UAE airports see 14.2% passenger traffic surge in H1
Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling...Economy
Coal mine blast in Iran kills more than 50 mine workers
A blast caused by a gas leak at an Iranian coal mine has killed at least 51 people, state media...Economy
China rejects US disinformation accusations, calls Washington ’empire of lies’
Beijing, China - China on Saturday accused the United States of being an "empire of lies", hitting back after a State...The report, released Thursday by the US State Department's Global Engagement Center, accused China of financing propaganda, disinformation.
"It is the U.S. that invented the weaponizing of the global information space," a Chinese foreign ministry spokesperson said in a statement.
UN conference adopts plan to reduce harmful chemicals
PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations...The plan sets out 28 concrete targets and guidelines for key sectors across the entire lifecycle of chemicals, from production to waste.
It calls for a transition to more sustainable chemical alternatives, responsible management of chemicals in industry, agriculture and healthcare.
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...The expansion of available funds will be further leveraged by mobilizing private and domestic capital required to tackle the climate crisis.
The reforms also create a Countercyclical Lending Buffer to support ADB developing member countries facing unexpected crises.
IMF approves $1.3bn for Morocco to help transition to a greener economy
WASHINGTON, US - The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) for Morocco of...The arrangement will help Morocco strengthen its preparedness and resilience against natural disasters, including from climate change.
The 18-months arrangement, "Will help Morocco address climate vulnerabilities, bolster its resilience against climate change,” the IMF said.
The many ways US government shutdown affects people
WASHINGTON, US - The United States is heading toward a government shutdown this weekend with no foreseeable way out of a...Sharp disagreements in the Republican Party has prevented passage of the bills needed to keep the government funded and open.
The credit ratings agency Moody's warned this week that a shutdown would be "credit negative" for US sovereign debt.
Haj 2024: Saudi Arabia to increase licensed companies for overseas pilgrims
Riyadh, Saudi Arabia - Saudi Arabia has unveiled plans to expand the number of licensed companies authorized to offer services...Under the new regulations, the licenses will be valid for a period of five years, and the estimated fee 100,000 Saudi riyals
To qualify for these licenses, companies must possess a valid trade register and have a minimum capital of 500,000 Saudi riyals
Saudi Fund for Development and Seychelles sign US$25m loan agreements
Riyadh, Saudi Arabia-- The Saudi Fund for Development (SFD) has signed two loan agreements with Seychelles to support the social...The SFD will contribute $25 million to support the social housing project in the Seychelles and the reconstruction of La Digue School project
The fund has so far implemented 700 development projects and programs in more than 90 countries with a value surpassing $18.7 billion
Greece and Saudi Arabia agree to link their power grids
Athens, Greece - Greece and Saudi Arabia announced their agreement to establish a jointly-owned company with the goal of connecting...The collaboration between Greece's Independent Power Transmission Operator and Saudi National Grid will result in each party holding a 50 percent stake
Besides this partnership with Saudi Arabia, Greece is also in the process of constructing an undersea cable to link its grid with Egypt
DIB to buy stake in TOM Group
DIB felt Turkey is a great investment destination.DIB will acquire 20 percent shareholding across T.O.M. Group with an option to increase shareholding to 25 percent within 12 months.
DIB has long held the view that Turkey was an attractive investment destination for a financial services institution.
US to auction three new oil and gas leases in the Gulf of Mexico
WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the...The move triggered a furious reaction from environmental groups who said the move would accelerate climate change.
The action was denounced by advocates of the fossil fuel industry as it reduced the number of lease sales planned by previous US administration.
