Iran slams new EU, UK sanctions as unjustified: foreign ministry
ran's foreign ministry Tuesday slammed as unjustified the new sanctions by the European Union and Britain against Tehran over its...
Saudi Arabia appoints new CEO to drive NEOM’s mega-city project forward
In a big move, Saudi Arabia appoints Aiman al-Mudaifer as NEOM’s interim CEO, a strategic choice to advance the futuristic...
Economy
COP27 climate talks inch toward ‘loss and damage’ showdown
The G77+China block of more than 130 developing nations called in a position paper for a special fund "for assisting...
- The need for such "loss and damage" financing, which has emerged as a make-or-break issue at COP27, is urgent, the largest negotiating bloc at the talks said
- US and the EU have suggested that expanding current channels for climate finance might be a more efficient approach than creating a new one
Geostrategy
Saudi Arabia, UAE key partners in Indonesia’s growth
The two Gulf countries play a major role in strengthening the economic and sustainable development in Indonesia, which is hosting...
- The two Gulf countries play a major role in strengthening the economic and sustainable development in Indonesia, which is hosting the 17th G20 Heads of State and Government Summit
- Since 1976, the Kingdom, through the Saudi Fund for Development has contributed to strengthening the pillars of sustainable development in its various fields and forms in Indonesia
Economy
US wholesale price inflation slows in October
US wholesale prices continued to rise in October but at a slower pace than in the prior month, according to...
- The producer price index in US rose just 0.2 percent compared to September, the Labor Department reported.
- Annual PPI in the US slowed to 8 percent in October, the data showed, down from 8.5 percent in the prior month.
Business
Walmart posts Q3 loss of $1.8bn
Settlement on opioid cases hit earnings of the firm.
- The opioid crisis in the US - causing over 500,000 deaths over 20 years - triggered a flurry of lawsuits against drugmakers, distributors and pharmacies.
- US pharmacy chains CVS Health and Walgreens similarly reached preliminary agreements this month to pay more than a total of $10 billion to resolve opioid claims.
Business
Amanat 9M growth at 6%
Firm's adjusted net profit grew to $16.5 million in Jan-Sep 2022.
- Adjusted total income grew 17 percent to $28.9 million in 9M-2022.
- Adjusted EBITDA grew 19 percent to $29.8 million (AED110.1 million) in 9M-2022.
Business
Wio Bank, ADGM sign pact
Pact will help SMEs in UAE gain access to key banking services.
- With this pact, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission.
- Presently, AGDM supports over 330 SMEs in health tech, pure tech, Edtech, legal tech, food tech, tourism tech, and insurance tech.
Business
TECOM Group to pay dividend
Firm approved interim dividend payment of US$54m.
- The approved US$54 million (AED200 million) cash distribution is in line with the Group’s previously announced dividend policy of distributing $217 million annually.
- All matters related to future dividend distribution will be subject to Board of Director’s recommendation and shareholders’ approval.
Economy
EU to shore up Tunisia economy with US$100m grant
In order to shore up its economy battered by the Covid pandemic and political turmoil, the EU has signed off...
- Tunisia relies heavily on imported wheat and natural gas, whose prices have shot up since Russia's invasion of its neighbor in February
- The grant comes as Tunisia awaits a loan deal with the International Monetary Fund (IMF), and the EU said its aid money was "part of the approved reforms" to finalize the deal
Geostrategy
Russia under pressure as G20 tackles Ukraine war, soaring food prices
Eyeing a joint G20 declaration that would condemn Russia's eight-month-old invasion and threats to use nuclear weapons, US and European...
- There was a hint at growing Chinese unease with Russia's prosecution of the war when presidents Xi Jinping and Joe Biden met late Monday
- Both men voiced opposition to the "use or threat of use" of nuclear weapons in Ukraine, according to a White House account of the meeting
Economy
GCC adopts tourism strategy, launches new platform
The Gulf ministers review projects aimed at strengthening joint Gulf action in tourism as well as strategic partnerships between the...
- The Gulf ministers review projects aimed at strengthening joint Gulf action in tourism, as well as strategic partnerships between the GCC and other countries and parties
- The development comes a couple of days after the launch of the UAE Tourism Strategy 2031 that comes under the ‘Projects of the 50'
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
Iran slams new EU, UK sanctions as unjustified: foreign ministry
ran's foreign ministry Tuesday slammed as unjustified the new sanctions by the European Union and Britain against Tehran over its...
Company News
Latest News
Amid volatility, international reserves resilient: World Bank report
Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition...
Economy
AI to contribute in enhancing low-emissions development
BONN, GERMANY - Artificial intelligence (AI) can make substantial contributions to climate-resilient and low-emissions development. UN Climate Change’s Initiative on...
Science
Don’t pause Mideast de-escalation over war, says UAE official
Dubai, UAE - Middle East powers should maintain their push to de-escalate the region through trade and economic ties despite the...
Geostrategy
Most Read
Economy
Gaza suffers critical food shortages amid conflict
Gaza faces a dire humanitarian crisis as food supplies near exhaustion and the financial sector falls into chaos amid the...
- Gaza faces a dire humanitarian crisis as food supplies near exhaustion and the financial sector falls into chaos amid the ongoing conflict, a WFP report indicates.
- With a projected drop in Palestine's GDP and daily economic activity at a standstill, WFP calls for global intervention to prevent a full-scale food security disaster.
Economy
ADIB publishes ‘sustainable finance framework’ establishing criteria for borrowing
Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which...
- The bank's framework will determine the eligibility of projects for it to finance or refinance, including the issuance of green, social and sustainability sukuks.
- ADIB will give priority to projects with environmental benefits across renewable energy, energy efficiency, green buildings, pollution prevention and control
Business
Saudi Arabian ministry issues 174 industrial licenses
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September,...
- The total value of the 174 new industrial licenses in September is US$1.4 billion (SAR 5.3 billion).
- A total of 82 factories started production in September, with investments worth US$506 million.