Egypt central bank lowers interest rate for first time since 2020
Egypt's central bank on Thursday announced that it was lowering interest rates for the first time since 2020, days after...
Economy
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
Business
Geostrategy
In new mass rally Israelis protest against judicial reforms
Israeli media reported the crowds were again in the tens of thousands, after lawmakers this week took a step towards...
- Netanyahu has presented the judicial reforms as key to restoring balance between the branches of government, arguing judges currently have too much power over elected officials
- Another element of the reforms would give the 120-member parliament the power to overrule Supreme Court decisions with a simple majority of 61 votes
Economy
UAE and Algeria seek to expand economic cooperation
Abu Dhabi, UAE--The 15th session of the joint UAE-Algeria Economic Committee has been held in Abu Dhabi under the chairmanship...
- Non-oil trade between the two countries has grown from $701 million in 2020 to around $800 million by the end of 2022
- The UAE is one of Algeria's major Arab trading partners in 2021, accounting for nearly 20% of Algeria's trade volume with Arab countries
Interview
‘KSA bets big on technology and AI, makes global supply chain excellent’
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef highlighted his ministry’s role in the country’s development in...
- Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef highlighted his ministry’s role in the country’s development in a interview with TRENDS at DAVOS 2023
- ‘As for our industry, we have certain programs to train young people and make our new investments more and more technology-based,’ says the Saudi minister AlKhorayef
Business
Masdar unveils 200MW Solar Park in Jordan
Amman, Jordan - The Baynouna Solar Energy Company (BSCE), a joint venture between the UAE’s world-leading renewable energy company, Masdar,...
- The Baynouna Solar Park produces over 560 gigawatt-hours (GWh) of energy annually – enough to power 160,000 homes
- The plant also displaces 360,000 tons of carbon dioxide per year, equivalent to taking nearly 80,000 cars off the road.
Geostrategy
UAE takes part in first G20 Finance Ministers meeting in 2023
ABU DHABI, UAE - Minister of State for Financial Affairs Mohamed Hadi Al Hussaini headed the UAE delegation participating in...
- Held for the first time under the Indian presidency in Bengaluru, the meeting discussed the progress under the G20 priorities for 2023.
- The UAE team reiterated the importance of a globally coordinated multilateral action to promote climate finance.
Geostrategy
UNDP requests $113.5 million to support early recovery in Turkey
ANKARA, TURKEY - Clearing the mountains of rubble due to buildings collapse in the earthquakes that hit Turkey on February...
- Rubble removal accounts for a large share of UNDP's US$113.5 million request for funding.
- UNDP's current focus is to help prevent public health threats to affected populations and emergency responders.
Science
Boosting investment in health systems is essential, says OECD
PARIS, FRANCE - Governments should urgently adapt their health systems to better respond to future shocks, given the huge impact...
- Major investment is needed in the health workforce, alongside increased spending on prevention and digital infrastructure, says OECD
- More workers in health and social care were associated with lower mortality rates.
Economy
Germany’s Scholz arrives in India to expand business ties
New Delhi, India--German Chancellor Olaf Scholz arrived in India on Saturday seeking to deepen business ties between the world's number four...
- Scholz would press for progress towards a trade deal between the European Union and India that has long been held up by disagreements on tariffs
- Scholz, 64, also said the Group of 20 should not ease up on pressuring Russia during India's current presidency and continue to send a "strong message"
Economy
Turkey starts rebuilding for the 1.5 million earthquake homeless
More than 160,000 buildings containing 520,000 apartments collapsed or were severely damaged in the February 6 earthquakes.
- More than 160,000 buildings containing 520,000 apartments collapsed or were severely damaged in the February 6 earthquakes
- Turkish President Tayyip Erdogan who is facing election within months has pledged to rebuild homes within a year
Economy
UAE vows to counter money laundering and financing of terrorism
Welcoming the FATF statement recognizing the progress made in the Gulf country, the UAE has reaffirmed its commitment to advancing...
- The UAE said it continues to implement an array of sophisticated and significant actions to combat financial crime and strengthen the effectiveness of the AML/CFT framework
- The country reaffirmed that it will continue working concertedly to bolster its position as one of the most trusted and resilient economies worldwide
Egypt central bank lowers interest rate for first time since 2020
Egypt's central bank on Thursday announced that it was lowering interest rates for the first time since 2020, days after...
Economy
Company News
Latest News
GCC forges ahead in sustainable tech initiatives
In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant...
Business
Dubai real estate sales near record $109bn in 2023
Dubai, UAE -Â Dubai real estate annual sales comprising 127,000 deals have exceeded Dhs400 billion ($109 billion) during the current year...
Economy
Oman year-on-year growth rate touches 15.4 percent
Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information...
Economy
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Economy
Morocco doles out aid to low-income families
The launch comes a decade after the social benefits program was proposed, and as part of an overhaul of social...
- Beneficiaries will receive a direct monthly payment starting at 500 dirhams ($50)
- The aid to families was expected to cost Morocco $2.52 billion through 2024
Economy
Sustainable mobility rises as GCC turns to hydrogen
MENA countries, adopting ambitious clean energy and transportation strategies, aim for significant hydrogen production by 2050, led by UAE's National...
- MENA countries, adopting ambitious clean energy and transportation strategies, aim for significant hydrogen production by 2050, led by UAE's National Hydrogen Strategy.
- The BMW Group's innovative electric and hydrogen vehicles, showcased at COP28, underscore a pivotal shift in the GCC and MENA regions towards a greener, cleaner future.
Economy
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
- The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the region.
- Siemens Energy will support IDB to localize the manufacturing capabilities in Abu Dhabi and provide technological solutions.