Saudi Arabia invests billions in biotech sector: report
The kingdom accelerates its biotech and genomics sector with substantial investments, in line with Vision 2030's push for economic diversification...Economy
MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...Economy
UAE cabinet sets up ministry of investment, approves new strategies
The new ministry will bolster the UAE's business aims and investment policies, apart from promoting its infrastructure as a global...The cabinet approved the updated UAE National Energy Strategy, aiming to triple the contribution of the renewable energy over the next 7 years
It also approved the National Hydrogen Strategy which aims to promote the UAE’s position as a producer and exporter of low-emission hydrogen
China to restrict export of semiconductor making materials
BEIJING, CHINA - China said on Monday it would slap export controls on two rare metals essential for the manufacture of...Exports of gallium and germanium, of which China is a major producer, will require a license from August 1, said a Chinese guideline
China accounted for 80 percent of global gallium production, according to a 2020 report by the European Commission
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
OPEC+ strives for market balance, sustainable growth
The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...UAE updates energy strategies and aligns with climate goals, helping it rank second in global Green Future Index, says a UAE minister
The Gulf country has invested over $50 billion in clean energy projects and pledges an additional $50 billion over the next decade, he adds
Investcorp buys stake in SEC Newgate
Investcorp buys majority stake in SEC Newgate for $100m.SEC Newgate's other shareholders will roll over 100 percent of their equity investment as part of the transaction.
The deal values Milan- headquartered SEC Newgate at over US$250 million, an Investcorp statement said.
UAE finance ministry releases annual report, highlights achievements in 2022
ABU DHABI, UAE - UAE Ministry of Finance (MoF) released its annual report for the year 2022 highlighting performance, initiatives,...The Ministry of Finance harnesses all capabilities to support the UAE's competitiveness, aligning with the government visions and directions.
The ministry has been keen on becoming a model and global reference for best practices and international standards in government financial work.
Saudi Arabia extends 1mbpd oil cut, Russia slashes exports
The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency...The move leaves daily production by the world's biggest oil exporter at approximately nine million barrels per day.
Alexander Novak, the Russian deputy prime minister responsible for energy policy said Russia will voluntarily reduce its oil supply in the month of Aug by half a million bpd.
Yellen to visit China, raising need to ‘responsibly manage’ ties
In Beijing, Yellen will discuss how the United States views its economic relationship with China, a senior Treasury official said...Yellen is expected to discuss with her counterparts the importance for both countries to responsibly manage our relationship, communicate directly about areas of concern
Yellen's planned July 6-9 trip comes just weeks after Secretary of State Antony Blinken met China's top leader President Xi Jinping and Foreign Minister Qin Gang in Beijing
ACWA Power okays dividend
The shareholders approved to distribute an 8.3% dividend.The shareholders also endorsed the buyback of two million shares, to be earmarked for the employee stock incentive program
From the date of the EGM approval, the repurchased shares will be kept no longer than seven years and then allocated to employees
