GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further.In this...Economy
NEOM announces Treyam, its premier lagoon destination
Neom, Saudi Arabia - NEOM, Saudi Arabia’s futuristic mega city will now have a premier resort where the spectacular desert...Economy
Lula visit: Brazil, UAE seal climate, biofuels deals
They also announced a series of deals, including one for the UAE-controlled Mataripe refinery in northeastern Brazil to invest up...The countries said in a joint statement the leaders had discussed a range of subjects including trade, technology, defense, aviation and food security
The strategically located Gulf monarchy is Brazil's second-largest trading partner in the Middle East, according to the official WAM news agency
Brazil president reaches UAE to enhance bilateral ties
ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to...The UAE is Brazil's second-largest trading partner in the Middle East, according to reports.
Trade between the two trade excluding petrol totaled over US$4 million in 2022 - a 32 percent rise from 2021.
Nuclear power reactors to shut down in Germany
BERLIN, GERMANY - Germany will switch off its last three nuclear reactors on Saturday, exiting atomic power even as it seeks...The exit decision was popular in a country with a powerful anti-nuclear movement, stoked by lingering fears of Cold War conflict and atomic disasters.
The challenge caused by Russia's invasion of Ukraine put an end to cheap gas imports and has upped calls in Germany to delay withdrawal from nuclear power.
G7 starts ‘difficult’ climate talks on fossil fuel commitments
Sapporo, Japan--G7 allies kicked off two days of "difficult" climate talks in northern Japan on Saturday, facing pressure to show progress...Differences have deepened among the group as the energy crisis caused by the Ukraine war squeezes G7 countries
The G7 climate statement draft, seen by AFP, recognizes the primary need to accelerate the clean energy transition
Dubai issues law regulating operations of autonomous vehiclesÂ
Dubai, UAE -Â Dubai has issued a law to regulate the operations of autonomous vehicles in the city. The new...The law outlines the responsibilities of the Roads and Transport Authority (RTA) in regulating the sector
The Authority is responsible for demarcating the roads, areas, and routes that autonomous vehicles operate in
UAE banks provide US$9.61bn in credit facilities to industrial sector
Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY...The cumulative balance of credit extended by national banks to the sector grew to $196 bn by the end of January 2023 from $186.52 billion in the month of January 2022
Domestic credit extended by national banks to the sector in the emirates of Abu Dhabi and Dubai in the period under review stood at $97.20 bn and $94.07 billion respectively
Elon Musk establishes X.AI artificial intelligence company in Nevada
San Francisco, United States--Elon Musk has formed an X.AI artificial intelligence corporation based in the US state of Nevada, according to...According to an insider report, Musk has purchased costly computing processors and hired engineering talent as part of an AI project at Twitter
Google, Meta and Microsoft have spent years working on AI systems to help with translations, search and targeted advertising
Why do firms falter in Middle East’s booming sectors?
In the last 10 years, a motley of supposedly best-run companies in the Middle East have collapsed, disappearing into obscurity....In order to stave off total ruin and collapse of a business, industry experts recommend for the board to take charge of strategy, in cahoots with the management.
Many experts blame disagreements within a board, or a lack of team spirit as the reason for tipping a company toward a slow demise
UAE minister stresses G20 and COP28 collaboration at WBG meet
The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent...Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the meeting, held on the sidelines of the 2023 Spring Meetings.
Ministers of Finance and Central Bank Governors from G20 member countries, invited countries, and international organizations attended the meeting.
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the...Recent banking industry turmoil following the collapse of Silicon Valley Bank raised worries about a flight of deposits.
Shares of JPMorgan rose 7 percent to $138.06, Citi gained 3.1 percent to $48.7, Wells Fargo dipped 0.1 percent to $39.63.
