Lebanon cabinet appoints Karim Souaid central bank governor
Born in 1964, Souaid officially takes over after embattled former chief Riad Salameh's term expired in July 2023 with no...
Geostrategy
OECD lowers global growth projections over tariffs, uncertainty
"We are navigating troubled waters," said the OECD's chief economist Alvaro Santos Pereira as he summed up the world's economic...
Economy
Economy
MoIAT, Ras Al Khaimah Economic Zone ink pact to promote industrial growth in UAE
ABU DHABI, UAE - The UAE Ministry of Industry and Advanced Technology (MoIAT) and Ras Al Khaimah Economic Zone (RAKEZ)...
- MoIAT and RAKEZ will cooperate in programs and initiatives under the National Strategy for Industry and Advanced Technology, Operation 300bn,
- The two entities will encourage industrial companies to join the UAE Industry 4.0 program and undergo a readiness assessment.
Business
Masdar City, ADGM ink pact to strengthen foreign investment in Abu Dhabi
ABU DHABI, UAE - Masdar City and the Abu Dhabi Global Market (ADGM) Thursday signed a Memorandum of Understanding (MoU)...
- Masdar City and ADGM will work together to attract new investors to their free zones and benefit from each other’s capabilities.
- The two entities will exchange best practices and promote institutional integration.
World Economic Forum
Saudi Arabia becoming a bright spot for the world economy: IMF chief
Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the United States of America, underlined the importance of the Saudi-US relationship.
- Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the United States of America, underlined the importance of the Saudi-US relationship.
- Mohammed bin Abdullah Al Jadaan, Saudi’s Minister of Finance, highlighted the economic reforms ushered in by Saudi Vision 2030, in providing a pathway for the region
World Economic Forum
WEF selects UAE’s Gender Balance Council as knowledge partner
Dubai, UAE--The World Economic Forum (WEF) has selected the UAE's Gender Balance Council (GBC) as a knowledge partner to advance...
- President of the UAE Gender Balance Council affirmed the council's keenness to forge influential partnerships that can help advance gender balance globally
- She said that being selected as the World Economic Forum’s knowledge partner is an endorsement of the UAE’s ability to set a global example for advancing gender balance
World Economic Forum
UAE inks cooperation agreements at WEF
The agreements were unveiled during a high-level meeting between Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Prof....
- The agreements were unveiled during a high-level meeting between Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Prof. Klaus Schwab, WEF Founder
- Klaus also announced WEF’s collaboration with the Government of the United Arab Emirates to organize the Annual Meeting of the Global Future Councils 2023
Economy
CEOs back unlocking Africa free trade area’s $3.4 trillion potential
Davos-Klosters, Switzerland-- African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of...
- The AfCFTA is the largest free trade area in the world, by area and number of participating countries.
- Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment.
Economy
Curbing oil dependency Saudi priority, says Economy Minister
Despite its goal of achieving net zero carbon emissions by 2060, the country remains hugely dependent on crude oil exports...
- Soaring crude prices following Russia's invasion of Ukraine allowed Saudi to post in 2022 its first budget surplus in nine years, giving it firepower for economic development.
- And at Davos, Saudi officials announced a joint initiative with the Davos forum organizers to accelerate high-tech innovation in the country via the metaverse.
Economy
Asian markets up on recovery hopes, yen sinks after BoJ decision
Weak earnings from banking titan Goldman Sachs, a jobs warning by Microsoft, and a plunge in manufacturing data highlighted the...
- Hong Kong, Shanghai, Sydney, Singapore, Wellington, Manila, Bangkok and Mumbai were all on the rise, though Seoul and Jakarta dipped
- Yen tumbled from around 128.50 per dollar to more than 131 at one point Wednesday after Bank of Japan decided against further tweaking monetary policy
World Economic Forum
India’s minister calls on rich nations to ‘walk the talk’ on food systems
Davos-Klosters, Switzerland-- India's Minister for New and Renewable Energy Raj Kumar Singh has told developed countries to '"walk the talk"...
- The minister was speaking at a session on “Interplay of Food, Energy and Water” at the 53rd World Economic Forum Annual Meeting
- The actor Idris Elba who was part of the discussion said that countries need a food systems ministry, not just an agriculture ministry
Economy
European investigators quiz Lebanese over central bank chief
Investigators from France, Germany and Luxembourg began hearing witnesses Monday as part of the case of suspected financial misconduct including...
- The long-serving central bank chief is among top officials widely blamed for monetary policies that have led to a Lebanese economic crisis
- Investigators questioned former vice governor Saad Andary on Monday and are also set to hear evidence from Raed Charafeddine, another former vice governor
Lebanon cabinet appoints Karim Souaid central bank governor
Born in 1964, Souaid officially takes over after embattled former chief Riad Salameh's term expired in July 2023 with no...
Geostrategy
Company News
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Oil prices up on Saudi, Russia push for output reduction
Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...
Economy
Doha Forum debates advantages in Gulf-Europe green ties
Doha, Qatar-- Oil and gas producers in the Middle East are assessing "challenges and opportunities" available for their economies to...
Economy
COP28 focused on achieving balanced package in negotiations: Majid Al Suwaidi
Dubai, UAE-- The COP28 Presidency is focused on achieving a balanced package in the negotiations, according to Ambassador Majid Al...
COP28 UAE
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Digitization helps UAE make supply chain sustainable
"The UAE launched the 'Trade Tech Initiative' in partnership with the World Economic Forum. The initiative aims to accelerate the...
- Green trade as a key driver for a sustainable, resilient global economy.
- E-commerce growth in the UAE contributes to carbon emission reduction.
Business
NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
- Topian has been launched with the support of the Saudi Ministry of Environment, Water and Agriculture (MEWA).
- Topian has signed numerous local and international strategic partnership agreements with organizations that share Topian’s commitment to reshaping the future of food.
Economy
Faster hydrogen production needed for energy transition: WTO
Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production...
- IRENA believes that hydrogen and its derivatives would meet 14% of global final energy consumption in 2050
- Hydrogen generated from renewable power is recognised as a key pillar in replacing fossil fuels and decarbonising sectors