Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
Economy
Economy
Dubai records over US$653m in realty transactions on Monday
DUBAI, UAE - Dubai real estate market recorded 568 sales transactions worth US$373 million (AED1.37 billion) on Monday, data released...
- Dubai real estate market recorded 568 sales transactions worth US$373 million on Monday.
- The sales included 503 villas and apartments worth US$283 million and 65 land plots worth US$88 million.
Business
ADNOC announces $548m contract for Lower Zakum field
Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a...
- The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day.
- The project will see the construction of a new subsea pipeline that will run 85 kilometers from Zakum West Super Complex to Das Island.
Economy
Green hydrogen production in UAE to touch 5.7m tonnes in 2030
Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green...
- The UAE aims to acquire 25 percent of the low-carbon hydrogen market which is expected to reach more than $400 billion.
- The production of green hydrogen is mainly carried out through electrolysis using renewable energy sources.
Economy
Saudi Arabian government body launches strategy 2022-2025
The National Center for Government Resources Systems (NCGR) launched its comprehensive strategy (2022-2025).
- The strategy is based on four main pillars which include raising the efficiency and effectiveness of the government in managing its resources.
- It also involves maximizing benefit of NCGR's resources, superiority in providing and using data to support decision-making, excellence in risk management.
Economy
Euro hits 20-year low against dollar amidst economic uncertainties
The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002. The European currency...
- Russian gas giant Gazprom said Friday the Nord Stream pipeline due to reopen at the weekend would remain shut indefinitely
- Resumption of deliveries via the pipeline which runs from near Saint Petersburg to Germany under the Baltic Sea, had been due to resume on Saturday
Economy
Cryptocurrency sceptics look to bend the ear of regulators
A number of governments have expressed concerns over cryptocurrencies, but those behind the first Crypto Policy Symposium say they hope...
- The conference comes as the price of bitcoin has plunged from a peak of nearly $69,000 last October to around $20,000
- Many central banks and financial market regulators have warned about the dangers posed by cryptocurrencies
Economy
Turkey”s inflation stays at 80% in boost to Erdogan
The strategically important developing nation lurched into its latest economic crisis when President Recep Tayyip Erdogan launched an unorthodox experiment...
- The TUIK state statistics agency said that consumer prices rose by 80.2 percent in August from a year earlier
- The figure was fractionally higher than the 79.6 percent reported in July and only a small bump up from the 78.6 percent reading in June
Business
OPEC+ to meet in order to adjust quotas for October
Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production...
- Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August
- Matthew Holland of Energy Aspects said a cut in production would come up at the next meeting in October
Economy
ECB set to raise interest rate to tame runaway inflation
European Central Bank policymakers look set to hike interest rates again to tame runaway inflation amid a steep increase in...
- Eurozone inflation hit 9.1 percent in August, a record in the history of the single currency and well above the two-percent rate targeted by the ECB
- Alongside its policy decisions, on Thursday ECB will also share an updated set of economic forecasts for the eurozone
Economy
Money transfer firms replace banks in crisis-hit Lebanon
Once the flagship of Lebanon's economy, the banking sector is now widely despised and avoided after banks barred depositors from...
- As Lebanon's deep crisis shows no sign of abating, money transfer agencies are filling the gap, also offering currency exchange
- Lebanon has been battered by its worst-ever economic crisis since the financial sector went into meltdown in 2019
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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
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
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Global energy demand to rise 25% by 2045: OPEC chief
Abu Dhabi, UAE - Global demand for all forms of energy is forecast to rise by 25% through 2045, according...
Business
Turkey’s inflation hovers near 60% after policy U-turn
The data suggest that Turkey's inflation rate is starting to peak after Erdogan signed off on a series of sharp...
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Economy
Knowledge, innovation drive UAE’s economic strategy
"Today, the UAE is recognized as a leader in new economy sectors, including renewable energy, fintech, artificial intelligence, the fourth...
- The UAE makes significant strides in building a new economic model rooted in knowledge, innovation, and creativity, diversifying economy and boosting global competitiveness
- Today, the UAE is recognized as a leader in new economy sectors, including renewable energy, fintech, artificial intelligence, and space, says minister Abdulla bin Touq Al Marri
Geostrategy
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...
- The president of the upcoming COP28 urged oil industry leaders to curb emissions associated with energy production.
- He also encouraged them to embrace "low carbon solutions" like carbon capture and storage,
Business
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.
- IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
- The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.