Qatar’s economic momentum accelerates as diversification gains global recognition
However, Qatar faces downside risks from a deeper global economic slowdown that could weaken energy demand and LNG prices amid...
Economy
G20 summit opens in South Africa without Trump
The Johannesburg gathering is being attended by a host of world leaders including French President Emmanuel Macron, Indian Prime Minister...
Geostrategy
Business
UAE GDP set to double in 2024 from oil and non-oil boost: report
Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023,...
- The UAE has been actively pursuing non-oil sector expansion as part of its economic development plans
- The recent successful sovereign bond sale, which raised US$1.5 billion, has bolstered these efforts
Business
ADCB, EIH sign agreement
ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
- The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
- ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Economy
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
- This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
- This achievement adds to the recent major records, including a score of 77.66 during Q3.
Economy
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
- The cost-of-living index for November rose to 110.06 points, according to the base year 2018, from 108.25 points in the same month a year earlier.
- The higher consumer price index (CPI) in November was mainly impacted by a 7.8 percent rise in housing, water, electricity, gas, and other fuel prices.
Economy
EU reaches deal to reform electricity market
The agreement will see states given the "possibility to exclusively support" the acquisition of new renewable generation, in line with...
- EU's plans are aimed at making the market less vulnerable to volatility
- The deal includes a regulation that will improve the EU's protection against market manipulation
Economy
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...
- Kirill Komarov of Rosatom underscores the importance of nuclear power in combating climate change.
- SMRs have become crucial for decarbonizing remote areas reliant on carbon-intensive diesel generators.
Economy
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...
- The Central Bank of the UAE (CBUAE) announced that it would keep the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40 percent
- Following suit, Qatar Central Bank (QCB) also maintained its current interest rates, including the rates for deposit, lending, and repurchase agreements
COP28 UAE
World Bank to expand climate funding in MENA by $10 billion
Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...
- The funding supports both reducing net emissions and resilience projects, said Meskerem Brhane, the bank's Regional Director for Sustainable Development, MENA.
- She added that by embracing green growth strategies, the region's GDP could potentially grow to over $13 trillion by 2050.
Clean energy sees marked investment rise since 2020
With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is...
- With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is making strides towards a greener future, says an expert.
- However, challenges remain in meeting the Paris Agreement goals and ensuring all nations can participate in the transition, adds Ferdinand Varga of Boston Consulting Group.
Economy
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
- Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
- Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc
Qatar’s economic momentum accelerates as diversification gains global recognition
However, Qatar faces downside risks from a deeper global economic slowdown that could weaken energy demand and LNG prices amid...
Economy
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Trump eyes ‘fair deal’ with China, but path to ending tariff war remains unclear
Trade tensions between the world's two biggest economies have soared as Trump ramped up levies on imports from China this...
Economy
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
Economy
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
Business
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Economy
UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
- The UAE accounted for 41.4 percent of the Middle East’s $1.5 trillion merchandise exports, with regional exports growing by 3.7 percent and services by 4.1 percent in 2024.
- Globally, the UAE contributed 2 percent to services exports and 1.3 percent to imports, with service exports of $176 billion and imports of $106 billion.
Economy
Trump’s tariffs fallout: Why trade tensions are a ‘storm cloud’ over financial markets
Stocks later rallied after Trump announced a 90-day pause on additional higher tariffs that were set to impact around 80...
- New US tariffs have upended global trade and caused significant volatility in financial markets
- In early April, global stock markets plummeted after US President Donald Trump unveiled a new tariff regime
Geostrategy
Chinese vent anger at Trump’s trade war with memes, mockery
Beijing, China -- While China's leaders use their economic and political might to fight Donald Trump's trade war "to the...
- Defiant posts have shot to the top of most-searched lists on social media, flooding platforms with patronizing comments and jokes.
- In one video, a Chinese internet user opens his hands to reveal what goods he buys from the United States -- nothing.