Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
Geostrategy
UAE to provide Germany gas, diesel under ‘energy security’ deal
As part of the deal, the UAE will provide "an LNG cargo for delivery in late 2022, to be used...
- The fact that we are dependent on one supplier and also dependent on its decisions will certainly not happen to us again, Scholz said.
- In Qatar, the last stop on his two-day Gulf tour, the chancellor said the emirate's rights record is improving.
Economy
Saudi launches five projects to produce electricity using renewable energy
Riyadh, Saudi Arabia--Saudi Arabia has launched five new projects to produce electricity using renewable energy, which is part of the...
- Saudi Energy Procurement Company (the main buyer) launched the projects for competition.
- These projects, with a total capacity of 3300 MW, include three projects to exploit wind energy and two projects to exploit solar energy.
Business
German bakeries struggle to survive as costs spiral
Germany's center-left government has announced relief measures worth almost 100 billion euros to tackle inflation, but small businesses have so...
- The war has sent energy prices spiraling across Europe, but especially in Germany, which was previously heavily dependent on Russian gas
- Many bakeries in Germany have already gone under as a result of recent cost increases, with others staging protests to demand urgent help from the government
Geostrategy
Lebanon migrant ship death toll rises to 94
The toll has repeatedly ratcheted higher since the first bodies were found on Thursday. The United Nations High Commissioner for...
- At least 14 survivors were recovering in hospitals in Syria, while six others were discharged
- Since 2020, Lebanon has seen a spike in the number of migrants using its shores to attempt the perilous crossing in jam-packed boats to reach Europe
Business
TotalEnergies, Qatar ink pact
TotalEnergies to invest $1.5bn in natural gas production.
- Qatar Energy and TotalEnergies as partners will together work for the development of the North Field South gas project.
- TotalEnergies will have 9.3 percent of the North Field South project, Qatar Energy Minister said, for which 25 percent will be reserved for foreign energy firms.
Economy
‘More efforts needed for net zero carbon emissions by 2050’
More efforts are required to make the world reach net zero emissions by mid-century, according to the International Energy Agency's...
- Recent technology developments and policy actions suggest momentum is accelerating in some important regions and sectors to achieve net zero by 2050.
- Initial estimates point to 2022 being a record year for renewable electricity capacity additions, with an increase of about 340 gigawatts.
Economy
Dubai emerges as a driving force for a green economy
Dubai is consolidating its position as a pioneer in transitioning to a green economy to support the efforts of the...
- Dubai had launched an in-depth study that showed how the Emirate can achieve carbon neutrality (net zero emissions) by 2050.
- The Dubai Net Zero Carbon Emissions Strategy 2050 aim to provide 100 percent energy from clean energy sources by 2050.
Economy
Dow drops to lowest level in two years as recession looms
Falling for the fourth straight session, Wall Street stocks finished lower on Friday as markets bet on the rising risk...
- The Dow Jones Industrial Average tumbled 1.6 percent to 29,590.41, its lowest closing value since November 2020
- The drop came after the Federal Reserve Wednesday enacted a third straight interest rate increase of 0.75 percentage point
Economy
Arab youth prefer UAE over home country to live, work
Key attractions in the UAE include economy, secure environment, rewarding salary packages, a wide range of job opportunities, and the...
- The top five attractions in the UAE are growing economy, secure environment, rewarding salary packages, a wide range of job opportunities, and the wise leadership, says a survey
- Young Arabs living in the country agree that the UAE is the ideal place for them to live and work, citing its benefits, diversity of opportunities, and flexibility in the laws
Economy
French TV to show ‘power map’ to avoid winter black outs
France's national broadcaster said Friday it would begin broadcasting a "power map" to viewers, showing demand for electricity around the...
- Under a deal signed with the main operator of the country's power grid, France Televisions will begin showing a real-time map called Ecowatt on its channels.
- During periods of worryingly high demand -- which will be coloured in red -- viewers will be encouraged to reduce their power consumption or avoid drawing on the grid at peak hours
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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
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Company News
Latest News
UAE helps in shaping future of international archiving
"With the ICA's theme, 'Enriching Knowledge Societies,' we're poised to delve into myriad topics, including the pivotal role of artificial...
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
Economy
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
Business
Most Read
Economy
Volunteers search for Afghan quake survivors as aid trickles in
Kashkak, Afghanistan--Afghan villagers and volunteers on Monday helped dig for survivors of a series of earthquakes that killed more than 2,000...
- Although the country's disaster agency said that 2,053 people died, national and local officials gave conflicting counts of the dead and injured
- With winter approaching, the country's Taliban government would face a major challenge to provide shelter to the people displaced by the quake
Geostrategy
OPEC sees no peak in global oil demand on the horizon
In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million...
- According to OPEC, whose 13 member states include Saudi Arabia, the Gulf states and Venezuela, oil demand will be driven by emerging and developing nations.
- OPEC also backed developing technological solutions to reduce emissions, such as carbon capture and storage.
Economy
UAE to hold ‘Regional Cybersecurity Week’ to brainstorm plans to combat threats
Abu Dhabi, UAE--The UAE Cybersecurity Council will organise the Regional Cybersecurity Week 2023 from October 8-12, under the title "Cybersecurity...
- The week-long conference will be held in cooperation with the International Telecommunication Union and the Arab Regional Cybersecurity Centre
- More than 100 experts from 70 countries will take part in the conference to debate the best strategies and experiences in the field of cybersecurity