ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...
Business
Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
Economy
UN says right environment policies can generate 20 million jobs
“It is critical that as we scale up the use of Nature-based Solutions (NbS) we make sure we do not...
- Nature-based solutions aim to protect, restore, and sustainably manage waters and marine ecosystems.
- New Green Jobs for Youth Pact, launched by ILO and UNEP at COP27, aims to create one million new green jobs.
Business
Turkish investments in Algeria exceed $5 billion: Foreign minister
Algiers, Algeria--- Turkish investments in Algeria have exceeded $5 billion and the desired goal of $10-billion trade between the two...
- Mevlut Cavusoglu said the number of Turkish companies operating in Algeria exceeded 1,400.
- He said the desired goal of $10bn bilateral trade between the two countries could be achieved in a short time.
Videos
Is GCC insurance industry ready for the change?
Industry experts stress the need for harnessing the momentum the industry has gained after the recovery from Covid setbacks.
- PwC Middle East advises insurers, as they look to 2025 post Covid recovery, to harness "the momentum they have gained" to meet new challenges.
- "Regardless of how insurers capitalize on these trends, they will need to reassess the future and reimagine their place in the world," says Sanjay Jain of PwC.
Business
Continuous efforts to enhance UAE’s endeavor to confront money laundering crimes: CBUAE Governor
The apex bank "will continue to take all measures to ensure the maintenance of the integrity of the financial system...
- The CBUAE is making continuous efforts to enhance the fight against all forms of financial crimes and money laundering, says its Governor Khalid Mohammed Balama
- The Gulf country is developing effective policies and legal frameworks, governance and executive machineries, and close follow-up of all illegal financial transactions, he adds
Business
Riyadh summits bring in fresh hopes, opportunities as region sees China as ‘growth engine of global economy’
While a UAE official in Beijing calls the China-Arab summit a key milestone in the history of relations between the...
- While a UAE official in Beijing calls the China-Arab summit a key milestone in the history of relations between the two peoples, Palestine hails its outcomes as 'beyond expectation
- The UAE accounts for over 60 percent of China’s exports to the region, with China being the UAE’s largest trading partner, and the UAE being home to more than 6,000 Chinese firms
Economy
Pipeline leak in US results in 588,000 gallons crude spill
Canadian-based TC Energy, which operates the pipeline, detected the leak Wednesday night in Kansas and immediately halted the flow of...
- If the estimate on the size of the spill holds, it will be the largest crude oil spill in the United States since 2013
- Transportation Secretary Pete Buttigieg tweeted that authorities "are monitoring and investigating the... leak."
Geostrategy
US could change green subsidies rules as EU fears unemployment
The United States is open to amending lucrative green subsidies that have drawn transatlantic anger for allegedly encouraging job losses...
- Washington's landmark Inflation Reduction Act contains $370 billion in subsidies for green energy and tax cuts for US made electric cars
- Biden defended the act and said it was never intended to disadvantage US allies, and has committed to understanding EU concerns.
Business
DEWA receives 29 EOIs for first phase of desalination project at Hassyan
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received 29 expressions of interest (EOIs) to implement the first...
- This is the first project implemented by DEWA using the Independent Water Producer model, which will run in phases during 2025 and 2026.
- The firm uses clean solar power to desalinate seawater using the latest Reverse Osmosis technologies, which consume less energy.
Geostrategy
UAE, Turkmenistan review enhancing bilateral relations
ASHGABAT, TURKMENISTAN - Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber has left the UAE on...
- The UAE Minister of Industry and Advanced Technology headed a delegation comprising senior officials from government, private sectors to Turkmenistan.
- The delegation discussed ways to develop bilateral relations and enhance cooperation in the fields of oil, gas, clean energy, infrastructure.
Business
DEWA receives 29 EOIs to set up desalination project at Hassyan complex
The company has received 29 expressions of interest to implement first phase of its Hassyan Sea Water Reverse Osmosis Plant.
- The company has received 29 expressions of interest to implement first phase of its Hassyan Sea Water Reverse Osmosis Plant
- It has appointed a consortium of companies, including Deloitte, WSP and Addleshaw Goddard, to provide consultancy services for the project
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ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...
Business
Company News
United Airlines Q3 profit up
Business
Latest News
Airlines expected to carry 4.7 billion passengers in 2024: IATA
"Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5...
Business
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Business
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...
- In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.
- The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
COP28 UAE
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...
- FMC member companies have signed 94 offtake agreements to purchase emerging climate technologies.
- The coalition engages 13 governments who together account for over 50% of global gross domestic product
Business
UAE banks align with global sustainability standards
“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...
- UBF pledges over AED 1 trillion ($272 billion) for sustainable finance by 2030.
- The pledge reflects collective efforts of national banks towards a sustainable future.