Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
Economy
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
Science
Economy
Oil prices sink as US taps reserves, equities fall
President Joe Biden will announce later on Thursday the release of a record million barrels of oil a day for...
- President Joe Biden will announce later on Thursday the release of a record million barrels of oil a day for about 180 days from US strategic stockpiles
- Crude prices have spiked in recent weeks over fears of a major supply shortfall after Russia — the world’s second biggest exporter of oil after Saudi Arabia
Business
Abu Dhabi Chamber and San Marino to boost trade cooperation
Abu Dhabi and San Marino will explore new avenues of economic cooperation and boosting trade. Saeed Ghumran Al Remeithi, Deputy...
- Saeed Ghumran Al Remeithi, Deputy Treasurer of Abu Dhabi Chamber, met with Fabio Righi, San Marino’s Minister of Industry.
- Remeithi noted Chamber's readiness to provide all the necessary support to investors and entrepreneurs from San Marino.
Economy
President of World Banks says MENA must create 300m jobs
To achieve development goals, the MENA region must create three hundred million jobs, according to President of the World Bank...
- Malpass noted that MENA countries often fail to rise to developmental challenges, and it could have “serious implications for livelihoods"
- According to Malpass, Gulf Cooperation Council countries were initially concerned about the global community’s desire to shift away from oil
Economy
OPEC+ sticks to modest oil output increase despite Western pressure
The 13 members of the Saudi-led OPEC and 10 countries spearheaded by Russia backed an increase of 432,000 barrels per...
- While OPEC refused to budge, the United States said it would tap its strategic stockpile by a record amount in a bid to cool soaring prices.
- Berlin and the International Energy Agency, which advises developed countries, have also urged producers to boost production to bring relief to the market.
Geostrategy
Saudi hosts talks on Yemen war, but without Houthi rebels
Ahmed Al-Emad, a spokesman for the rebels' foreign ministry said that the recent meeting on Yemen conflict held in Riyadh...
- Ahmed Al-Emad, a spokesman for the rebels' foreign ministry said that the recent meeting on Yemen conflict held in Riyadh "has nothing to do with the issue of peace."
- Saudi-led military coalition has announced that it would cease military operations in Yemen during Ramadan
Research
Soaring global urban tech market to benefit KSA: Mastercard report
The paper has shone a spotlight on how Saudi Arabia’s e-government, tourism, healthcare, and transit sectors stand to benefit from...
- The paper has shone a spotlight on how Saudi Arabia’s e-government, tourism, healthcare, and transit sectors stand to benefit from the smart city revolution in the Kingdom
- The paper highlights 5G, Wi-Fi 6, cloud computing, virtual reality and geospatial technology as focus areas for digital infrastructure to develop cities
Business
Saudi deposits $5bn in Egypt, plans to invest double: State media
The Egyptian and Saudi governments have signed a draft agreement for Saudi investments in the country totaling a projected $10...
- The announcements come as the North African country enacts a slate of financial measures to mitigate the economic fallout of Russia's invasion of Ukraine.
- As the world's largest importer of wheat, Egypt relied on the two countries for 85 percent of its supply, as well as 73 percent of its sunflower oil.
Economy
Unemployment rate in Saudi Arabia reduced to 11 percent in Q4 2021
The unemployment rate among Saudi citizens reduced to 11 percent in the fourth quarter of 2021. The General Authority for...
- The unemployment rate fell by 0.3 percentage points (pp) from Q3/2021.
- Also, it lowered by 1.6 pp when compared to a year ago in Q4/2020.
Business
Evergrande to sell stake
The developer would sell the Crystal City Project in Hangzhou for 3.66 bn yuan.
- Its total liability is now $300 billion as the company has struggled to repay its investors and bondholders.
- The company has said said it would finish projects and deliver them to buyers in a desperate bid to salvage its debts.
Business
German businesses urged to explore investment opportunities in Sharjah
The Sharjah Chamber of Commerce and Industry (SCCI) has called on German businessmen and investors to explore investment opportunities within...
- A German business delegation attended a forum organized by the Sharjah Chamber of Commerce and Industry.
- Gulf Cooperation Council (GCC) countries are the seventh-largest export destination for German industry outside Europe.
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
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
Economy
Company News
Air Arabia to double fleet
Business
Latest News
Global wealth set to rise by 38% over the next five years: study
Zurich, Switzerland – The latest Global Wealth Report predicts global wealth to reach $629 trillion by 2027, despite 2022 being...
Economy
New industrial licenses surge 17% in first year after Abu Dhabi Industrial Strategy launch
The number of new industrial Rowad permits issued in Abu Dhabi increased from 204 to 238 from July 2022 to...
Economy
Oil price, COVID-19 spur Arab world’s public finance
Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
Economy
Most Read
Economy
Lebanon freezes former central bank governor’s bank accounts
Seen as a key culprit in the country's dramatic economic crash, former governor Riad Salameh's bank accounts were ordered to...
- He is wanted in France and Germany, and Interpol has issued a Red Notice for his arrest
- Lebanon's fractious political class has failed to name a replacement for Salameh
Economy
ESG shapes MENA region’s urban regeneration strategy
ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and...
- ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and Makkah, says a report
- Embracing the L-I-F-E (learn, integrate, fix and earn) approach for urban renewal offers GCC sustainability, resilience, growth, social unity, and global acclaim
Business
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.
- The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
- Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.