US Fed likely to keep rates steady as uncertainty over Trump’s economic policies looms
Since January, Trump has imposed levies on major trading partners Canada, Mexico and China, and on steel and aluminum imports,...
Economy
From healthcare to finance: How AI is reshaping global industries and GCC economies
A study by the World Economic Forum reveals that AI could replace around 85 million jobs by 2025
Science
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"
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.
US Fed likely to keep rates steady as uncertainty over Trump’s economic policies looms
Since January, Trump has imposed levies on major trading partners Canada, Mexico and China, and on steel and aluminum imports,...
Economy
Company News
Latest News
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...
Business
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
Most Read
COP28 UAE
COP28 chief urges nations to reach climate compromise
Setting the ambitious goal of having a deal in place by Tuesday, the last day of the conference, Sultan Al...
- Last week the event started with the launch of a loss and damage fund for nations devastated by climate change
- Scientists warn that greenhouse gas emissions must fall by 43 percent by 2030 from 2019 levels
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