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...
Geostrategy
Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
Economy
Lebanon electricity supply may rise to 8-10 hours a day soon
Gas from Egypt and Jordanian electricity is expected to help Lebanon restore electricity supply to 8-10 hours a day soon.
- The Lebanese have been suffering a financial crisis that has led to power supply being restricted to a mere couple of hours per day
- The country even witnessed an all-encompassing blackout in October last year as power-generating fuel ran out in the country
Science
UAE sees climate action as catalyst of economic prosperity
UAE’s Minister of Industry and Advanced Technology, and UAE Special Envoy for Climate, Sultan Ahmed Al Jaber has said that...
- The minister noted the need to increase investments in agri-tech and leverage best practices that safeguard vulnerable nations' food and water security
- He was speaking at the Munich Security Conference titled "Scaling Up Climate Action" where he reiterated the UAE's support for robust climate finance
Business
UAE and Hungary to collaborate in energy sector
UAE Energy Strategy 2050 aims to increase the contribution of clean energy in the total energy mix from 25 per...
- The two sides also discussed an exchange of expertize and best practices in infrastructure, housing and transport
- The ministers of UAE and Hungary met on the sidelines of Dubai Expo 2020 and discussed cooperation in energy
Economy
Iran, Qatar to form joint gas extraction study group
The oil ministers of Iran and Qatar will discuss gas swap, common stances in the global market and forming a...
- The two ministers will discuss gas swap, common positions in gas trade and global markets, and establishing joint knowledge-based companies in the field of oil and energy
- The oil ministry source also said that they are expected to discuss forming a joint working group to study the reservoir of South Pars gas field
Analysis
Global trade hit record $28.5trn in 2021: UNCTAD
The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the...
- The global trade volume in the year gone by was an increase of 25 percent on 2020
- It was also 13 percent higher compared to 2019, before the Covid-19 pandemic struck
Economy
World fuels its own destruction with $1.8trn subsidies: Study
Governments across the world pay an estimated $640 billion in support to the fossil fuel industry.
- Agriculture gets $520 billion in subsidies, which lead to soil erosion, water pollution, deforestation, emissions, and loss of biodiversity
- Another $350 billion in subsidies for the water industry is said to help fund water pollution and risk ocean and waterway ecosystems
Business
UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez
The discovery is one of the largest in the area in the past 20 years, and the field could contain...
- The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
- The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Economy
Hassyan Power Complex adds 1,200 MW to Dubai’s capacity
Dubai Electricity and Water Authority (DEWA) has said the production capacity of Hassyan Power Complex reached 1,200 megawatts (MW), using...
- A further 600 MW will be added in Q4 of 2022, and an additional 600 MW will be added by Q3 of 2023.
- This will raise the capacity of Hassyan Power Complex, which has been converted recently to run only on natural gas instead of clean coal, to 2,400MW.
Business
Saudi crown prince transfer 4% Aramco shares to PIF
The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
- The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
- The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Economy
UN points to blue economy for global growth
Communities and businesses that rely on the ocean are hurting, as more than 3 billion people depend on marine and...
- The World Bank defines blue economy as "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs” while preserving oceans
- The UN has earlier noted that a good blue economy could help the world achieve its Sustainable Development Goals, including one for life under water
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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...
Geostrategy
Company News
Latest News
Eurozone in recession after two successive quarters of shrinking GDP
The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second...
Economy
Saudi Arabia’s RVCMC to hold biggest carbon credit auction in Nairobi
The event on Jun 14 aims to sell more than 2 million tons of high-quality CORSIA carbon credits registered with...
Business
US official meets UAE diplomats to discuss climate change
DUBAI, UAE - US special climate envoy John Kerry has met senior Emirati officials in Abu Dhabi, including the head of...
Geostrategy
Most Read
Business
Renewable power capacity to rapidly expand, IEA report reveals
PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum,...
- Renewables are at the forefront of Europe’s response to the energy crisis, accelerating their growth there.
- New policy measures are also helping drive significant increases in the United States and India over the next two years.
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
- The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
- First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.
Business
MoIAT, Shahin sign strategic partnership to enhance UAE’s green mobility
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a Letter of Intent (LoI) with...
- According to the Global Electric Mobility Readiness Index (2022), the demand for electric vehicles in the UAE has been rising over the past few years.
- The report shows the UAE, which has more than 300 charging stations, has one of the largest charging-station-to-vehicle-ratios in the world.