AI-powered ‘nudify’ apps fuel deadly wave of digital blackmail
Washington, United States - After a Kentucky teenager died by suicide this year, his parents discovered he had received threatening...
Investigation
Israel’s Bedouin communities use solar energy to stake claim to land
Tirabin al-Sana in Israel's Negev desert is the home of the Tirabin (also spelled Tarabin) Bedouin tribe, who signed a...
Economy
Business
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...
- Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
- Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.
Economy
Eurozone in recession after two successive quarters of shrinking GDP
The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second...
- The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
- Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
Business
ADNOC L&S secures big contract
It won US$975mn artificial island construction contract.
- The company, a fully integrated energy logistics services provider, sees the contract a big milestone in its strategy to pursue new growth opportunities
- The company CEO said that the construction of artificial island "G" illustrates ADNOC L&S strategy to tap into new growth areas, exemplifying its range of services
Economy
Sharjah and Uzbekistan explore investments in tourism, education sectors
Sharjah, UAE-- Sharjah and Uzbekistan are looking to ramp up cooperation in trade and pour investments in sectors such as...
- The meeting between the two sides explored prospects for cooperation in trade and investment in key sectors like education, research and tourism
- Sheikh Majid Al Qassimi, director of DGR, said that ties between Sharjah and Uzbekistan open the window for both parties to broaden the scope of our partnerships
Economy
UAE tourism boom fuels leisure, entertainment industry in MENA
Dubai, UAE: The UAE’s target of attracting 40 million tourist visits by 2030, and its subsequent economic contribution of AED...
- The L&E sector in the Middle East and North Africa (MENA) currently generates approximately AED 30 billion ($8.2 billion) in revenue
- KSA is the world’s fastest-growing tourism destination MENA’s L&E sector generates approximately AED 30 billion in revenue
Economy
Saudi Arabia and Oman launch ‘joint tourist visa’ to boost industry
Riyadh, Saudi Arabia--Saudi Arabia and Oman have launched a joint tourist visa to boost trade and investment cooperation in tourism-related...
- The initiative to launch joint tourist visa and enhance cooperation in the sector was reached in a meeting between Saudi Arabia's tourism minister and his Omani counterpart
- Both will train and develop human capital in the tourism sector corresponding with the Gulf Tourism Strategy, which was formulated last November by leaders of the GCC countries
Economy
Dubai Customs and New Zealand discuss boosting trade ties
Dubai, UAE-- Aiming to boost trade and economic cooperation with New Zealand, Dubai Customs held a meeting with diplomats and...
- The meeting highlighted Dubai Customs' eagerness to boosting cooperation with trade partners and exploring the future of the business sector amid Dubai's economic resurgence
- New Zealand ambassador to the UAE noted the efforts of Dubai Customs in bolstering international trade and boosting trade relations between Dubai and New Zealand
Business
CBUAE balance sheet hit all-time-high of $161 bn by March end
Abu Dhabi, UAE - The balance sheet of the Central Bank of the UAE (CBUAE) surpassed AED594 billion ($161 billion)...
- The apex bank said that its balance sheet grew by 5.3 percent on a monthly basis to $161.23 billion at the end of March 2023
- The bank's balance sheet increased YoY by the equivalent of $21.3 billion, from about $139.82 billion in March 2022
Economy
Turkish Lira sinks to new low more than week after Erdogan reelection
Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet...
- The currency, which was propped up by the central bank before the presidential election, fell seven percent to 23.17 lira per dollar.
- Guldem Atabay, an economist, said the lira's decline showed a decrease in costly interventions in the foreign exchange market by the central bank.
Economy
Oil, investment and reforms propel Saudi economy
The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil...
- The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil sector growth, says the latest IMF report.
- Historically low unemployment due to increased labor force participation and expatriate worker rebound, while low inflation is aided by subsidies and a strong US dollar.
AI-powered ‘nudify’ apps fuel deadly wave of digital blackmail
Washington, United States - After a Kentucky teenager died by suicide this year, his parents discovered he had received threatening...
Investigation
Company News
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‘Emphasis grows on market protection over free trade’
"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top...
Economy
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
Business
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Economy
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
- Comoros and Timor-Leste sign Protocols of Accession, set to join WTO within 30 days.
- Accessions signify global confidence in the WTO and promise their economic growth.
Business
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...
- EDB’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth.
- EDB has approved $353 million in financing under the Credit Guarantee Scheme with partner banks in UAE.
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...
- The Bohai 26-6 oilfield is situated approximately 170 kilometers from Tianjin Municipality.
- It has been anticipated that the average daily oil production will surpass 390 cubic meters.