Author: Steven Sahiounie

By mid-2024, the enclave’s GDP had dropped to one-sixth of its pre-war level, according to a report As per a report published on Thursday by the United Nations Conference on Trade and Development (UNCTAD), the conflict between Israel and Gaza has resulted in the deepest recession in the economic activities in the Palestinian enclave. Highly informative details included in the report shows that the gross domestic product of Gaza fell by 81 % in the last quarter of the year 2023 making the yearly contraction go to 22 %. By more than mid-2024, the economy of Gaza had reduced to…

The European single currency could drop by 7% versus the US dollar due to a risk of major rate cuts, the US banking giant saysMorgan Stanley came across strong in making advances on the fact that the euro will depreciate claiming that the euro will get to the level of the dollar more in the next few months. Still, the investment bank explains this anticipated downfall by growing political risk and economic turmoil in the region. David Adams, Morgan Stanley’s foreign-exchange strategist, who is responsible for Group-of-Ten strategies, says that the euro will be worth 1.02 against the dollar at…

Benchmark Brent has been trading below $70 as OPEC cuts its demand growth forecastOn Tuesday, oil prices dropped sharply after OPEC lowered its forecast for demand growth for both this year and 2024, marking the second consecutive downward revision by the organization. As of 18:30 GMT, global benchmark Brent crude had fallen by 3.7%, reaching $69.08 per barrel. This was the first time Brent traded below $70 since December 2021. The US crude benchmark, West Texas Intermediate (WTI), saw an even steeper decline, dropping over 4% to $65.72 per barrel, its lowest level since May 2023. OPEC’s monthly report predicted…

The United States cannot avoid the devastating impact of a nuclear conflict, Russian Ambassador to the US Anatoly Antonov warned. In light of rising tensions between Russia and NATO due to the Ukraine conflict, Antonov expressed concerns that Western powers may allow Ukraine to launch missile strikes deep into Russian territory, escalating the situation further. In an interview with Rossiya 24 on Friday, Antonov criticized the “illusion” held by some in Washington that a nuclear war would not reach US soil. “I constantly remind them that the Americans won’t be able to stay safely behind the ocean in such a…

Despite historical ties with the US, the Gulf countries are building multi-faceted relationships with partners such as Russia and China By Murad Sadygzade, President of the Middle East Studies Center, Visiting Lecturer, HSE University (Moscow). Pragmatic economic partnership and a shared desire for political autonomy form a strong foundation for cooperation between Moscow and an influential group of Middle Eastern powers. Russia is actively strengthening relations with partners beyond the West, with a particular focus on Persian Gulf countries. Despite their historical ties to the US, these nations have refrained from participating in anti-Russian actions, highlighting their pragmatic approach to international…

Pope Francis drew a rather strange picture today as he argued that President Donald Trump and Vice President Kamala Harris are both “against life” which suggests an agenda for “integrating the lesser evil” among the Catholic Faithful as state officials Elections, the pope urged the right principles when choosing whom to vote for in the US presidential elections. As Dean of the College of Cardinals, the Papal Elections, he addressed journalists on a flight to Rome from Singapore, pointed out the need to vote, declared: “It is a sin not to vote,” Catholics “have the obligation to vote,” Nathan D.…

Egypt is actively seeking bank financing to purchase essential commodities and strengthen strategic reserves as part of its efforts to enhance food security.

Saudi Arabia and Germany are set to strengthen their economic ties in the finance sector following high-level talks between officials from both countries. 

Developing new strategies to address global challenges will be a key topic at the eighth edition of the Future Investment Initiative taking place in Riyadh.     

Saudi Arabia is set to develop a $3.3 billion sports complex through a new partnership between Alpha Jossor Investments and Blockchain Sports Ecosystem,