Democratization of investments: Digital platforms open private equity to individual investors
The shift towards greater accessibility – which has accelerated particularly within the last five years – has opened up new...
Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
Business
Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP
Energy security, enhancing partnerships were discussed.
- The meeting discussed ways of harnessing opportunities in renewables and hydrogen.
- The meetings deliberated on ways of expanding existing relationships to enable a more sustainable future.
Geostrategy
Ukraine blames Russian blockade for making grain export ‘impossible’
Russia's blockade of grain exports makes it "impossible" for fully loaded ships to leave port, Ukraine charged after Moscow claimed...
- UN Secretary-General Antonio Guterres on Sunday expressed "deep concern about the ongoing situation regarding the Black Sea Grain Initiative.
- The July deal to unlock grain exports signed between Russia and Ukraine and brokered by Turkey and the UN, is vital for easing the global food crisis.
Business
ConocoPhillips buys 6.25% in Qatar’s North Field South project
Project is part of the world's biggest natural gas reserves.
- Energy Minister Saad Sherida al-Kaabi said Qatar was talking with Asian nations over a share in its campaign to increase annual production by 60 percent.
- France's TotalEnergies and Britain's Shell both have 9.37 percent stakes in the field, while state-owned Qatar Energy has the remaining 75 percent.
Business
DEWA commissions 389 11kV substations in Q3 of 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned 389 11kV substations in Dubai in the third quarter...
- DEWA now has 77 substations of 33kV in service, and 42,529 medium voltage (11Kv or 6.6Kv) substations.
- These stations are mainly located at Wadi Al Safa Fifth, Al Merkad, Madinat Al Matar and Al Yalayis 1.
Geostrategy
Investment to tackle climate change falls in 2022, says UNCTAD
Cross-border investment in climate change mitigation and adaptation is projected to decline in 2022 against the backdrop of a global...
- Mitigation projects accounted for 94 percent of international climate investments, whereas adaptation ones continued to lag far behind.
- Developed economies made up two thirds of international project finance deals and greenfield investments in renewables.
Geostrategy
Lebanon’s Aoun vacates presidential palace as power vacuum looms
Michel Aoun was vacating Lebanon's presidential palace, amid acclaim from his supporters, a day before his mandate expires without a...
- Lebanese lawmakers have tried but failed four times in a month to agree on electing a successor after Aoun's six-year term ends.
- Lebanon is being run by a caretaker government as political divisions have prevented the formation of a new cabinet.
Business
Lisbon Web Summit begins Tuesday, crypto specialists take prime spots
The conference attempts to bring together start-ups, investors, business leaders and agenda-broadening speakers –- linguist Noam Chomsky and heavyweight boxing...
- More than 100,000 people are expected to gather in Lisbon for the four-day Web Summit, the first full-scale edition since 2019 following the disruption of the pandemic.
- Conference organizer Paddy Cosgrave said there were "a lot of questions to be answered" about crypto, describing it as "largely smoke and mirrors".
Business
Ma’aden, Barrick Gold alliance get license to explore mining site in Saudi Arabia
Saudi Arabia's Ministry of Industry and Mineral Resources announced that Saudi Arabian Mining Company Ma'aden and Barrick Gold Ltd alliance...
- The site attracted the interest of more than 20 local and international mining companies for an exploration license.
- Ma'aden and Baric alliance have committed on spending over US$12 million to accelerate exploration at the Umm Al-Damar site.
Economy
Indonesia needs 17 million technologically literate workers: Minister
Jakarta, Indonesia--- Indonesia would need 17 million technologically literate workers, or workers who are able to use and manage technology,...
- State-Owned Enterprises (SOEs) Minister Erick Thohir said Indonesia's digital economy will grow to Rp4,500 trillion by 2030.
- The SOEs are committed to supporting the development of the digital ecosystem, he said.
Economy
Middle East stares at mass displacement due to climate change
The World Bank estimates that by 2050, if nothing is done to prevent it, there will be 216 million people...
- Agriculture in Egypt has grown even less profitable because of new climate-linked hazards such as "the appearance of new parasites"
- In 2021, natural disasters forced "nearly three million people" to leave their homes in Africa and the Middle East
Democratization of investments: Digital platforms open private equity to individual investors
The shift towards greater accessibility – which has accelerated particularly within the last five years – has opened up new...
Company News
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Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...
Economy
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
Business
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Geostrategy
Bilateral trade in 2023 to overtake 2022 figures, says Canada’s envoy to UAE
ABU DHABI, UAE - Trade between the two countries is on an upswing with volumes this year expected to surpass...
- Trade between the UAE and Canada, worth US$4.1 billion in 2022, surpassed the 2021 figure of US$3.4 billion (AED12.7 billion).
- Bilateral trade to the tune of US$1.8 billion in H1 2023 (January to June) exceeded the US$1.7 billion worth of trade in H1 2022.
Business
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
- Aramco and JV partners NORINCO Group and Panjin Xincheng Industrial Group have a mega Saudi-Chinese petrochemical project in Liaoning Province.
- The project is a 300,000 barrels per day refinery and a petrochemical complex with an annual production capacity of 1.65 million metric tons.
Economy
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...
- Non-oil activities and government activities grew by 3.6 percent and 1.9 percent respectively in the third quarter due to a 17.3 percent fall in oil activities.
- Seasonally adjusted real GDP decreased by 3.9 percent in the third quarter compared to the previous quarter, due to a decrease in oil activities and government activities.