Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...
Economy
Economy
DEWA, RTA ink deal to sponsor Green Economy Summit
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has signed a sponsorship agreement with the Roads and Transport Authority...
- RTA will be the Platinum Sponsor of the World Green Economy Summit for three sessions from 2023-2025.
- The World Green Economy Summit plays a fundamental role in supporting the UAE’s outstanding efforts in climate action, said DEWA chief.
Business
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.
- Novartis said that its operating profit would likely increase in the high single-digits this year.
- The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Iran claims foreign demand for its military equipment has gone up
Tehran, Iran— Claiming that Iran has received numerous “requests” from different countries for purchase of its defense equipment and cooperation,...
- Iran could not purchase weapons from outside because of the Western sanctions, but today it can produce them on its own
- The Islamic Republic has succeeded in keeping the country’s military and commercial jets airborne in spite of the sanctions
Economy
UAE to invest US$160bn in new economy sectors in next 30 years
London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the...
- The country began financing clean energy projects more than 15 years ago, and has made investments to the tune of $40 billion
- The UAE is seeking to lure $136 billion in foreign direct investment in the new economy sectors by 2030, the minister of economy said
Economy
ADB operations cross $20bn
Financial results were published in ADB’s Annual Report 2022.
- The $20.5 billion comprised loans and guarantees, grants, and equity investments provided to governments and the private sector
- The bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors
Economy
Private sector sees 13% increase in Emirati workers
More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis...
- More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis employed in the private sector to over 66,000
- Trends point to a positive job market outlook as employment experts predict an average increase of 2-5 percent in employee salaries in 2023, varying by sector and role
Business
Saudi Fund for Development to provide $130m loans to Kyrgyzstan
Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the...
- The first agreement worth $100 million involves financing the construction of 3000 housing units covering an area 255,000 square meters.
- The second agreement is related to financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety.
Business
Maqta Gateway buys TTEK
The total acquisition cost comes to US$26.7 million.
- This move will reinforce Maqta Gateway's market position as a leading digital trade and holistic single window solution provider.
- TTEK’s solutions use over 1.5 million risk indicators and AI predictive modeling to establish more reliable border security controls.
Business
Qatar expects Eid bonanza, hotel occupancy rates to go up 80%
Doha, Qatar-- Qatar expects a big boost in hotel occupancy rates by at least 80 percent during the Eid holidays...
- Qatar aims to have at least six million visitors annually and raise the contribution of the tourism sector to the country's GDP to 12 percent by 2030
- Visitors can now apply for a visa using a single platform, on which they can submit their visa applications and then receive the travel documents
Economy
Air pollution causes more than 1,200 deaths a year: EU agency
The EU environmental agency said that air pollution is responsible for causing more than 1,200 premature deaths a year in...
- The overall death tolls for the continent could be higher as the report did not cover the major industrial nations of Russia, Ukraine and the United Kingdom
- According to figures released on Monday, ninety-seven percent of the urban population were in 2021 exposed to air that did not meet WHO recommendations
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Company News
Latest News
Crypto markets witness dynamic asset allocation amid volatility, says study
DUBAI, UAE – Institutional traders (INS) in the crypto markets maintain a conservative approach, with 50 percent of their portfolio...
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,...
Business
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,...
COP28 UAE
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COP28 UAE
Global Fund to allot 70% of its funding to countries hit by climate change
Dubai, UAE--The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) announced at COP28 that more than 70% of...
- Peter Sands, of the Global Fund, said the fight against deadly infectious diseases "must go hand in hand with addressing climate change”
- The fund will also invest over US$2.9 billion over the next three years in the 50 most climate-vulnerable countries to strengthen health systems
Geostrategy
Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts
Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then...
- The announcement of the visit follows the recent OPEC decision to cut oil production by 2.2m bpd in Q1 of 2024
- Saudi Arabia, as the world's largest exporter, will see a reduction of 1 million barrels per day
Economy
‘COP28 makes significant strides in climate action’
"COP28 is a very important conference because what it's doing is not just bringing people together, but it provides certainty...
- World Bank President Ajay Banga emphasizes COP28's significant progress in climate action, lauding its establishment of definitive deadlines for climate commitments.
- The ALTÉRRA fund, with a $30 billion capital, will enhance global climate action, alongside the World Bank's commitment to solar projects in Africa and methane reduction.