WEF24: Pragmatic actions to help in carbon neutrality
Technology investment and corporate partnerships can play a crucial role in driving significant emission reduction, Hans Kobler of Energy Impact...
Interview
Economy
Dubai to develop digital economy strategy
The action plan is structured around three pillars: enhancing the digital business environment, supporting the development of digital firms and...
- The plan was devised at a two-day Dubai Digital Economy Retreat which concluded on Wednesday
- Interactive workshops during the event identified key market issues and challenges, including the need to attract more digital companies and specialised talent to Dubai
Economy
Global economy to grow by 5.3 percent in 2021: UN
But if widening economic gaps between the developed world and the poor countries persists, only a few will enjoy the...
- Many developing economies are being held back by constraints on fiscal measures, lack of monetary autonomy and limited access to vaccines.
- By 2025, developing countries will be $12 trillion poorer owing to the pandemic, the report said.
Business
Most EMEA banks fret they would cease to exist unless they digitize fast
Nearly 75 percent of banks expect tech giants such as Google and Amazon to dominate the banking industry in five...
- The report said only 25 per cent of EMEA-based banks expect to significantly increase spending on Big Data in the next three years.
- 19 per cent of EMEA-based banks are focused on blockchain investment compared with 30 per cent of banks in North America.
Economy
New technology rejigs Gulf maritime sector
Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was...
- The GCC countries have been making investments in integrating supply value chains with digital platforms and upgrading their technologies to keep pace with the latest developments
- Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was grounded following the spread of COVID-19 globally
Economy
UN urges Egypt, Sudan, Ethiopia to resume dam talks
The Grand Ethiopian Renaissance Dam, set to be Africa's largest hydroelectric project when completed, has sparked an almost decade-long diplomatic...
- The UN’s top security body also invited observers who would be acceptable to the three parties
- The dam was the subject of a Security Council meeting in early July
Lebanon army giving helicopter rides to tourists for money
While most wages in Lebanon have remained unchanged, the value of the Lebanese pound has gone down more than 90...
- The Lebanese military plans 1,000 hours of helicopter rides for tourists and even Lebanese citizens this year
- With each ride costing $150, the military is eyeing an influx of $300,000 through this route
Economy
Oman readies roadmap for green economy
Oman’s Environment Authority and Petroleum Development Oman have reportedly discussed the policy draft with the United Nations Environment Program.
- The UNEP experts outlined the roadmap to EA and PDO during a virtual meeting that the Omani entities organized
- The first draft included the road ahead for the buildings, water, manufacturing, transportation, waste, and energy sectors
Economy
Inflation eases in Saudi Arabia, lowest in 14 months
Inflation in Saudi Arabia is on the decline for the second month consecutively, dropping to the lowest level since June...
- The consumer price index (CPI) recorded a modest increase in August of 0.3 percent
- The slowdown was led by non-food prices, particularly by weaker inflation in the clothing and transport sectors
Economy
Sudan inflation eases for first time under transition
The inflation rate was recorded at 387. 56 percent (year-on-year) in August, compared to 422.75 percent in July
- The inflation rate was recorded at 387. 56 percent (year-on-year) in August, compared to 422.75 percent in July
- Sudan has long been reeling from economic crises that deepened after the ouster of autocrat Omar al-Bashir in April 2019
Business
Kuwait’s Burgan Bank gets approval to issue $500m senior bonds
Kuwait's Burgan Bank has been allowed to issue up to $500 million senior unsecured bonds under its Euro Medium Term...
- The bank said the proceeds from the bond issuance will help it reinforce its long-term liquidity.
- The bonds will have either a five-year tenor and a fixed coupon, or a six-year tenor with redeem option.
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Company News
Latest News
Qatar takes part in 58th MENA customs regional meeting
Doha, Qatar--Qatar participated in the 58th regional meeting of director general of customs of the North of Africa, near and...
Economy
Equities, ruble sink as traders eye Russia after failed uprising
While the advance by the Wagner mercenary force led by Yevgeny Prigozhin was called off before it reached Moscow, analysts...
Economy
EIB to finance Jordan’s upgrade of water-supply system with US$66.52mn
Amman, Jordan--The European Investment Bank (EIB) has approved the provision of $66.52 million for Jordan to upgrade the water supply...
Economy
Most Read
Geostrategy
Future of Iran-UAE relations promising: Reza Ameri
Tehran, Iran-- The future of relations between Iran and the United Arab Emirates is promising and in line with the...
- Reza Ameri, Iran's new ambassador to the UAE, noted progress in relations between the two countries after a period of downturn
- The UAE and Iran have had discussions to cooperate in political, economic, commercial, consular, cultural and scientific fields
Economy
Dubai Customs thwarts 2,600 attempts in last three years to smuggle drugs
Dubai, UAE-- Dubai Customs has scuttled nearly 2,600 attempts during the last three years to smuggle drugs, combating a concerted...
- The traffickers attempted to smuggle 36.76 kilograms of marijuana through the airport, and in another seizure a big haul of 75,000 Captagon tablets was seized
- Dubai Customs has installed a state-of-the-art system at Jebel Ali Customs Center and TECOM allowing for inspection of large vehicles, yachts and containers
Economy
Germany gears up for continued recession after years of bloom
BERLIN, GERMANY - On his many visits to semiconductor factories and electric car plants, Germany's Chancellor Olaf Scholz bangs the drum...
- Having dipped into recession at the beginning of the year, Germany looks set to finish the year in the red - and at the back of the pack among its eurozone competitors.
- The government is the only one left still predicting GDP will grow this year, while the main economic institutes and the IMF are looking at a drop of 0.2 to 0.4 percent.