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....
Iraq landslide disaster throws spotlight on informal shrines
Hundreds of smaller shrines opened up in Iraq -- many outside the purview of the religious authorities, which are often...
- Iraq's Waqf, the body in charge of managing Shiite mosques, tombs and other places of worship, reports that only 135 out of Iraq's 664 known sanctuaries are formally registered
- Most such sites are dedicated to relatives or descendants of Imam Ali, the son-in-law of the Prophet Mohammed and the founder of the Shiite strand of Islam
Solar power, farming revive Tunisia school as social enterprise
Hamadi started a decade ago by gathering donations to buy 50 solar water heaters and 140 photovoltaic panels.
- Hamadi started a decade ago by gathering donations to buy 50 solar water heaters and 140 photovoltaic panels
- Chayeb, a farmer, said the Makthar model had helped his family and given his children better school meals and business skills
Economy
German industries explore investment opportunities in UAE
Some of Germany’s leading industrial companies participated in a roundtable event hosted by the UAE Ministry of Industry and Advanced...
- From the UAE side, representatives from ADNOC, Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, and TAZIZ were present.
- The delegates also discussed the future of supply chain opportunities in a post-pandemic world.
Business
Saudi Arabia’s first electric vehicle brand Ceer launched by Crown Prince
Ceer will design, manufacture and sell a range of vehicles in Saudi Arabia and the MENA region, including sedans and...
- Ceer is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034, the PIF said. Ceer vehicles are scheduled to be available in 2025.
- Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards.
Geostrategy
Europe could face gas shortage next year, says IEA
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake...
- IEA Executive Director Fatih Birol said he would hold talks on Friday with several European governments.
- He said that Europe needs to take immediate action to avoid risks of natural gas shortage next year.
Geostrategy
UAE, Indonesia to cooperate in energy sector
UAE and Indonesia have signed a Declaration of Intent to boost economic and social development between the two countries and...
- The declaration was signed between the UAE Ministry of Energy and Infrastructure and the Indonesian Ministry of Energy and Mineral Resources.
- It was signed during a joint meeting between the two countries at the Abu Dhabi International Petroleum Exhibition Conference ‘ADIPEC 2022.
Business
ING Q3 profit at US$958m
Bank announced a share buyback of US$1.4 billion.
- The bank said its Polish unit took a US$334 million hit from new regulations allowing borrowers to suspend mortgage loan payments.
- ING said that it benefited from higher interest rates, which central banks have been hiking aggressively in efforts to tame inflation.
Business
BMW Q3 net profit US$3.1bn
Profit was due to high demand for pricier luxury models.
- Car deliveries were down nearly one percent over the period as the industry continues to grapple with supply chain disruptions.
- BMW said higher prices for its premium vehicles had helped deliver a solid third quarter.
Business
Smugglers devise novel ways in Middle East to traffic captagon
Fastening weapons or drugs to livestock to cross borders is an age-old smuggling trick. Latin American cartels took this a...
- The creativity of smugglers continues to astound the authorities, with seizures more often the result of tip-offs than the technological prowess of customs checks
- More than 5.3 million pills were found by the Saudi authorities in a large shipment of pomegranates in April 2021, with the drugs stuffed inside some of the fruit
Economy
Turkish inflation jumps to 85.51 percent in October
Central banks worldwide are raising borrowing costs in efforts to tame soaring consumer prices, but Turkey has bucked the global...
- Last month, Turkey's central bank cut its policy rate for a third consecutive time, bringing it down to 10.5 percent from 12 percent
- On Wednesday, Erdogan praised the state of the economy, in an address to his ruling AKP lawmakers in the parliament
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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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Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
Economy
‘Digitization, AI reshape sports and health investments’
AI will play a major role in improving sports performance and health sector advancements, Thomas H. Rudy of leAD Sports...
Interview
Saudi Arabia to produce 80-90% insulin domestically
"More than 200 essential medications have been identified, making up about 40 percent of the total purchases by government health...
Economy
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Geostrategy
COP28 wide open to private sector, says climate talks chief
ABU DHABI, UAE - Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale,...
- Sultan Al Jaber, the COP28 president has consistently tried to frame the climate crisis as an economic opportunity.
- He said about 70 ministers and 100 delegations are attending the two-day talks, more than double the usual number.
Economy
Britain grants 27 new oil and gas exploration licenses in North Sea
London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as...
- The Conservative government has argued that drilling for new oil and gas is necessary to bolster Britain's energy security.
- Prime Minister Rishi Sunak recently softened policies aimed at the UK achieving net zero carbon emissions by 2050.
China’s share of global manufacturing jobs to rise by 2050: study
The Asian giant's share of global manufacturing jobs will rise to 43 percent of the total by that year --...
- Rich countries are likely to continue to lose manufacturing jobs, with the sector falling from 11.4 percent to 8.3 of the high-income workforce by 2050
- The study by Center for Global Development was conducted based on the projections of 59 countries representing approximately 75 percent of global GDP