Middle East & North Africa: Regulatory momentum and DeFi fuel crypto adoption
The Middle East & North Africa (MENA) region ranks as the seventh-largest crypto market globally in 2024, with an estimated...
Economy
What are the needs and challenges of an ageing workforce?
Age bias in the world of work is real. But it is more complex and nuanced than the common narrative...
Police hold boss of troubled developer China Evergrande: report
Xu Jiayin, who is known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month, according...
- Evergrande stocks in Hong Kong fell precipitously on Wednesday afternoon following a moderate rise in morning trading, closing the day 19 percent down
- Chinese property developer Evergrande's enormous debt has contributed to the country's deepening property sector crisis, raising fears of a global spillover
Economy
Israel makes progress on water-for-energy pact with Jordan and UAE
Dubai, UAE - Israel's energy minister and the CEO of the UAE's renewable energy firm, Masdar, have met to advance...
- Jordan will provide solar energy generated from a UAE-funded facility to Israel and in return, Jordan will receive desalinated water from Israel
- The goal of the agreement is to address Jordan's pressing need for water while helping Israel diversify its clean energy sources
Economy
World Bank chief vows to tackle ‘dysfunctionality’ at development lender
The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its...
- Banga has previously called on World Bank to collaborate more closely with the private sector to meet the enormous costs associated with climate change mitigation and adaption
- On Tuesday, Banga said the bank should carefully target where it wants to encourage private investment to help cap carbon emissions in order to have the biggest impact
Economy
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
- It hopes to harness green hydrogen -- the kind made without burning fossil fuels -- for its sizeable fertilizer sector
- Hydrogen is seen as a clean energy source that can help the world reduce atmospheric carbon emissions
Business
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
- The Iranian minister said that a long-term contract to operationalize Chabahar Port will be signed with India in the near future
- He said that in order to develop the country's transit, it is important to develop north-south corridors with a rail connection
Business
DP World spends US$6bn
It invested the money to be a big supply chain player.
- DP World's CEO, Sultan Ahmed bin Sulayem, made the remarks during the 21st Arab Media Forum in Dubai, at a session titled ‘Trade in a Changing World’
- He said the company made the switch from operating ports to becoming a global leader in smart end-to-end supply chain logistics, facilitating worldwide trade flows
Economy
Innovation steers Middle East through tourism swings
Facing tourism seasonality challenges, the region diversifies offerings, enhances infrastructure, and collaborates, for year-round success despite temperature fluctuations.
- The Middle East combats tourism seasonality and temperature challenges with innovative strategies for consistent year-round appeal
- Using diversified tourism, improved infrastructure, and collaboration, destinations can maximize off-peak season benefits in the region
Geostrategy
France warns Lebanon financial aid at risk over presidency deadlock
French President Emmanuel Macron's special envoy urged Lebanese factions to find a "third way" for electing a new president, warning...
- Lebanon has been without a president for almost a year after ex-head of state Michel Aoun's mandate expired.
- Lebanon's president is elected by parliament, where neither side has a majority, rather than by universal suffrage.
Economy
Dubai Government reduces public debt by US$7.8bn
DUBAI, UAE - The Public Debt Management Office (PDMO) of the Government of Dubai's Department of Finance (DOF) announced a...
- The achievement has been realized within a year and a half since the establishment of the office in 2022.
- This includes a full redemption of Sukuk certificates worth $898 million, the repayment of bilateral and syndicated facilities totaling $1.4 billion.
Geostrategy
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom.The bilateral agreement, signed on...
- The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
- ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.
Middle East & North Africa: Regulatory momentum and DeFi fuel crypto adoption
The Middle East & North Africa (MENA) region ranks as the seventh-largest crypto market globally in 2024, with an estimated...
Economy
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Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...
Economy
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
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Economy
Morocco aims to increase exports by 12% in 2024, says kingdom’s trade minister
Dubai, UAE-- Morocco hopes to increase its exports by 12 percent this year, according to the kingdom's minister of industry...
- The minister said in Dubai the Moroccan government's economic growth forecasts are around 3.7 percent this year
- He said the WTO conference is an opportunity for dialogue toward fairer and more transparent trade measures
Economy
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
- Comoros and Timor-Leste sign Protocols of Accession, set to join WTO within 30 days.
- Accessions signify global confidence in the WTO and promise their economic growth.
Business
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
- EDB’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth.
- EDB has approved $353 million in financing under the Credit Guarantee Scheme with partner banks in UAE.