UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...Business Economy Geostrategy
Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023
Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...Business
Work on world’s largest waste-to-energy project nearly completed
Dubai, UAE - Dubai Municipality said Monday 85 percent of of Dubai Waste Management Centre (DMWC), world’s largest waste-to-energy project,...Once fully operational, the plant’s renewable energy, generated from treating waste, will feed the local electricity grid with 215MWh of clean energy.
Located in Dubai’s Al Warsan, the project will convert 45 percent of the emirate’s municipal waste into renewable energy.
UAE solar energy leader in Arab world
Arab countries are constructing solar and wind energy plants with a total capacity of 73.4 gigatons, which is nearly five...Renewable energy generation projects in the Arab countries will reach nearly 92 percent of the region's total targets by 2030.
More than 12 gigatons of wind and solar energy are currently produced in the Arab region, the report said.
Stock markets rally, as euro briefly surges
Stock markets rallied Monday, building on pre-weekend momentum as investors priced in the expectation of further interest rate hikes aimed...The euro surged a day after German central bank chief signaled the European Central Bank would probably continue raising its key rate.
The European single currency rocketed more than 1.4 percent against the dollar and 1.6 percent versus the yen before trimming gains around midday.
Norway skeptical about EU proposal on gas price cap
Norway, which has replaced Russia as Europe's leading supplier of natural gas, dashed the hopes of EU member states who...European energy ministers who met in Brussels said they were in favor of measures for combating soaring gas and electricity prices.
European Commission has proposed a price ceiling on gas imported from Russia, several members called for a price ceiling on all gas bought by EU states.
Abu Dhabi industrial sector registers 136 new licenses in H1
Abu Dhabi, UAE-- The registration of 136 new industrial licenses in the first half of 2022 points to a strong growth...The number of licenses transitioning to the construction phase reached 62, with the number of licenses having moved from under-construction to in-production reaching 44 factories.
The total value of Capital Expenditures (CAPEX) of industrial establishments that switched to in-production stage rose to AED 3.1 billion compared to AED 1.03 billion in H1 2021.
IAEA approves operational safety at Barakah Nuclear Power Plant
An International Atomic Energy Agency team of experts said the UAE's Barakah Nuclear Power Plant (NPP) had strengthened operational safety...The Operational Safety Review Team had concluded a five-day follow up mission to the Barakah NPP.
OSART missions aim to improve operational safety by independently assessing safety performance against the IAEA’s safety standards.
UAE issues updated second NDC to reduce emission
The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved...The new document outlines the country’s increased climate target of reducing greenhouse gas emissions by 31 percent.
The reduction target translates into an absolute emission avoidance of 93.2 million metric tonnes of CO2e.
UN urges EU against fossil fuels in energy crisis
The UN urged EU countries on Monday to continue battling climate change and not resort to more fossil fuels in...Moscow's invasion of Ukraine has seen the price of natural gas hit record levels, throwing the European Union economy into deep uncertainty.
Before the war, 40 percent of the EU's gas imports came from Russia.
Costa Rica-UAE bilateral trade up by 292 percent since 2017: Minister
Abu Dhabi, UAE--Costa Rica's foreign minister Arnoldo Andre has said that the trade between his country and the UAE has...For the year 2021, the total trade between both countries reached $49.1 million.
37 Emirati companies have attended a Costa Rican trade fair to learn about the country's productive capacities and its export potential.
27,100 new companies join Dubai Chamber of Commerce till Aug 2022
Dubai, UAE-- More than 27,100 companies have joined as new members of the Dubai Chamber of Commerce in the first eight...Member exports and re-exports increased over 20 percent y-o-y to reach AED177 billion ($48.18 billion).
More than 476,000 Certificates of Origin were issued by the Chamber between January and August 2022, a growth of 9.8 percent compared to the same period last year.
