OPEC+ expected to open taps more despite price slump
The Organization of the Petroleum Exporting Countries and their allies - collectively known as OPEC+ - have justified their change...
Economy
China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
Business
Economy
UAE has invested $5bn dollars in Brazil: UAE minister
Abu Dhabi, UAE - The UAE is among the largest international investors in Brazil, with an estimated US$5 billion in...
- The two countries, have maintained a fruitful cooperation across many sectors such as industry, transportation, shipping, storage, infrastructure, etc
- The UAE is Brazil's top trading partner in the Arab region, while Brazil is one of the Emirates' most important and recognized partners in Latin America.
Economy
G7 climate ministers pledge to end plastic pollution by 2040
A statement put out by G7 said the phase-out will be achieved by "promoting sustainable consumption and production of plastics,...
- The G7 statement said the group remains committed to end plastic pollution, with the resolve to lower additional pollution to zero by 2040
- According to the OECD group of developed countries, during the last 20 years plastic waste has doubled globally and only nine percent is recycled
Economy
Fire in Dubai apartment building kills 16, injures 9
Dubai, United Arab Emirates--A fire in a residential building in Dubai killed 16 people and injured nine others in the wealthy...
- The fire, according to the civil defence force, was caused by a "a lack of compliance with building safety and security requirements"
- The authorities, in 2017, adopted stricter building regulations to minimise the risk of fire, attributed mainly to flammable materials
Economy
US banks may become more cautious in granting loans: Yellen
Still predicting "moderate GDP growth, US treasury secretary has affirmed that the country's banks may be more cautious in granting...
- Yellen told CNN that banks will be "somewhat more cautious" in their operations, including in issuing loans to households and businesses
- But at press conference on Tuesday, Yellen indicated that she had "not really seen evidence at this stage suggesting a contraction in credit."
Geostrategy
Lula visit: Brazil, UAE seal climate, biofuels deals
They also announced a series of deals, including one for the UAE-controlled Mataripe refinery in northeastern Brazil to invest up...
- The countries said in a joint statement the leaders had discussed a range of subjects including trade, technology, defense, aviation and food security
- The strategically located Gulf monarchy is Brazil's second-largest trading partner in the Middle East, according to the official WAM news agency
Geostrategy
Brazil president reaches UAE to enhance bilateral ties
ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to...
- The UAE is Brazil's second-largest trading partner in the Middle East, according to reports.
- Trade between the two trade excluding petrol totaled over US$4 million in 2022 - a 32 percent rise from 2021.
Geostrategy
Nuclear power reactors to shut down in Germany
BERLIN, GERMANY - Germany will switch off its last three nuclear reactors on Saturday, exiting atomic power even as it seeks...
- The exit decision was popular in a country with a powerful anti-nuclear movement, stoked by lingering fears of Cold War conflict and atomic disasters.
- The challenge caused by Russia's invasion of Ukraine put an end to cheap gas imports and has upped calls in Germany to delay withdrawal from nuclear power.
Economy
G7 starts ‘difficult’ climate talks on fossil fuel commitments
Sapporo, Japan--G7 allies kicked off two days of "difficult" climate talks in northern Japan on Saturday, facing pressure to show progress...
- Differences have deepened among the group as the energy crisis caused by the Ukraine war squeezes G7 countries
- The G7 climate statement draft, seen by AFP, recognizes the primary need to accelerate the clean energy transition
Economy
Dubai issues law regulating operations of autonomous vehiclesÂ
Dubai, UAE -Â Dubai has issued a law to regulate the operations of autonomous vehicles in the city. The new...
- The law outlines the responsibilities of the Roads and Transport Authority (RTA) in regulating the sector
- The Authority is responsible for demarcating the roads, areas, and routes that autonomous vehicles operate in
Economy
UAE banks provide US$9.61bn in credit facilities to industrial sector
Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY...
- The cumulative balance of credit extended by national banks to the sector grew to $196 bn by the end of January 2023 from $186.52 billion in the month of January 2022
- Domestic credit extended by national banks to the sector in the emirates of Abu Dhabi and Dubai in the period under review stood at $97.20 bn and $94.07 billion respectively
OPEC+ expected to open taps more despite price slump
The Organization of the Petroleum Exporting Countries and their allies - collectively known as OPEC+ - have justified their change...
Economy
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Beltone 9M net profit at $2.7m
Business
Global HQs help Saudi youth boost skills, get jobs
The presence of multinationals promises a transfer of expertise and skills, enhancing opportunities for Saudi youth and contributing to the...
Economy
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial...
Economy
IsDB discusses collaboration with China’s ICBC and BOC
Jeddah, Saudi Arabia -- President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials...
Business
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Economy
Saudi Arabia expects to attract 150 million visitors by 2030
Riyadh, Saudi Arabia - Saudi Arabia aims to attract 150 million visitors by 2030, with the tourism sector expected to...
- Saudi tourism Al-Khateeb noted a 156% increase in tourist arrivals compared to 2019, surpassing the global recovery rate from the pandemic by 88%
- He said that the tourism sector's contribution to GDP increased to 4.5%, representing 7% of non-oil GDP, attributing the success to well-executed plans
Economy
Rising costs, debt challenges grip Egypt’s economy
Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader...
- Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader economic crisis.
- The government seeks to stabilize the economy through IMF program renewal amid challenges like rising foreign debt and fluctuating exchange rates.
Business
ASFAR, Municipality of Al-Ahsa sign agreement
RIYADH, SAUDI ARABIA - ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia,...
- The agreement aims to develop a major tourism attraction in the Eastern Province of the Kingdom of Saudi Arabia.
- The partnership between ASFAR and the Municipality of Al-Ahsa is set to transform the Eastern Province’s leisure and hospitality sectors.