UAE and Greece hold talks to widen economic cooperation
Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues...
Economy
High inflation leaves Nigeria struggling ahead of Ramadan
Lagos, Nigeria - The holy fasting month of Ramadan begins early next week in Nigeria, with the worst economic crisis in...
Geostrategy
Economy
Pandemic causing education losses globally: UNICEF
School closures due to the Covid-19 pandemic have caused "nearly insurmountable" losses in education among children around the world, UNICEF...
- More than 616 million students are still being affected by full or partial school closures, the UN children's agency said
- UNICEF reported that learning losses to school closures have left up to 70 percent of 10-year-olds unable to read or understand a simple text
Economy
UAE leads GCC in ICT investments, spending
The Gulf region stays strong both regionally and globally in terms of the number of internet users and the populations...
- The United Arab Emirates came out on top with 5.43 points in the GCC ICT Use Index for 2021, followed by Kuwait and Saudi Arabia.
- Saudi Arabia's ICT spending is set to reach $30.9 bn, and public sector spending will reach approximately $3 bn by the end of 2022.
Business
Saudi finance minister calls for GCC cooperation
Saudi Arabia's finance minister, Mohammed bin Abdullah Al-Jadaan, has stressed the need for the promotion of the joint Gulf action,...
- During the meeting, the ministers reviewed the progress made on issues related to strengthening the financial and economic cooperation among the GCC states
- The meeting was chaired by the Minister of Finance, Chairman of the current session, Mohammed bin Abdullah Al-Jadaan
Economy
Iran’s trade transactions with neighbors tripled over past months: Official
With rise in trade transactions, the Iranian economic activity also grew notably
- National Security and Foreign Policy Commission members stress that optimum economic management was important for a better future.
- Spokesman of the Commisison Abbaszadeh-Meshkini said that the economic policies should be arranged in a way to make sure that the low-income people will not be harmed.
Economy
Dubai’s energy demand up by 10 percent in 2021, T&D losses down
DEWA achieved a new world record in electricity Customer Minutes Lost (CML) per year, recording 1.66 minutes in Dubai
- Energy demand in 2021 reached 50,202 gigawatt-hours compared to 45,712 gigawatt-hours in 2020.
- In 2020, DEWA reduced losses in electricity transmission and distribution networks to 3.3 percent, which is less compared to that in Europe and the US.
Economy
Lebanon decision to convert deposits to local currency faces ire
The current midmarket rate for a US dollar is LBP1,500, while the black-market rate is more than LBP23,000 to the...
- Depositors in Lebanon demonstrated against the government's plan to convert deposits into Lebanese pounds
- The demonstration was also against an associated decision to compensate depositors in the local currency
Business
Dubai most popular holiday destination for 2022
The city overtakes London in the list of the "Top Destinations Around the World". Golden beaches, world-class restaurants, rave reviews...
- Dubai figured at the fourth place in the "trending destinations for food lovers" list and first in "Trip Advisors list for city lovers."
- More than 3.85 million tourists came to Dubai during the first nine months of 2021, according to the department of tourism and commerce marketing.
Business
Dubai records $1.11 billion worth of weeklong real estate deals
A total of 1,99The real estate and properties transactions valued at AED4.1 billion were recorded in Dubai during the week...
- The transactions included 287 plots that were sold for AED1.08 billion, while 1,059 apartments and villas were purchased for AED2.25 billion.
- The top three transactions were a plot of land in Al Hebiah Fifth that sold for AED190 million, followed by land that was sold for AED 45 million in Al Thanyah First.
Economy
DEWA inaugurated 16 new power substations costing $797m in 2021
Dubai Electricity and Water Authority (DEWA) has inaugurated 16 new substations in 2021 at the cost of about AED2.928 billion...
- DEWA installed 222 kilometers of 400kV overhead transmission lines and 97 kilometers of 132 kV ground cables to connect the substations to the main transmission network.
- DEWA’s investments in existing and completed electricity transmission projects in 2021 reached AED9.5 billion.
Business
Israeli firm develops body cams with facial recognition
Tirza, a former Israeli army colonel, says his company Yozmot Ltd aims to produce a body-worn camera enabling police to...
- Tirza, a former Israeli army colonel, says his company Yozmot Ltd aims to produce a body-worn camera enabling police to scan crowds and detect suspects in real time
- Facial recognition in law enforcement has sparked global criticism, with US tech giants backing away from providing the technology to police, citing privacy risks
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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
UAE and Greece hold talks to widen economic cooperation
Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues...
Economy
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Egypt and Indonesia to ramp up trade exchange
Cairo, Egypt--Egypt and Indonesia will ramp up trade exchange as the two countries look to strengthen the overall ties. This...
Economy
US Fed likely to hike interest rates to 22-year high
The Fed paused its aggressive campaign of monetary tightening last month to give policymakers more time to assess the health...
Economy
Qatar records 70% growth in annual FDI between 2019 and 2022
Doha, Qatar-- Qatar has recorded a 70 percent growth in annual foreign direct investment (FDI) between 2019 and 2022. Just...
Economy
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Economy
UAE and UN to boost climate action cooperation in run up to COP28
New York, US--The UAE and the UN have discussed joint cooperation and partnership on government experience exchange, global climate action...
- The UAE delegation noted the country's initiatives in development including government work, capacity building and exchange of expertise
- They also discussed opportunities to boost cooperation in international initiatives, maximizing the positive impact of climate action around the world
Business
Arab-Indian Chamber of Commerce to be unveiled soon
NEW DELHI, INDIA - A Joint Arab-Indian Chamber of Commerce is to be “activated” soon. This was announced in the...
- This was announced in the “Delhi Declaration” at the conclusion of the sixth India-Arab Partnership Conference in New Delhi
- Setting up of the Chamber was decided during an earlier session of the India-Arab Partnership Conference held in Muscat
Geostrategy
UAE plays an active role in shaping better future for societies, says minister
NEW DELHI, INDIA – The UAE is committed to playing an active role in global efforts to shape a better...
- The UAE is also committed to enhancing human resources’ contribution to sustainable development.
- The minister applauded all G20 members for “their dedication and commitment to the objectives and vision of the forum.”