West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...Business Economy Geostrategy
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...Economy
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries.
Group said that private finance flows need to grow much faster to meet the $2.4 trillion investment estimated nnually.
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Russian defense officials meet Saudi Arabian, Iranian counterparts
MOSCOW, RUSSIA - The 11th Moscow Conference on International Security, held at the Patriot Congress and Exhibition Center here, saw...The conference saw participation from over 800 delegates from 76 countries, including China, India, South Africa, Israel, Turkey, Mexico, the UAE, Saudi Arabia.
Representatives from eight international organizations, including the UN, CSTO, SCO, ASEAN, Arab League, and the African Union took part in the conference.
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Bahrain supports AI tendering platform, Procural, to create jobs
Manama, Bahrain - Tamkeen, a semi-autonomous government agency, tasked with developing Bahrain's private sector has decided to support the Bahrain-based...The support will enable Procural to enhance its ability to use cloud-based technology and Artificial Intelligence (AI) to match vendors with buyers
Procural offers a range of features that include cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking
4.4m travel by SAR in H1 2023
Train trips in H1 2023 rose 46 percent compared to H1 2022.The volume of minerals and goods transported over SAR networks during the second quarter of the year exceeded 6.34 million tons.
The total volume of goods transported by SAR H1 2023 rose to over 12 million tons, a 13 percent increase compared to the previous year.
Saudi Arabia is largest Islamic finance market, with over $827bn assets
Riyadh, Saudi Arabia - Saudi Arabia boasts the world's largest Islamic finance market, with combined Islamic assets across various sectors...Al-Sayari revealed that the total value of Islamic finance assets worldwide has surged to over $2.99 trillion
The Islamic banking sector in Saudi Arabia contributes a substantial 33% of the global Islamic bank assets
Under UAE Presidency, COP28 will lead global efforts to protect the planet, safeguard future generations
"The UAE possesses essential capabilities such as modern infrastructure, a commendable track record in sustainability and environmental conservation, recognition as...Sheikh Mohamed highlights role of youth, women, and civil society in combating climate change
UAE invites global cooperation for collective climate action, COP28 to lead efforts under UAE Presidency
Nearly 40 migrants rescued, others found dead off Cape Verde
The boat was spotted on Monday almost 200 miles from the island of Sal by a Spanish fishing boat, which...Media reported that the "pirogue" style boat common in the region left Senegal a month ago
Senegal's foreign ministry said that 38 people were rescued from the migrant boat off the Cape Verde coast
Global wealth set to rise by 38% over the next five years: study
Zurich, Switzerland – The latest Global Wealth Report predicts global wealth to reach $629 trillion by 2027, despite 2022 being...The report estimates wealth per adult to reach $110,270 in 2027 and the number of millionaires to rise to 86 million
When looked at in demographic terms, Generation X and Millennials continued to do relatively well in 2022
