Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...
Business
Economy
Sustainable industries key driver of RAK economy
“Ras Al Khaimah has adopted a clear long-term strategy based on establishing a balanced multi-resource economy,” he adds during a...
- Ras Al Khaimah's economic flexibility has enabled it to adopt sustainable plans that will enhance its competitiveness, says its ruler Sheikh Saud bin Saqr Al Qasimi
- He emphasizes the importance of promoting the culture of sustainability in all sectors, calls sustainable industrial sector a crucial driver of the national economy
Economy
Road to GCC smart cities viable, but not hurdle-free
Integrating smart roads and sustainable construction in GCC smart cities requires technical proficiency like data analytics, sensor technologies and software...
- Integrating smart roads and sustainable construction in GCC smart cities requires technical proficiency like data analytics, sensor technologies and software skills, says an expert
- Smart roads offer numerous benefits, including reducing carbon emissions, improving road safety, creating new jobs, promoting more efficient mobility, and reducing congestion
Business
Abu Dhabi-Japan Economic Council reviews growth in bilateral trade and investments
TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further...
- In 2022, the bilateral trade between the UAE and Japan rose 57.5 percent to exceed US$54 billion.
- UAE exports to Japan grew 69.7 percent to US$45.9 billion compared to US$27 billion in 2021.
Geostrategy
UAE, Georgia sign Comprehensive Economic Partnership Agreement
The UAE and Georgia signed a joint statement confirming the successful conclusion of negotiations towards the UAE-Georgia Comprehensive Economic Partnership...
- Comprehensive Economic Partnership Agreement (CEPA) signing took place in Georgia’s capital Tblisi during a UAE delegation's visit to the country.
- The free trade agreement or CEPA will lay the foundation for deeper, stronger and more integrated economic relations between the UAE and Georgia.
Economy
Lebanon central bank chief denies financial misconduct
Lebanese central bank governor Riad Salameh maintained his innocence following a second day of questioning before European investigators in Beirut...
- Following a three-hour session, Salameh released a statement saying he appeared as a witness and "not as a suspect or facing charges".
- The European investigators are looking into allegations of financial misconduct, including possible money laundering and embezzlement.
Economy
OECD raises global growth forecast as inflation eases, recovery ‘fragile’
The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of...
- Organization for Economic Co-operation and Development says rate increases are still needed to fight inflation.
- OECD cited uncertainty over the course of the war in Ukraine, the risk of renewed pressure on energy markets.
Economy
Conflict may get us before climate, warns Professor Rangan
A multi-plural world that embraces diversity and contradictions is crucial for peaceful coexistence free of conflicts, Prof Subramanian Rangan of...
- A multi-plural world that embraces diversity and contradictions is crucial for peaceful coexistence free of conflicts, Subramanian Rangan of INSEAD tells TRENDS in an interview
- Businesses need to revise their models to integrate income and impact, market and society, and humanity and nature. Also, education is key in using technology responsibly, he adds
Economy
Silicon Valley Bank demise: US Fed lends banks $12bn to ease stress
The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday night, as authorities...
- The outstanding amount of all advances under the Bank Term Funding Program reached $11.9 billion by Wednesday, the US central bank announced in a statement
- The new liquidity facility made additional funding available "to help assure banks have the ability to meet the needs of all their depositors," the statement read
Business
India’s Bharat Dynamics Limited picks EDGE’s GradeOne as partner
ABU DHABI, UAE - Bharat Dynamics Limited (BDL), a Defense Public Sector Undertaking under India's Ministry of Defense appointed EDGE's...
- Established in 2004, GradeOne specializes in defense trading and services and providing various solutions to the military and defense sectors
- It is part of the Trading & Mission Support cluster within EDGE, one of the world’s leading advanced technology groups.
Business
Deliveroo 2022 loss at $355m
The firm's revenue rose 14 percent to nearly US$2.4 billion.
- Deliveroo exited Australia and the Netherlands in 2022, after departing from Spain in 2021.
- The company expanded into Qatar last year as it pursues a growth plan of action in Middle East.
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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
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
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FAO says global food prices fell 13.7 percent in 2023
World food prices fell in 2023, with considerable declines for grains and oils as supply concerns eased, the UN's Food...
Economy
Saudi insurance sector targets 25m beneficiaries by 2030
Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of...
Economy
‘Major shifts are reshaping the Arab world’s future’
"Most of the global trends are positive if analyzed in terms of economic value. Countries have developed and lifted millions...
Economy
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Business
Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...
- December 2023 finished for Dubai Duty Free with record monthly sales of US$221 million, an 8.37 percent increase compared to 2022.
- It's 40th anniversary celebrations offered a 25 percent discount on December 20 which led to a shopping spree of $14.8 million in 24 hours.
Economy
Private sector funding key to climate transition: World Bank
The World Bank raised its target for climate-related projects from 35% of its annual financing to 45%. Given that the...
- On Wednesday, Banga repeated a previous pledge to "fix the plumbing" of World Bank
- World Bank estimated that developing countries will need an average of $2.4trn each year
Economy
Oil prices jump, stocks slump after Iran blasts
"Heightened tensions in the Middle East following a bomb blast at a ceremony honouring a slain general in Iran have...
- Oil prices spiked more than three percent after twin bomb blasts ripped through a crowd commemorating Revolutionary Guards general Qasem Soleimani
- Equities were also under pressure as investors worried that the stocks rally in the final months of 2023, on hopes of interest rate cuts in 2024, may have gone too far