China youth unemployment jumps to 17.1% in July
Beijing, China - Youth unemployment in China ticked up to 17.1 percent in July, official figures showed, the highest level this...
Economy
Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
Economy
Business
Weeklong real estate transactions in Dubai amount to $2.8bn
The real estate and properties transactions valued at $2.8 billion (AED10.3 billion) in total during the week ending 19 August...
- A total of 344 plots were sold for $694 million, 2,239 apartments and villas were sold for $1.07 billion
- The top two transactions were a land in Al Wasl sold for $108 million, followed by a land sold for $55 million in Hadaeq Sheikh Mohammed Bin Rashid
Economy
UAE gave foreign aid worth $3.5bn, says MoFAIC
The UAE is providing sustainable humanitarian aid worldwide, underscoring its commitment to promote regional, global peace and prosperity. As per...
- The total value of foreign aid provided by the UAE from the start of 2021 to mid-August 2022 amounted to $3.5 billion
- While Yemen accounted for most of Emirati aid with over $315 million, the list also included several Arab, Asian and Western countries
Economy
Middle East nations to gain $1.3 trn in additional oil revenues by 2026: IMF
The gains, due to high oil prices, will provide 'firepower' to the region's sovereign wealth funds, said Jihad Azour, IMF's...
- Recently, Saudi Arabia said it achieved a rare budget surplus of over $20bn in the second quarter of 2022, as oil revenues surged 90 percent compared to a year ago.
- Saudi PIF has invested over $620 billion in total, $7.5 billion alone in US stocks during the second quarter, when the share prices were relatively low.
Business
Saudi, Uzbekistan sign cooperation pact in several energy sectors
Saudi Arabia and Uzbekistan have signed an agreement to develop cooperation and exchange information and experiences in all fields of...
- They will develop cooperation and exchange information and experiences in all fields of energy though research and studies besides exchanging policies and laws related to these.
- The agreement was signed by the acting Minister of Energy Dr. Essam bin Saad bin Saeed and the First Deputy Minister of Energy of Uzbekistan Azim Ahmed Khojayev.
Business
Asian, European markets mixed as investors assess Fed outlook
A two-month rally from June lows appears to have run out of steam this week, with downward pressure coming after...
- Hong Kong, Taipei, Manila, Sydney and Jakarta inched higher, while Shanghai, Singapore, Seoul, Wellington, Mumbai and Bangkok all fell.
- Wall Street's three main indexes edged up after Wednesday's losses. In Europe, London inched up, while Paris and Frankfurt edged down.
Business
OPEC revises oil demand projection to 3.1mn barrels a day
The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals," says OPEC...
- The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals,” says OPEC secretary general
- He predicted a slowdown in demand growth in 2023 but said it should not be worse than what has already been experienced in the last two years
Geostrategy
Israel planning renewable energy projects in MENA region
The companies are also developing projects in Morocco, the UAE and Bahrain, along with Egypt and Jordan.
- The companies are also developing projects in Morocco, the UAE and Bahrain, along with Egypt and Jordan
- The plans follow two years after Israel normalized relations with the UAE, Bahrain and Morocco. Israel also signed a Free Trade Agreement with the UAE
Business
Qatar buses feel the World Cup heat in tournament test
Getting the football hordes around the city and between the eight stadiums promises to be one of the biggest challenges....
- With more than one million people expected to descend on the tiny Gulf state for the tournament, the government is taking no chances with their multi-billion dollar preparations
- Amid sweltering summer heat, hundreds of air conditioned but mainly empty buses went out to stadiums, metro stations and pickup points
Opinion
Goal: A just energy transition that’s equitable to all
It must be based on scientific, economic, and engineering facts, appreciate the multiple dilemmas and challenging trade-offs, and accelerate the...
- Record growth in renewables, representing over 80 percent of all new power-generating capacity last year, is the clearest sign yet that the energy transition is gathering pace
- Policies aimed at divesting from hydrocarbons too soon, without adequate viable alternatives, are self-defeating. They will undermine energy security, erode economic stability
Business
Russian gas supply cut: Germany to fall short of gas reserve target
Germany is heavily dependent on Russian gas and has seen deliveries drop sharply amid tensions over the Ukraine war.
- Warning of looming shortages, Economy Minister Habeck outlined a series of targets last month for gas stocks to reach 95% by November 1.
- "I am not counting on our achieving our next reserve goals as quickly as the first," said Klaus Mueller, president of the Federal Network Agency.
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China youth unemployment jumps to 17.1% in July
Beijing, China - Youth unemployment in China ticked up to 17.1 percent in July, official figures showed, the highest level this...
Economy
Company News
Latest News
Greece and Saudi Arabia agree to link their power grids
Athens, Greece - Greece and Saudi Arabia announced their agreement to establish a jointly-owned company with the goal of connecting...
Economy
US to auction three new oil and gas leases in the Gulf of Mexico
WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the...
Geostrategy
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Geostrategy
GCC, Pakistan ink preliminary free trade agreement
RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...
- The agreement was signed by GCC Secretary-General Jasem Mohamed AlBudaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
- The Secretary-General stressed that the GCC countries are proceeding with free-trade negotiations with other countries.
Science
Politicians fail to understand scientific facts of climate, says expert
PARIS, FRANCE - Wavering ambition by governments and a growing belief that science is politically subjective are great causes for concern...
- Several extreme weather events have occurred in 2023, which the European Union's climate monitor says is likely to be the hottest in human history.
- These underscores the urgency of slashing planet-heating greenhouse gas emissions to avert the catastrophic impacts of greater global warming.
First migrants in a week land on Italy’s Lampedusa
Bad weather over the past week had prevented those fleeing North Africa to venture the risky Mediterranean crossing. The earlier...
- Seventeen Tunisians were admitted to the island's migrant reception center, which earlier this month was overrun after 8,500 arrived in just three days
- A little later, 38 migrants from Bangladesh arrived after their nine-metre boat was picked up off the coast by Italian authorities