Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
Oil prices on the rise despite down week
Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and...
UN faults climate change for jump in human trafficking risks
The UN drugs agency noted that an increase in cases of human trafficking had been observed in Bangladesh and the...
- The continuing war in Ukraine is also another risk factor for increased human trafficking, UNODC said
- The UN report is based on data from 141 countries collected from 2017 to 2020, and the analysis of 800 court cases
Economy
Iraqi central bank chief quits amid currency volatility
Iraq's prime minister said the country's central bank governor had been relieved of his duties as the local currency continues...
- Analysts and officials say the drop in value coincides with efforts to make Iraq's banking system compliant with the international electronic transfer system.
- Banks in the oil-rich country have an estimated US$100 billion in funds held at the US Federal Reserve.
Science
CST announces first Space Entrepreneurship Alliance in Saudi Arabia
RIYADH, SAUDI ARABIA - Saudi Arabia's Communications, Space & Technology Commission (CST) has announced the formation of a Space Entrepreneurship...
- The alliance was announced during the Commission's participation in the seventh edition of the Garage Disrupt event.
- The alliance seeks to connect entrepreneurs with investors and experts in the space sector.
Economy
Egypt signs $1.5 billion financing agreement with ITFC: reports
Egypt's Planning Minister Hala al-Saeed said at a signing ceremony that the financing cooperation portfolio between Egypt and the corporation...
- Egypt's Planning Minister Hala al-Saeed said at a signing ceremony that the financing cooperation portfolio between Egypt and the corporation had reached $14.5 billion
- With Russia's war in Ukraine causing its wheat and oil bills to rise, Egypt has recently agreed to a $3 billion IMF loan package to cope with a currency crunch
Economy
Hosting COP28 gives important message to the world: UK minister
Abu Dhabi, UAE-- The hosting of events like the Abu Dhabi Sustainability Week and the upcoming COP28 demonstrate the UAE's...
- Grant Shapps, UK’s Secretary of State for Business, said British companies, such as BP، are helping the UAE with the transition to clean energy
- He said the UAE has invested already in wind power in the United Kingdom, which has built one of the world’s biggest wind power projects
Economy
Power outage across Pakistan brings life to a halt
Islamabad, Pakistan--A massive power breakdown in Pakistan on Monday affected most of the country's more than 220 million people, including in...
- The country's electricity distribution system is a complex and delicate web, and a problem in one section of the grid can lead to cascading breakdowns across the country
- A similar breakdown in January 2021 had plunged the entire country into darkness after fault occurred in southern Pakistan tripping the transmission system of the country
Business
Qatar and EU discuss ways to enhance economic and trade ties
Doha, Qatar-- Qatar and European Union have discussed means to enhance economic and commercial relations in a meeting between Qatar...
- The two discussed the private sector's role in activating trade and investment exchange.
- Al Kuwari noted that there are mega Qatari investments in a number of European countries such as France, Germany, and others.
Economy
Inflation in Kuwait rose 3.15 percent in 2022
The Kuwait Central Statistical Bureau said that inflation rate rose 0.17 percent in December on a monthly basis.
- The Kuwait Central Statistical Bureau said that inflation rate rose 0.17 percent in December on a monthly basis
- Record number of the food and beverages went up by 7.48 percent, compared to December 2021
Economy
UAE committed to promote sustainability in all sectors
“The UAE will strive to make COP28 one of solidarity and action. It will listen, engage, and build partnerships with...
- The declaration of 2023 as the ‘Year of Sustainability’ reflects the UAE’s commitment to promote sustainability in all sectors, says says Special Envoy for Climate Change
- The move will pave the way for the country's efforts to accelerate global climate action ahead of COP28, adds Dr Sultan bin Ahmed Al Jaber
YEARBOOK 2023
Strong economies help GCC survive global chaos
Robust monetary policies curtail the impact of geopolitical tensions, energy crisis, worsening inflation rates and market volatility on the region...
- Robust monetary policies curtail the impact of geopolitical tensions, energy crisis, worsening inflation rates and market volatility on the region during 2022, a report highlights
- Successful hosting of international events in 2022 such as Expo Dubai in the UAE, the World Cup in Qatar, and COP27 in Egypt, also contributed to GCC's strong performance
Most Read
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
Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
Company News
Latest News
Renewable energy, sustainability drive GCC growth
The GCC's transformation towards sustainability encompasses economic growth, job creation, and resource management, shaping a resilient and green future for...
Economy
Saudi Arabian GDP declines by 4.4 percent in Q3 2023
RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third...
Economy
COP28 strong push for climate action in Arab region
"The UNDP has spent approximately $1 billion in the Arab region for integrated development solutions driven by national priorities and...
Economy
Most Read
COP28 UAE
Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...
- The agreement as per media reports will be signed by the the United States Trade and Development Agency (USTDA) within the framework of the COP28
- The minister said that Egypt supported green hydrogen projects in order to promote North African country's drive to become a green hydrogen regional center
Economy
Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom
Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...
- Under the Regional Headquarters (RHQ) Program, participating companies will benefit from substantial tax incentives, including a zero percent rate on corporate income tax
- The RHQ Program, launched initially in 2021, has already licensed over 200 companies to operate their regional headquarters from Saudi Arabia
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
- The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
- It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.