UN report says 1.1 billion people in acute poverty
More than one billion people are living in acute poverty across the globe, a UN Development Program report said Thursday,...
Economy
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
Economy
Geostrategy
UAE takes part in G20 Health Working Group in Indonesia
UAE's Ministry of Health and Prevention (MoHAP) has taken part in the G20 Health Working Group (HWG3) meeting in Indonesia...
- The UAE ministry's delegation highlighted the importance of promoting solidarity among member states to better meet essential health needs.
- The delegation said UAE is ready to cooperate with Indonesian officials to expand vaccine manufacturing and research hubs for pandemic prevention.
Economy
Qatar grows its suite of world-class hotels with new openings this month
The Wyndham Grand Doha West Bay Beach, St. Regis Marsa Arabia Island and the Rixos Hotel Doha will soon unveil...
- The Wyndham Grand Doha West Bay Beach, St. Regis Marsa Arabia Island and the Rixos Hotel Doha will soon unveil an exciting range of culinary concepts
- Being the host nation of the first-ever FIFA World Cup in the Gulf later this year, Qatar is using the event to fulfil its goal of attracting over 6 million visitors a year
Economy
UAE takes another step to be space technology leader
"We want to attract startups and SMEs so they can prove themselves in the space industry and boost research projects”, Abdulla...
- The aim of the survey is to emphasize the scale of the space economy in the UAE and to measure its contribution to the country's global growth
- It will also measure investment efforts in research and development, and the total spending on space exploration and projects
Economy
Business reforms enhance Saudi growth prospects
Prioritizing labor market reforms, boosting employment and ease of doing business is likely to make the Kingdom one of the...
- Prioritizing labor market reforms, boosting employment and ease of doing business is likely to make the Kingdom one of the world’s fastest-growing economies this year, says expert
- As brands are looking at Saudi Arabia as their gateway in the Middle East, there is an expected influx of huge amount businesses looking to establish a commercial set up in Kingdom
Business
Saudi Arabia appoints new crypto chief to further its digital program
The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in...
- Until now, Saudi had shown a circumspect approach on virtual assets, as officials questioned the speculative nature of them.
- With the emergence of UAE as a global crypto hub, Saudi displayed urgency to draft formal rules pertaining to the asset class.
Economy
OPEC+ to cut oil production to prop up prices hit by recession fears
The move could irk the United States as it has pressed the group to increase output in order to bring...
- The group left the door open to holding talks prior to its next scheduled meeting on October 5 "to address market developments, if necessary".
- Saudi Energy Minister Prince Abdulaziz bin Salman says the decision demonstrated OPEC+ was ready to adjust production in both directions to achieve objectives.
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.
UN report says 1.1 billion people in acute poverty
More than one billion people are living in acute poverty across the globe, a UN Development Program report said Thursday,...
Economy
Company News
Ooredoo Algeria gets new CEO
Business
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Inma Holding profit tumbles
Business
In a world first, EU gives nod to green bond standards
Brussels, Belgium - European Parliament has adopted a new voluntary standard for the use of a “European Green Bond” label, the...
Economy
Putin launches Russian gas shipments to Uzbekistan
"This is the largest trilateral energy project" between the three ex-Soviet countries, Putin said, after formally launching the shipment. He...
Economy
Dubai Customs strengthens partnerships with courier firms to expand e-commerce
DUBAI, UAE - Dubai Customs recently convened an extensive meeting with the courier and express shipping companies, aimed at bolstering...
Business
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Economy
Circular economy is a critical pathway to build sustainable future: Almheiri
Dubai, UAE-- Terming the circular economy as a critical pathway that builds a sustainable future by preserving natural resources, reducing...
- Almheiri noted that the UAE is keen to promote the circular economy that contributes to sustainable growth through the cooperation of all key stakeholders
- The review meeting took note of the pioneering efforts and actions taken by partners across the UAE to support the country's transition toward a circular economy
Economy
UAE as hub will help food security corridor under I2U2 framework: Indian minister
Abu Dhabi, UAE - The UAE as a geographical and business hub will help the proposed ‘food security corridor project...
- The UAE as a trading hub can cater to the GCC, CIS countries [former Soviet Republics], eastern Europe and all of Africa, Piyush Goyal said
- Food corridor will get large economies of scale and will contribute not only to global food security but also help keep the food prices in check., he added
Economy
Vision 2040: Saudi Arabia’s new economic blueprint
Saudi Crown Prince Mohammed bin Salman recently unveiled glimpses of the audacious Vision 2040 that will focus on green hydrogen,...
- Saudi Crown Prince Mohammed bin Salman recently unveiled glimpses of the audacious Vision 2040 that will focus on green hydrogen, clean energy, and technology advancements
- With a focus on diversifying the economy, enhancing global competitiveness, and fostering innovation, Saudi Arabia is poised to redefine its global economic standing