Global oil supply hit record high in August: IEA
Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production,...
Economy
Saudi launches Damascus area reconstruction project
Saudi Arabia announced on Sunday humanitarian projects for Syria including the removal of wartime rubble around Damascus, weeks after inking...
Economy
Business
Two convictions in FIFA corruption scandal overturned by US judge
Miami, United States--Two convictions in the FIFA corruption case have been overturned by a US federal judge citing a recent Supreme...
- The investigation, including raids on FIFA officials in Zurich, resulted in a series of arrests and trails and subsequent charges, convictions and guilty pleas
- In a ruling on Friday, US district Judge Pamela Chen said a May Supreme Court decision meant that the convictions for wire fraud could not stand
Business
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
- In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
- Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.
Business
DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...
- DEWA's MD and CEO, Saeed Mohammed Al Tayer, said that the total cost of electricity transmission network projects under construction exceeds $1.14bn
- Al Tayer further revealed that the total number of transmission substations across Dubai reached 368 stations by the end of the first half of 2023
Economy
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
- Russia's Deputy Prime Minister Alexander Novak said on Thursday that his country has agreed with OPEC+ to cut oil exports next month
- The International Energy Agency and OPEC are relying on China, the world's largest oil importer, to shore up oil demand over the rest of 2023
Economy
Iran and Syria sign agreement to build rail connection via Iraq
Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq....
- Iran's minister of roads and urban development made the announcement at the inauguration ceremony of the construction of the Shalamcheh-Basra railway
- The minister said that in the wake of the signing of the agreement with Syria, a trilateral agreement between Iran, Iraq, and Syria will be put on the agenda
Geostrategy
Iraq-Iran rail link to facilitate travel, tourism and medical treatments
Iraq's prime minister inaugurated construction work on what is slated to become the first railway line connecting the country to...
- The project had been under discussion for years before an agreement was reached in 2021.
- The Iraqi PM thanked Iran for planned demining operations at the border to clear the way for the train line.
Business
Iraqi Trade Center to be launched at ACC’s headquarters in Jordan
AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at...
- The center's inauguration will allow Jordanian and foreign businesspeople to view investment opportunities offered by the Iraqi government.
- The center will provide Jordanian companies with the opportunity to learn about Iraqi industries and agricultural products.
Business
Leather, knitwear industries contribute 2.4% to GDP, says JCI
AMMAN, JORDAN - Representative of the leather industries and knitting sector at Jordan Chamber of Industry (JCI), Ehab Qadri, said...
- The sector's exports achieved a "remarkable" growth during the past year by nearly 21 percent, reaching $2.3 billion, compared to 2021.
- The sector, as per data from Social Security Corporation, employs around 76, 000 workers, constituting 27 percent of the total workforce.
Economy
China’s industrial sector posts robust growth in 2023
Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according...
- The country took a big leap in renewable energy, unveiling the world's premier 16-megawatt offshore wind turbine, showcasing its deep-sea wind power construction proficiency
- Its entrepreneur confidence index and prosperity index for strategic emerging industries posted robust growth, strengthening the positive trajectory of China's economic landscape
Economy
Iran reports 15% surge in gasoline output
Tehran, Iran - Iran has reported a 15% surge in its gasoline output this year compared to last year. The...
- The Persian Gulf Star Oil Refinery is supplying 4 million liters per day of gasoline derivatives to other refineries to help meet the rising demand
- Iran's daily average demand for gasoline exceeds 120 million liters, and on peak travel days, consumption reaches nearly 150 million liters
Global oil supply hit record high in August: IEA
Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production,...
Economy
Company News
Latest News
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
Economy
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West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
- Iran and its Lebanese ally Hezbollah have vowed revenge for the killings of Ismail Haniyeh and Fuad Shukr
- The White House warned that a "significant set of attacks" by Iran and its proxies was possible as soon as this week
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
- Update will replace the current licensing process in 2025
- Kingdom wants to hit $100 billion of FDI annually by 2030
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
- Bitcoin traded 8.5% lower at below $54,000at $54,000 at time of publishing
- About $700 million of bullish crypto positions using derivatives were liquidated in the past 24 hours