Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
Economy
Art Dubai 2023 generates US$39m in economic impact, says new study
DUBAI, UAE - Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced...
- The study showed that Art Dubai 2023 attracted a staggering 23,500 hotel nights bookings to Dubai.
- The event had the strongest-ever participation of regional and international institutional representatives.
Business
Need for big investments dark cloud over ChatGPT revolution
Building something even near the scale of what OpenAI, Microsoft or Google have on offer would require billions in investment...
- Generative AI will be even more dependent on cloud computing and tech giants, leaving the same players in the driver's seat.
- Regulators are hoping that they can keep up, and not leave the giants in charge, imposing their terms on smaller companies.
Business
Gulf oil giants turn to start-ups in bid to promote carbon capture
With little investment and few projects in operation around the world so far, the technology to capture carbon before it...
- Now major players from Aramco to the UAE's ADNOC say that is about to change, as the UAE hosts climate negotiations this year with a message of cutting emissions.
- Aramco has invested in Carbon Clean, a UK-based firm that has developed compact technology that captures carbon from industrial smokestacks.
Business
Abu Dhabi launches program for sustainable beekeeping, honey production
ABU DHABI, UAE - The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has launched an ambitious program to develop...
- The program is based on scientific studies and research to develop the best methods and practices suitable for the UAE environment.
- A vital aspect of the program is the breeding of queen bees capable of adapting to the country's unique environment and climate.
Economy
US debt ceiling issue keeps Biden, aides busy at G7
President Joe Biden may be on the other side of the world but his political fight back home over the...
- The Group of 7 meeting in Japan is an important stage for Biden's goal of restoring US leadership among the world's democracies.
- "It is definitely a subject of interest here at the G7," National Security Advisor Jake Sullivan told reporters.
Geostrategy
G7 to focus on ‘responsible’ use of artificial intelligence
The world must assess the impact of generative artificial intelligence, G7 leaders said, announcing they will launch discussions this year...
- Text generation tools such as ChatGPT, image creators and music composed using AI have sparked delight, alarm and legal battles.
- European Parliament lawmakers this month also took a first step towards EU-wide regulation of ChatGPT and other AI systems.
Geostrategy
UAE to implement support scheme for low-income farm owners
DUBAI, UAE - The Ministry of Community Development and Etihad Water & Electricity have announced the implementation mechanism of the...
- The support aims to reduce the financial burden related to electricity bills, as part of an integrated and holistic approach to help low-income families in UAE.
- Beneficiaries can check the monthly support amount by referring to their farms’ consumption bill through Etihad Water & Electricity’s service channels.
Geostrategy
UAE discusses clean energy partnerships with Germany, Netherlands
ABU DHABI, UAE - A senior UAE official of the Ministry of Energy and Infrastructure (MoEI) visited Germany and the...
- Over 11,500 decision-makers, energy ministers and CEOs from over 100 countries participated in the World Hydrogen Summit 2023 in Netherlands.
- A senior UAE official provided an overview of the country's energy transition, with a focus on its hydrogen industry.
Business
Namibia supports Saudi Arabia’s bid to host Expo 2030 in Riyadh
Riyadh, Saudi Arabia--Namibia has voiced its support for Saudi Arabia's bid to host Expo 2030 in Riyadh.This was announced by...
- Bureau International des Expositions (BIE) Secretary General in March said that Saudi Arabia has presented a ‘strong’ case to host World Expo 2030
- The kingdom aims to host the Expo in Riyadh from October 1, 2030 till March 31, 2031 under the theme “The Era of Change: Together for a Foresighted Tomorrow.”
Economy
UAE takes steps for smooth rollout of corporate tax
The Ministry of Finance calls on public to rely only on official publications for information on the tax law, while...
- The Ministry of Finance calls on public to rely only on official publications for information on the tax law, while Dubai launches an integrated training programme for awareness
- The new "Tax Agents Classification" initiative, meanwhile, aims to simplify tax compliance for taxpayers by allowing them to select a specialized Tax Agent based on their sector
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
Economy
Company News
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Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
Geostrategy
Qatar records 6 percent drop in Industrial Production Index in October
Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October...
Economy
COP28 initiatives to narrow climate finance disparity
Antoine Samaha of BCG applauds the launch of a Loss and Damage Fund for developing countries, emphasizing the need for...
COP28 UAE
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Economy
D33 Economic Agenda helps Dubai’s tourism thrive
“Dubai’s robust partnerships with leading travel and hospitality companies are key to fostering the growth of this crucial sector, both...
- Dubai's tourism sector plays a pivotal role in the city's economy, with a record 13.9 million visitors in 2023.
- Under the D33 Agenda, Dubai is not only advancing in tourism but also focusing on sustainability,
Economy
UAE to strengthen digital infrastructure in Azerbaijan
Abu Dhabi, UAE – The UAE and Azerbaijan have signed a Memorandum of Understanding (MoU) aimed at strengthening the digital...
- Data centers are crucial to a country’s digital infrastructure as they provide a secure space for storing critical data and running applications.
- Azerbaijan has taken steps towards advancing the digital economy, among else through the centralization of e-services and the digitization of public services
YEARENDER
GCC soars in global space race with key advancements
Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their...
- Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their rising status in global space sector.
- Bahrain's development of its first satellite and Kuwait's CubeSat initiative underscore the Gulf region's commitment to space technology and research.