UAE to provide US$10m grant to support WTO initiatives, says foreign minister
ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE...
Geostrategy
Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
Economy
Economy
Death toll in Haiti quake jumps to over 1200
In hard-hit cities on the southwestern peninsula most of the population spent the night sleeping outdoors in front of their...
- In hard-hit cities on the southwestern peninsula most of the population spent the night sleeping outdoors in front of their houses
- Rescuers faced new pressure with Tropical Depression Grace approaching, raising fears of torrential rainfall
Research
UAE on way to become cashless economy by 2025
According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the...
- According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the world’s average of 43 ATMs
- The central bank digital currency (CBDC) could be launched in the UAE and Saudi Arabia in the next two to five years
Economy
UAE on way to become cashless economy by 2025
According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the...
- According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the world’s average of 43 ATMs
- The central bank digital currency (CBDC) could be launched in the UAE and Saudi Arabia in the next two to five years
Business
Dubai property transactions up 50 percent in Q2: Report
Increased international interest has been a key factor in driving residential transactions to near-record levels. Dubai’s handling of Covid-19 pandemic...
- Residential transaction volume totaled 14,426 units, a rise of 35.48 percent from Q1 2021.
- Palm Jumeirah saw the highest increase in villa rents, at 3.9 percent Q-o-Q.
Investigation
GCC seeks to tap green hydrogen demand
The GCC countries see hydrogen as a key factor in fuel transition and have drawn up plans to export green...
- UAE first in GCC to reduce emissions by 24 percent by 2030 and to 50 percent by 2050
- GCC countries have plenty of space, sunshine wind energy in some areas
Economy
Inflation in Saudi Arabia leaps to 0.4 percent in July
Owing to higher prices in the transport sector, Saudi Arabia's consumer price index rose 0.4% in July from a year...
- CPI rise stemmed from higher prices in the transport sector
- There was also an increase of 1.2 percent in food and beverages
Analysis
A lot is at stake for poor in Tunisia
The country's economy is witnessing deterioration as sources of income decline, unemployment rises to 18 percent and rising debt necessitates...
- Lifting subsidies is a risky decision that could spark public unrest
- The number of poor and vulnerable people will rise from 16.7 percent to 20 percent
Business
UAE’s Operation $300bn eyes more M&As
The strategic merger between Arkan and Emirates Steel Industries highlights the focus of the UAE's new industrial initiative 'Operation $300bn.'
- The UAE government wants to raise the industrial sector’s contribution to the GDP from US$36.20bn to US$81.66bn by 2031
- The strategy is aligned with national goals and international commitments relating to advancing sustainable economic growth, deploying clean energy solutions
Economy
Lebanon’s bank chief vows no forex raid to fund fuel unless law changed
Lebanon's central bank governor has vowed not to reverse his decision to stop subsidising fuel imports, unless parliament votes to...
- The country's Foreign exchange reserves have dwindled in recent months to now stand at $14 billion
- Earlier this week, the central bank had said it would no longer subsidise fuel imports
Economy
Saudi Arabia starts $3.4bn infrastructure projects in Tabuk region
The projects in the Tabuk region will include initiatives related to housing, transportation, environment, and agriculture.
- The Tabuk region is currently the epicenter of quite some activity, like the building of a substation for the Green Duba power plant
- Tabuk City also happens to be a hub for tourists who wish to explore the northern parts of Saudi Arabia
UAE to provide US$10m grant to support WTO initiatives, says foreign minister
ABU DHABI, UAE – Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan has announced that the UAE...
Geostrategy
Company News
Latest News
Dubai Land Department unveils real estate investment trusts
DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts...
Business
Dubai Police and DIB sign agreement to support Bayti initiative with US$5.44mn
Dubai, UAE--The Dubai Police and Dubai Islamic Bank (DIB) have signed an agreement to back the social initiative, "Bayti", with...
Economy
Insurance becomes mandatory for foreign vehicles entering UAE
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign...
Economy
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Business
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY -  Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
- Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
- Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
Business
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
- National banks accounted for 86 percent of the total capital and reserves of banks operating in the UAE, which stood at US$102 billion by April-end.
- Share of foreign banks in aggregate capital and reserves of banks operating in the UAE settled at 13.6 percent, reaching US$ 16 billion by April-end.
Business
IsDB, AFD to finance $4bn projects in developing countries
Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...
- The MoU was signed by the president of the Islamic Development Bank, Dr. Mohammed Al-Jasser in Vienna.
- Al-Jasser said last year that one out of every three member states of the Islamic Development Bank (IDB) is living in poverty.