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
Trump’s tariff threats stoke global fears, prompting retaliation warnings from allies and rivals
US President-elect Donald Trump's sweeping tariff plans target Canada, Mexico, and China, raising fears of a global trade war, with...
Geostrategy
Joint ministerial committee meets US secretary of state
Washington, US – A committee of the Joint Arab-Islamic Extraordinary Summit under the chairmanship of Prince Faisal bin Farhan bin...
- A ministerial committee led by Saudi foreign minister holds discussions with US Secretary of State.
- The committee asked the US to influence Israel and called for an immediate ceasefire in Gaza.
Geostrategy
Nadia Calvino is now European Investment Bank head
BRUSSELS, BELGIUM - Margrethe Vestager is preparing to return to her day job as the European Union's competition chief after a...
- After the EU selected Nadia Calvino, Margrethe Vestager, 55, said she would "resume" her duties at the European Commission, the Eu's executive arm.
- Vestager's star has waned in recent years following a series of setbacks in EU courts against some of the world's biggest companies, including Apple.
COP28 UAE
OPEC implores members to oppose any COP28 deal targeting fossil fuels
Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks...
- The OPEC chief urged members to reject any text or formula that "targets energy i.e. fossil fuels rather than emissions"
- On Friday, negotiators released an updated text that still includes various options for exiting oil, gas and coal
Business
UAE’s GCAA signs MoUs with Brazil, Switzerland in air-transportation sector
Riyadh, Saudi Arabia--The General Civil Aviation Authority (GCAA) of the UAE signed two memorandums of understanding (MoUs) with Brazil and...
- The MoUs were signed on the sidelines of the UAE delegation's participation in the fifteenth ICAO Air Services Negotiation (ICAN2023),
- The GCAA chief said the UAE is eager to strengthen cooperation in the field of air transportation with various countries around the world
COP28 UAE
UAE leads global renewable energy drive: IRENA envoy
The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent...
- The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent representative of the UAE to IRENA, tells TRENDS.
- The ongoing COP28 aims to deliver an ambitious energy package, targeting significant increases in renewable capacity and energy efficiency by 2030, Al Hosany adds.
Economy
Localization in focus as KSA raises military spending
Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization...
- Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization by 2030.
- The Kingdom has partnered with global defense companies, enhancing capabilities, aiming for SAMI to rank among top 25 global military industries by this decade's end.
Economy
European Union fails to agree on budget reforms
Brussels, Belgium - EU finance ministers failed to seal a deal on an overhaul of the bloc's spending rules on Friday,...
- The lack of approval comes despite the ministers meeting for a dinner on Thursday to discuss the reform, before talks stretched into the early hours of Friday.
- The current rules, albeit suspended since 2020, say states must keep debt below 60 percent of gross domestic product and deficits below three percent of GDP.
Geostrategy
Battles continue across Gaza as UN holds vote on ceasefire
Israeli forces maintained a relentless bombardment and ground invasion across Gaza two months after Hamas's deadly attack sparked a war...
- Israel has vowed to destroy Hamas over its unprecedented attack on October 7.
- Fighters broke through Gaza's militarized border to kill around 1,200 people and seize hostages,
Business
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
- The report says that demand is outstripping supply and occupiers are faced with the prospect of leasing more secondary stock.
- Across the six primary submarkets tracked by Knight Frank in Abu Dhabi, rents have remained unchanged thus far during H2.
Economy
Chinese president says Beijing’s economic recovery at ‘critical stage’
Beijing, China - President Xi Jinping said that China's economic recovery is at a "critical stage", state broadcaster CCTV reported Friday,...
- Xi urged measures to boost the economy, saying that "the development situation facing the country is complex.
- "It is necessary to focus on accelerating the construction of a modern industrial system, expand domestic demand, (and) prevent and defuse risks," said Xi
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
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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....
Economy
Jordan exports pharmaceutical products worth US$874m in 2023
AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
Business
US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
Economy
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Economy
Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
- Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports and enhance local capabilities.
- The initiative targets over 50 percent nationalization of the military industry by 2030, driven by economic and technological sovereignty, aligning with the Saudi Vision 2030.
Business
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...
- This initiative aims to support and represent the interests of startups and SMEs in the region.
- The goal is to make Abu Dhabi the top choice for business in the Middle East and North Africa by 2025.
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
- They will develop a greenfield industrial steam and electricity cogeneration plant for Amiral petrochemical complex.
- The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.