Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
Geostrategy
UAE banking sector is resilient, says CBUAE in its report
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022....
Economy
Economy
Didn’t reject 2016 IMF report: Lebanon central bank chief
A Swiss newspaper claimed Riad Salameh struck out 14 pages of a 2016 IMF report that warned of economic crisis...
- Lebanon’s central bank Governor Riad Salameh denied he once rejected portions of an International Monetary Fund report
- Swiss newspaper Le Temps said in an article that Salameh struck out 14 pages of the report because it warned of an economic crisis in Lebanon
Business
DP World and Saudi Ports Authority to give Jeddah Islamic Port a makeover
Dubai Ports World and Saudi Ports Authority (Mawani) have come together to expand the capacity of Jeddah Islamic Port.
- The development work will be carried out in four phases, with the project scheduled to be completed by 2024
- It includes improvements that will enable the terminal to serve five ships simultaneously and deal with the largest container ships
Business
ACWA Power listed on Saudi bourse
ACWA Power shares can be traded on Tadawul from Monday.
- ACWA Power will be allowed a daily price fluctuation limit of 30 percent and a static price fluctuation limit of 10 percent both ways
- After three days, the daily price fluctuation limit of 30 percent will come down to 10 percent, while the static price fluctuation limit will not apply
Science
WHO unveils $8bn Covid-19 vaccination plan
UN Secretary-General Antonio Guterres has said a reduction of cases in any one country will not be sustained over time...
- The strategy aims to make Covid-19 vaccines accessible to everyone, everywhere
- If implemented correctly, it will inoculate 40 percent of people in all countries by the end of the year, and 70 percent by the middle of 2022
Business
Salaries of Saudi staff leap up 5.2 percent in Q2, expats earned lesser
Average monthly salaries of Saudi workers have grown by 5.2 percent to SAR 10,490 during the second quarter of 2021,...
- On a quarterly basis, the salaries declined by 1.03% when compared to their level in Q1-21 at SAR 10,600
- Meanwhile, the average monthly salaries paid to expatriates in the kingdom fell by 1.08% YoY to SAR 4,091 in the April-June period
Science
UN official lauds UAE for resolve to cut carbon emissions to zero by 2050
The United Arab Emirates will aim to achieve net-zero emissions by 2050, a plan commensurate with the country’s 2050 Strategic...
- UAE aims to reach net zero greenhouse gas emissions by 2050
- The initiative, announced at Expo 2020 Dubai, aims to underpin dynamic economic growth alongside positive environmental impact
Arts & Culture
Press freedom efforts get Nobel Peace Prize
Journalists Maria Ressa from the Philippines and Dmitry Muratov from Russia have been awarded the Nobel Prize for Peace for...
- The Nobel committee noted that it would be difficult to promote global fraternity and disarmament without freedom of the press
- This year’s award of the Nobel Peace Prize is therefore firmly anchored in the provisions of Alfred Nobel’s will, it said
Business
Fedex arm plans Saudi growth
FedEx Express is a subsidiary of FedEx Corp.
- FedEx Express will invest more than SAR1.5 billion ($400 million) into the Saudi economy over the next 10 years
- This investment will be through talent management as well as local operations and infrastructure
Expo 2020 DUBAI
Kuwaiti artist paints images of Gulf achievements, patriotism at Expo
Through the use of sand and light to the sound of music, Kuwaiti Sulaiman Al-Enezi portrayed images of great accomplishments...
- Sulaiman Al-Enezi depicted developments leading up to the launch of UAE-backed Mars mission Hope Probe.
- The artist has been an avid sand artist since childhood but got into lighting recently.
Business
UAE flights to help 1m Mideast tourists visit Brazil
Before the pandemic, around 75 percent of the tourist traffic between Brazil and the Middle East were to and from...
- These will be direct flights from the UAE to Brazil’s Amazon and the Northeast regions
- Brazil’s tourism minister has said more Brazilians would love to visit the UAE once the new flights are launched
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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
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
Geostrategy
Company News
Ghitha Q2 profit $21.95 million
Business
Latest News
e& HI profit up 2.5%
Business
Chimera Capital unveils new ETF
Business
DEWA CEO briefs Utah House of Representatives delegation
MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer met a delegation from the Unified...
Geostrategy
Egypt to raise Suez Canal transit fees by 15 percent next year
Cairo, Egypt-- Egypt plans to raise fees for ships passing through the Suez Canal by 15 percent in 2023, the...
Business
Sharjah Chamber suggests measures for strengthening PPPs
The Sharjah Chamber of Commerce and Industry (SCCI) has recommended several measures to strengthen the emirate’s public-private partnerships (PPPs).
Economy
Most Read
Business
Qatar deepens partnership with Iberdrola Innovation
Qatar science and Technology Park (QSTP) has deepened its partnership with Iberdrola Innovation Middle East by signing an agreement to...
- The agreement was signed by QSTP Executive Director Yosouf Al Salehi and Managing Director of Iberdrola Innovation Middle East Santiago Banales
- Iberdrola aims to define the digital utility by developing innovative digital solutions for renewable energy integration, smart grids, and energy efficiency and conservation
Economy
Steep Fed rate hike seen as certainty after ugly inflation data
Soaring prices have pushed annual inflation to a 40-year high, inflicting pain on American consumers and businesses, despite the welcome...
- Families have been struggling with rising prices sparked initially by high demand as the world's largest economy emerged from the pandemic
- The US central bank has cranked up the benchmark lending rate four times this year, including two straight three-quarter-point hikes in June and July
Economy
S&P updates its outlook for Saudi Arabia to positive
In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings...
- In a statement, issued on Saturday, it assessed the kingdom's short and long-term foreign and local currency sovereign credit ratings to A-/A-2
- S&P expects the kingdom's GDP to grow to a ceiling of 7.5 percent in 2022 with an expected financial surplus in the state budget of about 6.3 percent