WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
Economy
UAE unveils hydrogen leadership roadmap
Green hydrogen is envisaged to play a significant role in UAE’s domestic strategy to meet the UAE 2050 Net-Zero goals.
- The roadmap is said to be a comprehensive national blueprint to support domestic, low-carbon industries in the UAE
- It is also expected to contribute to the UAE’s net-zero ambition, and establish it as a competitive exporter of hydrogen
Economy
Urban management can benefit from blockchain
Blockchain may be able to solve quite a few of the problems in the planning and implementation of a smart...
- While smart cities are a key trend, today's hurdle is high competition and complex device integration
- Blockchain technology may be able to take care of not only these but also security and other issues
Market Report
Abu Dhabi Securities Exchange launches derivatives market
The new market will give investors and traders the opportunity to benefit from increased leverage, two-way market exposure, and hedging...
- The new market will give investors and traders the opportunity to benefit from increased leverage, two-way market exposure, and hedging capabilities
- Index futures will be introduced in the first quarter of 2022, ahead of the expansion into a wider range of derivative products.
Economy
Abu Dhabi realty transactions hit AED 16 billion in Q3
Among the 3,932 real estate transactions involving land and buildings generated AED 4.6 billion, while 2,224 mortgage transactions generated AED...
- Among the 3,932 real estate transactions involving land and buildings generated AED 4.6 billion, while 2,224 mortgage transactions generated AED 11.6 billion
- Yas Island topped the Q3 2021 report with the highest value in terms of total sales at AED 1.1 billion, followed by Saadiyat Island with total sales of AED 705 million
Economy
Top oil producers stick with modest output boost
This is despite pressure from big consumer nations to open up the taps much more decisively amid soaring prices. The...
- The decision came from the 13 members of the Organization of Petroleum Exporting Countries and their 10 allies
- They reconfirmed, in a brief meeting via videoconference, a July decision to gradually step up production each month
Geostrategy
Top oil producers to assess output amid pressure to open up the taps
The powerful producers led by Saudi Arabia and Russia in the so-called OPEC+ grouping are expected to re-affirm a decision...
- There is pressure from the US and other big consumers to open up the taps much more decisively.
- OPEC+ members seem to prefer to stick to their plan of easing cuts by 400,000 barrels per day per month.
Economy
UAE, Spain seek to increase collaboration in life sciences sector
The UAE hosted its second "Sci-Tech Virtual Tour" for a high-level Spanish delegation to highlight the country’s economic and scientific...
- The UAE hosted its second "Sci-Tech Virtual Tour" for a high-level Spanish delegation to highlight the country’s economic and scientific achievements
- The two-day event was organized in cooperation with the UAE’s Ministry of Foreign Affairs and International Cooperation and the UAE Embassy in the Kingdom of Spain.
Economy
Israel passes first state budget in 3 years
Israeli MPs approved a 609-billion-shekel ($194-billion) spending plan for 2021 and are to resume debate later on 573 billion shekels...
- The government had till November 14 to get the budget approved to prevent parliament from being dissolved
- It would have triggered the fifth election in three years during which Israel has not seen a single budget passed
Economy
COP26 sees new coalition for net-zero tourism
The SGTC will be headquartered in Riyadh, Saudi Arabia, and may open regional offices in other countries.
- The STGC is a multi-country, multi-stakeholder coalition established to lead, accelerate, and track the tourism industry’s transition to net-zero emissions
- It is also expected to drive action to protect nature and support communities
Economy
Oil-rich UAE to burn waste to make power
As the UAE has mushroomed from a desert outpost to a thriving business hub, waste has multiplied. So has power...
- The Sharjah facility, the first one to be built, will burn more than 300,000 tonnes of waste per year
- The plant will also reduce UAE’s reliance on gas-fuelled electricity stations
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WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
Economy
Company News
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KEZAD, Al Ghurair Foods ink pact
Business
Global food prices fall to lowest level in two years in June
Dubai, UAE -- The World Price Index of the Food and Agriculture Organization of the United Nations (FAO) fell last...
Economy
Iraq, GECF discuss role of oil, gas in country’s development
BAGHDAD, IRAQ - Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
Business
Asian markets decline as US data spark interest rate fears
Asian stocks tumbled again after another round of strong US data reinforced expectations the Federal Reserve will resume its interest...
Market Report
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Economy
Oil and gas firms must invest more in clean energy
“The phase down of fossil fuels is in-evitable. It is in fact essential. But it cannot be irresponsible. We must...
- Dr. Sultan Al Jaber, the COP28 President-Designate, highlights the need for comprehensive decarbonization and an urgent shift towards a new clean energy system
- The COP28 President-Designate also insists on responsible management of the fossil fuel phase-down, emphasizing energy security, accessibility, and affordability
Iran summons UK envoy to protest new sanctions: state media
The new British sanctions regime will expand existing penalties imposed by creating new criteria under which individuals and entities can...
- Foreign Secretary James Cleverly said sanctions against Iran over alleged human rights violations and hostile actions against its opponents on UK soil will expand
- Iran's foreign ministry considered the statements and positions of the British authorities as well as the recent sanctions... as an illegal and interventionist action
Economy
UAE commits $15m to rebuild Palestinian city of Jenin after Israeli attack
Dubai, UAE - The United Arab Emirates (UAE) pledged on Thursday $15 million to support the rebuilding efforts in the...
- The funds will be channeled through the UNRWA to aid the organization's operations and extend assistance to affected Palestinian families
- The UAE's decision to provide aid to Jenin could be seen as an effort to strengthen its relations with the Palestinian Authority