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
Geostrategy
Flight carrying humanitarian aid from Red Cross lands in Sudan
KHARTOUM, SUDAN - A first Red Cross plane laden with humanitarian aid on Sunday landed in Sudan, where deadly clashes between...
- The shipment took off from the Jordanian capital Amman and arrived in the eastern city of Port Sudan.
- Only 16 percent of hospitals are functioning in the capital Khartoum, according to the World Health Organization.
Arts & Culture
Ex- Indian Navy officer, sailing on UAE-registered boat, is second at Golden Globe Race 2022
LES SABLES-D'OLONNE PORT, FRANCE - UAE-registered boat Bayanat has taken second place at the Golden Globe Race 2022 (GGR) after...
- The third edition of the GGR commenced on September 4, 2022 at the picturesque Les Sables-d'Olonne port in France.
- Initially 30 sailors had enrolled for the competition, but only 16 were able to make it to the starting line.
Geostrategy
Iran’s president criticizes US presence in Middle East
Iran's President Ebrahim Raisi slammed the United States' presence in the Middle East, as he hosted his counterpart from neighboring...
- The US has 2,500 non-combat troops in Iraq to provide it with advice and training.
- About 900 US troops remain in Syria, most in the Kurdish-administered northeast.
Market Report
Global stocks rise despite data showing US economic slowdown
Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest...
- The first quarter growth figure adds to lackluster US consumer confidence data which has deepened worries about a broader recession.
- Yields on US government debt rose after the data was released and also reported a drop in weekly jobless claims.
Geostrategy
UAE urges UN Security Council to resolve conflicts through dialogue
NEW YORK, US - UAE Minister of State Khalifa Shaheen Al Marar urged United Nations Security Council members to peacefully...
- The UAE calls upon UNSC to bring peaceful resolution to conflict and crises, from Sudan to Ukraine.
- UAE says it is imperative to promote dialogue and cooperation among nations to address challenges.
Geostrategy
Russia hosts talks for normalizing ties between Syria, Turkey
Russian Defense Minister Sergei Shoigu hosted four-way talks aimed at normalizing ties between Ankara and Damascus, which were severed at...
- Russia stressed the importance of countering "the fight against all extremist groups in Syria".
- All participants "reaffirmed their respect for Syria's territorial integrity", the Turkish defense ministry said.
Business
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.
- Novartis said that its operating profit would likely increase in the high single-digits this year.
- The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Geostrategy
India to become world’s most populous nation this week, says UN
India will overtake China as the world's most populous country in the coming week, hitting almost 1.43 billion people, the...
- India is topping China due to both rapid growth in its own population and a decline in China's after hitting 1.426 billion last year.
- China is expected to decline steadily to around one billion people by the end of this century, according to UN projections.
Geostrategy
UN chief calls for ceasefire in Sudan, says conflict may affect region
Foreign nations pushed with evacuations of their citizens from Sudan which, the UN chief warned, is "on the edge of...
- The US, European, Middle Eastern, African and Asian nations have launched emergency missions to bring to safety their citizens from Sudan.
- At least 427 people have been killed and over 3,700 wounded, as per UN agencies, which said Sudanese civilians fleeing the affected areas.
Geostrategy
Australia sets in motion largest defense renovation in decades
Australia launched its biggest defense overhaul in decades, vowing to turn a military that is "no longer fit for purpose"...
- The biggest changes may be felt in the Australian army, which will now have a sharper focus on coastal defense.
- Australia's military will develop the ability to strike from air, land and sea, strengthen northern bases and recruit more troops.
Company News
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Russian oil price cap partially successful
Geostrategy
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...
Economy
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...
Geostrategy
Saudi Arabia signs MoUs with four countries for development in mining industry
RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the...
Geostrategy
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Economy
UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
- The World Bank forecast the growth in the Gulf Cooperation Council countries to rise to 3.6 percent in 2024 and 3.8 percent in 2025.
- The report said that the growth rate in the Middle East and North Africa region slowed down sharply to 1.9 percent in 2023.
Geostrategy
2023 hottest recorded year as Earth nears critical threshold
PARIS, FRANCE - The year of 2023 was the hottest on record, with the increase in Earth's surface temperature nearly crossing...
- Climate change intensified heatwaves, droughts and wildfires and pushed the global thermometer 1.48 C in 2023 above the preindustrial benchmark.
- Nearly half of 2023 exceeded the 1.5C limit, beyond which climate impacts are more likely to become self-reinforcing and catastrophic, said scientists.
Business
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
- The pilot unit will separate oil from CO2-rich natural gas at the bottom of the ocean and reinject the gas directly into the reservoir, TotalEnergies said.
- The company said the high pressure subsea separation (HISEP) technology has the potential to reduce the intensity of greenhouse gas emissions.