Israeli airstrike kills five Palestinians in West Bank
Palestinian medics said an air strike targeting a car in the occupied West Bank killed five people on Thursday, while...
Top Europe rights court to issue landmark climate verdicts
STRASBOURG, FRANCE – Europe's top rights court will on Tuesday issue unprecedented verdicts in three separate cases on the responsibility of...
Geostrategy
COP28 UAE
US pledges $3bn to a global climate fund at COP28 meet
Developing countries least responsible for climate change are seeking support from richer polluting nations to adapt to the increasingly ferocious...
- The amount, which must be approved by the US Congress, will go into the Green Climate Fund (GCF), which was created in 2010
- The last US contribution to the fund for developing countries was made under then President Barack Obama, who committed $3 billion in 2014
Geostrategy
UAE President attends Group of 77 and China meeting at COP28
DUBAI, UAE – At the UN Climate Change Conference (COP28) here, UAE President Sheikh Mohamed bin Zayed Al Nahyan attended...
- The UAE President expressed the country's commitment to enhancing global cooperation to achieve the ambitious goals set for COP28.
- These include accelerating the shift to a sustainable, low-carbon and economically robust model to deal with climate change.
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.
Geostrategy
UAE President announces $30bn Global Climate Fund at COP28 meet
In a groundbreaking announcement at the World Climate Action Summit during the UN Climate Change Conference (COP28), UAE President Sheikh...
- The fund, designed to address the critical gap in climate financing, aims to enable affordable access to climate finance.
- The UAE President highlighted the global urgency of addressing climate change and its pervasive impacts on life.
COP28 puts spotlight on state oil giants
Western energy firms are the usual suspects when it comes to criticism about the sector's role in climate change, but...
- National oil companies, or NOCs, "account for more than half of global production and close to 60 percent of the world's oil and gas reserves," the IEA said
- NOCs and the oil majors - which include BP, Chevron, ExxonMobil, Shell and TotalEnergies - will all be "critical to efforts to achieve net zero" emissions by 2050
Business
Brazil to become OPEC+ member in 2024, says group
Vienna, Austria - Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday.Brazil is among the...
- Brazil's crude production hit a record 3.7 million barrels per day in September, a near 17 percent increase from the same month last year
- OPEC+ was born in late 2016 when Russia and nine others joined forces with the Saudi-led OPEC to prop up falling prices
Business
UAE presents its maritime contributions at IMO meet in UK
DUBAI, UAE - Presenting its category B candidacy in the International Maritime Organization (IMO) Council at the organization’s focus group...
- The UAE’s strategic location at the crossroads of global shipping routes has enabled it to become a central maritime hub in the world.
- The country has strived to achieve continuous development in the maritime industry, which is a key pillar of its national economy.
Geostrategy
Dubai Future Forum calls for creation of global framework
DUBAI, UAE: Governments and the United Nations should create an internationally adopted framework specifically designed to help solve global challenges,...
- The event examined the proliferation of AI and the future dynamics between humans and machines.
- It also discussed as to how the people and societies can adapt to rapid technological advancements.
Market Report
Stock markets on hold as investors await key US inflation data
Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that...
- The Dow edged higher at the open, while the S&P 500 and Nasdaq drifted lower.
- With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action.
Business
EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
- The ETAF platform is a global climate finance facility established by the International Renewable Energy Agency (IRENA).
- The announcement was made during the signing of a collaborative partnership agreement between EDB and IRENA.
Israeli airstrike kills five Palestinians in West Bank
Palestinian medics said an air strike targeting a car in the occupied West Bank killed five people on Thursday, while...
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Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products...
Economy
GASTAT adopts chain-linking method to calculate Saudi Arabia’s real GDP
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that...
Economy
Cryptocurrency Ether witnesses meteoric rise since launch
NEW YORK, US – Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet...
Business
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Business
Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...
- During the first two months of 2024, India, the US, Saudi Arabia and Iraq accounted for the majority of ACI’s exports.
- The chamber's exports to the US surged during the first two months of 2024 to about US$297 million compared to US$275 million.
Geostrategy
Aid boat ready to set sail from Cyprus for Gaza
A boat laden with food for Palestinians in war-ravaged Gaza was "ready" to set sail from Cyprus, an NGO said,...
- The UN has repeatedly warned of looming famine, particularly in the Palestinian territory's north where no overland border crossings are open.
- With ground access limited, countries have also turned to airdropping aid, although a parachute malfunction turned one delivery on Friday deadly.
Geostrategy
Iran hits out at UN experts report on 2022 protests
TEHRAN, IRAN – Tehran on Saturday strongly condemned a UN report on the Islamic republic's response to mass protests in 2022,...
- International experts said the repression of mostly peaceful protests beginning in September 2022 have led to "crimes against humanity".
- The UN Human Rights Council mandated the experts' investigation following massive protests after the death in police custody of Mahsa Amini.