Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
Economy
Economy
KSA launches global campaign for its bid to host Expo 2030 Riyadh
Five countries, including Saudi Arabia, South Korea, Italy, Ukraine and Russia are in the reckoning for the 2030 World Expo.
- Five countries, including Saudi Arabia, South Korea, Italy, Ukraine and Russia are in the reckoning for the 2030 World Expo
- The letter announcing Riyadh’s intention to bid was submitted on October 29, 2021 on behalf of the crown prince Prince Mohammed bin Salman
Economy
UAE fast-tracking low-carbon economic growth: Dr Al Jaber
Speaking at the MENA Climate Week Dr. Al Jaber explained that the UAE is adopting a comprehensive, balanced and proactive...
- Speaking at the MENA Climate Week Dr. Al Jaber explained that the UAE is adopting a comprehensive, balanced and proactive approach to climate action
- He urged the international community to do more and fulfil the $100 billion climate pledge made to developing nations over a decade ago
Business
‘Trash has value’: Kenyan inventor turns plastic into bricks
Gjenge Makers, churns out 1,500 bricks made from industrial and household plastic that otherwise would be dumped in the city's...
- Gjenge Makers, churns out 1,500 bricks made from industrial and household plastic that otherwise would be dumped in the city's overflowing garbage heaps
- Plastic is fibrous in nature, and the unique production process prevents air pockets from forming within the bricks
Economy
€120m frozen in money-laundering probe in Lebanon
Prosecutors are probing links Lebanon's central bank chief's link to criminal associations and money laundering.
- French investigators launched investigation against five individuals for embezzling public funds in Lebanon worth of $330 million between 2002 and 2021
- People of Lebanon suspect Riad Salameh who was the chief of Lebanese central bank and other high officials of transferring money abroad during a 2019 uprising
Economy
Syria approves law tightening freedom of speech
The latest move follows months of growing discontent in Syria over a spiraling economic crisis.
- Syrians living in the country will be jailed for 6 months if they publicize news that could improve an enemy state's image and damage the state's reputation
- The new law, signed by President Bashar Al Assad, prohibits citizen of Syria from the cession of Syrian territory with a punishment of one-year imprisonment
Economy
Gulf region will boost global clean energy security: Al Kaabi
Mubadala’s UAE Investment chief Musabbeh Al Kaabi said on Monday that the Gulf region will play an increasingly important role...
- Al Kaabi affirmed that governments must develop initiatives to mitigate supply chain challenges to meet net-zero carbon targets
- He noted that global energy security will extend beyond oil as the UAE and its neighbours’ transition to become leaders in clean energy production
Interview
Smartphones, net speed fuel Saudi ecommerce boom
Pablo Martinez, Managing Director and Senior Partner at the Boston Consulting Group, sheds light on what lies ahead for the...
- In 2020, the Saudi ecommerce accounted for only 6% of overall retail sales, while major markets contributed 18%
- Only a small set of online retailers in influential cities of the kingdom offers same-day delivery, a standard in developed markets
Business
Oman, Sri Lanka to cooperate in economy, trade and investment
Oman and Sri Lanka have discussed economic and trade cooperation. In this connection, Saleh Said Masan, Undersecretary for Commerce and...
- The two sides explored aspects of the joint cooperation, economic diversification sectors and the investment and trade environment.
- They discussed aspects of cooperation in the economy and industry sectors, logistics, ports and investment opportunities in both countries.
Business
Day 1 of Global Entrepreneurship Congress: Pacts worth $4.2 bn signed
A total of 33 agreements besides several investments worth more than $4.2 billion were signed on the first day of...
- These are aimed at supporting entrepreneurship in various fields and enhancing the Kingdom’s status as an attractive environment for pioneers, innovators and creators.
- Saudi Aramco signed 10 memoranda of cooperation and two agreements with local and international firms in digital transformation, information technology, and national development.
Business
Sharjah Chamber, Guatemala ink MoU to fortify economic cooperation
The MoU aims to strengthen trade relations and develop mutual cooperation, encourage and facilitate economic cooperation between business communities in...
- The MoU aims to strengthen trade relations and develop mutual cooperation, encourage and facilitate economic cooperation between business communities in both countries
- The two sides shall encourage the exchange of trade delegations and discussions in the fields of export and economy and support follow-up visits in this regard
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
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Air Arabia to double fleet
Business
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
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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