COP29 opens with Trump climate withdrawal looming
he COP29 climate talks open Monday in Azerbaijan, under the long shadow cast by Donald Trump's re-election. Trump has pledged...
Economy
Expected impact of the U.S. election on business
35 percent of CEOs worldwide identify #inflation as the most critical #economic issue facing their countries, followed by boosting #consumer...
Economy
Business
High investments in H1 2022 for DEWA transmission substations
Dubai Electricity and Water Authority (DEWA) recorded substantial growth of 22 percent in investments allocated to transmission substations during the...
- From January this year to June 2022, DEWA commissioned a new 400 kV transmission substations.
- Now the total number of 400 kV transmission substations in Dubai has risen to 26.
Asia, Middle East up diesel exports to Europe in October
According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China...
- According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China to northwest Europe in October
- This month has seen a flurry of spot tenders from South Korea and Taiwan, two of Asia's largest fuel exporters
Business
Crypto scams give law enforcement agencies tough time
US federal agencies have often concentrated on headline-grabbing suspects like Heather Morgan, an amateur rapper nicknamed "Razzlekhan" who was charged...
- With Washington and Brussels focused on high-value targets, victims of low-level fraud are often left high and dry
- If decentralized crypto networks revolutionize finance, US politicians would no longer be able to project power in the way they do now with dollar
Economy
IEA says fossil fuel CO2 emissions rise marginally in 2022
The International Energy Agency has said that global carbon dioxide emissions from fossil fuel combustion will grow just one percent...
- The increase was far smaller than the two-billion-tonne jump the world experienced last year as countries turned to fossil fuels to power their Covid-19 recoveries
- The IEA analysis showed that solar photovoltaic and wind capacity grew by more than 700 terawatt-hours in 2022, the largest single year rise on record
Economy
Tunisian bakers strike over unpaid subsidies
Subsidies on basic goods are a highly sensitive political issue in Tunisia, where a public finance crisis has caused repeated...
- The national bakery owners' union said some 3,200 of their businesses had closed, representing 95 percent of the North African country's state-backed bread-makers
- The bakers are demanding payment of 14 months of overdue subsidies, adding up to around 250 million dinars (nearly $78 million)
Economy
Empty shelves as German supermarkets resist price hikes
With German inflation running at a record 10 percent, supermarket giants are pushing back against what they see as unreasonable...
- But retailers in Europe's top economy say they are protecting customers' purchasing power at a difficult time, and that price hikes of up to 30 percent in some cases are overblown.
- Edeka and Rewe, two of Germany's biggest supermarket chains, have stopped getting delivery of around 300 products from the Mars company, known for its Twix and Snickers bars.
Economy
Saudi crown prince unveils National Industrial Strategy
The strategy aims to diversify the kingdom's economy and increase GDP and non-oil exports by promoting industry and attracting investment.
- The strategy aims to diversify the kingdom's economy and increase GDP and non-oil exports by promoting industry and attracting investment
- The policy also intends to raise the number of factories in the kingdom from 10,640 at the moment to 36,000 by 2035
Economy
Biden to release 15m barrels from US oil reserves: official
The decision to make the biggest-ever dip into the emergency oil reserves -- usually kept for responding to situations such...
- New tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes
- Major energy exporter Russia was hit with US and European sanctions soon after it invaded Ukraine in February, causing turmoil on markets
‘Close the windows’: Lebanon power plant sparks cancer fears
Thick black smoke sometimes billows from its red-and-white chimneys, leaving a grey haze in the air above the Zouk Mikael...
- A Greenpeace study found that the surrounding Jounieh area ranked fifth in the Arab world and 23rd globally for cities most contaminated by nitrogen dioxide
- The environmental group's 2018 study singled out the Zouk plant, built in the 1940s, as well as cars on a busy motorway and privately owned electricity generators
Economy
Qatar’s glitzy World Cup is ready and expensive
The palm tree-styled street lamps and neon office blocks that line the highway from the expanded international airport to central...
- Gleaming new stadiums that cost more than $6.5 billion are ready, and a driver-less metro system with a price tag of $36 billion serves five of the eight venues
- FIFA has lauded Qatar's preparations and the eight stadiums designed to highlight Arabic tradition and culture
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COP29 opens with Trump climate withdrawal looming
he COP29 climate talks open Monday in Azerbaijan, under the long shadow cast by Donald Trump's re-election. Trump has pledged...
Economy
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Qatar announces 27-year gas deal with Italy’s Eni
In June last year Eni agreed a deal with QatarEnergy for a 3.1 percent share in Qatar's North Field East...
GCC-China strategic alliance focuses on mutual trust
"A Free Trade Agreement between the GCC countries and China will be a pivotal channel to amplify GCC-Chinese relations across...
Economy
‘Technology may help bridge global economic divide’
External shocks, such as COVID, Ukraine war and rising costs have exacerbated economic disparities, while geopolitics hinders effective global decision-making,...
Interview
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Business
New CEO appointed in SRC
Majeed Al Abduljabbar will be the CEO from January 1, 2024.
- Al Abduljabbar has been working in the banking sector for over 15 years, including in the HSBC Bank in London.
- He also contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).
Business
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
- The recovery in land sales reflects developers’ efforts to acquire the best plots for launching real estate and commercial projects.
- Several sale deals in Dubai focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise.
Economy
Policy and infra drive Dubai’s global rise
The emirate's pro-business policies, dedicated trade zones, and emphasis on tech innovation position it as a premier financial hub, George...
- Dubai, historically a pivotal trading center, has evolved into a global hub for commerce, leveraging its strategic location and world-class infrastructure, says an expert.
- Business-friendly policies, specialized trade zones, and a commitment to tech innovation make the city a leading financial marketplace, adds George Pavel of Capex.com.