Ambitious agreements mark Saudi Crown Prince’s Qatar visit
Doha, Qatar – Following a landmark visit by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to Qatar,...
Geostrategy
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...
COP28 UAE
Interview
A true leader embraces meritocracy, shuns nepotism, says Vision 3 head Khalid Abdulla-Janahi
Khaled Abdulla-Janahi , an international Arab thought leader, feels strongly about changing the traditional perception encompassing the concept of leadership.
- Khaled Abdulla-Janahi , an international Arab thought leader, feels strongly about changing the traditional perception encompassing the concept of leadership
- Before the book was done, Khalid said, he worked and collaborated closely with a few people to look into leadership attributes.
Economy
CEOs back unlocking Africa free trade area’s $3.4 trillion potential
Davos-Klosters, Switzerland-- African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of...
- The AfCFTA is the largest free trade area in the world, by area and number of participating countries.
- Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment.
Business
Geopolitical instability may lead to catastrophic cyberattack: Report
Over 93 percent of cybersecurity experts and 86 percent of business leaders believe “a far-reaching, catastrophic cyber event is likely...
- The Global Cybersecurity Outlook 2023 findings were based on surveys, workshops and interviews with over 300 experts and C-suite executives.
- Half of the companies surveyed said the current landscape is making them re-evaluate the countries in which their organization does business.
Business
Work begins on world’s first fully sequestered CO2 injection project
The project, which is expected to begin injecting CO2 in the second quarter of this year, will initially fully sequester...
- The CO2 injection well project builds on ADNOC's experience with its carbon capture facility at Al Reyadah, which has the capacity to capture up to 800,000 tons of CO2 per year.
- The project will also be monitored and assessed, using advanced technology at ADNOC's Thamama Digital Centre of Excellence, ADNOC said.
Business
TA’ZIZ signs ammonia agreement
The pact was signed with Fertiglobe, GS Energy and Mitsui & Co.
- Low-carbon ammonia is made from hydrogen derived from natural gas feedstocks and nitrogen, with the carbon dioxide produced captured and stored.
- The total investment in the first phase of TA’ZIZ will be in excess of $5 billion (AED18 billion), with most of the chemicals produced to be created in the UAE for the first time.
Science
WEF launches initiative to channelize US$3trn for climate and nature
The World Economic Forum launched the Giving to Amplify Earth Action (GAEA), to help unlock the US$3 trillion of financing...
- Present funding is slow and inadequate, and a new approach is needed to get capital flowing.
- Philanthropic giving is nimble, more tolerant of risks and is driven by values and long-term outcomes rather than quarterly returns.
Business
Four firms to partner for Co2 removal
ADNOC, FNRC, Masdar and 44.01 to pilot a technology in Fujairah.
- The technology permanently mineralizes carbon dioxide (CO2) within rock formations found in the Emirate of Fujairah.
- Fujairah has been selected for this pilot for to its abundance of peridotite, a form of rock that naturally reacts with CO2 to mineralize it.
Geostrategy
AI-powered project in Turkey improves wildfire prediction
Geneva, Switzerland: A project powered by Artificial Intelligence piloted in Turkey last year has improved wildfire prediction by combining static...
- The FireAId initiative, launched by the World Economic Forum in Jan 2022, is being scaled for wider use.
- In the US, there have been around 1.5 million wildfires since 2000, burning an average 7 million acres annually.
Economy
Global recession likely in 2023, say WEF chief economists
Almost two-thirds of chief economists believe a global recession is likely in 2023, with 18 percent of them considering it...
- In China, expectations of growth are polarized, with respondents almost evenly split between those who expect weak or strong growth.
- One positive signal is that supply chain disruptions are not expected to cause a significant drag on business activity in 2023.
Infographics
Small gain for gold in 2022 despite rate hike
Goldman Sachs has recently projected that the supply of Lithium will begin to outpace demand from 2023 onward.
- Gold posted a small gain in 2022, which reinforced the precious metal's stable and uncorrelated performance amid market turbulence.
- Gold Council said weak institutional demand was offset by retail investment - driven by inflation and geopolitics - and central banks had an exceptional year of net buying.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Ambitious agreements mark Saudi Crown Prince’s Qatar visit
Doha, Qatar – Following a landmark visit by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to Qatar,...
Geostrategy
Company News
Vietnam’s VNG files for US IPO
Business
Latest News
Agriculture deals worth $471m inked at China-Arab States Expo
Beijing, China -- A total of 34 deals worth approximately AED1.73 billion ($471 million) were signed at the conference on...
Geostrategy
Saudi Arabia’s natural reserve makes it to UNESCO heritage list
Riyadh, Saudi Arabia -- The Uruq Bani Ma'arid Reserve in Saudi Arabia has been inscribed on the UNESCO World Heritage...
Arts & Culture
Most Read
Economy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
- The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
- The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.
Business
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
- The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities.
- The Chamber hopes the event starts new wave of economic, trade, and industrial relations between the GCC countries and Iraq.
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).