agreement is valid until the completion of the acquisition process, with a repayment tenure of seven years, providing both RSI and Al Rajhi Bank with financial clarity, according to a bourse filing. Guarantees for the financing include a pledge of shares in RSI’s sister company and…

TOKYO: Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a US government shutdown restored risk appetite. Brent December crude futures rose 8 cents, or 0.9 percent, to $92.28 a barrel by 9:00 a.m. Saudi time. US West Texas Intermediate crude futures gained 10 cents, or 0.11 percent, to $90.89 a barrel. Both benchmarks rallied nearly 30 percent in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi…

RIYADH: Amid efforts to enhance communication and collaboration between countries, Saudi Arabia is set to host the 12th session of the Organization of Islamic Cooperation statistical committee. According to a statement by the General Authority for Statistics, the two-day meeting will take place from Oct. 3-4 in Jeddah. The engagement cements the Kingdom’s standing globally and in the Arab world, given that this is the first time the gatherings have been held outside its headquarters in Turkey. The primary objective of the meeting is to provide statistical data in support of development plans and facilitate the exchange of experiences among…

Aiming to foster a conducive work environment for global leaders, National Vision Business Co. Ltd. launched the first international club exclusively designed for chief executives, chairpersons, board members and diplomatic heads. Fayez Al-Hamrani, managing director and CEO of NVB, stated that they are delighted to have launched the CEO Club in the Kingdom and will work to invite over 18,000 members worldwide to Saudi Arabia in the coming period. He further noted that his company aims to promote qualitative local and international relations and create a unique work environment for industry leaders. Underscoring the region’s solid political and economic position,…