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...
Content creation key to awareness, culture, human development: Dubai ruler
Dubai, UAE -- Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attended part of...
Business
Business
Dubai records US$2.6bn in weekly real estate transactions
DUBAI, UAE - A total of 2,790 real estate transactions worth US$2.6 billion (AED9.6 billion) were conducted during the week...
- A total of 2,790 real estate transactions worth $2.6 billion were conducted during the week ending December 30, 2022.
- The DLD report showed that 179 plots were sold for $378 million.
Business
Dubai Courts, Moro Hub ink pact to enhance cooperation in cyber security
DUBAI, UAE - Dubai Courts signed a Memorandum of Understanding with Moro Hub, a subsidiary of Digital DEWA, the digital...
- Leveraging on Moro’s capabilities, the MoU will serve the society’s interest in providing a comprehensive legal framework to combat cybercrimes.
- The MoU will help in exchange of knowledge and leverage on expertise as per Dubai Courts mission of achieving precise and swift justice.
Geostrategy
10 oil field workers killed in Syria attack, says state media
BEIRUT, LEBANON - An attack in eastern Syria killed 10 oil field workers, state news agency SANA reported on Friday, a...
- In addition to 10 dead, two others have been wounded in a terrorist attack that targeted three buses transporting workers from al-Taim oil field, state media said.
- The agency did not provide any information on the nature of the attack in the Kurdish-held area or who may be behind it,
Science
EAD imposes fines worth US$89,312 over environment violations
ABU DHABI, UAE - The Environment Agency – Abu Dhabi (EAD) has imposed 32 administrative fines, totaling US$89,312 (AED328,000) since...
- The Agency followed up with the violating establishments to ensure that corrective measures were taken to remove or mitigate the causes.
- Violations included submitting incorrect data to EAD, changing data contained in licenses, or polluting the soil, water or air in protected areas.
Surging UK energy bills spark tensions among tenants
In Britain, the average domestic energy bill has roughly doubled over the last 12 months. That has helped push inflation...
- Household electricity and gas bills have rocketed across Europe this year, after key energy producer Russia invaded Ukraine in February
- Simon Francis, campaigner at pressure group End Fuel Poverty expressed concern that some tenants - whose rent includes energy bills - might not benefit from state assistance
Economy
Debt spiral engulfs Turkish voters months before polls
Turkish media say the total number of debt recovery cases rose by about 1.5 million in a year and exceeded...
- The main banking regulator says the value of unpaid individual loans in the nation of 85 million people rose from 17 billion to 29 billion liras between March and September
- Economist Erinc Yeldan said Turkey was experiencing fallout from a years-long policy that encouraged cheap lending to achieve rapid rates of economic growth
Economy
AGFUND, AMF ink MoU to promote economic development in Arab region
The MoU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation.
- The MoU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation
- AGFUND also announced its support for the comprehensive economic reform programme signed between the AMF and the Yemeni government, funded by Saudi Arabia
Economy
Unemployment rates to decline in Saudi, UAE in 2023: report
Many markets in the Middle East and Africa show a larger gap between affluent and non-affluent households in 2019 vs...
- Many markets in the Middle East and Africa show a larger gap between affluent and non-affluent households in 2019 vs 2022 discretionary spending
- As food and energy costs eat up a greater share of the consumer budget, lower-income households will feel an especially strong pinch
YEARBOOK 2023
GCC banks to benefit from 2022 growth momentum
Since the COVID-19 outbreak, GCC banks have experienced a growth of more than 10 percent annually, a positive sign that...
- GCC banks will also reap the benefits of reduced overhead thanks to fewer branches and a smaller workforce.
- A few GCC banks have expanded into risky countries, especially Turkey and Egypt.
Geostrategy
Dubai court authorizes jailed Brit’s fraud extradition, say lawyers
DUBAI, UAE - A Dubai court Thursday authorized the extradition of a British national wanted over an alleged 1.7 billion...
- Hedge fund trader Sanjay Shah was arrested in Dubai in June, but the emirate's Court of Appeal in September rejected an extradition request by Denmark.
- Shah is accused of running a scheme for three years from 2012 in which foreign firms pretended to own shares in Danish companies and claimed tax refunds.
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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...
Company News
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EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
Business
Monsha’at reports Q3 rise in SMEs driven by growth across non-oil sectors
RIYADH, SAUDI ARABIA - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor,...
Economy
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Geostrategy
Some farmers in drought-hit Iraq forced to reduce crops: NGO
Baghdad, Iraq -- Sixty percent of farmers surveyed in four provinces of drought-hit Iraq reported having to reduce cultivated areas or...
- Successive years of drought have already displaced tens of thousands from rural areas in Iraq, particularly in the southern provinces that face extreme heat during the summer.
- In addition to drought, the authorities blame upstream dams built by Iraq's powerful neighbours Iran and Turkey for dramatically lowering water levels in the Tigris and Euphrate.
Economy
Bahrain and EU hold discussions to ramp up ties in energy sector
Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy...
- The Bahrani oil minister shared details with the envoy of the kingdom's oil projects and environmental initiatives aiming for zero neutrality by 2060
- The EU ambassador applauded the kingdom's progress and development, pledging to continue promoting investment for both parties sides
Economy
Brazil, UAE forge ahead with stronger bilateral ties
“We would like the UAE to be a partner in our current process of investing in infrastructure. It is a...
- Brazil's Ambassador to UAE, Sidney Leon Romeiro, praises UAE's commitment to environmental sustainability and renewable energy.
- Brazil and UAE collaborate in global climate change discussions, aiming to meet Paris Agreement goals, the Brazil envoy highlights.