World leaders meet for climate talks, but big names missing
Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 but many big names are skipping the UN climate...
Economy
Eight OPEC+ members extend oil supply cuts until year end
Supply cuts seek boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential...
Economy
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
Economy
Dubai records realty transactions worth US$1.8bn in week
A total of 2,401 real estate transactions worth US$1.8 billion (AED6.7 billion) were conducted during the week ending September 23,...
- A total of 243 plots were sold for $351 million (AED1.29 billion) in Dubai.
- A total of 1,659 apartments and villas were purchased for $955 million (AED3.51 billion).
Market Report
World markets plunge on growing recession fears
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks...
- In the eurozone, recession fears deepened as data showed its economic activity fell once again in September.
- Traders were keeping a close eye also on developments following the Japanese finance ministry's intervention to support the yen.
Economy
‘Barakah Nuclear Power Plant promotes clean, safe energy’
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the start-up of Unit 3 of Barakah...
- The nuclear plant plays a key role in promoting the transition to safe and environmentally friendly energy sources.
- Several countries began to focus on developing nuclear power to meet the challenges of energy security and climate change.
Geostrategy
61 dead in migrant shipwreck off Syria coast, says Lebanon
At least 61 migrants drowned when a boat they boarded in Lebanon sank off Syria's coast, a Lebanese minister said,...
- Caretaker transport minister of Lebanon said over 100 people, mostly Lebanese and Syrians, were on board the small boat.
- Syrian authorities had said around 150 passengers were on board.
World leaders meet for climate talks, but big names missing
Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 but many big names are skipping the UN climate...
Economy
Company News
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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,...
Economy
Gold prices soar over 3% amid escalating Middle East conflict
Dubai, UAE - Gold prices surged over 3% on Friday, heading for their most robust weekly performance in seven months,...
Economy
GCC keen to address economic problems: Albudaiwi
Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication...
Economy
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Business
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...
- SAVI will support innovation and the commercialization of smart and autonomous vehicle technologies in the UAE
- The Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO) are spearheading the development of SAVI
Iran says US ‘can not renege’ on deal to transfer $6bn via Qatar
Tehran, Iran-- Iran said the United States "can not renege" on an agreement to transfer $6 billion in frozen funds through...
- Tehran has come under intense scrutiny since Hamas stormed across Israel's border.
- Iran has insisted it was not involved, but celebrated the Hamas attack as a "success".
Business
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
- Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics.
- Manufacturing activities recorded nearly US$378 billion revenues, followed by the wholesale and retail trade at US$201 billion.