Saudi Arabia aims to build ties with Canada in scientific and research fields
Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from...Business
Abu Dhabi Judicial Department’s Auction App generated $925m in property sales
Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction...Business
As AI rises, lawmakers try to catch up
Artificial Intelligence promoters reckon it is revolutionizing human experience, but critics stress that the technology risks putting machines in charge...Suresh Venkatasubramanian of Brown University, who co-authored the AI Bill of Rights, said trying to define AI was "a mug's game"
Experts reckon no dedicated AI legislation is likely in the United States until 2024 at the earliest because Congress is deadlocked
World economy faces more pain in 2023 after a gloomy year
Economists expect Germany and another major eurozone economy, Italy, to fall into recession. Britain's economy is already shrinking. Rating agency...IMF still expects the world economy to expand in 2023, with growth of 2.7 percent but the OECD is forecasting 2.2-percent growth
Natural and man-made catastrophes have caused $268 billion in economic losses so far in 2022, according to reinsurance giant Swiss Re
ADNOC signs catering deals worth $272m
Four Abu Dhabi firms will provide services to ADNOC companies from 2022-27.More than 50 percent of the value from the four contracts will flow back into the UAE economy, as part of ADNOC’s In-Country Value (ICV) programme, ADNOC said.
Royal Catering, Apex National Catering, National Corporation for Tourism & Hotels (NCT&H) and Sodexo Kelvin have been awarded the contracts.
EU stops import of products which causes deforestation
The European Union reached an agreement to ban the import of products including coffee, cocoa and soy in cases where...The draft law, which aims to ensure "deforestation-free supply chains" for the 27-nation EU, was hailed by environmental groups as "groundbreaking".
The scope encompasses palm oil, cattle, soy, coffee, cocoa, timber and rubber as well as derived products such as beef, furniture and chocolate.
Developing economies’ debt more than doubled over decade, says World Bank
The external debt of developing economies has more than doubled from a decade ago to US$9 trillion in 2021, the...Many countries are already facing or at risk of debt distress with surging global inflation and rising interest rates.
The external debt of International Development Association countries also nearly tripled in the decade leading up to 2021.
Libya tells foreign energy firms it’s safe to return
TRIPOLI, LIBYA - Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production Tuesday...Rival administrations in east and west have vied for power in Libya since March.
Libya aims to raise its oil output from around 1.2 million barrels per day currently to 2.0 million bpd by 2027, NOC chairman Farhat Bengdara said.
Abu Dhabi Airports, Bombardier to create aircraft hub in UAE
This represents Bombardier’s first full-service facility in UAE.The development of the new Bombardier MRO at Abu Dhabi International Airport is one of several key investments Abu Dhabi Airports is supporting.
This represents Bombardier’s first full-service facility in the UAE and builds on its long-term commitment to their customers in this critical market.
Vietnamese firms look to benefit from Saudi Vision 2030 opportunities
Riyadh, Saudi Arabia---Â As many as 20 Vietnamese companies that participated in the Saudi-Vietnamese Business Forum on Tuesday evinced interest...As many as 20 Vietnamese companies that participated in the Saudi-Vietnamese Business Forum.
The trade between the two countries amounted to about SR8.2 billion in 2021.
UAE, Saudi Arabia sign MoU for mutual recognition of maritime training
LONDON, UK - The UAE Ministry of Energy and Infrastructure (MOEI) and the Transport General Authority (TGA) of the Kingdom...The move is in line to ensure the highest standards of maritime safety and within the outcomes of the Saudi-Emirati Coordination Council.
This is as per the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 and its amendments.
KEZAD, Al Eskan Al Jamae merge
The merger creates Abu Dhabi’s largest integrated staff accommodation company.The combined entity will have an equity value of approximately AED7 billion ($1.90 billion). This transaction would be effected through an equity share swap with no cash exchange.
For the nine months ended 30 September 2022, revenue was AED275 million for KEZAD Communities and AED205 million for EAJ.Â
