Oil under $65 a boon for consumers, but a burden on producers
London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by...Business Economy
Chief Economists warn global growth under strain from trade policy shocks and AI disruption
The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel...Economy
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...The CEO acknowledged China's economic growth in recent decades, and expressed admiration for the country’s ability to overcome challenges.
He underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners.
UAE’s global investments grow amid economic crisis
"The UAE has strengthened its position in the global economy. The total value of UAE assets abroad, whether government or...UAE's investments abroad remain strong, hitting $2.5 trillion in early 2024 despite global economic challenges.
Investments include deals with the US, Egypt, the UK, India, and upcoming focus on Europe for currency stability.
Saudi Arabia and Bahrain sign road safety, maintenance agreement
Manama, Bahrain--Saudi Arabia and Bahrain have signed a memorandum of understanding to boost road safety and maintenance in the two...The agreement looks to boost expertise exchange and cooperation between Bahrain and Saudi Arabia, focusing on joint efforts in infrastructure development and road safety
The Bahraini minister noted the strong relations between the two countries, emphasising the keenness to enhancing ties, particularly in infrastructure development
UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...United States remained the prime destination, attracting substantial investments in bonds and direct ventures
Egypt closely follows with significant investments, along with the United Kingdom, India, and Morocco
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...Chinese policymakers have so far resisted calls to juice the economy through massive government stimulus.
Authorities should boost "the spending power of individuals and families" by beefing up China's pension system, IMF said.
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...The fund's primary goal is to promote the development of TradeTech solutions and support the expansion of startups.
The announcement aligns with Investopia's vision to inspire entrepreneurs to expand into new economic sectors.
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...The aviation arm of the UN said that demand this year is forecast to be around 3 percent above 2019 levels and could reach 4 percent if the pace of recovery strengthens
According to its analysis, global demand expressed in Freight Tonne-Kilometres (FTK) is forecast to be around 2 percent below 2019 levels for the full year 2024
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...Madrid-based Halo Space Company selects Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per person for a stratospheric Earth view.
In June, a trial flight will take passengers 32 kilometers above Earth, using a helium balloon for an accessible adventure without the need for special training.
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...Unit 4 will add another 1,400 megawatts of clean electricity capacity to power the national grid, representing another significant step forward towards full-fleet operations
This further supports the UAE’s efforts in enhancing grid stability and energy security through abundant around-the-clock zero-emissions electricity
