Exclusive: Green investments lead to tangible returns, says WEF’s PhilipsÂ
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
Rudolph Lohmeyer: The Gulf is redefining the global future, not just adapting to it
The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells...
Business
Economy
Qatar Central Bank’s foreign reserves surge 6.82 percent in Nov
Doha, Qatar---The foreign currency reserves and liquidity of the Qatar Central Bank (QCB) increased by 6.82 percent to reach QR...
- The figures issued by the QCB show the bank's official reserves increased by the end of November 2022 year-on-year by about QR 13.169 billion to reach QR 166.109 billion.
- The rise has been driven by the increase in the QCB's balances of bonds and foreign treasury bills by about QR 18.896 billion to the level of QR 124.656 billion in November 2022.
Business
Kazakhstan threatens to ban ArcelorMittal after worker death
ALMATY, KAZAKHSTAN - Kazakhstan threatened Thursday to ban global steel giant ArcelorMittal from operating in the Central Asian country after...
- ArcellorMittal, the world's second largest steel producer, operates a dozen factories and mines in this polluted industrial Kazakh region.
- Kazakhstan has in the past imposed fines on ArcelorMittal for non-compliance with ecological standards.
Geostrategy
WHO urges malaria funding boost as deaths stay stubbornly high
The World Health Organization called for more funds to help overcome towering challenges in the battle against malaria, which continues...
- A report highlighted significant remaining challenges, including limited donor funding.
- The COVID-19 pandemic has compounded several challenges facing efforts to battle malaria.
Geostrategy
WHO member states agree to develop draft of pandemic accord in early 2023
GENEVA, SWITZERLAND - Member states of the World Health Organisation (WHO) Thursday agreed to develop the first draft of a...
- This zero draft of the pandemic accord, rooted in the WHO Constitution, will be discussed by member states in February 2023.
- The agreement by the Intergovernmental Negotiating Body, comprising WHO’s 194 member states, was a milestone in the global process to learn from the COVID-19 pandemic.
Economy
US oil futures drop 3%, finishing at new low for 2022
Analysts note that conditions in the oil market have loosened compared with earlier in the year, adding to oversupply worries...
- WTI futures for delivery in January ended the day at $72.01 a barrel after US Energy Information Administration data showed a jump in gasoline stockpiles
- WTI also closed at a 2022 low on Monday, while international benchmark Brent slipped to a level not seen since January
Economy
First shipment of UAEGD-compliant gold exported to Indian International Stock Exchange
The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices.
- The deal consists of exporting about 100 kilograms of gold worth $4 million from the Emirates Gold Refinery to the IIBX
- The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices
Economy
Tunisian bakers strike again over unpaid subsidies
Subsidies on basic goods are a highly sensitive political issue in Tunisia, where a public finance crisis has caused repeated...
- The national bakery owners' union said more than 3,100 bakeries have joined the open-ended strike
- The bakery owners are demanding payment of 14 months of overdue subsidies, which the union estimates at $80 million
Economy
Saudi Arabia posts budget surplus, first in nearly a decade
Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its...
- The kingdom's budget approved for 2023 foresees a surplus of 16 billion Saudi riyals ($4 billion) and GDP growth of 3.1 percent
- This year's surplus is the first since the 2014 collapse of oil prices from more than $100 a barrel,
Economy
UAE’s non-oil foreign trade at the end of third quarter $445 billion
Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...
- The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
- Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
Economy
CBUAE imposes financial sanction on UAE exchange house
The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE.
- The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE
- The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws
Exclusive: Green investments lead to tangible returns, says WEF’s PhilipsÂ
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
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Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply...
Economy
World Bank anticipates 4.5% growth in UAE’s non-oil economy in 2023
Riyadh, Saudi Arabia - The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of...
Economy
European banks lack transparency on green finance: NGO
ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on...
Business
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Economy
MENA’s $2trn construction boom boosts sustainability
With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in...
- With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in sustainable urban development.
- The region sees a unique chance to pioneer sustainable technologies, potentially reducing lifecycle emissions by 50-60%, highlights Strategy& Middle East and Dar.
Business
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...
- Sodium-ion batteries are viewed as a cheaper and in some respects safer alternative to the lithium-ion batteries.
- While sodium-ion technology has been around for decades, it has lagged lithium-ion batteries in performance.
Economy
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study...
- Half the profits booked by multinationals benefitting from low tax rates were from countries that have high rates but offer various tax breaks to attract investments.
- "Many jurisdictions typically considered (to be) 'high tax' offer various incentives which can lead to substantially reduced tax rates," said the report further.