Iranian warship enters Red Sea, reports media
TEHRAN, IRAN - Iran's Alborz warship has entered the Red Sea through the strategic Bab al-Mandeb strait, Tasnim news agency reported...
Geostrategy
Economy
Egypt raises overnight interest rates to tame inflation
In order to tame soaring prices in the country, the Central Bank of Egypt has raised its overnight interest rates...
- The bank’s Monetary Policy Committee increased the deposit rate to 11.25 percent from 9.25 percent and the lending rate to 12.25 percent from 10.25 percent
- Prices were pushed up in part by a currency depreciation and higher wheat prices after the Ukraine crisis, the statement added
Business
Smart money is in video games, Web3: Futurist at TOP CEO event
Raford contended that people should invest in video games, as it is the only successful digital economy so far.
- Raford contended that people should invest in video games, as it is the only successful digital economy so far
- The metaverse, he said, has extraordinary potential and Dubai is moving rapidly to take advantage of it
Arts & Culture
Solar ACs to help FIFA players, fans chill in Qatar
The state-of-the-art air conditioning will become the norm for mega sports events, says Saud Abdulaziz Abdul Ghani who worked for...
- The cooling system, being used in the Qatar's World Cup stadiums, is 40 percent more "sustainable" than existing techniques, say World Cup organizers
- The solar-powered cooling system will keep the players and turf healthy and even eliminate body odour in a packed stadium, says 'Dr Cool'
UAE tourism sector set new record in Q1 2022 : Tourism Minister
Tourism is deemed one of the future sectors and a key focus area in the UAE’s development vision for the...
- According to tourism figures for Q1 2022, the country's hotel establishments attracted nearly 6 million visitors
- The average duration of hotel guest stays reached 25 percent during the same period, up from 3 nights to 4 nights
Business
UAE and Turkey export credit agencies to enhance trade ties
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Turkey’s export...
- The two export credit agencies will work together to facilitate trade and export and ease access to credit insurance and project financing, ECI said in a statement.
- Turkey is the UAE’s seventh-largest trading partner, with the non-oil trade between the two reaching AED 49.4 billion.
Economy
All work-related leaves in UAE fall under contribution period: GPSSA
Government sector employers are mandated to bear full contributions due from the insured in cases where he/she is accompanying a...
- The responsibility to pay contributions due by insured individuals varies depending on the reason for the leave granted by their employers.
- Both the insured and the employer bear their share of contributions according to what the law has determined in the case of a paid leave.
Business
Alpha Dhabi to invest $2.5 bn in Chimera
The fund will target investments in tech-enabled businesses.
- The investment comprises a capital contribution of AED2.6 billion and an undrawn capital commitment of AED6.6 billion.
- The fund's investment emphasis aligns with Alpha Dhabi's growth strategy, which focuses on investment in disruptive technologies.
Business
Etihad Rail signs expertise-exchange MoUs with Spanish, UK firms
Etihad Rail has signed three Memoranda of Understanding (MoUs) with Renfe, Spain’s national railway operator; High Speed 1, the first...
- The MoUs were signed during the second day of Middle East Rail 2022, which is hosted by Etihad Rail in partnership with the Ministry of Energy and Infrastructure.
- Middle East Rail is the largest transport event in the Middle East, North Africa and South Asia, will bring together leaders of the entire transportation community.
Business
UAE-Germany non-oil trade 10.5 percent to $9.5 billion in 2021
The non-oil trade between Germany and the UAE amounted to $9.5 billion during 2021, a 10.5 percent increase compared to...
- "Our economies are both very much geared for the possibilities of the future," Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade
- Al Zeyoudi said that Germany has become UAE's most important trading partner in the Middle East.
Economy
‘Lifeline’ of renewable energy can steer world out of climate crisis: UN chief
"We must end fossil fuel pollution and accelerate the renewable energy transition before we incinerate our only home," Secretary-General António...
- "We must end fossil fuel pollution and accelerate the renewable energy transition before we incinerate our only home," Secretary-General António Guterres said
- Guterres called for a new global coalition led by governments and bringing together tech companies, manufacturers and financiers to fast-track innovation and deployment
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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
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Will Gulf economies expand despite global woes?
Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies...
Infographics
Commemoration Day enhances loyalty to nation, says UAE President
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan has said that November 30 is a day that...
Geostrategy
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Economy
EU spent €15.2bn on imports of green energy products last year
The trading bloc also exported green energy products worth €6.5 billion to countries outside the EU.
- The trading bloc also exported green energy products worth €6.5 billion to countries outside the EU
- The EU imported €11.2 billion worth of solar panels and €3.4 billion worth of liquid biofuels from countries outside the bloc
Economy
GCC banks earned $18.6bn in interest income in Q3: Kamco
During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022.
- During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022
- The aggregate GCC gross banking loans reached a new record of $1.93 trillion, increasing by 1.2 percent or $23.5 billion during the quarter
Business
Aldar partners with Nobu to develop luxury hotel on Saadiyat Island
Abu Dhabi, UAE— Aldar Properties has partnered with Nobu Hospitality to launch a new luxury hotel, branded residences, and a...
- The agreement will see Aldar develop the 5-star hotel featuring 165 luxurious guest rooms and suites, including the stunning rooftop Nobu Villa
- The planned development includes the first branded Nobu Residences in the Middle East and the second worldwide, offering high-end, multi-bedroom sea view residences