‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson,...
Economy
WEF25: Saudi delegation calls for nations to put “greater good” first
The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to...
Economy
Economy
Share of oil in Saudi exports rises to nearly 80 percent in Oct
Riyadh, Saudi Arabia-- Saudi Arabia's merchandise exports increased by 13.9 percent in October 2022 to SAR 120.7 billion ($32.10 billion),...
- Merchandise exports increased by 13.9 percent in October 2022 to SAR 120.7 billion ($32.10 billion).
- Non-oil exports (including re-exports) increased by 4.4 percent, compared to October 2022, increasing to SAR 24.9 billion from SAR 23.9 billion in October 2021.
Economy
UAE launches corporate tax public awareness program
ABU DHABI, UAE - UAE's Ministry of Finance (MoF) has launched a Corporate Tax Public Awareness Program following the issuance...
- The program has been designed to raise awareness of the UAE corporate tax law among the largest audience possible.
- While the sessions are open to the public, the primary target audience includes business leaders from all sectors.
Business
New CBUAE money laundering, terror financing guidelines for insurance sector
Abu Dhabi, UAE---The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the...
- Insurance operators are required to perform, document, and keep up to date an enterprise risk assessment.
- They should maintain transaction monitoring systems equipped to identify patterns of activity that appear unusual and potentially suspicious.
Science
Minister reiterates UAE’s support for global biodiversity framework at meeting
MONTREAL, CANADA - UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the High-Level Segment...
- Almheiri urged other ministers to work together towards achieving the meeting’s objective of adopting the post-2020 global biodiversity framework.
- The minister called for reversing biodiversity loss and realize the 2050 Vision for Biodiversity of a world living in harmony with nature.
Economy
DEWA launches construction work of Hatta Sustainable Waterfalls project
DUBAI, UAE - MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer has launched the...
- The Hatta Sustainable Waterfalls project is unique for its innovative architectural idea.
- The Hatta Sustainable Waterfalls project will use the slope of the upper dam of Hatta plant to create a natural waterfall.
Economy
Asian markets join Wall Street advance as recession worries subdue
With dust settling after the Bank of Japan's surprise shift from ultra-loose monetary policy, investors embarked on a mini Santa...
- The global gains came after hefty selling since the Fed and European Central Bank signalled they would likely lift interest rates higher than expected to fight inflation.
- All three main indexes on Wall Street ended more than one percent higher, while European equities also barrelled along.
Economy
Crypto can cause global economic turmoil: India’s central bank chief
Mumbai, India - India's central bank governor warned Wednesday that cryptocurrency markets risked causing the next global financial crisis, saying the...
- The comments close out a challenging year for India's millions of crypto owners, who are already reeling from a global market collapse and steep domestic taxes.
- Cryptocurrencies have been under the scrutiny of Indian regulators with a rise in fraudulent transactions leading to a central bank ban in 2018.
Business
UAE, Morocco discuss ways to boost cooperation in energy, industry
Rabat, Morocco - UAE and Morocco discussed ways of boosting their cooperation and investment opportunities in industry, economy, investments, culture,...
- The discussion occurred between Sultan Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and Aziz Akhannouch, Prime Minister of Morocco.
- Al Jaber also held meetings with Riyad Mazour, Moroccan Minister of Industry and Trade, and Leila Benali, Moroccan Minister of Energy Transition and Sustainable Development.
Economy
Morocco to deploy football World Cup exploits to make diplomatic gains
Rabat, Morocco--Morocco is hoping its unprecedented World Cup exploits can help it win friends and influence people, especially among an Arab...
- Support for the Atlas Lions surged as they battled their way to the semi-final of the football World Cup in Qatar -- the first Arab or African team ever to get so far
- The kingdom already had a track record of using "football diplomacy" to boost its ties with African countries, signing at least 30 cooperation deals with other federations
Economy
National banks’ financing of trade, industry sectors totalled $10bn in 9 months: CBUAE
The statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors reached...
- The statistics showed that the cumulative balance of credit provided by national banks to the trade and industry sectors reached $196 billion at the end of August
- According to the central bank’s data, the cumulative balance of credit provided by national banks to the two sectors increased annually by 4.83 percent
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‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson,...
Economy
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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...
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...
Economy
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Economy
Saudi, Turkey, Egypt among 16 nations viewing climate change as top concern
Riyadh, Saudi Arabia: Around 80% of consumers surveyed across 16 countries now view climate change as the world’s No. 1...
- Around 56% of Saudi consumers stated that they were willing to pay more to ride in a carbon-neutral taxi as against 40% of consumers in other countries
- Similarly, they were also willing to pay more for hotels, train tickets, broadband internet, groceries, computers, clothing, and smartphones
Economy
ADB plans to invest US$100bn to maximize climate impact
MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...
- By 2030, more than 55 percent of the population of Asia and the Pacific will live in urban areas, driving up demand for urban-related services.
- If urban areas continue along the same growth trajectory, Asian cities could contribute over half of the rise in global GHG emissions in the next 20 years.
Economy
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
- The IEA report examined the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets.
- The report estimates that the present valuation of private oil and gas companies could fall by 25% from $6 trillion today if all national energy and climate goals are reached