The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
Economy
UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
Economy
Economy
New Qatar premier inherits strong economy, world cup glory
Sheikh Mohammed Bin Abdulrahman al-Thani takes charge at a time when Qatar’s economy is booming, posting a surplus of $24...
- Sheikh Mohammed Bin Abdulrahman al-Thani succeeds Sheikh Khalid bin Khalifa bin Abdul Aziz Al Thani who was appointed PM in January 2020
- Qatar Emir Sheikh Tamim bin Hamad al-Thani's office also announced a cabinet reshuffle that reappointed the finance and energy ministers
Business
KEZAD, Emtelle ink agreement
Emtelle to invest $50m to build manufacturing facility.
- The pact is the latest step in the expansion of Emtelle in the Middle East, following the acquisition and rebrand of AfriPipes Middle East in 2021.
- Emtelle is undertaking a major expansion into North America with the opening of a manufacturing facility in North Carolina, US.
Business
Japan allots US$1.6bn to contentious Australia hydrogen project
In a statement, HESC said the project has entered its commercial demonstration phase with money from Japan's Green Innovation Fund,...
- The Hydrogen Energy Supply Chain (HESC) project is a joint Japanese-Australian undertaking intended to produce plentiful and affordable fuel for Tokyo
- Its backers argue it will create economic opportunity in Victoria, but NGO Environment Victoria has also warned about the HESC's CCS claims
Economy
Oman to award solar energy projects worth US$777m to investors
Muscat, Oman -Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth $777 million to...
- Nearly 2 million solar panels will be installed in these two stations, which will be the largest solar panel project for Oman
- The projects, which will jointly produce 1,000MW of energy, are set to come up on a 15 million sq m area within the Governorate of A’Dakhiliyah
Economy
China agrees to restructure bankrupt Sri Lanka’s loans for IMF bailout
Colombo, Sri Lanka--Sri Lanka's president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation,...
- The South Asian nation defaulted on its $46-billion foreign debt last April during its economic crisis, which caused months of food and fuel shortages
- Ranil Wickremesinghe's government has been working to secure a $2.9 billion rescue package from the IMF to restore Sri Lanka's ruined public finances
Economy
World Bank pauses Tunisia program over president’s migrant remarks
In the message sent on Sunday evening, the bank's outgoing President David Malpass said Saied's tirade had triggered "racially motivated...
- World Bank President David Malpass noted that measures announced by the Tunisian government to protect and support migrants and refugees marked a "positive step"
- According to official figures, there are around 21,000 undocumented migrants from other parts of Africa in Tunisia, which is home to around 12 million people
UN culture chief vows to help rebuild conflict-hit, heritage-rich Iraq
Years of war and insurgency have taken a heavy toll on the many Mesopotamian, Islamic and Christian treasures in a...
- The mission of UNESCO chief comes ahead of the 20th anniversary later this month of the US-led invasion which toppled Saddam Hussein
- Since 2018 the UN agency has raised more than $150 million for projects in Iraq, mostly the reconstruction of Mosul
Economy
Energy sector vital to solving climate challenge: Dr Al Jaber
Emphasizing that the oil and gas industry was vital in the fight against climate change, Dr. Sultan bin Ahmed Al...
- He called for quick decarbonization, and the need for creating the energy system of the future
- The minister noted the financing gap between the world’s climate ambitions and the climate goals
Poor countries call for debt resolution at UN summit
Western nations gave out more than $185 billion in grants and cheap loans in 2021, according to the OECD. Official...
- The UN Development Program (UNDP) has estimated that 52 countries were either suffering debt stress or close to it and in danger of default
- China, now the biggest single creditor nation, has recently indicated a willingness to work with the IMF and other institutions to organize debt relief
Economy
US wants hike in global crude output, including from OPEC: official
The United States wants to see a hike in oil production, including from OPEC countries, said a senior State Department...
- OPEC+ decided in early October to cut production by two million barrels per day and has not changed its output level since
- The US president has regularly called in the last year for an increase in the OPEC+ output, but the cartel has not raised its quotas
The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
Economy
Company News
Ducab, Somagec ink MoU
Business
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Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
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...
Economy
Jordan’s public debt rises to $46.1bn by Oct 2023 end: Ministry
Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of...
Economy
Turkey’s inflation rate nears 65 percent in December
Turkey's official annual inflation rate ticked up to 64.77 in December, from 61.98 percent in November. But the month-on-month pace...
Economy
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Economy
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
- China lowered import tariffs on resources and NEVs, aiming to enhance competitiveness and secure supplies.
- Tariffs on medicines and food for medical purposes were cut, reflecting a focus on health and consumer needs.
Economy
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
- Qatar's industrial PPI fell 1.95% in November, driven by oil price drops in mining and some manufacturing sectors.
- Electricity prices defied the trend, showing MoM and YoY increases, while water prices dipped MoM but rose slightly YoY.
Economy
Saudi Arabia launches skill verification program in Egypt
Riyadh, Saudi Arabia - Saudi Arabia, through its Ministry of Human Resources and Social Development (MHRSD), has initiated the first...
- The collaborative effort with the Egyptian Ministry of Manpower aims to improve the proficiency of professional labor in Egypt
- In its inaugural phase, the SVP will focus on evaluating skills in five key professions: plumbing, electrical work, welding, automotive mechanics, and carpentry