UAE leads solar energy growth with strategic projects
Abu Dhabi, UAE - A new report highlighted the UAE's leadership in the regional solar energy sector, driven by initiatives...
Fossil fuel demand is high in Central Eastern Europe. Here’s how it can make the energy transition
This “responsible transition” is not only defined by the development principles, but primarily by a selective investment approach in our...
Economy
Economy
Strategic initiatives help UAE lead digital economy
“This economy merges national skills and technological solutions, creating an advanced model that contributes to achieving the goals of the...
- The UAE is aiming to significantly boost the digital economy's contribution to the non-oil GDP over the next decade.
- Efforts are being ramped up to accelerate the adoption of digital solutions across various sectors in the Gulf country.
Business
stc 2023 revenues is $19.28bn
Gross profit for 2023 rose 1.1 percent compared to 2022.
- The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent
- It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.
Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
- The project is being built in the Gulei petrochemicals base in Zhangzhou city, in eastern China’s Fujian Province.
- The project entails a total investment of $6.3 billion from SABIC and Fujian Energy Petrochemical Group Co. Ltd.
Business
Iran-EU trade surpasses US$5bn in 2023, says Eurostat
TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...
- Trade between Iran and member states of the EU recorded a decrease of 9 percent from January to December 2023.
- During that period, the exchange of products between Iran and the EU member states was valued at US$5 billion.
Business
SCC committee discusses issues related to Sharjah’s economy and tourism
SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
- The committee addressed the outcomes of its recent visit to Sharjah Commerce and Tourism Development Authority.
- The committee was briefed about the authority’s efforts to stimulate tourism by conducting events throughout the year.
Geostrategy
Norway deal averts Palestinian financial collapse: govt
The portion of the revenues that Israel will transfer to Norway will remain in a Norwegian account until the parties...
- Under a 1994 agreement, the PA receives taxes that Israel collects on its behalf -- but Israel has withheld some of these since Hamas's attack
- The Palestinian Authority has refused to accept any transfers unless Israel changes its decision, an impasse that has lasted for several months
Interview
WEF24: Pragmatic actions to help in carbon neutrality
Technology investment and corporate partnerships can play a crucial role in driving significant emission reduction, Hans Kobler of Energy Impact...
- Technology investment and corporate partnerships can play a crucial role in driving significant emission reduction, Hans Kobler of Energy Impact Partners tells TRENDS.
- He stresses the need for concrete action, emphasizing the importance of pragmatic strategies and sustained investment to overcome the challenges of climate finance.
Geostrategy
Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
- Many companies have chosen to divert their vessels to avoid the Red Sea
- US and UK strikes on Houthi targets have failed to halt the rebel attacks
Economy
China maintains basic balance in international payments in 2023
Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2...
- China's foreign-exchange regulator said the ratio of the current account surplus to gross domestic product was 1.5 percent last year
- The administration's data shows the surplus under trade in goods came in at $608bn last year, the second highest level in the history
Saudi stock market hits 12,500 points, highest since August 2020
Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its...
- The increase can be attributed to the positive momentum generated by the disclosure of financial results, the majority of which met anticipated outcomes
- The gains in the Agriculture & Food, Building & Construction and Hotels & Tourism sectors also led shares higher
UAE leads solar energy growth with strategic projects
Abu Dhabi, UAE - A new report highlighted the UAE's leadership in the regional solar energy sector, driven by initiatives...
Company News
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Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
Economy
China’s Xi promises US$50 billion for Africa over next three years
China, the world's number two economy, is Africa's largest trading partner
Business
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Economy
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
- While Pakistan has been declared the "Tech Destination of the Year" at GITEX GLOBAL 2024, one of the key players driving this growth is the Pakistan Software Houses Association
- Across the GCC, Pakistani companies provide cybersecurity and AI driven solutions across various sectors, including banking and fintech industries
Economy
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
- The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries
- This council will be instrumental in expanding the Kingdom's global economic footprint
Economy
China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...
- China is facing a crisis in its vast real estate sector as well as lackluster confidence among households and businesses, which is hindering consumption
- In August, the Purchasing Managers' Index (PMI) - a key barometer of industrial output - stood at 49.1 points, the National Bureau of Statistics (NBS) announced