Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
Oil prices on the rise despite down week
Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and...
Geostrategy
EU stops import of products which causes deforestation
The European Union reached an agreement to ban the import of products including coffee, cocoa and soy in cases where...
- The draft law, which aims to ensure "deforestation-free supply chains" for the 27-nation EU, was hailed by environmental groups as "groundbreaking".
- The scope encompasses palm oil, cattle, soy, coffee, cocoa, timber and rubber as well as derived products such as beef, furniture and chocolate.
Economy
Developing economies’ debt more than doubled over decade, says World Bank
The external debt of developing economies has more than doubled from a decade ago to US$9 trillion in 2021, the...
- Many countries are already facing or at risk of debt distress with surging global inflation and rising interest rates.
- The external debt of International Development Association countries also nearly tripled in the decade leading up to 2021.
Geostrategy
Libya tells foreign energy firms it’s safe to return
TRIPOLI, LIBYA - Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production Tuesday...
- Rival administrations in east and west have vied for power in Libya since March.
- Libya aims to raise its oil output from around 1.2 million barrels per day currently to 2.0 million bpd by 2027, NOC chairman Farhat Bengdara said.
Business
Abu Dhabi Airports, Bombardier to create aircraft hub in UAE
This represents Bombardier’s first full-service facility in UAE.
- The development of the new Bombardier MRO at Abu Dhabi International Airport is one of several key investments Abu Dhabi Airports is supporting.
- This represents Bombardier’s first full-service facility in the UAE and builds on its long-term commitment to their customers in this critical market.
Geostrategy
UAE, Saudi Arabia sign MoU for mutual recognition of maritime training
LONDON, UK - The UAE Ministry of Energy and Infrastructure (MOEI) and the Transport General Authority (TGA) of the Kingdom...
- The move is in line to ensure the highest standards of maritime safety and within the outcomes of the Saudi-Emirati Coordination Council.
- This is as per the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 and its amendments.
Economy
IEA says energy crunch driving renewables boom
Paris, France— The energy crisis is fuelling an acceleration of the rollout of renewable power, raising hopes for efforts to meet...
- The IEA report says total renewables capacity worldwide is set to almost double in the next five years and overtake coal as the largest source of electricity generation by 2025
- The amount of renewable power capacity added in Europe between 2022-2027 is forecast to be twice as high as in the previous five-year period
Business
GCC IPOs resilient to volatility hurting other markets
Various IPOs raised nearly $4.8 billion in the GCC in the first five months of 2022 alone, which was higher...
- IPOs in the Gulf prove resilient to the volatility hurting deals in other markets, such as high oil prices, stable economies, and abundant liquidity fuel activity.
- Significant privatizations and private growth companies are now entering the IPO markets due to the recent surge of PO activity and frameworks introduced to enable SPAC formation.
Geostrategy
UAE, UK experts discuss science, tech help in net-zero agenda
ABU DHABI, UAE - Experts from UK and the UAE participated in a Sci-Tech Virtual Tour of the Emirates science...
- The tour was launched to facilitate business-to-business introductions between stakeholders and investors.
- During the virtual tour, delegates discussed decarbonization, affordability, supply of renewable energy.
Economy
Dubai Health Authority wins International Data Corporation award
DUBAI, UAE - The Dubai Health Authority recently won the 'Best in Future of Operations' category at the International Data...
- DHA was recognized as an entity that has successfully rethought the ways in which its operations are managed keeping digital transformation in mind.
- IDC hosted over 200 senior IT and business leaders from across the UAE for the IDC DX Forum 2022.
Market Report
Oil rises as China eases Covid restrictions, Russia price cap
World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian...
- In currency trading, the dollar was mixed against its main rivals.
- The Kremlin insisted the cap would not affect Russia's military campaign in Ukraine.
Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
Company News
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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...
Economy
DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
Business
AI, Industry 4.0 transform Middle East manufacturing
"As we look ahead, the manufacturing landscape is set to continue evolving, navigating through the VUCA (volatility, uncertainty, complexity, and...
Opinion
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Business
48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
- The total value of exports and re-exports of member companies reached $57 billion in January- September 2023.
- The strong growth underlines Dubai’s attractiveness among both companies and investors,
Economy
UAE unveils ‘roadmap’ to reduce food waste by 50 percent
Dubai, UAE--In order to reduce food loss and waste by 50 percent, the UAE has launched Ne’ma Food Loss and...
- The initiative was unveiled at the fourth national dialogue on Food Security organized by the Ministry of Climate Change and Environment with ne’ma
- The minister said the roadmap will be a collective effort to bring down food waste by setting up new social norms, policies across the food ecosystem
Economy
Gaza conflict casts shadow on Israel’s gas industry
War with Palestinians disrupts Israel's gas exports, causing economic losses and altering energy strategies.
- The accounting and consulting firm BDO Israel estimated the economic losses of the closure of the Tamar field at about US$ 201 million a month
- The gas field supplied 8.7 billion cubic meters of gas to the Israeli market in 2022 while exporting another 1.57 billion cubic meters to Egypt and Jordan