Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...Business Economy Global
Ten years from home World Cup, Saudi sizes up ‘huge challenge’
As the only  bidder, Saudi Arabia was anointed host of the 2034 World Cup last October by FIFA. Infrastructure is...Economy Tourism Sports
UAE tops the world in 5 labor market competitiveness indices
DUBAI, UAE - The UAE has topped several global labor market indices issued by international entities and institutions in a...These indices include lack of labor disputes, low cost of severance compensation for workers, and working hours.
The UAE also stood out for the low cost of severance compensation in the Global Innovation Index 2022.
Europe charges up car battery drive with new plants in Germany, France
The continent has been racing to produce more electric vehicles as part of its green transition, with the clock ticking...Sweden's Northvolt will build a multi-billion-euro plant in northern Germany, which will supply around one million electric vehicles with batteries a year.
In France meanwhile, Taiwanese battery maker ProLogium announced it will invest 5.2 billion euros ($5.7 billion) in building a new factory in Dunkirk.
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.The unit's strong performance helped offset lower revenues at its life and health division and its asset management arm.
Allianz confirmed that full-year operating profits remained stable at US$15.4 billion, "plus or minus US$1.08 billion".
Turkey says Ukraine grain deal nearing agreement
The Black Sea Grain Initiative, in place since July after diplomacy by the United Nations and Turkey, allows Ukraine grain...NATO member Turkey, which has good ties with Russia and Ukraine, has pushed both countries to resume peace talks after negotiations broke down last year
Ankara helped the United Nations broker the grain deal last July, helping ease a spike in global food prices caused by Russia's invasion
Cash-strapped Lebanese soldiers moonlight as mechanics, waiters
On average, a soldier used to earn about $800 a month before the crisis, but the value of the Lebanese...Soldiers in Lebanon have seen their salaries diminish to around an eighth of their value in dollar terms since the country's economy began tanking in 2019
The devastating economic crisis - which the World Bank says is one of the planet's worst in modern times - has plunged over 80% of the population into poverty
GCC meeting discusses trade challenges, unified market
Muscat, Oman - The Gulf Cooperation Council (GCC) countries met here on Thursday to address the obstacles affecting inter-country trade...The 64th meeting between Gulf Cooperation Council (GCC) Trade Cooperation Committee and Committee for Standardization Affairs was attended by the GCC ministers of commerce
The commerce and industry ministers held a consultative meeting with the heads of the federations of the GCC chambers to discuss opportunities to enhance cooperation
Saudi Arabia, Netherlands ink pack to collaborate on energy
Amsterdam, Netherlands – Saudi Arabia and Netherlands on Thursday signed a Memorandum of Understanding to collaborate on energy on the...The MoU aims to establish a framework for cooperation between the two countries and strengthen it in several energy sectors, including renewable energy
It also facilitates the activation of international supply chains linking the two countries and cooperation on technologies and solutions related to climate change
Technology helps accelerate industrial decarbonization
There are three main pillars to this approach: transforming existing industries with advanced technologies, creating the green industries of the...Digitalization plays a key role in making existing industries more sustainable, driving low-carbon production and decarbonization throughout value chains
R&D is vital for advancing technologies in green industries, with the UAE committed to increasing spending to further develop and deploy green innovations
US default would have serious repercussions, says IMF
The International Monetary Fund warned of severe consequences if the US defaults on its debt, ahead of a rapidly-approaching deadline...Democrats have been calling for a "clean" increase of the borrowing limit, accusing Republicans of using extreme tactics to push their political agenda.
The lifting of the debt ceiling has historically been seen as a routine affair, given that it involves raising money to pay for spending commitments.
Masdar, IRENA ink pact on tripling global renewable energy capacity by 2030
ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a...The main objective of the project is to establish a global baseline for renewable energy.
The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions.
