$73 bn in saving deposits held by UAE banks during H1 2023

The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion

The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion

Currencies in Middle East resilient from Covid period till date  

Saudi Arabian Riyal and UAE Dirham maintain stability against US Dollar from 2020 to 2023.

Both the countries witness GDP growth of 45 percent and 43 percent respectively during the period.

Dubai Chambers saves water, works on sustainability agenda

The savings were achieved as part of the chambers’ participation in Dubai Can, a sustainability initiative launched by the Crown Prince of Dubai.

Dubai Can is aimed at educating and mobilising all segments of society to reduce waste and protect the environment.

Greek firefighters struggle to control wildfires for sixth day

Threatening a national park, a huge blaze continued to burn on Mount Parnitha near Athens, in the largest forest adjoining the capital

According to a government minister, Greece was going through the worst summer of fires since fire-risk maps were introduced in 2009

Egypt reports drop in unemployment rate in Q2 of 2023

According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women

The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier

COP28 will provide a pivotal moment in climate action

COP28 will focus on practical solutions, unifying global action, and fostering partnerships, says IUCN chairwoman

The conference aims for a "human-centric" approach, emphasizing nature, food, health, and climate resilience, she adds.

Qantas posts bumper profit

AI startups set to rake in $10bn investments by 2026

Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of all data analysis by deep neural networks by 2025, says a report

By 2024, data-centric AI will prioritize synthetic data, comprising 60% of AI data, while ChatGPT's popularity prompts 45% of executives to boost AI investments, adds Gartner

Iran’s steel production sees 4.1% growth in first 7 months of 2023

In July 2023, Iran's crude steel production slightly decreased by 1.5% compared to the same month in the previous year

China remains the top global steel producer, contributing 626.5 million tons, followed by India, Japan, the United States, and Russia

Suez Canal ship traffic normal after tanker collision

According to ship tracking company MarineTraffic, the two tankers briefly collided in the canal citing eyewitnesses

A media outlet quoting a Suez Canal official said that a ship that broke down in the canal was starting to be towed