SEWA, US delegation explore collaboration in innovation, sustainability
Sharjah, UAE - Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA Sunday discussed the authority's initiatives to reduce emissions and...
Geostrategy
UAE, Peru sign air services agreement to promote bilateral trade
Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote...
Business
Business
Oil tanker blows up in fire on Makkah-Jeddah expressway
A speeding car rammed into an oil tanker, causing the tanker to explode into a ball of fire on the...
- A video posted to the Makkah region’s official Twitter account showed cars driving by a raging fire stretching across the central divide of the highway
- Civil Defense teams at the site eventually managed to control the fire, authorities announce soon after 2 a.m. on Tuesday
Geostrategy
Israeli fire kills Palestinian boy in West Bank
On Monday, Israel launched airstrikes against Gaza after incendiary balloons launched from the strip started fires in the country’s south....
- The latest escalation of tension follows weekend border clashes in which dozens were injured.
- In May, Israeli airstrikes against Gaza killed 260 Palestinians, while munitions fired by militants killed 13 people in Israel.
Business
Jordanians tiff over copper mine in ‘natural reserve’
A public spat has broken out in Jordan over the decision to mine for copper in parts of the Dana...
- The Royal Society for the Conservation of Nature said it opposed any redrawing of the boundaries and that it would take “all legal and escalatory measures under Jordanian law”
- Dana is Jordan’s largest natural reserve, covering some 320 sq km of mountains and wadis along the Great Rift Valley.
Business
Iran to upgrade homemade Bavar 373 missile system
Iran unveiled the indigenously-designed surface-to-air Bavar 373 missile defense system in August 2019.
- Iran’s Deputy Defense Minister Brigadier General Mahdi Farahi made the announcement
- This is a new edition that may be at the same or higher level than S400
Geostrategy
Tunisian parliament’s suspension extended
President Kais Saied's also extended an order lifting immunity for the country’s lawmakers.
- His decision to sack government and suspend parliament last month has sparked condemnation.
- President Kais Saied's also extended an order lifting immunity for the country’s lawmakers.
Economy
Developing countries to get $275bn of IMF reserves
Managing Director IMF Kristalina Georgieva said the largest allocation in history, about $650 billion in Special Drawing Rights, was a...
- The IMF's last SDR distribution came in 2009 when member countries received $250 billion in SDR reserves to help ease the global financial crisis.
- The possibility of a new trust is being explored, which could use channeled SDRs to help the most vulnerable countries with structural transformation.
Business
ADNOC signs $1bn deals with eight global contractors
Agreements have been signed for concept and front-end engineering design.
- 50 percent of project value can potentially flow back into UAE economy.
- The agreements signed with eight global engineering contractors will run for five years.
Geostrategy
Iran to get $300m Japanese loan to upgrade oil refinery
Japanese Foreign Minister Toshimitsu Motegi said this assistance would be in the form of low-interest loans.
- The pledge was made during Motegi’s trip to Baghdad, the first by a Japanese foreign minister since 2006
- The financial aid will be used to expand one of Iraq’s major refineries in Basra
Economy
Saudi Arabia set to build two 600MW solar plants
The plants will be built on land plots with a total area of 12 million sq m in Jeddah and...
- The projects will be handled through the Saudi Authority for Industrial Cities and Technology Zones Modon
- They are part of the country’s plan to generate 50 percent of its energy from renewables
Business
Saudi anti-concealment law violators get grace period
The period has been extended from August 23, 2021, to February 16, 2022, with violators looking at fines of around...
- The Saudi Ministry of Commerce has already given a six-month grace period once to violators of the anti-concealment law
- Several enterprises, whose annual revenues exceeded SR6 billion ($1.6 billion), benefited from this
SEWA, US delegation explore collaboration in innovation, sustainability
Sharjah, UAE - Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA Sunday discussed the authority's initiatives to reduce emissions and...
Geostrategy
Company News
ISESCO lists 22 Libyan sites as Islamic world heritage
Arts & Culture
Latest News
ADNOC’s first shipment of low-carbon ammonia leaves for Germany
Abu Dhabi, UAE: Abu Dhabi National Oil Company (ADNOC) announced on Thursday that its first shipment of low-carbon ammonia has...
Business
Markets volatile, world economy likely to grow 3.2% in 2022
As the world economy struggles to recover from the after-effects of the pandemic, financial markets are more volatile than ever.
Business
UAE calls for global solidarity at environment ministers meet
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the Joint Environment and Climate Ministers’...
Geostrategy
Most Read
Business
Saudi Central Bank updates its Regulatory Sandbox Framework
The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of...
- The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of the key objectives of the Saudi Vision 2030
- The Central Bank pointed out that the updated framework of the Regulatory Sandbox is open for both local and international applicants
Business
Taiba gives hotel contract to ACC
ACC won the $115m contract to build a hotel in Madinah.
- The hotel will feature two towers connected by a bridge at the upper level with public and dining areas
- Taiba posted a profit of $14.97 million during H1 of 2022, wiping out losses of $4.02 million for the same period of last year
CBUAE says gross banks’ assets vault to $939bn in June
The growth in total bank deposits was due to the rise in resident deposits by 2.6% and non-resident deposits by...
- The apex bank said that gross credit grew from $507.93 billion in May 2022 to $508.12 billion in June 2022
- Total bank deposits increased by 2.5%, climbing from $555.61 billion in May 2022 to $569.61 billion in June 2022