UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
‘Authenticity, experiences, culture, generational and solo travel to lead tourism trends’
Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview.
Business
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
Science
Qatar recycles 80% of waste collected during World Cup
Doha, Qatar-- Qatar has recycled some 80 percent of waste collected from stadiums during the FIFA World Cup games. According...
- Nearly 54 percent of the waste has been converted into compost, 22 percent into plastic, 14 percent into paper and cardboard, and 8 percent into glass
- She said the climate change issues and the optimal utilization of natural resources are among the top priorities of the Sustainability Department at the SC
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Company News
DIB to buy stake in TOM Group
Geostrategy
Latest News
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
UAE voted to Category-B membership in International Maritime Organization
LONDON, UK - The UAE has been re-elected to the Council of the International Maritime Organization (IMO) in the Category...
Geostrategy
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...
Business
Most Read
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.
Economy
UAE, Philippines to cooperate in digital sector with focus on data centers
Abu Dhabi, UAE - The UAE and Philippines signed an agreement to create a framework for investment in the digital...
- As physical facilities that organizations use to store critical data and run applications, data centers are vital parts of the digital economy infrastructure
- Recognized as one of the emerging data center markets worldwide, the Philippines offers a robust, rapidly growing ecosystem in this sector
Economy
UAE a pioneer in renewable energy: Palau President
“COP28 is attracting significant interest from various participating countries and will serve as an important forum for climate enthusiasts. This...
- Palau President commends the UAE's leadership in renewable energy, especially solar, for global climate goals.
- COP28 garners significant international interest as a pivotal event for climate change action and sustainability.