Tesla to build first grid-scale power plant in China
New York, United States - Tesla announced Friday that it signed an agreement to build its first grid-scale energy storage...
Economy
US Fed set to hold rates steady as it guards against inflation
Washington, United States - The US central bank is expected to hold interest rates steady Wednesday after its key policy...
Economy
Economy
Child labor on the rise for the first time in 20 years
He emphasizes the need to tackle the underlying causes of child labor by eradicating forced labor, ensuring safe and healthy...
- The root cause of child labor is identified as a systemic lack of social justice, not parental neglect, says ILO's Director-General Gilbert Houngbo
- One in every 10 children globally, amounting to 160 million children, are engaged in labor, often at the expense of their education, he adds
Economy
UAE and Russia hold talks to eliminate double taxation
Dubai, UAE--The UAE and Russia have held the second round of negotiations on the double taxation agreement on income and...
- The agreement is designed to provide protection to taxpayers from double taxation and remove bottlenecks on the path of trade and investment
- The UAE noted the importance of dialogue in fostering better bilateral relations with Russia, resulting in growth in trade, finance and investment
Economy
Dubai leads global FDI in cultural, creative industries in 2022
Dubai, UAE - Dubai has achieved top global ranking in attracting Foreign Direct Investment (FDI) projects in the cultural and...
- The United States, India, the United Kingdom, France and Switzerland emerged as the leading foreign direct investors in Dubai’s cultural and creative industries
- Asian nations, like India and Singapore, are finding their fastest-growing creative industry sectors to be enormous revitalisers of employment figures
Economy
Saudi Arabia to provide visitors with instant e-visa to boost travel
Riyadh, Saudi Arabia-- In order to boost the travel and tourism industry in the kingdom, Saudi Arabia will offer instant...
- The visa on arrival is just the latest step in Saudi Arabia's drive to make it easier for visitors to undertake a trip to the kingdom, boosting arrivals to 100 million by 2030
- The Saudi Tourism Authority has adopted digitization increasing accessibility and connectivity for visitors to enter the kingdom and enjoy its natural and cultural diversity
Business
Initiative by Digital Economy Chamber to help firms set up in Dubai
DUBAI, UAE - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has announced a...
- The initiative will provide a comprehensive package of services designed to support tech, digital startups, SMEs, and MNCs.
- The chamber’s strategy (2022– 2024) is focused on improving the digital business environment, developing support for digital firms.
Business
Assets of banks in UAE up 2.6% in first quarter to reach $1.02 trillion
In its UAE Monetary, Banking, and Financial Markets Developments Report for Q1, which provides insights into the monetary and banking...
- Money Supply M1, comprising Currency in Circulation outside Banks and Monetary Deposits, witnessed a 3 percent q-o-q increase during the first quarter of 2023.
- At the end of the first quarter of 2023, there were 22 locally incorporated banks, while the branches of these banks decreased to 494.
Business
Sharjah’s Sabaa Sanabel wheat gets Made in the UAE mark
SHARJAH, UAE - Sabaa Sanabel wheat flour, made from the wheat produced here, has become the first national product to...
- Sabaa Sanabel wheat flour has met the highest quality and safety standards in force in the UAE, boosting its competitiveness in the market.
- Sabaa Sanabel has obtained five accredited certificates in quality and safety as it does not contain anything that changes its nutritional value.
Economy
Pakistan gets first Russian crude under discount deal: PM
Since Russia launched its invasion of Ukraine last year, economic sanctions have seen a significant cut in its oil and...
- Pakistani State Minister for Petroleum previously said shipments will be paid in currencies of "friendly countries", with Pakistan's US dollar reserves dangerously low
- Local media reported the cargo of 100,000 metric tons of oil left Russia a month ago and was split across two smaller ships in Oman before sailing to Karachi
Economy
UAE and Japan discuss boosting economic, trade and industrial ties
Tokyo, Japan-- The UAE and Japan are looking to bolster economic, trade, industrial and investment ties as part of a...
- The UAE Foreign Minister Sheikh Abdullah bin Zayed met with Japan's foreign and economy ministers to explore broadening of economic and strategic ties
- The discussion between the two sides also touched upon bilateral cooperation in energy and climate, and the UAE's preparations for COP28 in Dubai Expo City
Economy
Iran-Turkey trade to hit US$15bn on back of private sector cooperation
Tehran, Iran-- Bilateral trade between Iran and Turkey is expected to vault to US$15 billion by 2025 on the back...
- According to the Iranian Customs Authority, the bilateral annual trade between the two countries touched US$13.58 billion up to late March 2023
- During the last financial year, Turkey rose to become the third largest customer of Iranian non-oil exports, with some US$7.45 billon worth of purchases
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Tesla to build first grid-scale power plant in China
New York, United States - Tesla announced Friday that it signed an agreement to build its first grid-scale energy storage...
Economy
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EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
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Economy
China pledges to ‘work with all’ for results at Abu Dhabi WTO conference
Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference...
- China, according to Wentao, supports efforts such as the restoration of the normal functioning of the WTO's dispute settlement mechanism
- The minister said China also supports the inclusion of the agreement on investment facilitation for development into the WTO's legal framework
Economy
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
- The WTO economist said the UAE is a "natural fit" for hosting the ministerial conference, praising the country's focus on low tariffs and export diversification
- Ossa said the conference is looking to make progress on range of issues such as the reform of dispute settlement system, constraints on subsidies leading to overfishing
Economy
Majority of WTO members sign investment deal for development
The deal aims to facilitate "the flow of foreign direct investment... particularly to developing and least-developed" countries with the aim...
- The Investment Facilitation for Development (IFD) Agreement, signed by 75 percent of the WTO's members, would require full consensus before it could be formally incorporated
- Despite broad backing, some members may still oppose its integration into the WTO, including India, which typically objects to agreements that do not cover all countries