Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
What is the gig economy and what’s the deal for gig workers?
The rise of the gig economy has led to significant shifts in employment, with workers increasingly balancing multiple income streams....
Economy
EIC calls UAE as the leader in renewable energy sector
London, UK --The Energy Industries Council (EIC), one of the world’s largest energy trade associations, has released a report on...
- An EIC report titled “UAE: EIC Country Report – November 2022”, highlights the UAE’s Hydrogen developments in the sector.
- “The UAE could be a key player and deliver 25 percent of the production of the global low-carbon hydrogen market by 2030,” the report said
Economy
Turkey reduces main policy rate for fourth successive month
With the latest cut, the rate has reached "a sufficient level with regard to growing risks concerning global demand", the...
- On the wishes of President Recep Tayyip Erdogan, the Turkish bank said it had lowered its benchmark rate from 10.5 percent to nine percent.
- Erdogan had vowed to lower interest rates to single digits by the end of 2022 as he prioritizes economic growth and jobs over price stability.
Business
Nestle pours $1.8 bn in S Arabia
Firm said this will help bolster its presence in kingdom.
- Nestle's announcement is likely to be a major boost to Saudi Arabia as the kingdom pushes to attract greater foreign investment.
- Nestle will build a new factory, due to open in 2025 that will produce infant nutrition products and ready-to-drink coffee.
Geostrategy
Jordan Minister calls for MENA-Europe electric connection project
AMMAN, JORDAN - Jordan's Minister of Energy Saleh Kharabsheh stressed on the importance of conducting an electrical interconnection project to...
- Jordan's Minister said electric connection with Europe achieves integration by supplying the continent with relatively low-cost energy.
- He said that Jordan seeks to turn its electric power grid into a smart one.
Business
‘Introducing insurance share to beneficiaries is important privilege’
ABU DHABI, UAE - Insurance shares distributed among beneficiaries is one of the most essential privileges in the Federal Law...
- The authority said that shares are distributed to the daughter, sister or mother if they are widowed or divorced and to the son or brother if they are disabled.
- Pension shares are distributed to the heirs once the pensioner is deceased, given that those heirs do not earn a salary or receive their own pension.
Economy
ADDED digitally links freezones in Abu Dhabi
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) has completed the e-link project with four freezones...
- The e-link with freezones helps in providing info and data of the beneficial owner of economic establishments in line with laws and regulations in the UAE.
- They will enhance the country status in following highest level of international standards of transparency and governance.
Geostrategy
Gas price cap divides EU energy ministers’ meeting
BRUSSELS, BELGIUM - EU energy ministers met Thursday to debate measures to mitigate the energy crunch in Europe but were...
- They were to discuss a proposal by the European Commission, unveiled just two days earlier, that would set a cap on gas prices at 275 euros per megawatt hour.
- Many members complained that the plan comes with such conditions attached that it was designed never to be used.
Economy
Saudi fund deposits $237m into accounts of housing beneficiaries
Riyadh, Saudi Arabia---Saudi Arabia has deposited 891 million riyals in subsidy to the beneficiaries of a housing program, Iskan, aimed...
- The subsidy for the month of November was deposited into the accounts of the Sakani beneficiaries by the Real Estate Development Fund.
- Since the launch of the program in June 2017, a total of 42.6 billion riyals has been provided to its beneficiaries.
Business
Stocks rise, dollar slips as Fed signals softer rate hike pace
Wednesday's much-anticipated minutes showed most US central bank chiefs felt smaller increases would "likely soon be appropriate" as the economy...
- Bets were growing on officials announcing a 50-basis-point lift at their December gathering, down from four straight 75-point hikes
- Investors are keeping a close watch on China after it announced new Covid cases on Thursday as authorities worked to curb the spread with snap lockdowns
Business
China’s ‘iPhone city’ tightens Covid rules after violent protests
The curbs in Zhengzhou are part of China's national zero-tolerance approach to Covid, which involves grueling lockdowns, travel restrictions and...
- Hundreds of workers took to the streets around the vast iPhone factory in Zhengzhou, confronting hazmat-clad personnel wielding batons in a rare display of public anger in China
- In the wake of the unrest, Zhengzhou authorities ordered mass testing and an effective lockdown for several districts in the central Chinese city starting Friday
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Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
Company News
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UN calls for overhaul of financial system to help poorest countries
The UN called for an overhaul of the global financial system to help the world's poorest countries and their struggle...
Geostrategy
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...
Business
IMF upgrades China growth forecast to 5.4 percent in 2023
Beijing, China - The International Monetary Fund on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and...
Economy
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Business
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
- China, the US, Japan, Republic of Korea and Germany were the countries with the highest numbers of patent filings in 2022.
- innovators from around the world submitted 3.46 million patent applications in 2022, marking a third consecutive year of growth.
Economy
Marafy: Saudi Arabia unveils another ambitious megacity project
Riyadh, Saudi Arabia - Saudi Arabia has revealed plans for a remarkable megacity project named Marafy, following in the footsteps...
- Marafy is set to become an urban center located to the north of Jeddah, offering a stunning waterfront reminiscent of London's iconic landscape
- The city will follow the ongoing construction of Neom on the Red Sea coast, spearheaded by Crown Prince Mohammed bin Salman
Economy
China owed more than $1 trillion in Belt and Road debt: report
Crunching data compiled on Chinese financing of almost 21,000 projects across 165 countries, AidData said Beijing had now committed aid...
- Beijing says upwards of 150 countries stretching from Uruguay to Sri Lanka have signed up to the BRI, a global infrastructure push unveiled by President Xi Jinping a decade ago
- The first decade of the initiative saw China distribute huge loans to fund the construction of bridges, ports and highways in low and middle-income countries