OPEC+ countries to open the oil taps despite price slump
Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000...
Economy
US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and...
Economy
Economy
Vertical farming project launched in Abu Dhabi
Abu Dhabi, UAE--ADQ has launched a vertical farming project in partnership with ZERO, a technology company based in Italy. Dubbed...
- It is designed to enhance indoor farming locally and also to explore and push the boundaries of desert-climate farming in the UAE
- The joint project draws on the benefits of growing crops in vertical layers, which includes higher yield, shorter growing times and lower water usage
Economy
Gulf central banks mirror Fed to raise rates by 25 bps
The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised...
- The Saudi Central Bank, also known as SAMA, raised its repo and reverse repo rates by 25 bps each to 5.5 percent and 5 percent, respectively
- The Central Bank of the United Arab Emirates (CBUAE) will raise its base interest rate by 25 basis points to 4.9%, effective Thursday
Economy
Unity key for ‘transformational progress’ at COP28
“We have a short window of opportunity to deliver a system-wide transformation. But if we make the right investments, we...
- There is a need for accelerated pathways to net zero and critical finance across all pillars, says COP28 President-Designate Dr Sultan bin Ahmed Al Jaber
- He also reminds climate ministers of various countries about the approaching Global Stocktake at COP28 and calls for action to keep 1.5C within reach
Economy
Global recession fear may affect UAE’s hiring rate
Companies are spending more on employee salaries and retention, such as increasing insurance premiums and investing in employee benefits, says...
- Companies are spending more on employee salaries and retention, such as increasing insurance premiums and investing in employee benefits, Brian Habibi of Bayzat tells TRENDS
- Although the UAE has remained extremely resilient, the market is not immune to global economic conditions, adds the Co-Founder and Chief Customer Officer of the platform
Economy
Global financial woes may hit Europe, warns ECB chief Lagarde
The ECB president insisted, however, that if the most recent forecasts were confirmed, "we will still have ground to cover...
- International financial markets went into turmoil after recent crashing of three US lending banks and takeover of Credit Suisse.
- The ECB chief Christine Lagarde said that there was "additional uncertainty" when it came to the bank's projections.
Chip war and censorship hobble Chinese tech giants in chatbot race
A flurry of Chinese companies including Alibaba, JD.com, Netease and TikTok-parent Bytedance have rushed to develop services that can mimic...
- The popularity of ChatGPT in China - where users have to scale Beijing's internet firewall using VPNs - has left Baidu and others scrambling to regain its dominance on home turf
- China has announced ambitious plans to become a global leader in the field of AI by 2030, and McKinsey estimates the sector could add about $600 billion every year in China's GDP
Opinion
Optimal user experience crucial for hybrid workers
More than 60 percent of employees worldwide have chosen hybrid work structures, and over 66 percent of UAE employees prefer...
- More than 60% of employees worldwide have chosen hybrid work structures, and over 66% of UAE employees prefer to work from home, says an expert
- Remote workers face IT challenges that impede productivity, from UCaaS quality concerns to VPN access challenges, adds Gaurav Mohan of NETSCOUT
Science
UAE’s Rashid Rover completes lunar orbit insertion
The first Emirati rover to land on the moon is now on its way to completing the third milestone, the...
- The first Emirati rover to land on the moon is now on its way to completing the third milestone, the Arrival Phase, which will be the most intense part of the mission
- The ambitious mission aims to study the surface of the moon and is funded by the ICT Fund of the Telecommunications and Digital Government Regulatory Authority
Economy
World Bank expects Syria economy to contract 2.3% due to quake
Washington, United States--Syria's economy is expected to contract 2.3% more than it otherwise would have due to the impact of last...
- The World Bank said that the damage from earthquake will cost the Syrian economy $5.2 billion, including physical damages of $3.7 billion and losses of $1.5 billion
- It added that the quake effect is likely to widen Syria's economic contraction by 2.3 percent to 5.5 percent this year, worsening economic woes in the war-scarred nation
Economy
First India-GCC senior officials meeting held in Riyadh
New Delhi, India - The first ever meeting of senior officials of India and the Gulf Cooperation Council (GCC) was...
- India has been steadily stepping up institutional engagement of the GCC in addition to regular bilateral meetings with its member countries
- As a trade bloc, the GCC is the largest trade partner of India with a total trade of US$154 billion during the last financial year
OPEC+ countries to open the oil taps despite price slump
Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000...
Economy
Company News
Latest News
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