Logistics: At the heart of economic activity
The global logistics market is expected to be around US$10 trillion in 2024, and is estimated to reach US$21.91 trillion...
Analysis
Oil, gas, and renewables: How global policies and markets are reshaping energy in 2025
The Trump administration’s trade tariffs and withdrawal from the Paris Agreement pose major risks to global economic growth and energy...
Economy
Business
15 MoUs in several sectors signed at Saudi-Japan Investment Forum
Riyadh, Saudi Arabia - As many as 15 memorandums of understanding were signed between Saudi Arabia and Japan in several...
- The forum highlighted the investment opportunities to strengthen the investment partnership between the two countries in light of Saudi-Japan Vision 2030.
- It also reviewed opportunities to expand the investment partnership between the two countries in a number of the strategic sectors.
Economy
Iraq Prime Minister summons central bank governor as currency slides
One US dollar traded at 1,580 Iraqi dinars on the street Tuesday, against the central bank rate of 1,470 dinars,...
- The central bank has blamed the slump on "temporary pressures" sparked by the "adoption of new mechanisms to protect the banking sector, customers, and the financial system".
- Iraq's Association of Private Banks said the rate had risen as a result of changes to the "mechanism" of foreign currency sales due to international requirements.
YEARBOOK 2023
Sustainable digital shift in GCC need of the hour
Sustainability remains key focus as the UAE and Saudi Arabia speed up digitalization, which has been the fundamental pillar of...
- Gartner expects that by 2025, 50 percent of chief information officers (CIOs) will have performance metrics tied to the sustainability of the IT organization.
- In the Arab Gulf, national economic visions aimed at alleviating petrochemical dependence have put renewable energy sources front and center.
Business
UAE announces inclusion of Creative Zone in NextGenFDI initiative
ABU DHABI, UAE - The Ministry of Economy has announced that Creative Zone, one of the UAE's largest consulting and...
- The NextGenFDI program, which was launched in July 2022, aims to attract digitally-advanced companies to the UAE.
- NextGenFDI includes fast business licensing, group visa issuance, fast access to banking facilities, as well as access to educational and cloud services.
Economy
Dubai Land Department launches its strategic plan 2026
DUBAI, UAE : The Dubai Land Department (DLD) launched its new strategic plan and vision, shaping the features and landmarks...
- The new strategic plan is in line with the national agenda to build a better economy.
- DLD has a mission of enabling the real estate community by providing seamless services, effective legislation and integrated data.
Business
DEWA’s hydroelectric power plant in Hatta is 59 percent complete
DUBAI, UAE -Â The Dubai Electricity and Water Authority (DEWA) under-construction pumped-storage hydroelectric power plant site in Hatta is 58.48...
- This is the first station of its kind in the GCC, with investments of up to US$387 million.
- The power plant will have a production capacity of 250 megawatts, a storage capacity of 1,500 megawatt-hours.
Economy
Algeria passes biggest-ever US$98.5 billion annual budget
Algiers, Algeria-- Algeria approved the 2023 budget, the largest in the country's history after President Abdelmadjid Tebboune approved the Finance...
- The government set a reference oil price estimated at US$60 per barrel, up by US$15 per barrel over the 2022 budget
- The figures in the annual budget showed an increase in defense spending, which topped the rest of the sectors with US$22.7 billion, to be the largest in Algeria's history.
Economy
Saudi Arabia and Japan bolster energy ties, sign new deals
Seeking to deepen energy ties, Saudi Arabia and Japan have signed two sets of cooperation agreements in the fields of...
- The deal was signed at the first ministerial meeting of the Saudi-Japanese Ministerial Dialogue for Energy in Riyadh
- Nishimura will be in Saudi Arabia, Japan’s largest importer of crude oil, until Monday and will then go to Oman, a supplier of LNG, on Tuesday
Business
Pact to transform Makkah, Madinah into business hubs for Islamic world
The Makkah Chamber of Commerce, Madinah Chamber of Commerce and the Islamic Chamber of Commerce will sign the agreement at...
- The partnership would boost the business sectors in the holy cities through exhibitions and forums, lectures, workshops and dialogues with decision-makers from the Islamic world.
- Chairman of the Board of Directors of the Madinah Chamber, Munir Muhammad Nasser bin Saad, said the agreement will contribute towards promoting cultural heritage of the holy cities
Economy
UAE Ministry of Climate Change organizes first meeting of Farmers’ Council
DUBAI, UAE - UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri presided over the first meeting...
- The meeting highlighted the government directions to promote sustainable modern farming systems across the UAE.
- The meeting discussed the government's decisions to increase the agricultural sector’s productivity, commercial value and enhance food security.
Logistics: At the heart of economic activity
The global logistics market is expected to be around US$10 trillion in 2024, and is estimated to reach US$21.91 trillion...
Analysis
Company News
Latest News
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
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...
Business
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...
Economy
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Economy
Gulf leads the charge in green mobility revolution
In the heart of the GCC, a transformative shift towards 'Green Mobility' is underway, driven by a commitment to environmental...
- In the heart of the GCC, a transformative shift towards 'Green Mobility' is underway, driven by a commitment to environmental sustainability and reducing carbon footprints.
- This shift, led by nations like the UAE and companies like Aramex, is redefining the future of transportation, blending innovation, economic growth, and ecological stewardship.
Business
Tech titan Microsoft wins observer seat at OpenAI
SAN FRANCISCO, US - Microsoft, the tech titan that has invested billions of dollars in ChatGPT creator OpenAI, has been given...
- The nomination was shared in a memo to OpenAI staff that was later posted to the company's blog.
- Microsoft will join former US Treasury Secretary and political power broker Larry Summers, who was added last week.
Business
CBUAE, Islamic finance organizations discuss sustainable practices
ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure...
- Participants in the events included officials and experts from international organizations, financial institutions and Islamic financial bodies.
- They aimed to support and advance sustainable Islamic finance while expanding the reach of sustainable finance globally.