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...
Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
YEARBOOK 2023
GCC investment in non-oil sectors grew in 2022
GCC countries witnessed the launch of massive economic and development projects in various sectors last year as part of their...
- GCC countries witnessed the launch of massive economic and development projects in various sectors last year as part of their strategy to diversify their economies
- The Kingdom's NEOM introduced the energy and water company Inwa, while the Saudi Ports Authority launched 12 private sector investment opportunities last year
Economy
Germany uses more renewable energy, still falls short of CO2 goal
The setback comes despite a record 4.7 percent drop in energy consumption last year, partly in response to soaring fuel...
- Europe's biggest economy emitted 761 million tons of greenhouse gases last year, just one ton fewer than in 2021 and overshooting the target of 756 million tons.
- The German government had aimed to reduce carbon dioxide emissions by 40 percent by 2020 compared with 1990 levels, but has yet to achieve the feat.
Economy
Dubai launches business group to promote renewable energy usage
The UAE Government will invest AED600 billion ($163.36bn) in renewable energy by 2050 to meet the country's growing energy demand...
- Announced in 2017, the UAE Energy Strategy 2050 aims to reduce the carbon footprint on power generation by 70 percent.
- The UAE has since launched notable initiatives and taken significant steps towards realizing these goals by 2050.
Economy
Dubai announces plan to ‘double’ the size of economy in next decade
The Gulf emirate's ruler, Sheikh Mohammed bin Rashid Al-Maktoum, unveiled in a series of tweets the Dubai Economic Agenda, dubbed...
- The new economic agenda would also add 400 cities to Dubai's list of trading partners, increasing foreign trade in the coming decade by 44 percent to 25.6 trillion dirhams.
- It would also see foreign direct investment in Dubai exceed 650 billion dirhams within 10 years, according to Sheikh Mohammed.
Economy
Qatar first on FDI Standouts Watchlist 2023: FDi Intelligence
Doha, Qatar-- Qatar ranks first among the world’s top destinations for foreign direct investment (FDI), owing to its strong economic...
- "FDI Standouts Watchlist 2023" by fDi Intelligence analyzes the macroeconomic and foreign direct investment (FDI) trajectory of the world’s top 50 FDI destinations.
- In 2022, the top sectors for FDI projects were Oil and Gas, financial services, and software and IT services, according to the report.
US regulators warn banks over crypto risks
The joint statement comes after the sudden collapse of cryptocurrency platform FTX - worth $32 billion before it filed for...
- Banking organizations should be aware of risks such as fraud and scams, along with inaccurate or misleading disclosures, the agencies said.
- The watchdogs said they continue to take a "careful and cautious approach" with crypto activities and exposure at banking organizations
Japan’s PM to meet Biden in Washington, visit other G7 allies
The two leaders are expected to discuss regional security challenges, including North Korea and China, as well as Russia's invasion...
- Japan is assuming the presidency of the G7 grouping and Kishida said he also plans to visit members France, Italy, Canada and Britain this month
- Kishida will host the G7 leaders summit in Hiroshima in May and wants to put achieving a world free of nuclear weapons on the international agenda
Economy
In Iraq, graft helps push property prices out of reach
Baghdad, Iraq---Iraqi telecommunications worker Youssef Ahmed is married with a five-year-old son, but lives with his parents because he is unable...
- Many investors preferred to purchase property in the autonomous Kurdish areas of the country's north, or even in neighbouring Turkey.
- The government recently announced ambitions to build low-cost housing for Iraq's poorest citizens, with around 1m Baghdad residents estimated to live in informal settlements.
Economy
Jordanian expats in Qatar sent home $440m in 2022
According to data recently released by the CBJ, Jordanian expatriates' remittances in the first ten months of 2022 increased by...
- According to data recently released by the CBJ, Jordanian expatriates' remittances in the first ten months of 2022 increased by 0.6 percent
- The Qatari exchangers said that remittances by Jordanian expatriates in 2022 may be the highest in several years
Economy
Two World Bank entities provide US$75bn in financing last year
Washington, United States--Two World Bank entities provided a record $75 billion in financing last year, said a letter by its president,...
- The aid comes as countries emerging from the Covid-19 pandemic were hit by fallout from war in Ukraine and surging inflation, while climate change brought further devastation
- The World Bank delivered $31.7 billion in climate finance last year and channeled another $18 billion towards Ukraine since the start of the war
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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...
Company News
Latest News
Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
Geostrategy
UAE and Cuba look to boost economic, energy ties
The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields...
Economy
Time to transform climate commitments into action
"At COP28, governments need to focus on two timeframes: an immediate surge in climate action and a springboard for the...
Opinion
Most Read
Infographics
Water stress levels vary in Arab countries
Some countries face more intense competition for water resources, leading to potentially severe environmental impacts. The contrast underscores the diverse...
- The region needs to develop and implement sustainable water management strategies to mitigate the growing water scarcity and its potential impacts.
- The high stress levels in GCC, in particular, highlight an urgent need for these nations to develop and implement sustainable water management strategies.
Business
Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024
Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
- Al Khawaja said one of the offerings will be for a family business in the financial sector and foreign exchange and remittances
- The fund, according to Al Khawaja, considers family businesses as the key to advancing economic development in Abu Dhabi
Economy
UAE to invest $20-25 bn in cash-strapped Pakistan
Abu Dhabi, UAE - The UAE and Pakistan recently sealed a significant deal, potentially injecting between $20 to $25 billion...
- The move comes as Pakistan grapples with economic challenges, including a balance of payments crisis and dwindling foreign exchange reserves
- Pakistan Prime Minister Kakar hailed the signing as a historic milestone that would elevate economic cooperation between the two nations