UAE’s tech industry set to achieve record growth in 2025
Abu Dhabi, UAE - The UAE’s technology industry is set to achieve record growth in 2025, driven by significant expansion...
Economy
Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
ABB to pay US$315m fine
Two affiliates of ABB pleaded guilty to bribery charges.
- Two affiliates of ABB each pleaded guilty to one count of conspiracy to violate the US Foreign Corrupt Practices Act
- In October eight people, including former Eskom CEO Matshela Koko, were arrested on corruption charges linked to the ABB work.
Geostrategy
Ukraine welcomes Russian oil price cap agreed by EU, G7
Ukraine welcomed a US$60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would "destroy"...
- Poland had refused to back the price cap plan over concerns the ceiling was too high.
- The embargo will prevent shipments of Russian crude by tanker vessel to the EU, which account for two thirds of imports.
Business
US unveils high-tech B-21 stealth bomber
PALMDALE, UNITED STATES - The United States on Friday unveiled the B-21 Raider, a high-tech stealth bomber that can carry...
- Many specifics of the aircraft are being kept under wraps.
- The plane will offer significant advances over existing bombers in the US fleet.
Economy
Jordan to elect commerce chamber boards in poll
Amman, Jordan— The commercial sector across Jordan will go to the polls on Saturday to choose representatives in the boards...
- The number of voters entitled to participate in the voting process is 27,982 merchants
- Twenty-three others will run for the elections of the ten commercial sectors that will join the Jordan Chamber of Commerce board of directors
Economy
Saudi Arabia eyes hosting AFC Women’s Asian Cup 2026
Riyadh, Saudi Arabia— Saudi Arabia has submitted its bid to host the AFC Women’s Asian Cup 2026, a key moment...
- Saudi Arabia’s move to bid for the upcoming AFC Women’s Asian Cup builds on its expression of interest earlier this year
- The kingdom has embraced transformation at pace, and growing women’s leadership in sport is a crucial element
Geostrategy
Energy crisis driving climate-friendly power savings, says IEA
PARIS, FRANCE - Russia's invasion of Ukraine has driven countries across the world to boost energy efficiency, creating "huge potential"...
- Governments have scaled up fossil fuel subsidies to cushion the impact of rising energy costs on households in the wake of the Ukraine conflict.
- According to the IEA research, governments, industry and households invested a record $560 billion this year in energy efficiency measures.
Geostrategy
Supporting India’s G20 presidency is a priority for UAE, says Minister
The UAE's Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan has said that the Gulf...
- The UAE will work towards a world where human progress is an inalienable right for all.
- The UAE views the G20 as a forum that plays a critical role in multilateral efforts.
Economy
European stocks, oil steady before US jobs data and OPEC output decision
Traders are growing confident that the Federal Reserve will slow its pace of rate hikes after Fed boss Jerome Powell...
- At the same time, Powell and other Fed officials have lined up to warn that rates would continue to rise and stay elevated, with the possibility of no cut until 2024.
- Focus was also on OPEC+, which may decide Sunday to slash oil production further to boost prices for its members, which include Saudi Arabia and Russia.
Economy
UAE 51st National Day: Central Bank launches new 1000 dirham note
Abu Dhabi, UAE---The Central Bank of the UAE launched an AED-1000 denomination note as part of the country's 51st anniversary...
- Made of polymer and using innovative designs and advanced security features, the note is the fourth in the Third Issuance of the National Currency Project.
- The new banknote will be available in Central Bank branches and ATMs in the first half of 2023.
Business
TotalEnergies cuts UK investment
Move comes UK imposes windfall tax on energy firms.
- Total will cut its North Sea investment by US$123 million in 2023 over windfall tax.
- The move of windfall tax in last month's budget was aimed at helping fund support for British consumers hit by rocketing energy bills.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE’s tech industry set to achieve record growth in 2025
Abu Dhabi, UAE - The UAE’s technology industry is set to achieve record growth in 2025, driven by significant expansion...
Economy
Company News
Latest News
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
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...
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,...
Economy
Most Read
Analysis
Saudi pioneering solutions for water scarcity
The kingdom is forging partnerships with major corporations to revolutionize water technologies and achieve water self-sufficiency.
- Water scarcity is 500 cubic meters per capita, while Saudi Arabia's annual per capita share of water does not exceed 89.5 cubic meters.
- The Saline Water Conversion Corporation has signed agreements with several major corporations to tackle water scarcity.
Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
- London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
- This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
Business
Sustainability in style: UAE’s couture goes green
The UAE is shifting from Western influences to eco-friendly practices in its apparel market. 2023 marks the nation's commitment to...
- In the UAE, environmentally friendly, competitively priced, stylish, and high-quality products are increasingly being offered by brands
- They use organic cotton and other environmentally friendly materials like bamboo, hemp, and recycled polyester