Qatar’s non-energy private sector shows strong growth in 2024
Doha, Qatar – Qatar’s non-energy private sector recorded robust growth in the final months of 2024, according to the latest...
Economy
Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Economy
Kazakhstan impounds jewels worth US$230m from ex-leader’s nephew
Almaty, Kazakhstan—Kazakhstan's anti-corruption agency said Wednesday it had seized jewels worth more than $230 million, in a case involving the nephew...
- The agency said in a statement that exclusive gems and precious stones worth 230 million US dollars were seized in "operational-search activities"
- The anti-corruption agency also said that $300 million that he had invested abroad will be "soon be given to the budget of Kazakhstan"
Economy
Saudi Arabia, Egypt discuss renewable energy cooperation
The two ministers also talked about the progress in the electrical interconnection efforts.
- The two ministers also talked about the progress in the electrical interconnection efforts
- They also discussed ways to improve cooperation between their specialized businesses
Economy
UAE, US partner to invest $100bn in renewables, clean technologies
The UAE-US Partnership for Accelerating Clean Energy (PACE), aims to produce 100 new gigawatts (GW) of clean energy in the...
- The UAE-US Partnership for Accelerating Clean Energy (PACE), aims to produce 100 new gigawatts (GW) of clean energy in the two countries
- The UAE has invested more than US$50 billion over the past ten years in clean energy technologies and solutions around the world
Geostrategy
Abu Dhabi, Kyrgyzistan’s Bishkek City sign twinning agreement
Abu Dhabi, represented by Abu Dhabi's Department of Municipalities and Transport, and Bishkek City have signed a twinning agreement to...
- As part of the city twinning agreement, the two capital cities will enable mutual exchange between delegations and the business community.
- The pact will also facilitate exchange of knowledge in urban planning and explore the feasibility of joint venture projects.
Geostrategy
UAE Minister, IMF Director discuss challenges facing MENA
UAE Minister of State for Financial Affairs Mohamed Hadi Al Hussaini met with Director of the Middle East and Central...
- The minister underscored the importance of the IMF in enhancing the safety of the global economy.
- He said that the IMF helps in creating a stable financial environment, especially in light of the exceptional circumstances the world is facing.
Market Report
Global stocks rise on Fed optimism, zero-Covid China policy reports
Global stock markets rose as traders looked to the US Federal Reserve's interest rate decision hoping it will signal a...
- Recent reports have suggested officials are looking to dial down the pace of increases, which has sparked a rally in risk assets over the past week.
- Positive results from multinational firms also helped lift equities.
Economy
Libya aims to double oil output by 2027: National Oil Company head
Tripoli, Libya---Libya is aiming to nearly double its oil output to two million barrels per day by 2027, the head...
- Farhat Bengdara said the country, which currently produces around 1.2 million bpd, was expecting revenues of "$35-$37 billion" this year.
- The NOC chief was taking part in the ADIPEC energy conference in Abu Dhabi, where he also said he expected to sign an $8 billion deal with Italian major ENI.
Business
JAHEZIYA, Enekom ink pact
Pact aims to expand railway solutions, technology in region.
- As per the agreement, JAHEZIYA will be Enekom’s exclusive distributor of the patented RailAcoustic Sensors in the GCC to enhance railway security.
- The partnership was announced during ADIPEC, an exhibition in which the world’s energy ecosystem assemble.
Economy
UAE-US partnership to spur $100 bn clean-energy financing, development
The Partnership for Accelerating Clean Energy will see the two countries develop, finance and deploy clean projects in the US,...
- UAE Special Envoy for Climate Change Dr. Sultan Al Jaber and Special Presidential Coordinator Amos Hochstein signed the partnership at ADIPEC.
- They will accelerate investment in fossil fuel emissions mitigation; further develop CCUS technologies and advance methane measurement and management.
Business
ADEX signs line-of-credit pact with National Bank of Iraq
The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a US$10...
- The agreement between ADEX and NBI aims to boost economic cooperation between the UAE and Iraq.
- The pact adds momentum to ADEX’s effort to contribute to the economies of both countries and support the UAE’s strategy on economic diversification.
Qatar’s non-energy private sector shows strong growth in 2024
Doha, Qatar – Qatar’s non-energy private sector recorded robust growth in the final months of 2024, according to the latest...
Economy
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
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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).
- Â 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.