UAE voted to Category-B membership in International Maritime Organization
LONDON, UK - The UAE has been re-elected to the Council of the International Maritime Organization (IMO) in the Category...
Geostrategy
Business
Tajikistan to team up with Iran to build renewable energy sources
Tajikistan’s minister of energy and water resources said that his country is engaged in a program that includes construction of...
- Tajikistan Minister Juma Daler Shofakir held a meeting with the Iranian Energy Minister Ali-Akbar
- The minister said that the Raqoon PowerHouse can generate 3,700 megawatts of hydropower
Economy
Moody’s says Ukraine war endangers global economic recovery
The Russia-Ukraine conflict and subsequent sanctions have increased risks to the global economic outlook, with effects that will depend on the...
- Europe's recovery would be at risk if the military conflict escalates, according to VP-Senior Credit Officer at Moody's, Kelvin Dalrymple
- Rising prices for commodities from the region, such as oil, grains and metals, are increasing inflationary pressures, Moody's said
Geostrategy
GCC to boost international cultural ties for strategic partnerships
The Gulf Cooperation Council (GCC) seeks to boost its participation in international cultural arenas and events to activate strategic partnerships...
- Secretary-General of the GCC, Nayef Al-Hajraf, said this on Friday at second International Forum for Just Peace Culture
- He added that the peace culture is a concept that contains a system of positive values to be translated into actions
Business
Malaa Technologies to set up a bank in KSA
Malaa Technologies will launch its banking operations in Saudi Arabia after it obtained an approval from the kingdom’s central bank.
- Malaa has concluded its integration efforts with the Arab National Bank’s systems to become the first lender whose customers can link their accounts directly through open banking
- It seeks to contribute to the National Savings Strategy and plans to work with the financial sector development program partners to achieve these goals
Science
SABIC chairman urges chemical companies to ‘decarbonize’
The head of Saudi Basic Industries Corporation (SABIC) has urged ‘chemical companies’ to decarbonize promptly in order to improve what...
- Yousef A. Al-Benyan, chairman of SABIC, was speaking at the Gulf Petrochemicals and Chemicals Association Leaders’ forum in Dubai
- Al-Benyan identified three priority transformation areas for the chemical industry: partnerships and collaborations; agility; and new business and operating models
Business
Saudi Arabia and Jordan to boost trade ties to more than $1bn
The Makkah Chamber of Commerce and Industry and Jordan have signed an agreement to boost economic ties between the two...
- The deal holds considerable significance as trade exchange between Saudi Arabia and Jordan was still “below expectation” despite common interests
- Saudi Arabia is the second-largest commercial partner for Jordan
Economy
Food Price Index hit record high in February: UN agency
The Food Price Index, which tracks the international prices of a items such as vegetable oils and dairy products went up nearly...
- The Food Price Index, which tracks the international prices of a items such as vegetable oils and dairy products went up nearly four percent up from January
- As the Food Price Index measures average prices over the month, the February reading only partly incorporates market effects stemming from the conflict in Ukraine
Economy
UAE adopts Ramadan working hours for federal authorities
The UAE Government on Friday announced the official working hours during the holy month of Ramadan for ministries and federal...
- The decision also allows federal authorities to implement flexible working and remote work systems on Fridays during the month
- The rules for working from home stipulate that both employees and their work should meet related requirements
Science
Bahrain signs Artemis Accords to bolster space cooperation
Among other things, NASA plans to use the Artemis missions to land the first woman and first person of color...
- Joining the accords will give Bahrain new opportunities for cooperation and investment in the space field
- It is also expected to facilitate the exchange of expertise among its signatories of the Artemis Accords
Business
Iraq’s February oil exports highest in last two years
The rate of Iraq's exports during February amounted to 3.314 million barrels per day.
- The rate of Iraq's exports during the month amounted to 3.314 million barrels per day
- The revenues for March will be higher than the last month, based on the current market data
Company News
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ADNEC, MICCO sign agreement
Business
UAE ministry launches Green Business Toolkit 2.0 at COP27
The Ministry of Climate Change and Environment (MOCCAE) introduced the second edition of the UAE Green Business Toolkit in partnership...
Science
GE, IRENA sign pact at COP27 to support energy security
SHARM EL SHEIKH, EGYPT - GE (NYSE:GE) signed a framework agreement with the International Renewable Energy Agency (IRENA) to support...
Business
TotalEnergies CEO heckled by climate activists at COP27
Sharm el Sheikh, Egypt—French giant TotalEnergies' chief executive was confronted by climate activists Friday at the COP27 summit in Egypt, where...
Economy
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Business
PIF to sell Tadawul stake
It will sell 10% of its stake, amounting to 12m shares.
- According to a bourse filing, PIF, which has over $600 billion in assets, is selling 12 million shares in Tadawul Group
- The fund has hired both HSBC Saudi Arabia and Morgan Stanley Saudi Arabia to act as joint global coordinators, as well as Al Rajhi Capital to act as joint book-runner
Business
Gulf Arab’s first casino being opened at Ras Al Khaimah resort
The casino would mark a watershed moment for the Gulf region.
- The casino would mark a watershed moment for the Gulf region
- The region has traditionally imposed stricter Islamic rules than other parts of the Middle East
Economy
UAE launches National Net Zero by 2050 Pathway
The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050...
- The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050 Strategic Initiative, introduced in October 2021
- The UAE will adopt several measures to mitigate climate change such as increasing the share of clean energy in its energy mix and scaling up the use of clean electricity