Smart cities lead GCC’s IoT boom: NEOM and Smart Dubai in focus
IoT applications are transforming critical sectors such as transportation, where connected vehicles improve traffic management, utilities where smart grids enhance...
Economy
Logistics: At the heart of economic activity
The global logistics market is expected to be around US$10 trillion in 2024, and is estimated to reach US$21.91 trillion...
Analysis
Economy
China’s general public budget revenue tops $3.01 trillion in 2022
General public budget revenue grew 9.1 percent from 2021, excluding the impact of value-added tax credit refunds, according to the...
- General public budget revenue grew 9.1 percent from 2021, excluding the impact of value-added tax credit refunds, according to the Ministry of Finance
- Monday's data also shows that the country's general public budget spending expanded 6.1 percent year-on-year to 26.06 trillion yuan in 2022
Business
European demand for US natural gas leads to investment boom
Production of the fuel reached 3.1 trillion cubic feet for the month of October, according to the most recently available...
- The industry has been in growth mode since the summer of 2021 when Russia began trimming shipments to Europe, according to Steven Miles
- In recent years, some 14 new liquefaction terminals have been approved in US, with the first set to begin operating in 2024
Business
Iran, Russia link banking systems amid western sanctions
Linking of banking system with Russia is seen as an attempt by both the countries to get around the US...
- Linking of banking system with Russia is seen as an attempt by both the countries to get around the US economic sanctions
- Iran's top authority, Supreme Leader Ali Khamenei, said on Monday that the country faced "a tangible welfare and livelihood problem."
Economy
China manufacturing activity rebounds in January
The world's second-largest economy is roaring back to life after Beijing's decision last month to abruptly drop its strict zero-Covid...
- The International Monetary Fund on Monday upgraded its forecast for China's 2023 gross domestic product (GDP) to 5.2 percent, citing Beijing's decision to fully reopen
- China's economy grew just three percent last year - its slowest pace in four decades excluding pandemic-hit 2020 - as Covid lockdowns and the property market crisis hampered growth
Business
‘Saudi to invest US$266bn in cleaner energy’
Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's...
- Despite its goal of achieving net zero carbon emissions by 2060, Saudi Arabia remains hugely dependent on crude oil exports.
- The Saudi minister said the Kingdom is determined to be the leading exporter of clean hydrogen.
Geostrategy
Abu Dhabi Global Market receives French delegation
ABU DHABI, UAE - Abu Dhabi Global Market (ADGM) Monday received a French delegation to strengthen bilateral relations through dialogues...
- ADGM is home to an increasing number of French companies including renowned anchor tenants such as BNP Paribas Group.
- Dialogues were exchanged through an open platform discussion along with closed-door sessions and roundtables.
Business
ADIB net profit in 2022 is $985m
ADIB's revenue increased by 23% to US$1.8 billion in 2022.
- ADIB reported a 60 percent growth in the fourth quarter of 2022 with a net profit of US$326 million.
- The bank's revenue in 2022 was driven by a 43 percent increase in fees and commissions and a 24 percent growth in funded income.
Economy
UAE launches project to establish centralized database of industrial companies
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) Monday launched the Industrial Census project, in collaboration...
- The project aims to create a comprehensive database of all establishments that practice industrial activities.
- The project will help create new investment opportunities for manufacturers, investors and owners of industrial companies.
Economy
Oil falls ahead of OPEC+, US Federal Reserve meetings
Brent crude futures were down 74 cents, or 0.8 percent, to $85.92 a barrel at 0710 GMT, while West Texas...
- Brent crude futures were down 74 cents, or 0.8 percent, to $85.92 a barrel at 0710 GMT, while West Texas Intermediate crude was down 61 cents
- The US central bank is expected to raise interest rates by at least 25 basis points in its policy meeting on January 31-February1
Economy
More than 2,000 contestants to take part in Spinneys Dubai 92 Cycle Challenge
Dubai, UAE-- Over 2,000 cyclists from the UAE and overseas are expected to participate in the 13th edition of the...
- The cycling event will be organized on 19th February 2023 with the support of the Dubai Sports Council and the UAE Cycling Federation
- The Spinneys Dubai 92 Cycling Challenge comprises an outrider race for amateurs with a short distance of 40 km
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Smart cities lead GCC’s IoT boom: NEOM and Smart Dubai in focus
IoT applications are transforming critical sectors such as transportation, where connected vehicles improve traffic management, utilities where smart grids enhance...
Economy
Company News
Latest News
Protecting nature may avert $2.7trn global economic losses: World Bank
Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually,...
COP28 UAE
COP28 last chance to keep 1.5C target alive: John Kerry
US climate envoy issued the warning after COP28 president Sultan Al Jaber proposed a draft deal that did not include...
COP28 UAE
PIF sets up agri and ecotourism firm Dan Company
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism...
Business
Most Read
Economy
Oman’s revenues drop by 17 percent in nine months of 2023
Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
- During the nine-month period, the budget recorded a financial surplus of about RO 830 million, compared to a surplus of RO 208 million in the same period of 2022.
- Net gas revenues until the end of last October decreased by 43 per cent to reach RO 734 million compared to RO 3 billion and 51 million.
COP28 UAE
Global health crisis looms amid climate change: WEF
Global coalition and trillions of dollars are required to prevent escalating human deaths due to climate change, Dr. Shyam Bishen...
- Global coalition and trillions of dollars are required to prevent escalating human deaths due to climate change, Dr. Shyam Bishen of the World Economic Forum tells TRENDS.
- He emphasizes a strong link between climate change and human health, underscoring the critical role of private sector engagement in combating related health issues.
Business
UAE green bonds and sukuk issuances touch US$4.20bn
According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one...
- The chairman of the SCA board applauded the UAE for its commitment to sustainability
- He highlighted the SCA's decision to exempt companies wishing to list from registration fees