China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
Saudi Arabia launches ‘National Semiconductor Hub’Â
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
Geostrategy
New rocket attack targets northern Iraq gas complex
A Katyusha rocket struck near an Emirati-owned gas complex in northern Iraq on Friday, a local official said, the second...
- The rocket targeted the Khor Mor gas complex in the autonomous Kurdistan region without causing any injuries or damage
- Energy infrastructure in the autonomous Kurdish region of northern Iraq has come under repeated attack in recent weeks
Economy
US recession would be ‘necessary price’ to defeat inflation: IMF chief
With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of...
- The Washington-based crisis lender again slashed its US growth forecast to 2.9%, from the 3.7% forecast in April
- The Fed last week implemented the biggest increase in its benchmark lending rate in nearly 30 years, as part of its aggressive effort to quell inflation
Geostrategy
Abu Dhabi officials in Canada to discuss clean energy solutions
A delegation from the Abu Dhabi Department of Energy (DoE) is visiting Canada to meet senior government officials and stakeholders...
- Department of Energy officials in Canada showcase Abu Dhabi’s experience in promoting energy efficiency and sustainability
- The officials discuss opportunities for collaboration in energy efficiency and advanced clean energy solutions
Geostrategy
Saudi Arabia, Djibouti sign agreement on maritime transport
The Kingdom of Saudi Arabia has signed a joint cooperation agreement in maritime transport with the Republic of Djibouti which...
- The maritime transport pact between Saudi Arabia and Djibouti aim to strengthen relations at the strategic level
- The agreement aims to open new horizons for cooperation in various fields between the two countries
Economy
‘Make it in the Emirates’ helps in growth of industries
The two-day 'Make it in the Emirates' event hosted by Abu Dhabi, highlight the UAE's capacity to ensure the growth...
- The two-day ‘Make it in the Emirates' event highlight the UAE's capacity to ensure the growth of national industry
- The event helps in identifying a number of products the country will depend on in the coming years
Economy
OPEC Fund extends $72 million loan for Pakistan Dam
The OPEC Fund has partnered with Pakistan since 1976 and provided US$ 925 million financing in public and private sector...
- The OPEC Fund has partnered with Pakistan since 1976 and provided US$ 925 million financing in public and private sector loans
- While boosting Pakistan’s capacity to produce clean energy, the dam will also contribute to the development of the Khyber Pakhtunkhwa
Economy
Swimming and surfing, Gazans savour a cleaner sea
Marine pollution has worsened in recent years in Gaza, where insufficient wastewater solutions have turned the Mediterranean into a dump.
- Marine pollution has worsened in recent years in Gaza, where insufficient wastewater solutions have turned the Mediterranean into a dump
- The problem has been further exacerbated by the dilapidated infrastructure of the impoverished and overcrowded enclave
Economy
UNCTAD ranks UAE first regionally, 19th globally in attracting FDI inflows
The UAE also emerged 17th globally in terms of FDI outflows that totaled $22.5 billion in 2021, a 19% growth...
- The UAE also emerged 17th globally in terms of FDI outflows that totaled $22.5 billion in 2021, a 19% growth compared to the year 2020
- The report, which compares FDI performance of countries in 2021 with that of 2020, noted that in 2021, the UAE attracted $20.7 billion worth of FDI
Science
Covid vaccines saved 20m lives in first year: Study
Covid vaccines prevented nearly 20 million deaths in the first year after they were introduced, according to the first large...
- It is the first attempt to estimate the number of deaths prevented directly and indirectly as a result of Covid-19 vaccinations
- The study used official figures or estimates when official data was not available for deaths from Covid, as well as total excess deaths from each country
Geostrategy
UN to hold Libya talks over parliamentary elections
The world body said it will broker new talks between rival institutions from war-torn Libya next week to try to break...
- The world body said it will broker new talks between rival institutions from war-torn Libya next week to try to break a deadlock on the rules for long-awaited elections
- Presidential and parliamentary elections, originally set for December last year, were meant to cap an UN-led peace process following the end of violence in 2020
China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
Company News
Qatar Airways’ profits fall
Economy
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Saudi and Russian oil cuts to cause big supply shortfall: IEA
The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this...
Economy
China denies ban on use of iPhone in government agencies
Beijing, China--China on Wednesday denied there was any ban on officials purchasing or using foreign phones, including iPhones, after reports said...
Business
UAE and Germany hold workshop on hydrogen strategies, carbon markets
Abu Dhabi, UAE-- Looking to exchange expertise and explore potential synergies in hydrogen and carbon trading, an industry workshop was...
Economy
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Economy
UAE’s financial wealth to reach $1.3trn by 2027
Abu Dhabi, UAE - The financial wealth of United Arab Emirates (UAE) is anticipated to experience a Compound Annual Growth...
- The equities and investment funds in the UAE continue to make up the largest asset class at 58% of total personal wealth in 2022
- A sizeable portion of the UAE's financial wealth, approximately 25%, originated from UHNW individuals worth more than $100 million
Economy
UAE economic expansion to continue, after posting 3.8% growth in Q1: OPEC
Vienna, Austria--The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the UAE's economy grew by 3.8 percent in...
- The UAE's economic expansion, according to the OPEC report, will continue, noting that the key sectors of the country's economy have posted significant growth
- The report highlighted the sectors that posted growth were transportation and storage (10.9%), construction (9.2%), and accommodation and food services (7.8%)
Business
WTO says era of de-globalization is closer than it appears
Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are...
- After this phase of slowing globalization, the question is "whether we are moving towards a phase of deglobalization", said WTO official Ralph Ossa.
- "We're quite far away from deglobalizing, but at the same time, you start seeing... the first cracks in the system," the WTO official said.