Trump’s tariffs fallout: Why trade tensions are a ‘storm cloud’ over financial markets
Stocks later rallied after Trump announced a 90-day pause on additional higher tariffs that were set to impact around 80...
Economy
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Business
UK warns against protectionism after US green energy subsidy
London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading...
- UK Finance Minister Jeremy Snape said the threat of protectionism is making a comeback in the world in the form of subsidy.
- US President Biden has launched $370bn initiative of subsidies for green energy and tax cuts for US manufactured e-cars, batteries.
Economy
Trends Poll: Saudi will reach net-zero first in GCC
Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address...
- The majority (59 percent) said Saudi Arabia will achieve the target first, followed by the UAE (24 percent) and Qatar (11 percent).
- Saudi Arabia, Qatar and the UAE account for around 10 percent of the world's annual CO2 collection at 3.7 million tons per annum (mtpa).
Economy
European Union deal to nearly double renewable energy by 2030
The provisional political agreement, which was reached after nightlong negotiations between the EU parliament and states, seeks to raise the...
- The move also comes as the EU has sought to slash its dependence on Russian fossil fuels after Moscow cut gas supplies last year.
- The figure is a compromise between the 45 percent share for renewables that was sought by EU lawmakers and the European Commission.
Lebanon airport expansion sparks transparency concerns
Civil society groups and some lawmakers have decried opacity in the tender process and a lack of involvement of the...
- Cash-strapped Lebanon announced last week that private company Lebanese Air Transport and Irish firm daa International would partner for the revamp.
- Public Works and Transportation Minister Ali Hamieh said the private sector would fund the $122 million project, which would "create around 2,500 jobs."
Economy
Foreign realty ownership to diversify KSA economy
The move is likely to help regulate supply, bridge the gap between supply and demand, and create more demand for...
- The move is likely to help regulate supply, bridge the gap between supply and demand, and create more demand for further development in the Kingdom, says an expert
- The real estate sector plays a crucial role in the country's long-term plan to shift its economy away from oil dependence, adds James Elliot-Square of PRO Partner Group
UAE President names new Vice President and Crown Prince of Abu Dhabi
The appointments signal a new phase in the UAE's leadership and its commitment to pursuing economic growth and development while...
- Sheikh Mohamed appointed Sheikh Mansour bin Zayed as Vice President and Sheikh Khaled bin Mohamed as Crown Prince of Abu Dhabi
- The president also named Sheikh Tahnoun bin Zayed and Sheikh Hazza bin Zayed as Deputy Rulers of Abu Dhabi
Business
Credit Suisse hid $700m in undeclared accounts: US Senate
The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive...
- The findings of the two-year Senate Finance Committee probe add to the woes of the Swiss investment bank.
- Credit Suisse pleaded guilty in 2014 to attempting to aid and assist US taxpayers in filing false income tax returns.
Geostrategy
US unveils $1bn initiative for African women’s empowerment
"Advancing the economic status of women and girls is not only a matter of human rights, justice, and fairness --...
- The initiative, launched by Harris, is a mix of US government funding and private sector commitments.
- It includes a $60 million fund for women in the digital economy and nearly $400 million from the private sector.
After Xi-brokered Iran deal, Saudi Arabia to join China led security bloc
Riyadh's move to partner with the bloc comes less than three weeks after the unveiling of a landmark China-brokered reconciliation...
- The Shanghai Cooperation Organization was established in 2001 as a political, economic and security organization to rival Western institutions
- Besides China, its eight members include India, Pakistan and Russia, as well as four central Asian countries - Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan
Economy
New national carrier part of Saudi bid to become a business, tourism magnet
This month Crown Prince Mohammed bin Salman, unveiled Riyadh Air, the new airline which is intended to transform the capital...
- Apart from Riyadh Air, Saudi Arabia is also launching NEOM Airlines, to be based in the planned $500 billion futuristic megacity of the same name
- The trade group Airports Council International predicts the region's airports will see 1.1 billion passengers by 2040, up from 405 million in 2019
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Trump’s tariffs fallout: Why trade tensions are a ‘storm cloud’ over financial markets
Stocks later rallied after Trump announced a 90-day pause on additional higher tariffs that were set to impact around 80...
Economy
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US consumer inflation jumps more than expected to 3.4 percent
Washington, US - Consumer inflation in the United States rose more than anticipated in December, government data showed Thursday, underscoring the...
Economy
NEOM announces Aquellum as futuristic lifestyle community
NEOM, SAUDI ARABIA - The Board of Directors of NEOM has announced Aquellum, a luxury and experiential space embedded within...
Business
Federal Tax Authority, Etihad Credit Bureau tie up to boost tax compliance
Dubai, UAE--The Federal Tax Authority (FTA) has signed an agreement with Etihad Credit Bureau to enhance tax compliance in the...
Business
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Economy
UAE passport most powerful in MENA region, 11th in global index
Abu Dhabi, UAE - The UAE passport has climbed two positions to secure the 11th spot in the 2024 Passport...
- The UAE has been the most improved nation on the Index over the past decade, adding an impressive 106 destinations to its visa-on-arrival list since 2014
- The country's passport continues to lead the region, outpacing other Gulf nations, with Qatar at 53rd, Kuwait at 55th, Bahrain at 59th, Oman at 60th, and Saudi Arabia at 61st
Economy
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
- The IEA said the largest growth took place in China, with wind power additions rising by 66%
- Europe, the US and Brazil also hit all-time highs in renewable energy capacity
Economy
US regulators authorize first bitcoin funds on public markets
The authorization of the ETFs - which are comparable to stocks or mutual funds as far as accessibility to everyday...
- Regulators approved proposals for 11 ETFs to list on leading exchanges including the New York Stock Exchange, the Securities and Exchange Commission said in a 22-page order
- Exchange-traded funds are traded on public markets, granting investors exposure to price movements in asset prices without taking direct ownership of the underlying assets