A new economic forecast of Arab economies by the United Nations has painted a gloomy picture of the region. The spread of the coronavirus pandemic is expected to exact a heavy toll causing economies to contract by 5.7 per cent and the loss of some $152 billion. The forecast for some Arab countries is gloomier

Turkey has overtaken Russia to become the world’s largest purchaser of gold due to concerns about ties with the United States and access to dollar settlements, the Nikkei Asian Review reported on Tuesday. The country roughly tripled its gold buying to 148 tonnes between January and May, while Russia reduced its purchases by 60 percent

German Chancellor Angela Merkel, right, speaks with French President Emmanuel Macron, center, during a round table meeting at an EU summit in Brussels, Monday, July 20, 2020. Weary European Union leaders are expressing cautious optimism that a deal is in sight on their fourth day of wrangling over an unprecedented budget and coronavirus recovery fund.

from left, Dutch Prime Minister Mark Rutte, Austria’s Chancellor Sebastian Kurz, Finland’s Prime Minister Sanna Marin, Sweden’s Prime Minister Stefan Lofven and Denmark’s Prime Minister Mette Frederiksen meet on the sidelines of an EU summit at the European Council building in Brussels, Sunday, July 19, 2020. Leaders from 27 European Union nations meet face-to-face for

A gas flame is seen in the desert near the Khurais oilfield, Riyadh, Saudi Arabia on 27 September 2016 [REUTERS/Ali Jarekji/File Photo] Saudi Arabia’s exports of crude oil and petroleum products fell 41.2 per cent in May month on month, the Joint Organisations Data Initiative (JODI) revealed yesterday. According to JODI, Saudi Arabia exported 6.020

The shilling slumped to a record low against the dollar on Thursday on stronger demand for the greenback, pointing to a rise in the cost of importing goods into the country in the short term. Commercial banks quoted the shilling at 107.40 to the dollar, an all-time-low, after four successive days of weakening. Demand for

Construction work taking place in Saudi Arabia [Trapezius7WIkipedia] Real estate activity in Saudi Arabia witnessed a record decrease of 84.6 per cent last week after the government’s decision to increase the rate of Value Added Tax (VAT) from five per cent to 15 per cent at the start of the month. Saudi Al-Eqtisadiah newspaper reported

Kenya’s earnings from tea in five months to May dropped by Sh1.3 billion as the sector suffered from effects of the Covid-19 that hit commodity trading in the world market. The Tea Directorate said the demand of the beverage has been low in the review period, which also impacted negatively on price per kilo, having

A general view of Business Bay area, after a curfew was imposed to prevent the spread of the coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 28, 2020. REUTERS/Satish Kumar/File Photo Dubai has announced a new package worth 1.5 billion dirhams ($408 million) to help the economy cope with the effects of the coronavirus

By Happy Arnold. The currency in the state is very weak and slowly the county’s shipping sector is monopolized. When we talk about African countries, harsh economic conditions have a strong impact on currency and economic situation in countries. If we add Covid-19 to this – then everything gets more difficult. If we talk about