UN chief slams ‘distressing’ spending on arms over climate
Without action, "the situation will deteriorate," he warned. "Conflicts are multiplying. The climate crisis is set to spiral, as emissions...
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
Business
Business
Production of pick-up trucks and vans in Iran rises by 52-70%
Tehran, Iran -- Production of pick-up trucks and vans in Iran in the first five months of the current Iranian...
- In total, 11,436 pick-up trucks were manufactured in the country in the first five months of the current Iranian calendar year.
- The number of vans produced in the country from March 21 to August 22, 2023 was 1,371, showing a 70 percent hike compared to the same period of last year.
Business
OIA invests in US battery firm ONE
ONE is focused on high-density LFP-based batteries.
- OIA and ONE signed a Strategic Collaboration Agreement (SCA) to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
- ONE is focused on high-density LFP (Lithium Iron Phosphate)-based batteries, which are created from lower-cost, more abundant iron.
Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.
Business
ADEX and National Bank of Egypt sign $100m financing agreement
This is aimed at supporting UAE export transactions to Egypt.
- Under the terms of the agreement, a revolving loan facility of US$100 million has been established, with the primary aim of supporting transactions involving UAE exports to Egypt.
- The Abu Dhabi Exports Office extends loans and guarantees to Emirati exporters to enhance their contributions to the economy and foster their global expansion.
Geostrategy
Egypt president calls for measures to slow birthrate
Cairo, Egypt -- Egyptian President Abdel Fattah al-Sisi called Tuesday for measures to slow the birthrate in the Arab world's most...
- "We need 400,000 births per year," said the leader of the country of 105 million inhabitants which recorded nearly 2.2 million births in 2022.
- Sisi intervened when his minister of health and population, Khaled Abdel Ghaffar, told a conference that "having children is a matter of complete freedom".
Infographics
Saudi construction sector employs 3 million workers
GCC countries employ close to 20 million foreign workers, who are subject to vastly different conditions and wags compared to...
- The Gulf Cooperation Council countries have a high reliance on foreign labor. In 2020, foreign workers accounted for 60 percent of the total labor force.
- GCC countries face high unemployment among nationals, shortage of skilled labor and a mismatch between the skills of nationals and the requirements of the labor market.
Business
21 agreements and MoUs signed at Saudi-Italian Investment Forum
Milan, Italy -- The Saudi-Italian Investment Forum, jointly organized by the Saudi Ministry of Investment and the Italian Ministry of...
- The 21 MoUs and agreements signed during the Forum encompassed the sectors of energy, clean energy, healthcare, real estate, waste management, technology, and manufacturing.
- In 2022, the non-oil bilateral trade value between the Kingdom and Italy reached approximately SAR 5.6 billion (1.4 billion Euros), demonstrating significant growth potential.
Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
- The biofuel project currently being developed by Mubadala Capital in the State of Bahia, Brazil.
- The MoU builds on biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.
Economy
Arab economies projected to grow 3.4% in 2023: AMF official
The growth may increase to 4% in 2024. Arab Monetary Fund Director-General Dr. Abdul Rahman bin Abdullah Al Humaidi stressed...
- He also underscored the importance of intensifying efforts to develop the financial and banking sector in Arab countries and increasing access to financing and financial services
- The Arab banking system has become more prepared to absorb and withstand financial and economic shocks and risks due to its improved liquidity and solvency levels, he said.
Business
Qatar tourist arrivals surge on post-world cup momentum
Doha, Qatar -- More than 2.56 million people visited Qatar from January to August 25, which is more than the...
- This number surpasses the full-year arrivals in 2022 and marks a 157 percent increase over the same period last year.
- Immediately after the FIFA World Cup Qatar 2022, Qatar Tourism launched its 'Feel More in Qatar' global campaign.
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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
UN chief slams ‘distressing’ spending on arms over climate
Without action, "the situation will deteriorate," he warned. "Conflicts are multiplying. The climate crisis is set to spiral, as emissions...
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AJEX, MODON sign partnership
Business
TAMM partners with AI71 to use UAE’s Falcon series LLMs
TAMM becomes first to use UAE’s Falcon large language models.
Business
Tech-empowered shoppers drive Saudi consumer behavior: PwC
Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the...
Business
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
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Business
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada", Argaam reported.
- Cash withdrawals from ATMs declined by almost 3 percent YoY to roughly SAR 45.5 billion in October.
Business
FAB becomes first MENA bank to publish TCFD climate report
Abu Dhabi, UAE -- First Abu Dhabi Bank (FAB) became the first MENA bank to publish a Task Force for...
- The TCFD standard, promoted by the Financial Stability Board since 2015, urges entities to specify the resilience of their strategies to climate-related risks.
- The report delivers on FAB’s 2019 commitment to agree to adopt TCFD recommendations into its reporting and disclosure processes.
Business
Abha Valley has potential to be a tourist destination
ABHA, SAUDI ARABIA - Extending over 34 kilometers, the Abha Valley Basin enjoys a variety of wildlife aspects, civilizational features...
- The Abha Valley abounds in environmental diversity, which explains its array of mountain plants.
- The rugged areas of the highest point of the valley form the right habitat for the Arab tiger,