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
Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic...
Economy
Economy
UN agency wants FIFA deal for World Cup labour rights role
Doha, Qatar— After fierce criticism of the Qatar World Cup, the head of the UN labour agency on Sunday pressed FIFA's...
- FIFA has faced increased pressure after years of criticism of labour rights in Qatar, ranging from controversy over deaths on mega construction projects to unpaid salaries
- The 2026 World Cup will be held in the United States, Canada and Mexico
Economy
Moroccans protest price hikes and ‘repression’
Hit by the economic impact of the Covid-19 pandemic and inflation, poverty levels are back to where they were in...
- People converged from across Morocco for the protest, which was also called to highlight the cases of several jailed bloggers and journalists
- Consumer price inflation was 7.1 percent year-on-year in October, due in large part to surging food prices triggered partly by an intense drought
Geostrategy
EU head says bloc must act over US climate plan changes
EU chief Ursula von der Leyen said the bloc must act to address "distortions" created by Washington's $430-billion plan to...
- EU countries have poured criticism on Washington's landmark Inflation Reduction Act, seeing it as anti-competitive and a threat to European jobs
- The act, designed to accelerate the US transition to a low-carbon economy, contains around $370 billion in subsidies for green energy as well as tax cuts
Geostrategy
Jordan, India explore economic cooperation
AMMAN, JORDAN - Jordan's Minister of Investment Kholoud Saqqaf on Sunday received Indian ambassador in Amman Anwar Haleem for a...
- The minister briefed the envoy on the investment climate in the Kingdom and potential opportunities in various sectors.
- She emphasized business-friendly legislation and simplified government service delivery.
Geostrategy
Herzog becomes first Israeli president to visit Bahrain
Israeli President Isaac Herzog arrived in Bahrain, the first visit by an Israeli head of state to the small Gulf...
- Accompanied by an economic delegation, Herzog said he would discuss "ways to strengthen our economic cooperation".
- Herzog said he would then travel to UAE's capital Abu Dhabi.
Economy
OPEC likely to hold oil output levels steady
Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a...
- OPEC is due to consult with 10 other oil-producing nations, including Russia, to review their decision in October to cut production by two million barrels per day
- the EU, G7 and Australia agreed a $60-per-barrel price cap on Russian oil, which will come into effect on Monday or soon after
Economy
Morocco reaps windfall from fertiliser supply shock
Morocco is set to chalk up record revenues for a second year running as farmers worldwide scramble for phosphate, made...
- According to Morocco's state-owned phosphates firm OCP, the kingdom controls around 31 percent of the international trade in the substance
- This year Morocco exported half a billion tons of fertilizer to various African countries, either for free, as aid or at preferential prices
Economy
UNHCR chief urges world to help Lebanon’s most vulnerable
Appealing to the international community to help the country as it faces 'one of its hardest moments', UNHCR chief said...
- Hundreds of thousands of Syrians fled to Lebanon after the country's civil war began in 2011 with the brutal suppression of anti-regime protests
- UNHCR chief Filippo Grandi met with officials including caretaker PM Najib Mikati to discuss how to better support vulnerable Lebanese and refugees
Business
German government to stop unjustified energy price increases
BERLIN, GERMANY - The German government aims to put a stop to energy price hikes it sees as unjustified with...
- Price increases are to be prohibited until the end of 2023 - unless the supplier can prove "that the increase is objectively justified".
- A justification could, for example, result from "market-based price and cost developments".
Geostrategy
UN report warns global food crises likely to increase
ROME, ITALY - The world's ability to nourish its burgeoning population is under threat and without broader socioeconomic and environmental...
- The report identifies the issues at stake and the threats and problems that have an impact on future food consumption and agrifood production.
- The report urges decision makers to think beyond short term needs.
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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
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Iran to link up electricity grid with Russia via Azerbaijan
Tehran, Iran-- Iran is linking up its electricity grids with Russia via Azerbaijan in order to make up for its...
Business
Aramco produces first unconventional tight gas
Dhahran, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first...
Business
Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to...
Business
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Economy
Electricity plays key role in making UAE sustainable
“In the UAE, we recognize the energy security and climate challenges and have devised multiple strategies to make the sector...
- The UAE updates Energy Strategy 2050, focusing on low-emission hydrogen production and net-zero goals.
- GCCIA's expansion projects aim to enhance energy security and interconnectivity across the Gulf region.
Economy
UAE non-oil activities to continue to see robust growth in 2024: OPEC
Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024,...
- Its monthly report for November noted that it anticipates the upward trend in non-oil activities to continue supporting further growth for the next year
- The report said the country's tourism sector, accounting for nearly 16% of its GDP, showed strong growth, with 8.5 million visitors coming to the UAE, a 19% jump
Business
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.
- The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
- Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,