Concerns and optimism on World Environment Day as Arabian Gulf takes bold initiatives
Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future...Economy Energy
Asian shares mixed after Fed minutes, while Nvidia provides support
Asian markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates...Economy
UNDP says over US$14bn needed to mitigate global surge in poverty
NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number...UNDP has called for adaptive social protection and a debt-poverty pause to redirect debt repayments toward critical social expenditures.
Almost all of these financially hit people live in low - and lower-middle-income economies, with the poorest 20 percent in low-income countries
MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals
DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...Established in 2012, the High-Level Political Forum is the UN’s central platform for the follow-up and review of the 2030 Agenda for SDGs at the global level.
The UAE delegation discussed ways to bolster mutual collaboration, strategic partnerships and knowledge-sharing, in line with MBRGI’s mission.
Morocco, Shell sign 12-year natural gas deal: ministry
Morocco has sought to diversify its energy sources particularly since neighbouring Algeria stopped supplying natural gas via the GME in...The agreement includes the annual delivery of 500 million cubic meters of LNG to Morocco, the value of the 12-year deal has not been disclosed
In the initial years, the gas will be delivered through Spanish ports and the Maghreb GME, It will eventually be delivered through planned Moroccan LNG terminals
Modi’s visit: India, UAE sign pact to trade in local currencies
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday...CBUAE and RBI aim to develop the foreign exchange market, facilitate bilateral trade, encourage direct investment, and facilitate financial transfers
The pact enables acceptance of local cards in both countries for ATM cash withdrawals and direct point-of-sale purchases without relying on external payment networks
UAE, India join forces to bolster new economy sectors
"The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium...The collaboration between India and the UAE aims to boost the GDP of both countries by empowering startups, says UAE's Minister of Economy Abdullah bin Touq Al Marri
The countries vow to expand cooperation in areas such as the circular economy, aviation, SMEs, renewable energy, technology, digital transformation, and transportation, he adds
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Ukraine grain deal failed to achieve objective, says Putin
Russian President Vladimir Putin said the main objective of the deal that allowed Ukrainian grain exports to resume was not...A memorandum on unhindered Russian food and fertilizer exports had been signed in parallel to the grain deal.
"The main goal of the deal, namely the supply of grain to countries in need, including on the African continent, has not been implemented," Putin said.
ADNOC in talks with OMV
Talk merger of shareholdings in Borouge, Borealis.Borouge is listed on the ADX with 54 percent owned by ADNOC.
Borealis is owned 75 percent by OMV with ADNOC holding 25 percent.
ADX grew 20 percent in 2022, says CBUAE
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE)’s Financial Stability Report for 2022 said the FTSE ADX...The Abu Dhabi Securities Exchange (ADX) trading value increased by 21.9 percent to AED 451 billion ($122.78bn)
Foreign investment in ADX increased, with total net foreign investments recording an inflow of AED 24 billion ($6.53bn) in 2022
UAE-India trade rose to US$384bn in 2013-22
ABU DHABI, UAE - The significant growth in the volume of non-oil trade between the UAE and India signifies the...CEPA will help deliver the target of reaching US$100 billion in non-oil trade annually over the next five years.
During 2020-2022, non-oil trade between the UAE and India has grown from US$27.9 billion to US$51.4 billion last year.
