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
Libyans at boiling point amid summer power cuts
The people of Libya are enduring electricity cuts of up to 18 hours a day, despite their country sitting atop...
- The electricity crisis is just the latest trial for Libyans after a decade of insecurity, fuel shortages
- Many of Libya's seven million people have turned to unreliable, gas-guzzling and polluting generators for electricity
Economy
New business licenses in Dubai grow 25% in H1 of 2022
Dubai issued 45,653 new business licenses in the first half (H1) of 2022, registering a growth of 25 percent compared...
- Dubai issued 45,653 new business licenses in the first half (H1) of 2022, a growth of 25 percent compared to the same period last year
- The numbers reaffirm the success of the government's innovative new strategic approaches and policy amendments
Business
Dubai Metaverse Assembly in Sept to host 300 global experts
The assembly will host more than 300 global experts, policymakers, thought leaders, and decision-makers from more than 40 organizations.
- The global event brings together regional and international experts in Dubai to shape the future of the metaverse.
- It explores how technology can be deployed across vital sectors to create better future and quality of life for humanity.
Business
Investments in Saudi startups grow by 244 percent in H1 2022
Investments in Saudi startups grew by 244 percent to a record high of SAR 2.19 billion ($584 million) in the...
- In fact, the investments in the first half of 2022 surpassed the total investments in 2021, according to a report by the venture data platform, MAGNiTT.
- The report said the kingdom advanced to become the second-most active VC market in MENA by number of deals, which rose by 36 percent to 79 deals in H1 2022.
Geostrategy
Egypt President says world must jointly deal with energy crisis
Egypt's President Abdul Fattah Al-Sisi underscored the importance of coordination and cooperation among all countries of the world to confront...
- Egypt's President Abdul Fattah Al-Sisi said global coordination and cooperation is necessary to deal with the energy crisis
- He said Egypt is determined to coordinate with friendly countries to tackle tension in its neighborhood
Economy
MENA Forum 2022 to focus on US$250b worth of power projects
The combined investments in the MENA power sector includes US$93 billion which has already been committed.
- The combined investments in the MENA power sector includes US$93 billion which has already been committed
- US$60 billion worth of power projects are being developed in Saudi Arabia, followed by Egypt with US$37 billion worth of projects
Economy
EU’s Official Development Assistance reaches US$71b in 2021
This represents a 4.3 percent increase in nominal terms and the equivalent to 0.49 percent of collective Gross National Income.
- This represents a 4.3 percent increase in nominal terms and the equivalent to 0.49 percent of collective Gross National Income.
- Overall, 22 Member States increased their ODA in nominal terms last year compared to 2020, with the strongest nominal increases coming from Germany
Economy
Indian rupee slides to new low against dollar, touches 80
The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the...
- Tighter US monetary policy has exacerbated outflows from emerging markets such as India, where foreign investors have withdrawn a net $30.8 billion in debt and equity this year
- In a written statement to the Indian parliament on Monday, finance minister Nirmala Sitharaman attributed the rupee's sharp fall to external reasons
59% more French tourists visited UAE in 2021
In 2021, the number of French tourists visiting the UAE rose to 311,570, an increase of 59 percent, compared to...
- In 2021, the number of French tourists visiting the UAE rose to 311,570, an increase of 59 percent, compared to 2020.
- According to the figures, the number of French tourists who visited the UAE from 2015 to 2021 totalled 2.461 million
Geostrategy
Italy PM signs clutch of deal with Algerian president
Italian Prime Minister Mario Draghi sealed 15 agreements with Algeria's president Monday, ahead of the expected conclusion of another deal...
- Algeria will also increase gas exports to Italy by four billion cubic metres in the coming days
- Italy buys the majority of its natural gas from abroad, with some 45% of its imports coming from Russia
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
Company News
Latest News
Afghan wushu fighters defy money woes to pursue Asian Games glory
Afghanistan will compete in 15 sports in Hangzhou, the country's first Asian Games since the Taliban seized power in 2021....
Business
Iran, Djibouti resume diplomatic ties after 7 years
Iran announced the restoring of diplomatic ties with Djibouti over seven years after it joined other regional nations in severing...
Geostrategy
China to control half the world’s hydrogen electrolyser capacity
China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent...
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Business
ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
- This collaboration aims to enhance trade volume among the member states of the Organization of Islamic Cooperation.
- The loan aims to support the development of small and medium enterprises' exports as well as private sector companies in Turkey.
Business
Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...
- Ajman’s total exports reached US$1.2 billion in H1 2023, compared to US$1.1 billion during the same period in 2022.
- Ships and boats topped the list of exported products, followed by mineral oils, fish and steel products.
Market Report
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...
- In a move dubbed a "hawkish hold" by analysts, the Fed held borrowing costs but indicated another hike is likely in 2023 to tackle US inflation.
- Sweden's Riksbank and Norway's Norges Bank each raised their key interest rates by a quarter-point.