UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
G7 vows ‘significant’ new sanctions if Iran sends missiles to Russia
Washington, US - G7 countries warned Iran on Friday that they will impose "significant" new sanctions if Tehran transfers ballistic missiles...
Geostrategy
Business
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE - Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy...
- Global additions of renewable energy capacity are expected to rise by 107 gigawatts to more than 440 GW in 2023.
- Newly installed solar and wind capacity is estimated to have save EU electricity consumers $107 billion between 2021-2023.
Market Report
Stock markets give out mixed signals as traders await US debt ceiling vote
Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a...
- Ultra-conservative Republicans feel House Speaker should have secured far deeper spending cuts in exchange for raising the debt ceiling.
- The left wing of the Democratic Party is equally unhappy that President Joe Biden agreed to any spending limits at all.
Geostrategy
Would welcome diplomatic ties with Egypt, says Iran’s Supreme Leader
Iran's Supreme Leader Ayatollah Ali Khamenei said he would welcome a resumption of diplomatic relations with Egypt, during a meeting...
- Iran's Supreme Leader Ayatollah Ali Khamenei said that the Omani leader had told him that Egypt would be willing to resume relations.
- Khamenei said that there should be an increase in cooperation between Oman and Iran as the two countries share the Strait of Hormuz.
Geostrategy
Energy minister leads UAE delegation to development road conference in Iraq
ABU DHABI, UAE - Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei headed the UAE delegation to the...
- The one-day conference brought together transport ministers and officials from the Gulf Cooperation Council, Iran, Turkey, Syria and Jordan.
- The huge infrastructure project will link southern Iraq to the border with Turkey from where it will connect to rail and road networks in Europe.
Geostrategy
Iraq plans ambitious Europe-Middle East road, rail project
Iraq presented an ambitious plan to turn itself into a regional transportation hub by developing its road and rail infrastructure,...
- War-ravaged and beset by rampant corruption, oil-rich Iraq suffers from dilapidated infrastructure.
- Developing the road and rail corridor would allow Iraq to capitalize on its geographical position.
Geostrategy
Iran, Belgium free jailed persons in prisoner swap
Iran freed Belgian aid worker Olivier Vandecasteele after almost 15 months in custody, in a prisoner exchange for an Iranian...
- Oman said it had helped broker an "exchange deal" and that an Iranian previously held in Belgium was on his way to Tehran.
- Iran announced that the freed Iranian is diplomat Assadollah Assadi, who was jailed in Belgium over a 2018 plot.
Economy
China scammer uses AI to pose as man’s friend, steal millions
The victim, surnamed Guo, received a video call last month from a person who looked and sounded like a close...
- Guo was persuaded to transfer $609,000 after the fraudster claimed another friend needed the money to come from a company bank account to pay the guarantee on a public tender
- Realising his mistake after messaging the friend whose identity was stolen, Guo alerted police who notified a bank to stop trasaction and he managed to recover his 3.4 million yuan
Business
Qatar Airways boss skeptical on aviation industry’s 2050 net zero target
DOHA, QATAR - Qatar Airways' chief executive on Tuesday doused hopes that the aviation industry can become carbon neutral by 2050,...
- Not enough sustainable aviation fuel is being produced, and technological hurdles remain to using hydrogen as a replacement.
- In 2021, the International Air Transport Association's member airlines committed to achieving net zero carbon emissions by 2050.
Geostrategy
SCCI discusses trade with Guatemalan, Indonesian delegations
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has discussed strengthening trade and economic ties with diplomatic...
- The discussions focused on amplifying bilateral relations in industry, agriculture, food security, livestock and broadening trade exchanges.
- SCCI invited Indonesian businessmen to visit Sharjah to see the progress on existing projects and experience the facilities the emirate offers.
Business
Allen & Overy to merge with US peer
The merged firm will have a combined revenues of $3.4bn.
- The new group, called Allen Overy Shearman Sterling or A&O Shearman, was "truly a game-changing moment for both firms".
- The merged firm will have around 3,900 lawyers and about 800 partners across a total of 49 offices worldwide.
UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
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Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
Geostrategy
Emirates to recruit 5,000 crew members in 2024
DUBAI, UAE – Emirates will hire 5,000 people as it awaits the arrival of its fleet of Airbus A350s.The airline is...
Business
Turkish strikes leaves hundreds of Syrian villages without electricity
Qamishli, Syria - Hundreds of northeast Syrian villages and towns have lost power after Turkish strikes pounded electricity stations and infrastructure,...
Geostrategy
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Business
Global personal computer shipments decline 14.8 percent in 2023
DUBAI, UAE - Worldwide PC shipments totaled 63.3 million units in the fourth quarter of 2023, a 0.3 percent increase...
- PC shipments reached 241.8 million units in 2023, a 14.8 percent fall from 2022.
- This is the first time that shipment volume has dipped below 250 million since 2006.
Economy
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
- Saudi Arabia’s participation in the annual meet underscores its pivotal role in the transition toward carbon neutrality.
- The Kingdom’s engagement provides an opportunity for communication with key players in the private sector globally.
Geostrategy
Yemen’s Houthi rebels have built a significant arsenal
DUBAI, UAE - Yemen's Houthi rebels, who vowed to retaliate against US and British strikes early on Friday against key military...
- Iran-backed Houthis have carried out a spate of attacks in the Red Sea, claiming to be targeting ships with Israeli links.
- The Houthis have been steadily developing their military capabilities since 2014, when they seized the Yemeni capital Sanaa.