Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...
Business
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Economy
In drought-hit Tunisia eco-friendly farming takes root
New methods such as permaculture are especially useful in Tunisia where an unprecedented drought has parched the countryside and left...
- The Tunisian Association of Permaculture's "Plant Your Farm" project aims to create 50 micro-farms over five years, of which around 30 are already up and running
- To help Tunisia's new eco-farmers sell their organic produce and spread the word on permaculture, the association has promoted farmers' markets and created a "citizen food" label
Economy
Iraq warned to end oil addiction in order to avoid ‘intensive care’
Iraq looks to have renewable energies cover a third of its electricity needs by 2030 and has signed several contracts...
- Baghdad will "diversify the economy" in the next 10 years, said Muzhar Saleh, economic adviser to Iraq's prime minister
- To initiate reforms needed to achieve "green growth", the World Bank estimates Iraq must spend $233 billion, spread out until 2040
Economy
Sharjah set to hold second UAE-China Tyre & Auto Parts Expo
Sharjah, UAE--More than 130 auto and tyre companies from China will take part in the second edition of the "UAE...
- According to Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, the exhibition is expected to become the most sought after platform for auto-industry stakeholders
- The expo will showcase the latest arrivals in auto parts and accessories, tire and battery products, automotive electronics and maintenance equipment
Geostrategy
Several Western states seeking division between OPEC members: Raisi
Tehran, Iran-- Urging OPEC member countries to preserve cohesion and unity among them, Iran's President Ebrahim Raisi said that several...
- Raisi, citing the history of good relations with OPEC, expressed his country's desire to continue strengthening the cooperation with it
- Haitham al-Ghais applauded the Islamic Republic's effort, both at ministerial and technical level, to strengthen the cohesion and unity of OPEC members
Economy
Global investment in clean energy to rise to US$1.7trn: IEA
Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set...
- According to the IEA report, investment across the globe in clean energy technologies is vastly outpacing spending on fossil fuels
- With solar in the forefront, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation
Economy
Safeguarding ‘digital public square’ is essential
States are struggling and “often failing” to protect online space for the common good, “swinging between a laissez-faire approach that...
- UN High Commissioner for Human Rights emphasizes the necessity of a safe online environment for a fully functioning society
- Volker Türk criticizes the laissez-faire approach and overbroad regulations hindering the proper protection of online space
Economy
US close to fixing debt ceiling issue, says President Biden
WASHINGTON, US - President Joe Biden said that Democratic and Republican negotiators were on the verge of resolving a debt ceiling...
- "It's very close and I'm optimistic," Biden said, adding "I'm hopeful we'll know by tonight whether we're going to be able to have a deal".
- Although there was no indication of an imminent public announcement, it was the strongest sign yet that the drama in Washington might end.
Business
Masdar city to review benefits, challenges of EVs in three day summit
ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during...
- The three-day summit is scheduled to take place at the Abu Dhabi National Exhibition Center from May 29-31.
- Lukas Sokol, Masdar City’s head of master planning, will shed light on the city’s work in introducing electric, autonomous vehicles.
Geostrategy
Iraq plans ambitious Europe-Middle East road, rail project
Iraq presented an ambitious plan to turn itself into a regional transportation hub by developing its road and rail infrastructure,...
- War-ravaged and beset by rampant corruption, oil-rich Iraq suffers from dilapidated infrastructure.
- Developing the road and rail corridor would allow Iraq to capitalize on its geographical position.
Economy
EIB lends US$3.6bn to circular economy projects
BRUSSELS, BELGIUM - The European Investment Bank (EIB) lending to circular economy projects has consistently increased over the years, amounting...
- EIB has been building partnerships with multilateral development banks and civil society organizations to accelerate the transition to a circular economy.
- EIB said there can be no transition to a carbon-neutral economy without a change to a circular economy where resources are in use for as long as possible.
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...
Business
Company News
Latest News
UAE banking sector sees $71.87 billion in savings deposits until October 2023
Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the...
Economy
Climate threats haunt GCC’s economy and finance
The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's...
Economy
Lebanon economy to plunge into recession due to Gaza war
The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for...
Economy
Most Read
Economy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
- Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
- GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.
Economy
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
- The bank said that the UAE economy recorded a 3.8 percent year-on-year (YoY) growth in the second quarter of the current year, compared to 8 percent recorded in Q2 2022.
- It mentioned that the non-oil GDP growth accelerated to 7.3 percent YoY in the second quarter of the current year, up from 4.5 percent YoY in the previous quarter.
EU agrees on 150-million financial aid for Tunisia
A joint statement said the funds amounting to around $164.3 million "aims to support the efforts undertaken by the Tunisian...
- The aid is part of a partnership agreement reached between the two countries in Tunis on July 16, which included a 105 million euros to curb irregular migration
- The joint press by EU commission and the Tunisian foreign ministry release said the 150-million aid will consist of a "direct financial transfer to the Tunisian public treasury