China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
Business
UAE treasury bonds post “exceptional” bidding results
The fourth auction, which witnessed the first issuance of five-year T-Bonds saw a strong demand through the six primary bank...
- Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, stated that the new five-year T-Bonds will contribute to strengthening the local debt capital market
- In May 2022, the UAE issued the dirham denominated T-Bonds of the UAE Government (T-Bonds), in two and three year tenures.
Business
Work on world’s largest waste-to-energy project nearly completed
Dubai, UAE - Dubai Municipality said Monday 85 percent of of Dubai Waste Management Centre (DMWC), world’s largest waste-to-energy project,...
- Once fully operational, the plant’s renewable energy, generated from treating waste, will feed the local electricity grid with 215MWh of clean energy.
- Located in Dubai’s Al Warsan, the project will convert 45 percent of the emirate’s municipal waste into renewable energy.
Infographics
UAE solar energy leader in Arab world
Arab countries are constructing solar and wind energy plants with a total capacity of 73.4 gigatons, which is nearly five...
- Renewable energy generation projects in the Arab countries will reach nearly 92 percent of the region's total targets by 2030.
- More than 12 gigatons of wind and solar energy are currently produced in the Arab region, the report said.
Business
Abu Dhabi industrial sector registers 136 new licenses in H1
Abu Dhabi, UAE-- The registration of 136 new industrial licenses in the first half of 2022 points to a strong growth...
- The number of licenses transitioning to the construction phase reached 62, with the number of licenses having moved from under-construction to in-production reaching 44 factories.
- The total value of Capital Expenditures (CAPEX) of industrial establishments that switched to in-production stage rose to AED 3.1 billion compared to AED 1.03 billion in H1 2021.
Science
IAEA approves operational safety at Barakah Nuclear Power Plant
An International Atomic Energy Agency team of experts said the UAE's Barakah Nuclear Power Plant (NPP) had strengthened operational safety...
- The Operational Safety Review Team had concluded a five-day follow up mission to the Barakah NPP.
- OSART missions aim to improve operational safety by independently assessing safety performance against the IAEA’s safety standards.
Science
UAE issues updated second NDC to reduce emission
The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved...
- The new document outlines the country’s increased climate target of reducing greenhouse gas emissions by 31 percent.
- The reduction target translates into an absolute emission avoidance of 93.2 million metric tonnes of CO2e.
Economy
Qatar private sector exports up 21 percent in second quarter: Chamber
Qatar’s private sector exports during the second quarter of 2022 amounted to QAR 8.92 billion ($2.44 billion), a 21 percent...
- On a quarterly basis, it also surged 15.4 percent compared to QR 7.73 billion in Q1-2022.
- The report attributed the surge to the private sector’s ability to adapt to normal and abnormal economic conditions and to achieve rising growth rates.
Business
Costa Rica-UAE bilateral trade up by 292 percent since 2017: Minister
Abu Dhabi, UAE--Costa Rica's foreign minister Arnoldo Andre has said that the trade between his country and the UAE has...
- For the year 2021, the total trade between both countries reached $49.1 million.
- 37 Emirati companies have attended a Costa Rican trade fair to learn about the country's productive capacities and its export potential.
Business
27,100 new companies join Dubai Chamber of Commerce till Aug 2022
Dubai, UAE-- More than 27,100 companies have joined as new members of the Dubai Chamber of Commerce in the first eight...
- Member exports and re-exports increased over 20 percent y-o-y to reach AED177 billion ($48.18 billion).
- More than 476,000 Certificates of Origin were issued by the Chamber between January and August 2022, a growth of 9.8 percent compared to the same period last year.
Economy
Egypt adopting Russian Mir payment system to boost tourism, trade
The Central Bank of Egypt in cooperation with the Egyptian Ministry of Finance, will allow banks across Egypt to access...
- The Central Bank of Egypt in cooperation with the Egyptian Ministry of Finance, will allow banks across Egypt to access the Russian Mir payment card system later in September
- After the Crimean Peninsula was occupied in 2014, Russia developed the Mir system in order to evade sanctions imposed on its ability to transfer funds abroad
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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
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
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Sharjah Consultative Council approves heritage policy
Arts & Culture
Soniqs wins PUBG Global Series 2 Crown
It claimed $600,000 prize at Gamers8 - The Land of Heroes.
Business
Dubai International Chamber event explores trade ties China’s Wuxi
Dubai, UAE - Dubai International Chamber hosted a B2B event during the Wuxi – Dubai Economic & Trade Exchange Conference...
Business
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
Business
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Economy
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
- Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries.
- Group said that private finance flows need to grow much faster to meet the $2.4 trillion investment estimated nnually.
Geostrategy
Caspian Sea water levels hit 30-year low
Estimates reveal a 9-meter decline in Caspian Sea water levels, shrinking the area by 24 percent, as the northern half...
- Estimates reveal a 9-meter decline in Caspian Sea water levels, shrinking the area by 24%, as the northern half witnesses a more significant drop than the southern part.
- The Caspian Sea supports a vital fishery, provides water for agriculture, and is home to several threatened species, including 90% of the world's last-remaining sturgeon.
Business
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.
- The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
- Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.