GCC powers ahead in global clean energy transition with solar and hydrogen investments
Now, the region is turning its attention to newer innovations, including hydrogen production, small modular reactors (SMRs), and compact nuclear...
Low carbon investments in arrears of climate needs
Upstream investments in the oil and gas industry are still healthy and dwarf those made in low carbon projects and...
Economy
Business
UAE-Oman non-oil trade $98.56 billion in past decade
The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.
- Trade between the two recorded a growth of 98.9 percent to reach AED46.5 billion by 2021 end, compared to AED23.4 by 2012 end.
- It said non-oil exports accounted for 33 percent of the total non-oil trade during the past ten years, recording a value of AED120 billion.
Geostrategy
‘Global economy will suffer due to Ukraine war’
The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war...
- OECD Secretary-General Mathias Cormann said that the world is paying a very heavy price for Russia's aggression against Ukraine.
- Global growth stalled in the Q2 in 2022 and data in many economies now point to an extended period of subdued growth.
Geostrategy
UAE takes part in financial group meeting in Indonesia
The UAE recently participated in the fifth International Financial Architecture (IFA) Working Group meeting within the G20 Finance Track for...
- The meeting discussed issues related to global financial development and stability.
- UAE stressed on the need to work on a comprehensive regulatory framework for central digital currencies.
Economy
‘Firms in UAE resist employee demands for hike in salary’
Several firms in the UAE have received requests from employees to adjust compensation packages in line with the inflation in...
- Firms plan pay rises of 5 percent in 2023 as over 66 percent of companies receive requests for higher salaries.
- Over 200 global and local companies from all sectors were surveyed.
Business
BNPL payments in UAE may reach US$17.5bn by 2028
A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy...
- A number of people in the 24-45 age group prefer alternatives to credit cards for purchases.
- As per the scheme, purchases can be split into four easy interest-free payments from the time of purchase.
Economy
Anger rife as Lebanese banks reopen after weeklong closure
Depositors scuffled and long lines formed at Lebanese banks Monday as they partially re-opened after a week-long closure following a...
- Banks started imposing draconian restrictions on withdrawals after Lebanon's economy collapsed in 2019.
- Since then, the Lebanese pound has lost more than 90 percent of its market value meaning public sector salaries have slumped to as low as $40 a month.
Economy
Saudi Arabia to set up five new renewable energy projects
The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use...
- The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use solar energy
- The projects are part of the National Renewable Energy Program as part of Saudi Arabia’s target to reach the best energy mix
Economy
Pound hits record low against dollar on recession fears
Continuing with its slide against the dollar, the pound hit a record low on fears about the UK economy after...
- The pound fell below $1.10 for the first time since 1985 as new finance minister Kwasi Kwarteng announced his controversial mini-budget
- The collapse in sterling came as markets across the world are sent into a spin by recession worries caused by a sharp tightening of monetary policy
Economy
Germany vows to protect its SMEs from energy crisis
The German economy, like the economy of the vast majority of European countries, faces major challenges due to the Russian...
- Habeck said that the German government should not leave small and medium-sized companies to face the risk of recession alone
- The German minister seeks to include about one million small and medium-sized companies under the protectionist umbrella
Economy
Egypt’s gas export revenues up 13-fold in 8 years
Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022.
- Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022
- Egypt has quadrupled its exports of LNG and natural gas over the past eight years from 1.9 million tonnes to 7.2 million tonnes
GCC powers ahead in global clean energy transition with solar and hydrogen investments
Now, the region is turning its attention to newer innovations, including hydrogen production, small modular reactors (SMRs), and compact nuclear...
Company News
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UAE allots US$200m to boost growth in low-income countries
Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing...
Economy
Collaboration crucial for renewable energy transition
"World peace and security, along with social, economic, and political stability, hinge on two pivotal factors: addressing climate issues and...
Economy
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...
Geostrategy
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Business
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
- The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund Annual Meetings in Morocco.
- The US$20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital.
Business
Kuwait Fund and Central American Bank sign MoU
Marrakesh, Morocco-- Kuwait Fund for Arab Economic Development (KFAED) and the Central American Bank for Economic Integration (CABEI) have signed...
- The MoU between the two entities is designed to respond to humanitarian crises and natural disasters, and to exchange information
- The agreement was signed by KFAED's Director-General Waleed Al-Bahar and CABEI's Executive Vice President Jaime Palacios in Marrakech
Economy
UAE economy robust, bolstered by tourism and real estate: OPEC
Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate,...
- OPEC’s Monthly Oil Market Report (MOMR) for October 2023 noted that the UAE tourism sector continued to rebound and exceeded the pre-pandemic level
- The report added that the government launched reforms to attract further investments, such as allowing 100% foreign ownership of onshore companies