ECB to cut rates again amid bleak eurozone outlook
The European Central Bank is expected to cut interest rates again this week amid a darkening outlook, with political turbulence...
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...
Economy
Countries wrangle over future climate finance at COP27
Diplomats from developing nations criticised the persistent imbalance in climate financing which, within the UN framework, should be evenly split...
- In 2009, UN climate summit saw rich nations promise $100 billion a year by 2020 to Global South, but two years past that deadline the amount delivered is still $17 billion short
- As climate disasters have multiplied over the last decade, nations in the Global South have called for a separate financial facility for loss and damage
Economy
UAE president issues new law on regulation, development of industry
The law which will come into effect from January 2023 aims to increase UAE’s attractiveness as investment destination.
- The law which will come into effect from January 2023 aims to increase UAE’s attractiveness as investment destination
- It allows the creation of a package of incentives and enablers for the industrial sector that support national strategic objectives
Interview
Crises augment EU-GCC energy & security cooperation
Josep Borrell, the EU High Representative for Foreign Affairs and Security Policy, points out that since the Ukrainian crisis, an...
- The Ukrainian crisis has been a big push for the EU to understand the requirement of more renewables, especially the need to develop hydrogen, says EU official
- The European Union has a new strategy for more engagement and better partnership with the Gulf countries, the bloc's foreign policy chief Josep Borrell adds
Economy
Abu Dhabi to host World Islamic Economic Forum in 2024
Launched in 2005 by the WIEF Foundation, the WIEF is a global platform created to promote and discuss the latest...
- Launched in 2005 by the WIEF Foundation, the WIEF is a global platform created to promote and discuss the latest economic developments
- The Forum strengthens dialogue, exchanging of ideas and knowledge between senior government officials, academics, and business leaders from around the globe
Business
Meta lays off 11,000 staff, Zuckerberg calls it the ‘most difficult change’
Zuckerberg said the cuts represented 13 percent of Meta's workforce and would affect its research lab focusing on the metaverse...
- The tech industry is currently in a serious slump and several major firms have announced mass layoffs -- Twitter's new owner Elon Musk fired half its staff last week.
- Ad-supported platforms such as Facebook and Google are suffering from advertisers' budget cuts as they struggle with inflation and rising interest rates.
Business
Villas, apartments form major chunk of $598m Dubai realty deals Tuesday
Dubai, UAE---Dubai real estate market recorded realty deals worth AED2.2 billion ($598 million) on Tuesday, according to the data by...
- The deals include 544 sales transactions worth AED1.64 billion, in addition to 78 mortgage deals of AED590.54 million.
- Residential properties in the UAE remain a top priority for international real estate investors.
Economy
Global tourism now at around 70% of pre-pandemic levels: UNWTO
“Our job is to create jobs,” UNWTO Secretary-General Zurab Pololikashvili told tourism sector leaders at the World Travel Market.
- “Our job is to create jobs,” UNWTO Secretary-General Zurab Pololikashvili told tourism sector leaders at the World Travel Market
- The WTM offers a platform for public and private sector leaders, addresses tourism’s most pressing issues and sets the agenda for the years ahead
Nine countries join alliance to boost offshore windpower
Offshore wind can be deployed at large scale, in short timeframes and at competitive cost, GOWA said in a statement....
- The Global Offshore Wind Alliance (GOWA) was set up by the International Renewable Energy Agency (IRENA), Denmark and the Global Wind Energy Council
- IRENA and the International Energy Agency (IEA) predict that offshore wind capacity will "need to exceed 2000GW in 2050, from just over 60GW today."
Business
Binance to buy rival FTX
No financial terms were disclosed of the proposed deal.
- Bitcoin slid more than five percent, trading back under $20,000 before recovering.
- FTX's FTT token slumped 25 percent to its lowest levels since early 2021.
Market Report
Global stocks move higher as US voters cast ballots
Global stock markets mostly moved higher as Americans headed to the polls in midterm polls. The dollar got back some...
- Investors are waiting on US inflation data due on Thursday for a pointer on the interest path ahead.
- The broader S&P 500 and tech-heavy Nasdaq wobbled around before moving higher.
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
ECB to cut rates again amid bleak eurozone outlook
The European Central Bank is expected to cut interest rates again this week amid a darkening outlook, with political turbulence...
Company News
Latest News
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
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...
Science
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...
Economy
Most Read
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.
Economy
Turkish inflation rate holds near 61 percent
Turkey is suffering the worst bout of inflation of President Recep Tayyip Erdogan's two-decade rule. The official annual inflation rate...
- The rate inched down to 61.36 percent in October from 61.53 percent in September, the TUIK state statistics agency said
- Central bank chief Hafize Gaye Erkan said Thursday that the rate will likely peak between 70 and 75 percent next May
Geostrategy
Bahrain suspends economic relations with Israel
DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in...
- Bahrain took the decision to recall the Kingdom’s Ambassador to Israel back to the country, the Council of Representatives said.
- It also demanded taking measures to preserve lives of people in the Gaza Strip and other regions of Palestine.