NHC signs strategic deals worth $8 billion at the opening of Real Estate Future Forum 2025
Riyadh, Saudi Arabia - The National Housing Company (NHC) has signed a series of agreements, deals, and memoranda of understanding...
Economy
Billionaires on the rise globally- Oxfam Davos report
In its latest annual inequality report, “Takers Not Makers”, Oxfam explores how most billionaire wealth is taken, not earned. At least five...
Economy
Leaders to brainstorm solutions for ‘cohesive world’ at WEF Davos 2023
Global business leaders, CEOs, and innovators from around the world will gather in Davos next week to discuss what World...
- The annual summit of the non-profit World Economic Forum (WEF) will begin on January 16 and go on until January 20, 2023
- WEF President Børge Brende said the focus would be on sustaining economic growth "where our natural environment is not compromised"
Economy
Egypt detains three people for trying to steal 10-tonne statue
Egypt has detained three people for attempting to steal a millennia-old statue with a crane in the ancient southern city...
- The statement said that the Antiquities Authority in Aswan has proven the "antiquity (of the statue) and attributed it to Ramses II, with a weight of approximately 10 tonnes"
- Ramses II, one of the most famous pharaohs of the 19th dynasty, ruled for 67 years
Economy
Saudi Arabia’s industrial production rose 8.6% in November 2022, says GASTAT
RIYADH, SAUDI ARABIA - The General Authority for Statistics (GASTAT) published Tuesday on its official website the results of the...
- In November 2022, mining and quarrying grew by 5.7 percent compared to November 2021.
- Manufacturing activity increased by 19.7 percent compared to the same month of the previous year.
Business
Masdar inks deal to produce 1GW of clean energy in Kyrgyzstan
ABU DHABI, UAE - Masdar has announced the signing of an agreement with the Ministry of Energy of Kyrgyz Republic...
- The projects, with a total capacity of up to 1 gigawatt (GW), start with a 200-megawatt (MW) solar photovoltaic (PV) plant.
- The 200 MW plant is scheduled to begin operation by 2026.
Market Report
Stocks mostly drop as traders track China, US rates
Major stock markets mostly dropped as warnings that US interest rates would continue to rise and remain elevated offset growing...
- Sentiment is still closely linked to the outlook for US monetary policy as the Federal Reserve battles to bring inflation down from four-decade highs.
- Policymakers appear determined to keep lifting borrowing costs until they achieve their goal of two percent inflation.
Economy
Abu Dhabi Chamber enhances digital Effortless Certificate of Origin service
ABU DHABI, UAE - Abu Dhabi Chamber of Commerce and Industry (ADCCI) has launched the updated version of its Effortless...
- The Abu Dhabi Program for Effortless Customer Experience supports Abu Dhabi’s human-centric approach.
- It enables everyone living and working in the emirate and visitors to carry out tasks quickly, seamlessly and effortlessly.
Economy
Egypt’s December inflation vaults up to annual 21.3 percent
Cairo, UAE--Egypt's annual urban consumer inflation in December shot up to 21.3 percent from 18.7 percent in November, exceeding analyst...
- The price rises followed a currency devaluation in October and restrictions on imports
- The central bank allowed the Egyptian pound to depreciate by about 14.5 percent on Oct. 27 and let its value continue to weaken slowly and incrementally in November and December
Economy
Saudi Arabia mulling $10bn more investment in Pakistan
In December last year, the kingdom had extended the term of a $3 billion deposit to boost Pakistan's foreign currency...
- In December last year, the kingdom had extended the term of a $3 billion deposit to boost Pakistan's foreign currency reserves
- Today’s announcement comes a day after Chief of Army Staff General Asim Munir held a meeting with Prince Salman in Madina
Economy
SDPW to support carbon neutrality and zero emissions
Sharjah, UAE--The Sharjah Department of Public Works (SDPW) conducted a workshop on the "Sharjah Ports, Customs and Free Zones Authority...
- Head of the SDPW said that the department supports carbon neutrality in its buildings and is part of UAE's initiative to achieve carbon neutrality by 2050
- The SDPW maintained that it applies the highest international and local standards for green buildings and is committed to improving the efficiency
YEARBOOK 2023
ESG may witness higher traction across GCC this year
Some investment trends that emerged at the tail end of 2022 — clean energy, consumer staples, retail, and infrastructure —...
- Some investment trends that emerged at the tail end of 2022 — clean energy, consumer staples, retail, and infrastructure — will gain further impetus in 2023, says an expert.
- The dire climatic status quo and increasing population may impact consumption patterns, infra needs and utilization of finite resources, adds Neelam Verma of The Continental Group
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NHC signs strategic deals worth $8 billion at the opening of Real Estate Future Forum 2025
Riyadh, Saudi Arabia - The National Housing Company (NHC) has signed a series of agreements, deals, and memoranda of understanding...
Economy
Company News
Latest News
Morocco gardening school cultivates hope for marginalised youth
Launched by the Islamic Culture Foundation in 2018, Bouregreg Med-O-Med school provides free training to dropouts and other marginalized youths...
Economy
COP28 unveils oil and gas ‘Decarbonisation Charter’ to speed up climate action
Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter...
COP28 UAE
COP28 ignites key climate change talks in Arab world
"The event focuses on transitioning the energy sector, demonstrating how strategic investments can foster prosperity without solely relying on fossil...
Economy
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Business
IMF to revise regional outlook over Israel-Hamas conflict
Dubai, UAE--The IMF announced Friday that it will revise its economic outlook for the Middle East and North Africa region...
- The IMF staff wrote in a blog post that Israel-Hamas conflict will have wide-ranging consequences for "both people and economies" in the region
- The IMF officials said countries like Lebanon that are heavily dependent on tourism saw hotel occupancy rates drop by 45 percentage points in October compared to a year ago
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.
Business
Astra Tech to launch financial services powered by AI in 2024, says CEO
ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first...
- The CEO said that Astra Tech plans to enter new financial sectors and make acquisitions in South Asia, including India.
- He said that the company is looking to expand into Saudi Arabia to enhance its services in this vital market.