MENA faces shortfall of 111,737 construction Project Managers by 2035: PMI
The PMI report finds that MENA will require up to 330,794 construction project management professionals by 2035 under a high-growth...
Economy
G7 ministers consider oil reserves as markets face volatility
In a statement following a virtual meeting with International Energy Agency (IEA) Executive Director Fatih Birol, the ministers said they...
Geostrategy
Economy
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...
- Fears of an imminent US departure from the landmark Paris Agreement
- US$100 billion-a-year target to help developing nations prepare for worsening climate impacts
Economy
UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
- Value of stablecoins received by services in the country totaled over US$9.8 billion
- between July 2023 to June 2024, just 47 percent of overall crypto transactions took place on centralized exchanges
Economy
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...
- Countries are turning towards renewables such as solar PV and wind following a 40 percent drop in their costs
- The global upstream industry is projected to maintain its hydrocarbon investment level of about US$580 billion in 2024
Economy
Most Asian markets rise ahead of toss-up US election
Asian markets mostly rose Tuesday a day before results from the US presidential election rolled in, with opinion polls showing...
- Uncertainty about the outcome led to warnings that investors could be in for a period of volatility
- Wall Street's three main indexes ended in the red
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...
- Persistent downside pressure on oil prices due to sluggish Chinese and weakening global demand outlook
- "The US presidential election will have a significant impact on the oil market"- Analyst with Rystad Energy
Economy
Expected impact of the U.S. election on businessÂ
35 percent of CEOs worldwide identify #inflation as the most critical #economic issue facing their countries, followed by boosting #consumer...
- The majority of CEOs (77 percent) say the U.S. presidential election will impact their 2025 business strategy
- Nearly 80 percent of global CEOs describe the current investment environment in the Gulf as very or somewhat attractive
Bitcoin close to record as cautious markets eye US election
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has...
- The leading digital currency was trading around US$72,400 at 0300 GMT, after climbing as high as US$73,563.63 in late US trade.
- The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has emerged as the pro-crypto candidate.
Economy
Asian shares rise as markets await tech results
Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports...
- Oil market concerns shifted focus on potential oversupply in 2025
- Investors are also awaiting the Bank of Japan's rate decision later this week
Economy
Oil prices tumble after Israeli attacks spare Iran facilities
Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against...
- The price of North Sea Brent for delivery in December fell by 4.05 percent to $72.97, while West Texas Intermediate plunged by 4.19 percent to $68.77
- "Israel's strike, carefully avoiding energy sites, has softened fears of a full-scale conflict with Iran," said Stephen Innes, analyst at SPI Asset Management
Economy
BRICS integral to Arab trade diversification strategy
The UAE and Saudi Arabia’s trade with China and India far exceeds their trade with the US and UK. This...
- Arab economic powers such as Saudi Arabia and the UAE have intensified efforts to diversify their strategic business relations with China, Russia, and India
- Arab powers have also kept their traditional ties with the nations in the European Union and the Americas, particularly the United States, intact
MENA faces shortfall of 111,737 construction Project Managers by 2035: PMI
The PMI report finds that MENA will require up to 330,794 construction project management professionals by 2035 under a high-growth...
Economy
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Silver price hits decades high as gold rush eases
Stock markets, meanwhile, were mixed as traders weighed a slew of issues: massive AI investments, corporate results, US interest rates,...
Business
Gold tops $4,000 for first time on political, economic worries
New York, United States - Gold topped $4,000 an ounce for the first time Wednesday as investors flocked to the...
Economy
WTO hikes 2025 trade growth outlook but tariffs to bite in 2026
The WTO raised its forecast for trade volume growth in 2025 to 2.4 percent -- up from 0.9 percent in...
Economy
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Business
OpenAI signs multi-billion dollar chip deal with AMD
OpenAI signed a multi-year partnership Monday with chipmaker Advanced Micro Devices as the ChatGPT-maker continues an investment spree to secure...
- The companies announced the plan to develop AI data centers that the chipmaker said would bring in tens of billions of dollars in new revenue over the next five years
- AMD's share price surged 35 percent when markets opened on news of the agreement that would see the company deliver six gigawatts worth of chips to the ChatGPT-maker
Economy
China’s chip challenge: the race to match US tech
Beijing, China - China's push to develop top-end artificial intelligence microchips is gaining momentum, but analysts say it will struggle...
- Ramping up its chip industry is a way for Beijing to beat restrictions imposed by Washington on exports of the most advanced chips -used to power AI systems
- The United States cites national security concerns, such as the risk of giving China a military advantage, for the block, a geopolitical bind that shows no sign of easing
Economy
Vietnam defies US tariffs with 8.2% growth in third quarter
Hanoi, Vietnam -- Vietnam recorded economic growth of 8.2 percent in the third quarter, among the highest increases in more...
- Finance Minister Nguyen Van Thang said the figure -- excluding the surge in 2022 driven by a post-Covid recovery -- was "the highest quarterly growth since 2011".
- The Southeast Asian manufacturing hub achieved growth of 7.96 percent in the second quarter.