$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
World Bank offers to host Lost and Damage Fund: Official
Dubai, UAE -- "World Bank has offered to host the Lost and Damage Fund, so we'll work very closely with...
Geostrategy
Business
Clean energy reaches 14 percent of Dubai’s total power production
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) has announced that the production capacity of...
- Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world using the Independent Power Producer model.
- Dubai's clean energy was also produced using photovoltaic solar power and concentrated solar power.
Business
10-day Citrus Festival concluded in Hail region of Saudi Arabia
Hail, Saudi Arabia---The second edition of the 10-day Citrus Festival, which was held in Hail region, has concluded after witnessing...
- General Supervisor of the Festival, Khaled Al-Batea said more than 80 participants displayed citrus products from all farms of the Hail region.
- During the festival, six workshops and a seminar on cooperative societies were held.
Business
Saudi Ministry of Industry, Hyundai Motor ink MoU to build cars in Kingdom
RIYADH, SAUDI ARABIA - Saudi Ministry of Industry and Mineral Resources has signed a memorandum of understanding with Hyundai Motor...
- The agreement aims at enhancing cooperation in a way that realizes the national strategic goals for industry in developing local manufacturing capabilities.
- The MoU stipulates building an assembly plant with the CKD system for electric cars and internal combustion engines cars in Saudi Arabia.
Business
Dubai records US$2.6bn in weekly real estate transactions
DUBAI, UAEÂ - A total of 2,790 real estate transactions worth US$2.6 billion (AED9.6 billion) were conducted during the week...
- A total of 2,790 real estate transactions worth $2.6 billion were conducted during the week ending December 30, 2022.
- The DLD report showed that 179 plots were sold for $378 million.
Business
Dubai Chamber launches Cloud Computing Business Group
Dubai, UAE-- Dubai Chamber of Commerce has announced the launch of the Cloud Computing Business Group, which will focus on...
- The Chamber said the business group will address policy matters related to the industry, amongst others.
- The UAE has consistently outperformed 15 other countries in the Middle East and North Africa region as the most cloud competitive economy.
Science
Understanding winter storms and global warming
The link between global warming and heat waves is very direct, but the behavior of winter storms is governed by...
- There is no consensus on other mechanisms, such as the effect of climate change on the polar vortex and jet stream air currents.
- The polar vortex is an air mass above the North Pole, located high in the stratosphere. Humans dwell in the troposphere, and the stratosphere is located just above it.
Business
Fujairah Chamber board approves 2023 operational plan and budget
Fujairah, UAE-- The Board of Directors of the Fujairah Chamber of Commerce and Industry stressed the importance of encouraging private...
- 2023 operational plan comprises several programmes and activities, including the development of the chamber's electronic system.
- The Board stressed the importance of encouraging private sector companies and institutions in the emirate to improve their products.
Business
CBUAE issues commemorative coins on anniversaries of Abu Dhabi ports
Abu Dhabi, UAE-- The Central Bank of the UAE (CBUAE), in cooperation with Abu Dhabi Ports, issued 1,000 commemorative silver...
- The coins highlights the successes achieved by the ports of Abu Dhabi and their role in the emirate’s maritime sector in the past decades.
- Each coin weighs 60 grams. The front side includes a drawing of the Abu Dhabi Ports Group logo with the name "Central Bank of the UAE" written in both Arabic and English languages.
Business
AD Ports, KMTF sign pacts
They will launch a joint venture to provide services for energy companies.
- AD Ports, which will own 51 percent, and KMTF, which owns 49 percent, also signed an agreement to pool tanker resources.
- The two companies also signed a seven-year vessel pooling agreement, which includes the provision of several tankers for the transportation of crude oil internationally.
Business
Dubai records over $408 million in realty transactions Monday
Dubai, UAE----Dubai real estate market recorded deals worth AED1.5 billion ($408 million) on Monday, Dubai Land Department said. The deals...
- The deals included 515 sales transactions worth AED1.44 billion and 19 gift deals amounting to AED137.87 million.
- The sales included 483 villas and apartments worth AED1.14 billion, and 32 land plots worth AED299.29 million.
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$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
Company News
Latest News
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
Economy
Nine works nominated for 9th Katara Prize for Arabic Novel
Doha, Qatar - The Cultural Village Foundation (Katara) revealed the lists of nine works that would be included in the...
Arts & Culture
Most Read
Business
Turkey-China nuclear power plant deal possible soon: Minister
Dubai, UAE -- The talks between Turkey and China to build a nuclear power plant in eastern Thrace are progressing and...
- Senior officials from the Chinese government visited eastern Thrace and saw the sites where the construction is planned, Middle East Eye reported.
- Russia is already building a power plant in Akkuyu that will become partly operational next year.
Business
Lumi IPO 11.5 times oversubscribed
The daylong retail offering saw 124,900 investors subscribe.
- The number of shares allocated to retail investors reached 1.65 million, representing 10 percent of the total IPO shares.
- Lumi floated 16.5 million shares, or 30 percent of its SAR 550 million capital, divided into 55 million shares, on Tadawul.
Business
UAE’s internet quality world’s best, but e-security concerns remain
The UAE's achievement in internet quality marks a significant improvement from its previous third-place ranking in this category. However, in...
- The DQL Index assesses the digital quality of life in 121 nations, covering 92 percent of the global population, across five key pillars and 14 indicators.
- The UAE's impressive internet quality score is attributed to its fixed internet speed, which averages 229 Mbps, ranking second globally just behind Singapore.