OPEC+ expected to extend oil supply cuts to avoid drop in prices
Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per...
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
Economy
UAE witnesses 7% rise in youth green skills in 2023
“We will work to create about 135,000 jobs in the field of green transition worldwide, and therefore ensuring that there...
- The World Bank's Green Initiative dedicates 45% of its annual financing to climate-related projects, with a strong emphasis on developing green skills.
- The apex global bank has a focused plan to create 135,000 jobs globally in the green transition sector, says Safaa El Tayeb El-Kogali of the World Bank.
COP28 UAE
Protecting nature may avert $2.7trn global economic losses: World Bank
Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually,...
- Hickey said low-income countries may lose nearly 10 percent of their GDP annually by 2030 if select ecosystem services, such as forests, fisheries collapse
- She said that the loss of nature is at the core of central development challenges, mainly health, inequality, climate change, food security and energy
COP28 UAE
COP28 last chance to keep 1.5C target alive: John Kerry
US climate envoy issued the warning after COP28 president Sultan Al Jaber proposed a draft deal that did not include...
- He said that nobody at COP28 wants to be part of the failure to live up to this responsibility
- The 2015 Paris Agreement set the increasingly elusive target of limiting warming to 1.5 degrees Celsius
Business
PIF sets up agri and ecotourism firm Dan Company
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism...
- The company plans to develop unique tourism projects around cities across Saudi Arabia with attractive natural and farmed landscapes.
- Dan aims to involve local communities in imparting experience that enables visitors to fully interact with Saudi regional culture and traditions.
Geostrategy
Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
- The two sides discussed the developments in Palestine and expressed their deep concern about the humanitarian catastrophe in Gaza.
- Russia and Saudi Arabia stressed on the need to stop military operations in the Palestinian territories, and the need to protect civilians.
Economy
Oman’s revenues drop by 17 percent in nine months of 2023
Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
- During the nine-month period, the budget recorded a financial surplus of about RO 830 million, compared to a surplus of RO 208 million in the same period of 2022.
- Net gas revenues until the end of last October decreased by 43 per cent to reach RO 734 million compared to RO 3 billion and 51 million.
COP28 UAE
Global health crisis looms amid climate change: WEF
Global coalition and trillions of dollars are required to prevent escalating human deaths due to climate change, Dr. Shyam Bishen...
- Global coalition and trillions of dollars are required to prevent escalating human deaths due to climate change, Dr. Shyam Bishen of the World Economic Forum tells TRENDS.
- He emphasizes a strong link between climate change and human health, underscoring the critical role of private sector engagement in combating related health issues.
Business
UAE green bonds and sukuk issuances touch US$4.20bn
According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one...
- The chairman of the SCA board applauded the UAE for its commitment to sustainability
- He highlighted the SCA's decision to exempt companies wishing to list from registration fees
COP28 UAE
ITFC looks to ramp up green financing to 30% of its portfolio
Dubai, UAE-- The International Islamic Trade Finance Corporation (ITFC) is looking to ramp up its sustainable and green financing to...
- Sonbol anticipates a big boost in green financing within their portfolios and significant acceleration in this trend in the years to come
- He noted the significance of helping farmers with innovative financial solutions and new technologies so that food security can be ensured
Business
TikTok announces online shop deal
Indonesia is TikTok's second-largest global market.
- Indonesia in September banned sales on social media to protect small businesses that were losing out to e-commerce giants
- With 125 million users, Indonesia is TikTok's second-largest global market after the United States, according to company figures
OPEC+ expected to extend oil supply cuts to avoid drop in prices
Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per...
Company News
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Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
Economy
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
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Opinion
Digital innovation fuels surge in Iraq’s banking sector
"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like...
- At the forefront of this remarkable journey are banks like the National Bank of Iraq and the Bank of Baghdad (BBOB), which have exhibited exceptional growth and profitabitability
- The establishment of the "National Company for Electronic Payment Systems in Iraq" underlines the sector's proactive approach towards embracing cutting-edge technology
Economy
Saudi women’s unemployment drops to 13.7% by 4Q 2023
Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...
- The unemployment rate among Saudi men remained steady at 4.6 percent during the same period
- The overall unemployment rate, encompassing Saudis and non-Saudis, saw a noteworthy decrease to 4.4% in the 4th quarter
Economy
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
- The Kingdom's remarkable performance in tourism was further highlighted by its leading position in the United Nations Tourism rankings for growth in international tourist arrivals
- The UN's tourism report also noted a substantial rise in both inbound and domestic tourism within the Kingdom, reinforcing its reputation as a premier global tourism destination