China’s Xi promises US$50 billion for Africa over next three years
China, the world's number two economy, is Africa's largest trading partner
Business
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
Business
Xiamen Airlines to buy aircraft
The airline plans to buy 40 A320neo aircraft from Airbus.
- The airline, based in the southeastern city of Xiamen has until now had exclusively Boeing aircraft in its fleet.
- While weakened by the pandemic, airlines around the world are preparing for an expected doubling of air travel in the next two decades.
Geostrategy
‘Hungary wants EU sanctions on Russia lifted by year end’
Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a...
- Hungary is highly dependent on Russian oil and gas and Budapest has already secured an exemption from sanctions on Russian crude oil imports via pipelines.
- EU foreign ministers held an emergency meeting to discuss after Moscow mobilized reservists for its war in Ukraine.
Economy
Markets drop as Fed and European central banks hike rates
European markets were down in afternoon trades, with London's FTSE 100 shedding 0.5 percent after the Bank of England raised...
- The world's major central banks are rushing to ramp up rates to dampen red-hot global consumer prices, but traders fear rising borrowing costs will herald recession.
- In Asia, Indonesia and the Philippines also tightened monetary policy but the Bank of Japan bucked the global trend as it left its status quo in place.
Geostrategy
UAE, Jordan ink pact to standardize specifications
The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a Memorandum of Understanding (MoU) with the Jordan Standards and...
- The agreement aims to facilitate industrial, trade and economic growth in both the UAE and Jordan.
- The pact encourages cooperation in conformity assessment procedures for non-food and non-pharmaceutical industrial products.
Business
Saudi Education Minister meets founder of edX platform in US
Saudi Arabia's Minister of Education Dr. Hamad bin Mohammed Al AlSheikh has met with the leaders of edX platform at...
- The minister met the platform's founder to discuss ways to promote cooperation in the online education and e-training industry,
- The two discussed ways to develop a partnership between the National Center for E-Learning FutureX and the edX platform.
Economy
UN chief wants ‘action’ to address climate loss, damage payments
UN Secretary-General Antonio Guterres called on governments to tackle "four burning issues" between now and COP27: greater ambition to keep...
- The UN chief spoke about the flood in Pakistan and reminded world leaders of the Paris accord goal of limiting long-term warming to 1.5C above pre-industrial levels
- Developing nations argue that historic polluters have a moral imperative to pay for the loss and damage, but the idea was shot down by rich nations at COP26
Economy
Europe throws billions at energy crisis
Hundreds of billions of euros and counting have been shelled out so far since Russia invaded its pro-Western neighbor in...
- The public spending has continued even though European Union countries already accumulated mountains of new debt
- But some leaders have taken pride at their use of the public purse to battle this new crisis, which has sent inflation soaring
Business
Saudi Arabia emerges as one of the world’s top eSports hubs
The PUBG Mobile tournament was part of Gamers8, a summer festival spotlighting Saudi Arabia's emergence as a global eSports dynamo...
- Saudi Arabia's interest in gaming and eSports comes from the very top, with Crown Prince Mohammed bin Salman said to be an avid "Call of Duty" player
- Saudi gamers are revelling in their country's newfound status and the eye-watering prize pools it brings
Economy
GCC central banks up interest rates, tracking US Fed
Taking a cue from Federal Reserve, GCC central banks have raised interest rates, tracking a hike in the US Fed's...
- The UAE central bank raised the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 2.4% to 3.15%
- The US central bank announced its third consecutive interest rate increase of 0.75 percentage point, continuing the forceful action to tamp down inflation
Business
ENOC Group announces 50% Emiratisation during Careers UAE 2022
The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE.
- The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE
- ENOC is recruiting young talented Emirati nationals in the energy sector in specialisations including chemical, mechanical, and electrical engineering
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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
China’s Xi promises US$50 billion for Africa over next three years
China, the world's number two economy, is Africa's largest trading partner
Business
Company News
Latest News
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...
Economy
Turkey set to realize long-term goal with bid to host Euro 2032
Turkey missed out to Germany for Euro 2024, with UEFA's evaluation of the bid highlighting concerns about the country's "lack...
Economy
UN voices concern over impact of Israel-Hamas war on food supply
The UN's World Food Programme expressed concern over the mounting challenges civilians, including vulnerable children and families, face in accessing...
Economy
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Economy
Saudi Arabia explores carbon capture, storage potential
“Achieving success in this area will benefit everyone and align with the goals of the Paris Climate Agreement,” he adds...
- The Kingdom can be a source of clean hydrogen and a producer/source of clean electricity, says Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud
- Saudi Arabia has adopted a comprehensive approach harnessing potential for renewable energy, hydrogen production, and electricity transmission, the minister adds
Economy
Minimum pension for Saudi social security beneficiaries up 20%
Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum...
- The Citizen Account Program will remain in effect while adding certain factors to enhance support efficiency and ensure that benefits are received by the neediest groups.
- Registration will remain open for Citizen Account Program beneficiaries to get additional financial support for three months until December 2023.
Business
Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
- Hotel establishments in the country hosted 16 million guests in in the first seven months of 2023, said the UAE economy minister.
- Some 56 million hotel nights have been booked while the occupancy rate reached 75 percent from January to July.