Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...Economy
Lebanon flights suspended as Hezbollah-Israel tensions continue to spiral out of control
Major airlines such as Emirates, Qatar Airways and Air France have suspended growing numbers of flights to Lebanon as tensions...Economy
UAE to generate 19.8 gigawatts of clean energy by 2030: Al Mazrouei
Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister...The minister informed the audience at ADIPEC 2023 that the UAE intends to work towards producing 1.4 million metric tonnes of low-carbon hydrogen per annum by 2031
He told a global audience of energy leaders at the opening of the event in Abu Dhabi that an International collaboration is crucial to addressing energy challenges
Knowledge, innovation drive UAE’s economic strategy
"Today, the UAE is recognized as a leader in new economy sectors, including renewable energy, fintech, artificial intelligence, the fourth...The UAE makes significant strides in building a new economic model rooted in knowledge, innovation, and creativity, diversifying economy and boosting global competitiveness
Today, the UAE is recognized as a leader in new economy sectors, including renewable energy, fintech, artificial intelligence, and space, says minister Abdulla bin Touq Al Marri
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...The president of the upcoming COP28 urged oil industry leaders to curb emissions associated with energy production.
He also encouraged them to embrace "low carbon solutions" like carbon capture and storage,
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.
Bahrain’s Treasury Bills oversubscribed by 270 percent
MANAMA, BAHRAIN – This week’s US$186 million (BD 70 million) issue of Government Treasury Bills has been oversubscribed by 270...The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of Bahrain.
The issue date of the Treasury Bills is October 4, 2023 and the maturity date is January 3, 2024.
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...The manufacturing activity grew by 7 percent compared to the same period last year, with the sector recording its highest quarterly value-added since 2014.
Abu Dhabi's financial sector recorded a robust growth of nearly 30 percent, also its highest growth rate since 2014.
Saudi Arabia issues 162 licenses to companies relocating hqrs to the Kingdom
Riyadh, Saudi Arabia - Saudi Arabia has so far issued 162 regional center licenses to the companies relocating their headquarters...The headquarters will operate in strict accordance with Saudi laws, providing crucial support, management, and strategic direction to their branches
The Ministry of Investment has enacted a mechanism to offer premium residency status to executives working within these regional headquarters
Oil-reliant Saudi revises budget, projects deficit
The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion)...Oil revenue this year has fallen by 17 percent as prices have dipped and Riyadh has cut production in a bid to boost them
Daily output is currently nine million barrels per day, down two million barrels from this time last year
‘Cooperation key in establishing global work agenda’
"The Summit acts as a nexus, uniting government officials, international organizations, business magnates, community institutions, scholars, and innovators. This collective...The World Governments Summit Organization emphasizes global dialogue and partnerships
The Summit acts as a nexus for government officials, scholars, and innovators, says a UAE official
Libya and Italy sign MoU to boost cooperation in civil aviation
Tripoli, Libya--Libya and Italy have signed an agreement to enhance cooperation to enable air transport companies to operate charter and...In September, a Rome-bound aircraft departed from Tripoli restarting flights to Italy after a nearly decade-long suspension due to an EU ban
The agreement looks to boost cooperation between air transport companies to operate charter and regular flights between the two countries
