Oman launches New Nation Brand at Davos to enhance global presence
Muscat, Oman – Oman on Tuesday launched its New Nation Brand at the World Economic Forum in Davos in an...
Creators HQ, X announce strategic partnership to produce authentic, meaningful content
Dubai, UAE - Creators HQ in the UAE, the world’s first international hub for the content economy’s creators and entrepreneurs,...
Business
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
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.
Oman launches New Nation Brand at Davos to enhance global presence
Muscat, Oman – Oman on Tuesday launched its New Nation Brand at the World Economic Forum in Davos in an...
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AI safety & innovation: Key focus of UAE-Spain tie-up
“I have been looking very carefully and intensely at the UAE’s strategy on AI, and it resonates a lot with...
Economy
Dubai govt approves incentives to boost emirate’s economy
Dubai, UAE – Dubai government on Thursday approved several initiatives to stimulate the industrial sector in the emirate besides announcing...
Economy
Gaza unrest poses risk to oil markets, global growth
Middle East tensions likely to spur a mild global recession, with oil potentially hitting $120-$150 per barrel, says a latest...
Economy
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Economy
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
- The IPI measures the relative change and reflects the production quantities of materials and goods.
- Data issued by the General Authority for Statistics showed that Saudi IPI fell to 122.99 points in September.
Business
ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.
- The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
- ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.
Economy
France to host ‘humanitarian aid’ conference for Gaza
sraeli Prime Minister Benjamin Netanyahu has said there will be no fuel delivered to Gaza and no ceasefire with Hamas...
- Thursday's aid conference has been put together in a hurry on the sidelines of the annual Paris Peace Forum on November 10-11
- Few Arab nations are expected to send delegates, although the Palestinian Authority will send its prime minister and Egypt a ministerial delegation