Trump hits India with 25% tariff and ‘penalty’ over Russia ties
US President Donald Trump said Wednesday that imports from India will face 25 percent tariffs, while also announcing an unspecified...
Economy
US Fed poised to hold off on rate cuts, defying Trump pressure
Policymakers at the independent Federal Reserve have kept the benchmark lending rate steady since the start of the year as...
Economy
Economy
Saudi Arabia to host MENA Climate Week in October to ‘assess progress’
Riyadh, Saudi Arabia--Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12, in coordination with the...
- According to the ministry of energy, the event will examine the progress made in realizing the objectives outlined in the Paris Agreement
- It added the event will bring into focus the region's initiatives and approach to climate action and shed light on the impact of climate change
Economy
Gulf economies pivot towards China: Multi-billion dollar investments strengthen relations
Economic ties between China and the Gulf region's largest economies, Saudi Arabia and the UAE, have surged since President Xi...
- The value of Gulf companies' acquisitions and investments in China this year increased by more than 1,000 percent yearly to $5.3 billion
- Abu Dhabi's sovereign wealth fund, the "Mubadala Investment Company," is expanding its operations in China to attract investments
Economy
DEWA exhorts customers to take ‘measures’ in order to avoid fire
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has called on the public to take all necessary measures to avoid the...
- Exhorting customers to use its smart services, DEWA asked them to visit its website and smart app in order to protect people and property
- It urged customers to use proper insulation in order to cover wires and be careful of exposed wires and damaged electrical parts
Market Report
Asian markets swing as US jobs data disappoint
Asian equities wobbled at the end of a draining week as fresh US jobs data put revived bets on two...
- Data recently pointed to a weakening in the US economy that would help ease inflation, the Fed has said it needed to see more softening in the jobs sector.
- This week's stumble follows a rally last week when a faster-than-expected slowdown in US inflation stoked hopes the Fed could end its rate hikes. .
Business
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
- The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food and agriculture sector.
- Sawani will work in partnership with the private sector to boost the production capacity of the camel dairy industry.
Opinion
Erdogan’s visit a game-changer for Turkish-Gulf ties
For the wealthy Gulf states, combining their resources with Turkiye's defense and industrial achievements will produce lasting benefits not only...
- Erdogan's visit was aimed to boost economic relations and tackle Turkey's economic challenges, writes Turkish Professor Ibrahim Karataş
- Major agreements were signed with Saudi Arabia and the UAE, with a strong focus on defense and economic cooperation, he adds
Economy
Travel companies give wings to Saudi tourism aspirations
Fueling this ambition is an intricate web of travel companies, including tour operators, airlines, accommodation providers, cruise lines, and destination...
- The Kingdom, aiming to draw 100 million yearly visitors by 2030, is planning to invest over US$1 trillion in tourism over the next decade
- Travel companies play a key role in promoting Saudi tourism, developing packages, and collaborating with public sector entities
Business
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.
- Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
- Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.
Science
UAE emissions plan ‘insufficient’, say climate groups
PARIS, FRANCE - New carbon-cutting plans by this year's UN climate talks host the UAE were branded "insufficient" by an analysis...
- The UAE, which will host the COP28 United Nations talks in November and December, has released its updated climate plans.
- The plans laying out a tougher target to reduce its greenhouse gas emissions by 19 percent by 2030 compared to 2019 levels.
Geostrategy
US, Arab League discuss Middle East, Israeli-Palestinian conflict
The US-Arab Strategic Dialogue discussed Middle East peace and the Israeli- Palestinian conflict, among other issues. The dialogue concluded successfully...
- US-Arab League discussed reducing tensions in regional conflicts, climate change and health security.
- The US condemned the attack on the Swedish Embassy in Baghdad and urged the Iraqi government to protect foreign missions.
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Trump hits India with 25% tariff and ‘penalty’ over Russia ties
US President Donald Trump said Wednesday that imports from India will face 25 percent tariffs, while also announcing an unspecified...
Economy
Company News
Latest News
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
Economy
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...
Economy
Most Read
Economy
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
- Russia’s central bank raised rates to 16 percent in a series of hikes last year to cool the pace of price rises.
- "Current inflationary pressures are gradually easing but remain high," the bank said in a statement.
Science
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
- The two will also cooperate to utilize ENEC's experience in developing new nuclear builds and investments in GA's' advanced non-light water reactors
- ENEC and GA Electromagnetic Systems (GA-EMS), as part of the memorandum of understanding, will explore collaboration opportunities covering several projects
Economy
‘UAE outpaces major nations in human development’
“These efforts ensure sustainable development across all sectors, promising a bright future for generations to come,” he adds, referring to...
- UAE leads the region with significant improvement in education, health, and economy.
- The country climbs nine places in Human Development Index, ranking 17th worldwide.