Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
China launches late stimulus push to meet 2024 growth target
China's central bank on Friday lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch...
Economy
Business
India’s Adani becomes world’s third-richest person
The self-made billionaire has seen his net worth more than double to $137.4 billion in the last year, rising 20...
- Prince Alwaleed bin Talal Al Saud, the founder of Kingdom Holding, a conglomerate with stakes in hotels, real estate and equities, is the only Arab billionaire among the top 100.
- Egyptian tycoon Nassef Sawiris (net worth $7.06 bn), MA Yusuff Ali (UAE, $5.87bn) and Muhammed Al Amoudi (Saudi Arabia, $5.78 bn) are the other Arabs in the list of 500.
Economy
China state support for economy this year exceeds 2020, premier says
Economists have widely predicted that China will fail to meet its 5.5 percent GDP growth target, blaming record youth unemployment,...
- China's economy has also been battered by the two-month lockdown of Shanghai, a nationwide mortgage boycott, and a severe drought and heatwave
- The grim economic outlook underscores the difficulty of balancing economic growth with the country's strict zero-Covid policy
Economy
UAE operates air bridge to provide relief to flood victims in Pakistan
The relief aid includes shelter materials, humanitarian needs, food and medical parcels for those affected by torrential rains and floods
- The relief aid includes shelter materials, humanitarian needs, food and medical parcels for those affected by torrential rains and floods
- The move follows the order of the UAE president Sheikh Mohamed bin Zayed Al Nahyan to provide all forms of support to Pakistan
Economy
‘Third’ of Pakistan under water as flood aid efforts gather pace
The rains that began in June have unleashed the worst flooding in more than a decade, washing away swathes of...
- In the south and west, dry land is limited, with displaced people crammed onto elevated highways and railroad tracks to escape the flooded plains
- Pakistani officials have blamed climate change, which is increasing the frequency and intensity of extreme weather around the world
Business
Saudi-Thai Business Council set up to enhance trade
The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- Thailand's Deputy Prime Minister said that discussions with Saudi officials resulted in signing of three pacts
Business
UAE launches net-zero drive for firms
The Ministry of Climate Change and Environment (MoCCAE) Monday launched the UAE Climate-Responsible Companies Pledge. The pledge aims to increase...
- The pledge aims to increase the engagement of the private sector in the country’s decarbonization drive
- The pledge forms the basis of future collaborations between the private sector, non-governmental organizations (NGO) and international organizations.
Economy
EU plans emergency action to halt energy price rise
High gas prices have been followed by disruptions in the nuclear and hydroelectric sectors amid a heatwave blamed on climate...
- The European Commission has yet to publish a detailed plan for market reform, but some member states have been pushing for a temporary cap on wholesale gas prices.
- EU officials are also considering measures to split electricity price setting from the gas price and take into account other energy sources.
Business
CBUAE launches new website with various services
The Central Bank of the UAE (CBUAE) has announced the launch of a new corporate website with various interactive digital...
- The Central Bank of the UAE has launched the corporate website with various interactive digital services for meeting the aspirations of the consumers.
- The CBUAE plans to be among the top central banks globally in promoting financial stability.
Economy
Saudi SMEs number up by 25 percent in Q1 2022: Monsha’at
Riyadh, Saudi Arabia: The number of small and medium enterprises (SMEs) in Saudi Arabia increased by 25.6 percent to 892,063...
- The Riyadh region accounted for 35.4 percent of the total establishments, the Makkah region 21 percent and the Eastern region 12.7 percent.
- Monsha’at report said that 81 percent of these establishments are classified as micro and small establishments.
Business
Honda, LG to invest $4.4 bn
Firms say construction of US plant to begin next year.
- Japanese auto giant Honda and South Korean battery maker LG Energy Solution announced a joint venture to invest $4.4 billion in a US electric car battery plant
- The move comes after California last week ruled that all new cars sold in America's most populous state must be zero-emission from 2035
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
Economy
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People marvel at ancient Iraq in new ‘Assassin’s Creed’ game
The central character, pickpocket turned master assassin Basim, speaks classical Arabic in "Assassin's Creed Mirage",.
Arts & Culture
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
Economy
Qatar, Iran discuss cooperation in free zones, investment
DOHA, QATAR - Minister of State and Chairman of the Board of Directors of the Free Zones Authority Ahmad bin...
Geostrategy
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Economy
‘Qatar remains committed to curb financial crimes’
The Gulf country "remains commitment to international strategies and plans targeting financial crime. In 2023, FATF completed its evaluation of...
- Qatar has achieved top compliance levels in combating financial crimes, as recognized by the Financial Action Task Force
- In 2023, the FATF completed its evaluation of Qatar's anti-money laundering and counter-terrorism financing system
Business
Farmers turn to solar power in Syria’s former breadbasket
Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
- Solar energy has offered a lifeline for the farmers amid drought and power shortages, but some warn the boom also has environmental costs in the once-fertile region
- "We are trying to revive our land," despite dwindling groundwater reserves, said Mohammed, 38, as he oriented the panel towards the sun near his cotton fields.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.