Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...
COP29 opens with Trump climate withdrawal looming
he COP29 climate talks open Monday in Azerbaijan, under the long shadow cast by Donald Trump's re-election. Trump has pledged...
Economy
Business
European banks lack transparency on green finance: NGO
ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on...
- Only four banks have demonstrated how they have calculated green finance targets
- The study questioned some decisions being counted towards meeting green finance targets
Economy
UAE approves official holidays calendar for govt, private sectors for 2024
UAE, Dubai - UAE has approved the year 2024 official holidays calendar for both public and private sectors.As part of the...
- The resolution aims to enable all community members working in various sectors in the UAE, as well as families, to plan ahead for holidays, travel and personal activities
- The UAE public holidays calendar includes 12 Rabi` al-Awwal 1446 AH which marks the Prophet Mohammed’s (PBUH) birthday, and 2, 3 December as the National Day holidays in 2024
Economy
MENA’s $2trn construction boom boosts sustainability
With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in...
- With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in sustainable urban development.
- The region sees a unique chance to pioneer sustainable technologies, potentially reducing lifecycle emissions by 50-60%, highlights Strategy& Middle East and Dar.
Business
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...
- Sodium-ion batteries are viewed as a cheaper and in some respects safer alternative to the lithium-ion batteries.
- While sodium-ion technology has been around for decades, it has lagged lithium-ion batteries in performance.
Economy
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study...
- Half the profits booked by multinationals benefitting from low tax rates were from countries that have high rates but offer various tax breaks to attract investments.
- "Many jurisdictions typically considered (to be) 'high tax' offer various incentives which can lead to substantially reduced tax rates," said the report further.
Business
DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
- The company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
- This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).
Opinion
AI, Industry 4.0 transform Middle East manufacturing
"As we look ahead, the manufacturing landscape is set to continue evolving, navigating through the VUCA (volatility, uncertainty, complexity, and...
- Saudi Arabia, the UAE, and Egypt spearhead the Middle East's manufacturing growth, harnessing AI and Industry 4.0 to revolutionize their economic landscape.
- In 2024, Middle Eastern manufacturers will focus on smart manufacturing, AI-enhanced supply chains, and digital ecosystems, driving sustainable growth in a pivotal year.
Economy
Strains emerge in 72-year-old Türkiye-Israel trade ties
Amid Ankara's criticism of Israel's actions against Gaza and Israel reassessing diplomatic relations, the future of their oil and steel...
- Amid Ankara's criticism of Israel's actions against Gaza and Israel reassessing diplomatic relations, the future of their oil and steel economic partnership becomes uncertain.
- In 2022, Israel exported $2.34 billion worth of goods to Türkiye, while Türkiye's exports to Israel amounted to a substantial $7.03 billion, the latest trade figures point out.
Business
48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
- The total value of exports and re-exports of member companies reached $57 billion in January- September 2023.
- The strong growth underlines Dubai’s attractiveness among both companies and investors,
Economy
UAE unveils ‘roadmap’ to reduce food waste by 50 percent
Dubai, UAE--In order to reduce food loss and waste by 50 percent, the UAE has launched Ne’ma Food Loss and...
- The initiative was unveiled at the fourth national dialogue on Food Security organized by the Ministry of Climate Change and Environment with ne’ma
- The minister said the roadmap will be a collective effort to bring down food waste by setting up new social norms, policies across the food ecosystem
Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...
Company News
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‘UAE outpaces major nations in human development’
“These efforts ensure sustainable development across all sectors, promising a bright future for generations to come,” he adds, referring to...
Economy
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further.In this...
Economy
First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...
Economy
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Economy
IMF chief urges countries to strengthen independence of central banks
"Financial stability benefits the whole economy and reduces the risk that the central bank becomes reluctant to raise interest rates...
- "Central bank independence matters for price stability -- and price stability matters for consistent long-term growth," IMF managing director Kristalina Georgieva wrote.
- She added that better control of inflation is possible when both central banks and governments play their roles
Science
COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action
Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
- Countries across the world have been under pressure to keep this warming limit alive by pledging to accelerate their efforts to slash greenhouse gas emissions
- The United Nations climate chief last week stressed that the new round of commitments were essential to keep the world from blowing past 1.5 Celsius
Economy
NEOM announces Treyam, its premier lagoon destination
Neom, Saudi Arabia - NEOM, Saudi Arabia’s futuristic mega city will now have a premier resort where the spectacular desert...
- Boasting an audacious design with minimal land intervention, Treyam offers guests an elevated haven to unwind, re-energize, and enjoy majestic natural surroundings
- Strategically located across the opening of one of the most beautiful azure lagoons at the southern end of the Gulf of Aqaba, the resort stands as a luxury gateway