Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
Exclusive: Green investments lead to tangible returns, says WEF’s Philips
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
Economy
Abu Dhabi deploys drones to plant a million mangrove seeds
Abu Dhabi, UAE--The Environment Agency of Abu Dhabi (EAD) has planted one million mangrove seeds using drones as part of...
- The Abu Dhabi Mangrove Initiative was announced in February 2021 during Prince William's visit to the UAE
- EAD and its key stakeholders during the past ten years have planted more than 15 million mangroves along the coast of Abu Dhabi
Economy
Oil gains 3% on China demand hike, concerns about Russian supplies
Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude...
- Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel
- Previous oil prices witnessed a decline after the release of data revealing an unexpected increase in US crude and fuel inventories, which raised concerns about fuel demand
Economy
UAE appoints ADNOC chief to lead COP28 climate talks
Dubai, United Arab Emirates--The head of the United Arab Emirates' national oil company was named as president of this year's COP28...
- The UAE's official new agency said that Sultan Ahmed al-Jaber, head of Abu Dhabi National Oil Company (ADNOC), will be the first CEO to take the role at the UN summit
- The next edition of climate talks will take place in Dubai, the UAE's business, trade and tourism hub, in November and December
YEARBOOK 2023
Europe looks at GCC for LNG supplies amidst crisis
The year 2022 witnessed several deals involving Gulf nations and leading natural gas consumer countries that seek to secure their...
- The year 2022 witnessed several deals involving Gulf nations and leading natural gas consumer countries that seek to secure their LNG supplies in both near and distant future.
- In November-2022, Qatar and China signed one of the largest ever LNG deals inking a USD 60 Bn LNG supply deal for 27 years.
Economy
Saudi WEF delegation to highlight progress under Vision 2030
It aims to enhance global cooperation and design joint solutions to today’s geopolitical, social, economic, and human development challenges. Saudi’s...
- Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs of the Kingdom will head the Saudi delegation.
- During their participation at WEF23, the delegation will outline progress achieved under Saudi Vision 2030.
Economy
Qatar GDP grew 4.3 percent in third quarter of 2022
Doha, Qatar-- Qatar's quarterly gross domestic product (GDP) at constant prices increased by 4.3 percent year on year in the...
- When compared to Q2 of 2022 revised estimate, the quarterly GDP recorded an increase of 3.6 percent at QR 168.879 billion, QNA said.
- The nominal gross value added (GVA) estimate of Mining and Quarrying activities is estimated at QR 105.896 billion in Q3 2022.
Economy
CBUAE issues new guidance to curb money laundering, terror financing
The guidance, which comes into effect immediately, will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT...
- The new guidelines set by the Central Bank of the UAE apply to banks, finance companies, exchange houses and insurance companies, agents and brokers
- The apex bank's guidance discusses the use of digital ID systems by licensed financial institutions to address their customer due diligence obligations
Business
Uniqlo parent company to boost Japan wages up to 40%
The increases will vary across staff categories, with newly arrived employees likely to see a bump of less than 20...
- The salary bump will apply to around 8,400 full-time employees out of the 56,000 working for parent company Fast Retailing in Japan
- The move comes with Japanese inflation at 3.7 percent in November, the highest figure since 1981, and follows calls from PM Fumio Kishida for higher wages
Economy
UN bemoans ‘intolerable’ loss of 5 million children in 2021
United Nations, United States--An estimated five million children under the age of five died in 2021, the United Nations said Tuesday,...
- Nearly 2.3 million deaths in 2021 occurred in the children's first month, mostly due to being premature or from complications related to childbirth
- The global under-five mortality rate fell 50 percent since 2000, while mortality rates in older children and youth dropped 36 per cent
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"
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Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
Company News
Latest News
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
Business
Global Fund to allot 70% of its funding to countries hit by climate change
Dubai, UAE--The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) announced at COP28 that more than 70% of...
COP28 UAE
Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts
Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then...
Geostrategy
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Business
Gold strikes fresh record high as rate cut bets surge
Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the...
- The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic
- Bets on a drop in rates have weighed on the dollar, which has in turn made gold cheaper for international buyers
COP28 UAE
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...
- The commitment to mobilize AED 1 trillion was made by the UAE Banks Federation at an event held on Finance Day at COP28.
- Financial sector's engagement is critical to realize our collective climate ambitions, ensuring that the 1.5°C target remains within reach, said COP28 President Sultan Al Jaber.
Geostrategy
Saudi Arabia, Turkiye strengthen collaboration in agriculture, water management
RIYADH, SAUDI ARABIA – The Kingdom's Minister of Environment, Water and Agriculture Eng. Abdurrahman bin Abdul Mohsen Al-Fadhli signed a...
- Saudi Arabia and Turkiye expressed their commitment to prepare the agricultural sector in both the countries for climate change.
- The MoU aims to strengthen cooperation and enhance production capabilities in the domains of agriculture, livestock and water management.