IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
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
Economy
Gulf countries build on unprecedented megaprojects
Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States,...
- Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States, a latest report highlights
- The first construction megaproject with a cost exceeding $1 trillion is expected to emerge by the end of the decade, the latest 1Build report points out
Business
One in five cars sold this year will be an electric vehicle: IEA
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as...
- In its annual report on electric vehicles, the IEA said it expects annual sales to rise 35 percent this year to reach 14 million.
- The IEA said the overwhelming majority of electric car sales are concentrated in three markets: China, Europe and the United States.
Economy
India to connect its power grid with Saudi Arabia, UAE
New Delhi, India--India is looking to connect its power grid with Saudi Arabia and the UAE by way of undersea...
- The agreements between India and Saudi Arabia and the UAE are expected to be signed once the Indian cabinet ratifies the decision
- In January this year, India and the UAE said they will conduct a feasibility study to link up their power grids through underwater cables
Economy
Bahrain’s real GDP grows by 4.09% in Q4 2022
Manama, Bahrain - Bahrain has reported a 4.09 percent increase in its real GDP in the fourth quarter of 2022...
- The high-achieving sectors include the financial corporations sector which grew by 8.22 percent and the trade sector, which increased by 6.57 percent
- With 18.57 percent of the GDP, the financial corporations sector contributed the most to Bahrain's economy, followed by the crude oil and natural gas sectors
Economy
Jordan urges financial support to UNRWA for refugee relief
Amman, Jordan - Jordan has urged the international community to provide urgent financial support to the United Nations Relief and...
- The call was made by Jordanian Foreign Minister Ayman Safadi during his meeting with UNRWA Commissioner-General Philippe Lazzarini in Jordan on Tuesday
- They discussed efforts to bridge the financial deficit and ensure that the agency can continue to provide education, and relief aid to Palestinian refugees
Economy
‘Sustainable supply chains, global ties crucial’
The Gulf country has introduced several initiatives to support and promote international economic partnerships, including the comprehensive economic partnership agreements...
- The UAE aims to promote global economic cooperation and enhance openness to the world, says its Economy Minister Abdullah Bin Touq Al Marri
- The Gulf country focuses on creating investment opportunities in new economy sectors and supporting sustainable supply chains, the minister adds
Economy
MENA startups show resilience despite challenges
While 67 deals totaling $247 million in funding were reported in March 2023, the total capital raised in Q1 2023...
- While 67 deals totaling $247 million in funding were reported in March 2023, the capital raised in Q1 2023 surpassed $1.1bn, marking a 17% rise over the last quarter
- The financial technology industry emerged as the most attractive sector, receiving 73% of venture capital activity, highlights Wamda's March report
Economy
Abu Dhabi Festival celebrates 20 years with record number of visitors
Abu Dhabi, UAE— More than 20,000 people visited the 20th edition of Abu Dhabi Festival in the first twenty days...
- Over 20,000 visitors attended the festival in March that saw nine performances by different artists, composers, and musicians
- The local Emirati singer and rising star Rashed Al Nuaimi gave a performance during the festival’s opening night
Economy
US consumer confidence falls ahead of Federal Reserve decision
US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55...
- The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement.
- New home sales in the United States defied expectations to hit a one-year high in March, the Commerce Department said.
Business
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
- In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
- Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
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Investments strengthen Türkiye-GCC economic ties
The strategic partnerships, including substantial financial support from UAE and Qatar, mark a new era in Türkiye-GCC ties, promising to...
Economy
Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...
Geostrategy
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Business
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...
- In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.
- The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
COP28 UAE
Mashreq commits $30bn to UAE banking sector’s sustainable finance by 2030 pledge
DUBAI, UAE -Mashreq bank has been announced as one of the top contributors to the UAE Banks Federation’s (UBF) pledge,...
- UAE Banks Federation had pledged to mobilize US$272 billion (AED 1 trillion) in sustainable finance by 2030 at COP 28 meeting.
- Mashreq’s commitment to facilitating US$30 billion by 2030 builds on years of sustainable finance deployment in the MENA region.
Business
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
- The index continued to signal a rapid expansion in the non-oil private sector in November,
- Higher raw material prices led to a continuous increase in corporate sales prices, but demand remained strong.