UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Business
Emirates Health Services to adopt AI technology to boost hospital care services
Dubai, UAE-- Emirates Health Services will employ AI technology in the application of patient room monitoring system to further enhance...
- The partnership will leverage generative AI and implement the care.ai system across EHS healthcare facilities
- It will monitor the mental well-being of the patients, as well as help prevent and control infections and assess hygiene conditions
Economy
Climate action an opportunity to create more equitable world: Almheiri
Dubai, UAE-- Terming climate action as an opportunity to create a more equitable and sustainable world, Mariam bint Mohammed Almheiri,...
- The minister said the UAE believes that science, innovation and technology are the tools humanity needs to drive collective progress on climate action
- Almheiri asserted that COP28 is a chance to turn the world’s collective focus to conclude the first Global Stocktake of the Paris Agreement
Geostrategy
Jordan’s interconnection projects to serve as hub for energy exchange
AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
- Jordanian authorities are working on a project to connect the Kingdom’s Risha electrical station to Iraq's Rutba station.
- The interconnection line will allow the Iraqis to power the Rutba area's loads, using the Jordanian grid.
Economy
Iran and Cuba to set up joint ‘technology and innovation’ center
Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation...
- The two countries apart from boosting economic ties are keen to develop mutual cooperation in the fields of science and technology
- Cuba is planning to hold an exhibition in 2024 and has invited Iranian knowledge-based companies to showcase their latest achievements
Business
DEWA embraces Microsoft’s Copilot to drive digital transformation
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart...
- In order to benefit from the capabilities of generative AI, DEWA is looking to utilize the latest global technologies in all areas to enhance its digital transformation
- Microsoft's Copilot will assist software developers at DEWA in building smart programs and applications that support DEWA’s operations more smoothly
Economy
S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms
Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1”...
- The agency gave a stable rating in the wake of the kingdom's ongoing initiatives to carry out significant reforms and achieve structural improvements
- The kingdom's growth, according to S&P, will increase at a rate of 3.4% between 2024 and 2026 mainly due to the anticipated rise in oil demand
Economy
IMF to exhort China to shift growth model toward consumption
Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector,...
- The IMF intends to exhort Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate
- In July the IMF forecast China's 2023 growth rate to hover at 5.2% and 4.5% in 2024 but warned it could be lower
Economy
UAE and Russia look to boost ties in education, space, scientific research
Moscow, Russia--The UAE and Russia are looking to strengthen the bilateral cooperation in higher education, scientific research, space, and engineering...
- Ahmad Belhoul Al Falasi, Minister of Education, and Valery Falkov, Minister of Science and Higher Education of Russia, held discussions to boost cooperation in many sectors
- The UAE minister visited the Moscow State Technical University, where he saw its research centres and learnt about the latest scientific and engineering tech solutions
Economy
UAE to launch digital-response platform to aid disaster-hit countries
New York, US--The UAE has announced the launch of a new digital response platform that will support disaster-affected countries to...
- The digital-response platform will let disaster-hit countries to communicate what aid is needed, allowing partners to accelerate aid delivery
- The UAE private sector during the last five years has made contributions to the tune of US$ 250 million to humanitarian efforts globally
Economy
Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected...
- The report estimated that the GCC banks will report stronger profitability in 2023
- The rating agency expects Saudi banks to achieve a return on assets of 2.2% in 2023
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
Company News
DP World signs MoUs in India
Business
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SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
Business
Egypt’s wheat and oil reserves sufficient for several months, says minister
Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the...
Economy
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Business
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
- The agreement involves the transfer and localization of potato seed production techniques in the Kingdom.
- The aim of the collaboration is to support the transformation of local companies into industrial agricultural entities.
Business
Global Islamic finance market to touch US$4.9trn in 2025, says Malaysian official
Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner...
- The official said the Islamic finance market is seeing significant and rapid growth worldwide, surpassing the size of US$2.2 trillion in 2022
- He said the Islamic finance industry has seen a noticeable growth in the Middle East and the Association of Southeast Asian Nations (ASEAN)
Business
UAE, Malaysia sign MoU to enhance ties in digital-infrastructure sector
Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the...
- The agreement envisages setting up collaboration by developing bilateral relationships between public and private organisations
- The trade ties between the UAE and Malaysia have climbed up, with non-oil trade volume surpassing $2.22bn in H1 of 2023