Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Economy
‘Third’ of Pakistan under water as flood aid efforts gather pace
The rains that began in June have unleashed the worst flooding in more than a decade, washing away swathes of...
- In the south and west, dry land is limited, with displaced people crammed onto elevated highways and railroad tracks to escape the flooded plains
- Pakistani officials have blamed climate change, which is increasing the frequency and intensity of extreme weather around the world
Business
Egypt’s Zohr gas field pumps out record 2.7bn cubic meters of gas
Egypt has posted a record in pumping out 2.7 billion cubic meters of gas per day at Zohr gas field...
- According to the ministry of petroleum and mineral resources the volume of investments in the gas field hit $741 million during the relevant year
- Investments have exceeded $12 billion since the beginning of work in the field
Business
Saudi-Thai Business Council set up to enhance trade
The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- Thailand's Deputy Prime Minister said that discussions with Saudi officials resulted in signing of three pacts
Business
State Grid Corporation of China opens first office in UAE
Dubai, UAE: State Grid Corporation of China (SGCC), the largest utility company in the world, has expanded its presence in...
- State Grid Corporation of China (SGCC), the largest utility company in the world, opened the office in Dubai International Financial Centre.
- The SGCC has invested in utilities in Oman as well as internationally in Italy, Portugal, Greece and the Philippines.
Business
UAE launches net-zero drive for firms
The Ministry of Climate Change and Environment (MoCCAE) Monday launched the UAE Climate-Responsible Companies Pledge. The pledge aims to increase...
- The pledge aims to increase the engagement of the private sector in the country’s decarbonization drive
- The pledge forms the basis of future collaborations between the private sector, non-governmental organizations (NGO) and international organizations.
Business
ADRO, ADGM ink deal to enhance ease of digital visa access
Abu Dhabi, UAE - Abu Dhabi Residents Office (ADRO) and Abu Dhabi Global Market (ADGM) have signed a deal to...
- ADGM will also provide ADRO a list of global companies to provide exclusive benefits for the Abu Dhabi Golden Visa holders.
- The two parties will collaborate to highlight the strategic initiatives of ADRO, including the promotion of the Abu Dhabi Golden Visa and other initiatives locally and globally.
Economy
EU plans emergency action to halt energy price rise
High gas prices have been followed by disruptions in the nuclear and hydroelectric sectors amid a heatwave blamed on climate...
- The European Commission has yet to publish a detailed plan for market reform, but some member states have been pushing for a temporary cap on wholesale gas prices.
- EU officials are also considering measures to split electricity price setting from the gas price and take into account other energy sources.
Business
Saudi to host second Global Artificial Intelligence Summit in Sept
Riyadh, Saudi Arabia: Riyadh will host the second edition of the Global Artificial Intelligence Summit from 13 to 15 September,...
- AI is expected to boost global gross domestic product (GDP) by 14 percent by 2030, or nearly $15 trillion.
- The summit includes more than 100 sessions in which more than 200 speakers will participate, working with more than 3,000 participants.
Business
CBUAE launches new website with various services
The Central Bank of the UAE (CBUAE) has announced the launch of a new corporate website with various interactive digital...
- The Central Bank of the UAE has launched the corporate website with various interactive digital services for meeting the aspirations of the consumers.
- The CBUAE plans to be among the top central banks globally in promoting financial stability.
Economy
Saudi SMEs number up by 25 percent in Q1 2022: Monsha’at
Riyadh, Saudi Arabia: The number of small and medium enterprises (SMEs) in Saudi Arabia increased by 25.6 percent to 892,063...
- The Riyadh region accounted for 35.4 percent of the total establishments, the Makkah region 21 percent and the Eastern region 12.7 percent.
- Monsha’at report said that 81 percent of these establishments are classified as micro and small establishments.
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Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Company News
Latest News
Kuwait, UN sign MoU to enhance cooperation in counter terrorism
NEW YORK, US - Kuwait Ministry of Foreign Affairs and the United Nations signed a Memorandum of Understanding (MoU) aimed...
Geostrategy
Dubai’s weeklong real estate transactions exceed US$4.2bn
DUBAI, UAE - A total of 4,048 real estate transactions worth over US$4.2 billion (AED 15.6 billion) were conducted during...
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
Business
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Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Geostrategy
Israel defiant amid global criticism over West Bank settlement expansion
UN Middle East envoy Tor Wennesland issued a warning on Monday against changes made by the Israeli government that will...
- Israeli official describes the changes as a reduction of unnecessary administrative procedures
- Defending the changes, Israeli government asserts that Israel is their country, "in its entirety"
Economy
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
- The agreement, signed by UAE's Ministry of Human Resources and Emiratization, aims to develop the skills and capabilities of inspectors at the ministry.
- The pact enables the ministry's officials to carry out inspections proactively and enhance their capacities in line with the best international practices.