Asian shares mixed after Fed minutes, while Nvidia provides support
Asian markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates...
Economy
Kuwait approves new government amid political crisis
Kuwait's emir approved a new cabinet Sunday two days after he dissolved the parliament elected only weeks earlier, and he...
Economy
Business
Dubai to expand EV charging points by 170 percent till 2025
DUBAI, UAE- Dubai Electricity and Water Authority (DEWA) aims to grow the city’s network of public charging stations by 170...
- Dubai Electricity and Water Authority aims to grow the city’s network of public charging stations by 170 percent in less than three years.
- The emirate’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to generate 100 percent of its power from clean energy sources by 2050.
Business
UAE says 79,000 Emiratis working in private sector
DUBAI, UAE -Â Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization...
- These figures mark a 57 percent increase compared to the end of 2022 figures, where 50,228 UAE nationals were employed in the private sector.
- Nearly 17,000 private sector firms employ UAE citizens as of July 7, which was the last day for companies to achieve their semi-annual Emiratisation targets.
Business
Dubai’s RTA digital channels generate revenue of US$953m in 2022
DUBAI, UAE - Director-General and Chairman of the Board of Executive Directors of Dubai’s Roads and Transport Authority Mattar Al...
- RTA launched a feature that allows users to instantly access their vehicle registration cards for virtual displays upon request.
- In 2022 RTA recorded 814 million digital transactions up from 676 million in 2021, reflecting a robust growth rate of 20 percent.
Geostrategy
Saudi Arabia should ‘review’ emissions targets: French minister
France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart....
- Saudi Arabia pledged in 2021 to achieve net zero carbon emissions by 2060. Pannier-Runacher's trip came as the UAE prepares to host the COP28 climate summit.
- Largely state-owned energy firm Saudi Aramco, the kingdom's main revenue generator, is targeting "operational net-zero" carbon emissions by 2050.
Economy
UK to unveil new measures to support financial sector
Hunt, whose official title is chancellor of the exchequer, will lay out plans for an "entirely new kind of stock...
- Hunt will set out "how Britain's financial services will support the drive for long-term sustainable growth across the country", the UK Treasury said
- The new measures will in particular seek to make the UK stock market more attractive to firms looking to take their businesses public
Economy
Global trade in commodities to expand by 1.3% annually: FAO-OECD report
Paris, France--Global trade in agricultural commodities is projected to expand by 1.3 percent annually - half the pace recorded in...
- The FAO and OECD report said maize, wheat and soybeans contributed the most to the overall agricultural trade growth in the past decade
- South and Southeast Asia’s net imports, after becoming a net importer of agricultural commodities in recent years, are projected to rise further
Business
Jordan’s beekeepers make a fortune as demand for honey soars
The kingdom of Jordan prides itself on its 19 different types of honey, including citrus, eucalyptus and maple varieties, depending...
- Jordan's 4,000 apiarists have ramped up output of the sweet and sticky golden substance long praised for its anti-inflammatory and other health benefits
- Even if there is no scientific consensus that honey helps fight Covid, many of those infected have used it to soothe symptoms such as sore throats
Economy
Saudi Arabia and France sign MoU to deepen ties in energy sector
Riyadh, Saudi Arabia--Saudi Arabia and France have signed a memorandum of understanding (MoU) to cooperate in the field of energy,...
- The MoU mandates Saudi Arabia and France to ramp up cooperation in developing and sustaining supply chains for the energy sectors
- The joint statement said that addressing climate change and promoting sustainable supplies of energy were priorities of both countries
Geostrategy
Dubai Police records 65,942 ‘transactions’ at smart police stations in H1
Dubai, UAE-- During the first half of 2023 the Dubai Police has recorded some 65,942 smart transactions at its 22...
- According to the police, some 66,000 smart transactions were processed without any human intervention, including the lodging of 16,000 reports
- Major General Ali Ahmad Ghanim said residents and visitors expect top-notch police services that are both innovative and convenient
Economy
High oil prices, reforms spur Saudi economic boom
The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates,...
- The Kingdom's non-oil private sector expanded sharply in June as output and new orders rose at accelerated, multi-year record rates, indicating strong growth rate.
- Consumer spending saw a remarkable 15% year-on-year rise in May, despite a monthly drop, while SAMA foreign reserve assets rose in May for the first time in six months
Asian shares mixed after Fed minutes, while Nvidia provides support
Asian markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates...
Economy
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Pakistan, Dubai ink deals worth $3 billion at Davos
Davos, Switzerland - Pakistan and Dubai signed two agreements totaling over $3 billion on the sidelines of the World Economic...
Economy
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and...
World Economic Forum
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE -Â Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
Business
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Economy
China’s economy to grow steadily in 2024, say analysts
Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last...
- Many experts believe that China needs to set an annual GDP growth target of around 5 percent to boost business confidence
- The Chinese economy grew 5.2% in the fourth quarter of 2023 year-on-year, following a 4.9% growth in the third quarter
Economy
Dubai at forefront of sustainable energy innovations
“We're witnessing strong, growing, and sustainable demand for energy and water in Dubai. In 2023, the peak electricity load rose...
- DEWA’s state-of-the-art infrastructure bolsters Dubai's global economic and trade hub status.
- World's largest solar-powered desalination plant is set to enhance the emirate's water security.
Business
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
- The move came after the US Supreme Court on Tuesday declined to hear appeals by Apple and Epic of a lower court ruling in which the iPhone maker was seen as the victor.
- Epic in 2020 launched a case aiming to break Apple's grip on the App Store, accusing the tech giant of operating a monopoly in its shop for digital services