Lebanon cabinet appoints Karim Souaid central bank governor
Born in 1964, Souaid officially takes over after embattled former chief Riad Salameh's term expired in July 2023 with no...Economy
OECD lowers global growth projections over tariffs, uncertainty
"We are navigating troubled waters," said the OECD's chief economist Alvaro Santos Pereira as he summed up the world's economic...Economy
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.
Global energy demand to rise 25% by 2045: OPEC chief
Abu Dhabi, UAE - Global demand for all forms of energy is forecast to rise by 25% through 2045, according...No single energy source can meet the world's growing needs as the economy expands and the population increases, Al Ghais said
He added that despite some setbacks, global growth continues, and he was optimistic about future oil demand
Turkey’s inflation hovers near 60% after policy U-turn
The data suggest that Turkey's inflation rate is starting to peak after Erdogan signed off on a series of sharp...The TUIK state statistics agency said consumer prices rose by 61.5 percent over a 12-month period ending in September
The month-on-month increase in prices also slowed to 4.8 percent from 9.1 percent in August and 9.5 percent in July
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
