Fifth France-Arab Summit: Forging partnerships for a sustainable tomorrow
As the world grapples with uncertainty, the summit offers a much-needed space for cooperation and innovation, led by the Franco-Arab...
Business
Non-oil sectors drive robust growth in GCC countries, says World Bank report
While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling...
Economy
Geostrategy
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
- The economy ministry said on Saturday that Sunday would be the last day prospective buyers could apply for the scheme.
- Under the scheme, the government paid out thousands of euros per customer to partially cover the cost of buying an electric car.
Economy
Qatar records 6 percent drop in Industrial Production Index in October
Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October...
- The mining sector posted an 11.1 percent fall as compared to September due to the decrease in the quantities of "crude oil petroleum and natural gas"
- However, manufacture of cement and other non-metallic mineral products posted a 4.3 percent jump, and printing and reproduction of recorded media increased by 3.2 percent
COP28 UAE
COP28 initiatives to narrow climate finance disparity
Antoine Samaha of BCG applauds the launch of a Loss and Damage Fund for developing countries, emphasizing the need for...
- At COP28, a significant focus was placed on climate finance, with the establishment of a Loss and Damage Fund to aid developing countries.
- Antoine Samaha of BCG underscores the urgency of securing more funds and ensuring its equitable distribution to combat climate change.
Economy
Volunteers offer help to Arab-Israeli farmers amid Gaza war
Baqa al-Gharbiya, Israel--In Baqa al-Gharbiya, an hour's drive from Haifa, city folk have temporarily traded pens for boots to aid farmers...
- Many people, lawyers or teachers, have joined hands to help Arab-Israeli farmers in the harvest as there is a shortage of labor force because of the war
- Volunteers were picking cucumbers, placing seedlings on stakes, and were preparing for the strawberry harvest when the rains interrupted them
Economy
D33 Economic Agenda helps Dubai’s tourism thrive
“Dubai’s robust partnerships with leading travel and hospitality companies are key to fostering the growth of this crucial sector, both...
- Dubai's tourism sector plays a pivotal role in the city's economy, with a record 13.9 million visitors in 2023.
- Under the D33 Agenda, Dubai is not only advancing in tourism but also focusing on sustainability,
Economy
UAE to strengthen digital infrastructure in Azerbaijan
Abu Dhabi, UAE – The UAE and Azerbaijan have signed a Memorandum of Understanding (MoU) aimed at strengthening the digital...
- Data centers are crucial to a country’s digital infrastructure as they provide a secure space for storing critical data and running applications.Â
- Azerbaijan has taken steps towards advancing the digital economy, among else through the centralization of e-services and the digitization of public services
YEARENDER
GCC soars in global space race with key advancements
Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their...
- Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their rising status in global space sector.
- Bahrain's development of its first satellite and Kuwait's CubeSat initiative underscore the Gulf region's commitment to space technology and research.
Economy
Eurozone business activity continues downward trend in December
BRUSSELS, BELGIUM - Business activity in the eurozone slumped at a faster rate in December, weighed down by a deeper downturn...
- The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global fell to 47 in December from 47.6 in November.
- A figure below 50 indicates contraction and the risk of recession in the 20-nation single currency area remains, analysts warned.
Economy
‘Double efforts to tackle labor market challenges’
"The digital economy represents a clear path to employment opportunities. Additionally, exploring other avenues, such as the green economy, is...
- Employment rates for young men and women in the Arab region are around 26 percent, says International Labor Organization Director-General Gilbert F. Houngbo.
- He also highlights the significant challenges currently intensified by climate change, rapid technological advancements, demographic shifts, and geopolitical tensions.
Economy
Palestine sees 3.7% economic shrink amid conflict
The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling...
- The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling from 36% to 17% since 2005.
- Despite the conflict in Gaza causing job losses, infrastructure damage, and rising poverty, the Palestinian banking sector has shown resilience amidst the ongoing crisis, it adds.
Fifth France-Arab Summit: Forging partnerships for a sustainable tomorrow
As the world grapples with uncertainty, the summit offers a much-needed space for cooperation and innovation, led by the Franco-Arab...
Business
Company News
Latest News
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
Economy
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
Economy
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Business
Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
- The Strategy will generate an estimated 178,000 new jobs by 2030 as the entire tourism infrastructure develops to meet this demand
- It intends to almost double international overnight visitors from 3.8 million in 2023 to approximately 7.2 million in 2030
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...
- Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.
- In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.
Economy
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
- The bank said the rate of damage appears to be leveling off as few assets remain intact
- The report also found that more than half of Gaza's population were on the brink of famine