Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
Readying for jobs of tomorrow: WEF’s Till Leopold stresses upskilling
Davos, Switzerland -- In the next five years, millions of jobs will be created. Governments, employers, and education institutions, therefore,...
World Economic Forum
Business
DEWA implements SAP’s Audit Management System
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has implemented the SAP Audit Management System (TAWKEED), becoming the first...
- DEWA's Internal Audit Department is an independent assurance function that adopts the best-in-class standards and practices.
- The Internal Audit department at DEWA operates under an approved charter.
Economy
European prosecutors hear Lebanese bankers in central bank commission probe
Prosecutors from Germany, France and Luxembourg have been in Beirut as part of the money laundering investigation.
- Prosecutors from Germany, France and Luxembourg have been in Beirut as part of the money laundering investigation
- They suspect central bank governor Riad Salameh and his brother Raja illegally took more than $300 million from the central bank between 2002 and 2015
Economy
Leaders at WEF believe cooperation can mend ‘fragmented world’
The WEF president concluded the first major international gathering of the year on a positive note saying progress has been...
- UN Secretary General Antonio Guterres called for urgent action on interconnected challenges, including the climate, nature and energy crises
- The Global Risks Report 2023 ranked the cost-of-living crisis as the most severe short-term global risk
Economy
Investigators from Europe to quiz Lebanon central bank chief
Continuing with their probe into Lebanon's money laundering and embezzlement, investigators from Europe will question Lebanon's central bank chief Riad...
- The central bank chief is widely blamed for monetary policies that contributed to an unprecedented economic crisis in Lebanon
- The investigators on Friday heard former interior minister Raya El Hassan, who also chairs the board of directors of Lebanese lender Bankmed
Business
RIL posts Q3 profit of US$1.9b
Profit is 15 percent lower than in the same period last year
- Revenue from operations at India's largest company by market capitalisation rose 15 percent year on year, to US$27 billion
- Reliance's board also approved a plan to issue bonds to raise up to US$2.4 billion (200 billion rupees) to fuel further expansion across its diversified businesses.
Business
Google announces 12,000 job cuts globally, cites changing economic reality
Google's parent company Alphabet announced about 12,000 job cuts globally citing a changing "economic reality", becoming the latest US tech...
- Google's parent company Alphabet employed nearly 187,000 workers worldwide at the end of September 2022.
- Alphabet CEO Sundar Pichai said American employees have already been notified about the cuts.
Science
DoH, GSC ink MoU to achieve Abu Dhabi’s healthcare sustainability goals
ABU DHABI, UAE - Building on its ongoing efforts to improve the healthcare ecosystem from all aspects, the Department of...
- The GSC is powered by the International Hospital Federation and focuses on assisting healthcare services to address sustainability challenges.
- The MoU will help provide educational resources to aid facilities in addressing identified areas for advancement and accomplishing new positive outcomes.
Business
ADNOC Distribution to go for 25 percent cut in carbon intensity by 2030
ABU DHABI, UAE - ADNOC Distribution on Friday announced plans to reduce its carbon intensity by 25 percent by 2030....
- This reduction in carbon intensity will be implemented by putting sustainability at the core of its day-to-day operations to future-proof its business.
- The company said it will install solar panels to power service stations and use biofuels in its fleet of vehicles.
Economy
Abu Dhabi to host UNCTAD’s World Investment Forum in October
Taking place under the theme "Investing in Sustainable Development", the forum will bring together government leaders, global CEOs and other...
- Taking place under the theme "Investing in Sustainable Development", the forum will bring together government leaders and global CEOs
- The forum will take place a few weeks ahead of the annual climate summit COP28, which will also be held in the UAE
Economy
Turkish Central Bank maintains interest rate at 9%
Inflation rates and trends have started to improve in Turkey, supported by the comprehensive policies the country is pursuing, the...
- Inflation rates and trends have started to improve in Turkey, supported by the comprehensive policies the country is pursuing, the bank pointed out in a statement
- Erdogan could soon urge more rate cuts in view of the upcoming elections and as part of his unorthodox stance that policy easing also lowers prices
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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
Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
Company News
Latest News
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...
Business
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...
Business
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...
COP28 UAE
Most Read
Economy
One in five children in rich countries lives in poverty: UNICEF
Sixty-nine million children live in poverty in the world's 40 richest countries, UNICEF said in a report, blasting Britain and...
- UNICEF figure is based on relative poverty, which is around 60 percent of the national median income
- The report also highlights the greater risk of poverty for children from single-parent families
Economy
Investments strengthen Türkiye-GCC economic ties
The strategic partnerships, including substantial financial support from UAE and Qatar, mark a new era in Türkiye-GCC ties, promising to...
- The strategic partnerships, including substantial financial support from UAE and Qatar, mark a new era in Türkiye-GCC ties, promising to significantly boost bilateral trade.
- Türkiye-GCC relations are revitalized through billion-dollar deals and support for Turkey's post-earthquake recovery, aiming to triple trade with the Gulf by 2030.
Geostrategy
Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...
- The cap was jointly imposed on December 5, 2022 by the European Union, Australia and the Group of Seven rich countries.
- Initially successful, it lost its impact once President Vladimir Putin's Russia found new buyers for its oil and new tankers to deliver it.