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...
Geostrategy
Saudi Arabia, France vow to promote secure, affordable and sustainable energy
RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
Geostrategy
Business
DMT issues a new Code of Practice for marina operations
The Department of Municipalities and Transport (DMT) has announced a new Code of Practice (CoP) encompassing the primary Health, Safety...
- The new code will push the emirate's ambition to become one of the top five global maritime centers by 2030.
- The code stipulates mandatory attestation of Marina Berth Leasing Contracts by DMT no later than six months or at the time of the next contract renewal.
Business
Morocco is Africa’s new automotive manufacturing hub
Morocco’s Automotive industry is growing exponentially each year with car sales exceeding 160,000 units in 2021, and creating over 220,000...
- Morocco’s Automotive industry is growing exponentially each year with car sales exceeding 160,000 units in 2021, and creating over 220,000 direct jobs.
- According to several international experts Morocco’s auto industry is set to contribute to as much as 24% to the Moroccan GDP by 2022
Economy
UAE’s non-oil foreign trade up 27% to AED900 bn in H1 2021
According to preliminary data released by the Ministry of Economy, the value of non-oil exports alone amounted to AED170 billion...
- Gold, aluminum, plastics, copper iron and steel are the most important non-oil exports of the country
- The UAE’s top five export destinations include India, Saudi Arabia, Hong Kong, Kuwait and China
Economy
Saudi Arabia looks to boost the country’s GDP to $1.71 trillion
Saudi Arabia seeks to boost its economic output to reach $1.71 trillion, Saudi Investment Minister Khalid Al-Falih said on Wednesday.
- Al-Falih said Saudi Arabia plans to boost the investment rate to 30 percent as compared to the current 22 percent
- The minister said this leap requires efforts to empower the private sector by providing an integrated investment environment
Expo 2020 DUBAI
Expo 2020, Microsoft join hands to create Minecraft experience
The Minecraft virtual world has been created especially for this occasion, with a special view on helping teachers educate students.
- Expo 2020 visitors can now go to various pavilions and experience the themes of the event through the video game Minecraft
- A more immersive virtual world and dedicated Education Edition has been available from October 12
Economy
UAE economy to grow at 2.1% this year, 4.2% in 2022: IIF
The Institute of International Finance (IIF) said that the UAE economy is rebounding from its deepest downturn in decades as...
- In September the UAE Central Bank had forecast the economy will grow 2.1 percent this year and 4.2 percent in 2022
- the Institute of International Finance (IIF) said it expects the real GDP growth to pick up to 2.2 percent in 2021 and 4.9 percent in 2022
Economy
Saudi EXIM Bank joins Berne Union
This will help the bank address major issues in export credit.
- The bank’s membership in the union represents a major milestone in its role as a facilitator
- It is also said to be in line with the bank’s objective of boosting the export of national products through local and global partnerships
Business
DP World says disruption of global supply chain to continue
DP World says the disruption of the global supply chain will not end any time soon because of the shortage...
- And therefore the disruption affecting global trade will continue for “a long time”
- "The problem is complicated because you have a backlog of shipments"
Business
Egypt and Greece to sign a deal for power interconnection
Egypt and Greece will sign a preliminary deal to build an electricity interconnection between the two countries in Athens on...
- It will constitute the first interconnection between Europe and Africa in the Southeastern Mediterranean region
- The agreement comes a week after Egypt’s signing of an $1.8 billion electrical connection project with Saudi Arabia
Business
Etihad raises first ESG loan in global aviation
Etihad Airways has raised $1.2 billion in what is the first sustainability-linked loan tied to ESG targets in global aviation.
- Etihad selected HSBC and First Abu Dhabi Bank as the strategic partners and financiers for this transaction
- The two acted as Joint ESG Structuring Banks, Joint ESG Coordinators, Joint Bookrunner and Mandated Lead Arranger
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...
Geostrategy
Company News
Latest News
Saudi Tourism Authority organizes promotional tour in GCC countries
The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and...
Economy
Most Read
Economy
UAE GDP grows 18.8% at current prices in 2021, says federal body
The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared...
- The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared to around $0.27 trillion in 2020
- According to the FCSC, the contribution of extractive industries, such as crude oil and natural gas, to GDP at fixed prices fell from 28.7 percent in 2020 to 27.4 percent in 2021
Business
Air passengers number up, reveals global aviation meet in Dubai
Some of the greatest minds in the aviation industry took to the stage at this year’s Global Aviation Conference in...
- Air passenger numbers are expected to exceed 80 percent of pre-pandemic levels this year.
- The surge would be driven by strong pent-up demand, eased travel restrictions, and growing employment rates.
Business
Saudi China’s largest oil supplier in Q1 despite Beijing’s Russia imports
Riyadh, Saudi Arabia - Saudi Arabia topped the list of oil suppliers to China for the first time in four...
- Saudi’s oil exports rebounded last month to 8.475 million tons, or 1.99 million barrels per day (bpd).
- The Kingdom remained the biggest supplier to China this year, shipping 58.31 million tons of oil till Aug.