Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...Business Economy Geostrategy Global
Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...Business Economy Geostrategy Global
IMF warns ‘inaction will leave Lebanon in never-ending crisis’
Lebanon and the IMF reached a conditional agreement in April 2022 on a $3-billion-dollar loan needed to save the country's...The IMF had conditioned the funds on unifying the country's plethora of exchange rates and a reformed bank secrecy law as well as restructuring the banking sector.
Lebanon's meltdown has pushed most of the population into poverty while the political elite, widely blamed for the country's financial collapse, has failed to take action.
UAE bodies sign MoU to establish general framework for IPOs
Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum...The MoU was signed by Securities and Commodities Authority and the Abu Dhabi IPO Fund.
The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's economic stability.
MBRSC, e& enterprise ink MoU
MoU will be mutually beneficial to both organizations.The MoU will enable e& enterprise to leverage MBRSC's expertise in AI.
MBRSC will benefit from e& enterprise’s resources and capabilities.
Eco-friendly goods buck global downward trade slide: UNCTAD
Trade in such goods grew by around four percent in the second half of 2022, with their combined value hitting...Global trade surged to a record $32 trillion in 2022 before reversing course in the second half of the year amid deteriorating economic conditions and swelling uncertainties.
UNCTAD said it expected green industries to boom further as countries scale up their efforts to cut emissions and battle global warming.
Toshiba accepts $15bn buyout bid
The acceptance follows years of turmoil for the company.A consortium led by investment fund Japan Industrial Partners will be taking over Toshiba.
Toshiba produces everything from rice cookers to medical equipment and nuclear plants.
Egypt and World Bank agree US$7bn, five-year partnership
Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on...According to the World Bank statement, the program will help create a level playing field for the private sector and to encourage investment and improve resilience to shocks
Over the past year, Egypt's economy has been under severe pressure, after the fallout from Russia's invasion of Ukraine exposed underlying problems.
Vertical farming project launched in Abu Dhabi
Abu Dhabi, UAE--ADQ has launched a vertical farming project in partnership with ZERO, a technology company based in Italy.Dubbed as...It is designed to enhance indoor farming locally and also to explore and push the boundaries of desert-climate farming in the UAE
The joint project draws on the benefits of growing crops in vertical layers, which includes higher yield, shorter growing times and lower water usage
Gulf central banks mirror Fed to raise rates by 25 bps
The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised...The Saudi Central Bank, also known as SAMA, raised its repo and reverse repo rates by 25 bps each to 5.5 percent and 5 percent, respectively
The Central Bank of the United Arab Emirates (CBUAE) will raise its base interest rate by 25 basis points to 4.9%, effective Thursday
Unity key for ‘transformational progress’ at COP28
“We have a short window of opportunity to deliver a system-wide transformation. But if we make the right investments, we...There is a need for accelerated pathways to net zero and critical finance across all pillars, says COP28 President-Designate Dr Sultan bin Ahmed Al Jaber
He also reminds climate ministers of various countries about the approaching Global Stocktake at COP28 and calls for action to keep 1.5C within reach
Global recession fear may affect UAE’s hiring rate
Companies are spending more on employee salaries and retention, such as increasing insurance premiums and investing in employee benefits, says...Companies are spending more on employee salaries and retention, such as increasing insurance premiums and investing in employee benefits, Brian Habibi of Bayzat tells TRENDS
Although the UAE has remained extremely resilient, the market is not immune to global economic conditions, adds the Co-Founder and Chief Customer Officer of the platform
