COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
Science
Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
Economy
Egypt economist dies, police denies ‘forced disappearance’
"According to official records in the prosecution, (Ayman) died on March 5," his brother Omar Hadhoud, a lawyer, told AFP.
- "According to official records in the prosecution, (Ayman) died on March 5," his brother Omar Hadhoud, a lawyer, told AFP
- The interior ministry meanwhile said on Sunday that Hadhoud was placed in a psychiatric facility on February 6
Business
Dubai issues 24,662 new business licenses in Q1 2022
Dubai has issued 24,662 new business licenses in Q1 2022, a report by the Department of Economy and Tourism (DET)...
- A DET Business Registration and Licensing report said 57 percent of the new business licenses issued during Q1 2022 were professional and 43 percent commercial.
- A total of 136,034 business registration and licensing transactions were completed during Q1 2022, a growth of 36 percent compared to Q1 2021.
Economy
Egypt inflation rises to 12.1 percent as foreign reserves dip
Egypt’s annual inflation rate hit 12.1 percent in March, official figures showed Sunday, as foreign reserves declined by $4 billion...
- The latest figure marks an increase of more than two percent compared to the 10 percent inflation rate recorded in February -- already at a near three-year high.
- The Arab world’s most populous country has been struck by mounting economic pressures since Russia’s invasion of Ukraine in late February caused global commodity price to shoot up.
Business
Real estate trade volume in Amman $1.6 billion by March end
The total real estate trading volume in Jordan by the end of March reached JD 1.414 billion ($1.6 billion). The...
- Iraqi investors ranked first with a total of 202 real estate sales and Saudi second with a total of 194 sales among non-Jordanian investors.
- Real estate sales in Amman were distributed over 6,077 apartments and 8,265,000 plots of land.
Science
Iraq witnesses dust storm that lands dozens in hospital
Iraq is particularly vulnerable to climate change, having already witnessed record low rainfall and high temperatures in recent years.
- The storm erupted in the north of the country on Thursday, leading to cancellation of flights serving Kurdistan’s capital Arbil
- As the storm swept south, it shrouded the Iraqi capital of Baghdad and cities as far south as Nasiriyah in a ghostly orange
Economy
Famine-threatened Yemen fears impact of Ukraine war
Across the MENA region, people are struggling to secure even the most basic staples in view of soaring food and...
- More than 17 million people in Yemen face high levels of food insecurity
- Famine conditions already afflict more than 30,000 Yemenis, UN agencies said
Analysis
GCC keeps pace with global solar, wind trends
Countries like the UAE, Saudi Arabia, and Oman appear on track to take giant strides in diversifying their portfolios when...
- Across the greater MENA region, Yemen, Jordan, Turkey, and Morocco have generated more than 10 percent of their power from solar and wind
- However, things appear poised to change very soon, with several projects that may improve the region’s overall renewable outlook
Economy
S&P degrades Russia’s forex payments rating to ‘selective default’
Credit rating agency S&P Global Ratings on Saturday downgraded Russia's foreign currency payments rating to "selective default" after Moscow paid...
- The agency does not expect investors to be able to convert the ruble payments to dollars equivalent to the amounts originally due
- Russia's finance ministry on Wednesday announced it had made a payment of almost $650 million due on April 4 in rubles
Economy
S&P keeps Kuwait’s credit ratings at A+ with negative outlook
Kuwait's long and short-term foreign and local currency sovereign credit ratings have been affirmed at 'A+/A-1' by Standard & Poor's...
- The international agency also cautioned that it could lower the ratings if no sustainable comprehensive financing arrangements are agreed
- The S&P forecasted that higher oil prices would bolster Kuwait's fiscal and balance of payments positions over 2022-2023
Geostrategy
UN seeks $80m to avert ‘imminent’ Yemen oil spill
Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month.
- Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month
- The UN has said an oil spill could destroy ecosystems, shut down the fishing industry and close the lifeline port of Hodeida for six months
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
Science
Company News
ADNOC L&S secures big contract
Business
Latest News
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
Economy
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
Business
Russian defense officials meet Saudi Arabian, Iranian counterparts
MOSCOW, RUSSIA - The 11th Moscow Conference on International Security, held at the Patriot Congress and Exhibition Center here, saw...
Geostrategy
Most Read
Economy
Bahrain supports AI tendering platform, Procural, to create jobs
Manama, Bahrain - Tamkeen, a semi-autonomous government agency, tasked with developing Bahrain's private sector has decided to support the Bahrain-based...
- The support will enable Procural to enhance its ability to use cloud-based technology and Artificial Intelligence (AI) to match vendors with buyers
- Procural offers a range of features that include cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking
Business
4.4m travel by SAR in H1 2023
Train trips in H1 2023 rose 46 percent compared to H1 2022.
- The volume of minerals and goods transported over SAR networks during the second quarter of the year exceeded 6.34 million tons.
- The total volume of goods transported by SAR H1 2023 rose to over 12 million tons, a 13 percent increase compared to the previous year.
Economy
Saudi Arabia is largest Islamic finance market, with over $827bn assets
Riyadh, Saudi Arabia - Saudi Arabia boasts the world's largest Islamic finance market, with combined Islamic assets across various sectors...
- Al-Sayari revealed that the total value of Islamic finance assets worldwide has surged to over $2.99 trillion
- The Islamic banking sector in Saudi Arabia contributes a substantial 33% of the global Islamic bank assets