No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...Business
Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MWThe initial 145MW phase of the innovative floating PV project, located in the picturesque Cirata reservoir in West Java, Indonesia, is expected to come online later this year.
Masdar opened an office in Jakarta, Indonesia, in 2021, to further strengthen links with key players within the region.
India allows export of 75,000 tonnes non-Basmati rice to UAE
New Delhi, India - Indian government has given the green light for the export of 75,000 tonnes of non-basmati white...The decision comes in the wake of restrictions placed on non-basmati white rice exports on July 20 aimed at bolstering domestic supplies
However, exceptions are being made for authorized exports to foreign nations, particularly to meet their food security demands upon request
Ford halts work on US$3.5 billion battery plant
The auto giant announced in February the project in Marshall, Michigan as a way to diversify its battery profile away...The stoppage comes as the company faces a major strike along with both of the other "Big Three" US automakers
Ford spokesperson insisted the decision about the $3.5 billion battery plant had not been related to the ongoing strike
Iran’s exports of agriculture products climb up 10% to US$1.62bn
Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of...The United Arab Emirates, Iraq and the Russian Federation were the major destinations for Iran's exported crops
During the first 5 months of 2023, a total of 2,169 million tons of agricultural products worth $1.62 billion were exported
Growing IT outlays intensify MENA’s transformation
The region's IT spending is set to rise by 4% to $183.8 billion in 2024, with software and IT services...The region's IT spending is projected to rise by 4% to $183.8 billion in 2024, with software and IT services witnessing double-digit growth
This surge aligns with the MENA region's push for digital transformation, enhanced cybersecurity, and a focus on generative AI initiatives
European Union okays lighter pact on curbing car emissions
Brussels, Belgium - EU member countries on Monday adopted a watered-down deal on curbing car emissions, after auto manufacturers complained stricter...Led by France and Italy, the 27 nations voted for a less ambitious plan than the one put forward by the European Commission in November 2022
The European Automobile Manufacturers' Association (ACEA), the sector's main EU lobby group, cautiously welcomed the decision
ADX inks pact with Expo Center Sharjah to boost financial services
Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) signed an agreement with the Expo Center Sharjah to enhance...The MoU between ADX and Expo Centre Sharjah aims to enhance services provided to the investor community in Sharjah
ADX and Sharjah Expo will be able to provide their respective customers with a more comprehensive range of services and offerings
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent.The...The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.
IsDBI, BIBF join hands to enhance global Islamic finance expertise
MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts.
This partnership between IsDBI, BIBF focuses on elevating the industry, forging international connections, and nurturing talent on a global scale.
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.The agreement includes Saudi Arabia’s first W Hotel, and a JW Marriott chain-branded hotel, NEOM said in a statement.
Trojena, a flagship development within NEOM, is being crafted and positioned as a year-round adventure sports haven.
