Indian workers replace Palestinians in Israel’s construction sector amid post-war labour void
Indians, long employed in Israel as caregivers, diamond traders, and IT professionals, are now increasingly recruited for the construction sector...
Economy
Fifth France-Arab Summit: Forging partnerships for a sustainable tomorrow
As the world grapples with uncertainty, the summit offers a much-needed space for cooperation and innovation, led by the Franco-Arab...
Business
Economy
Israel’s Q3 growth slows due to weaker consumer spending
The gross domestic product increased 2.1 percent annually between July and September compared to the previous three months.
- The gross domestic product increased 2.1 percent annually between July and September compared to the previous three months
- The annual inflation rose to 5.1 percent in October from 4.6 percent in September, well above an official 1-3 percent target, the statistics bureau said on Tuesday
Economy
EU pledges US$1bn in climate funding for Africa
The initiative, launched at UN climate talks along with France, Germany, the Netherlands and Denmark, will combine "existing and new"...
- The funding also includes an EU pledge of $60 million for climate "loss and damage" already being suffered, a contentious issue at the negotiations in Egypt
- It will cover the collection of climate risk data, boosting early warning systems, disaster risk finance and insurance, as well as helping to attract private finance
Economy
Beyond Oil and Gas Alliance struggles to enlist new members
The alliance had committed to phasing out oil and gas production when it was launched at UN climate talks in...
- At COP27 talks in Egypt, Fiji and Chile sign up as "friends" of the alliance, while the US state of Washington joins as a core member
- BOGA says it has managed to attract new partners despite the global energy crisis which has seen a rush towards oil and in particular gas
Economy
GCC growth may slow down in 2023 and 2024
The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4...
- The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4 percent in 2023 and 2024 respectively, says a World Bank report
- Easing of pandemic restrictions and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, the report points out
Business
ADIB, ADGM to support growth needs of Abu Dhabi financial community
Abu Dhabi, UAE -- Abu Dhabi Islamic bank (ADIB) and Abu Dhabi Global Market (ADGM) will collaborate to support the...
- ADIB will provide clients with ADGM licensed managers for Sharia compliant banking and share news on developments in finance sector.
- Also, a formal framework for cooperation in education, business development between the Bank and ADGM is also a part of the deal.
Economy
UK inflation jumps to 41-year high on soaring energy and food bills
Domestic fuel bills rocketed further despite the UK government's energy price freeze as the market faced fresh fallout from key...
- The Consumer Prices Index hit 11.1 percent in October, reaching the highest level since 1981, the Office for National Statistics (ONS) said.
- "Rising gas and electricity prices drove headline inflation to its highest level for over 40 years, despite Energy Price Guarantee," said ONS chief economist Grant Fitzner.
Business
Russia now routes oil through Turkey to reach EU
The 27-nation bloc has also placed an embargo on Russia coal. While it has not banned natural gas imports from...
- The EU will ban most imports of Russian crude oil next month
- Ankara has increased imports of Russian crude since the Ukraine invasion in late February, the think tank said
Science
Kuwait sets 2060 as date to reach carbon neutrality
Sharm el Sheikh, Egypt—Kuwait is planning to achieve carbon neutrality in the oil and gas sector by 2050 and across...
- According to Kuwait's Environment Public Authority chief, Kuwait intends to embrace a national strategy to achieve the target
- The chief said the country is also keen to develop program to reduce carbon emissions through low-carbon development strategies in the oil and gas, energy, transport, industry
Economy
UAE Cabinet approves penalties for flouting Nafis initiatives, programmes
Launched as part of 'Projects of the 50', the program aims to accelerate the UAE's development journey and boost the...
- Launched as part of 'Projects of the 50', the program aims to accelerate the UAE's development journey and boost the economy
- If an establishment undertakes fake Emiratisation, a fine of no less than AED20,000 and not more than AED100,000 for each Emirati employee will be imposed
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
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Indian workers replace Palestinians in Israel’s construction sector amid post-war labour void
Indians, long employed in Israel as caregivers, diamond traders, and IT professionals, are now increasingly recruited for the construction sector...
Economy
Company News
Masdar, Africa50 sign MoU
Business
Latest News
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...
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...
Economy
Qatar leads by example in money laundering control
"Nations must take action to establish measures for detecting the physical cross-border movement of currency and negotiable instruments to combat...
Economy
Most Read
Market Report
Stocks extend global rally as US jobs data cements rate hopes
Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned...
- All three main indexes on Wall Street jumped Friday after the jobs reading, which also fueled bets on an interest rate cut by June.
- Asian markets tracked the rally in New York, with Tokyo more than two percent higher, while Hong Kong, Wellington, Manila and Jakarta were up more than one percent
Geostrategy
UAE issue guidelines on unlicensed virtual asset service providers
Abu Dhabi, UAE - The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC)...
- The guidance aims to educate licensed financial institutions (LFIs) and public sector on the risks associated with unlicensed virtual asset service providers.
- It aligns with Financial Action Task Force (FATF) publication on updated guidance for a risk-based approach to virtual assets and virtual asset service providers.
Economy
$10 trn of ‘hidden costs’ on food and agriculture system per year, says UN
Paris, France - The food and agriculture system adds at least $10 trillion in "hidden costs" to the global economy every...
- The Food and Agriculture Organization said it conducted an analysis in 154 countries to determine the "true" cost of the agrifood system.
- The global quantified hidden costs totaled around $12.7 trillion in 2020, representing almost 10 percent of the global gross domestic product.