SMEs in UAE confront expense management challenges
Digital solutions, including innovative expense management platforms, may help in transforming the administrative landscape for SMEs, a latest report points...Economy
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...Business Economy
US inflation likely eased in August, but not enough
Thanks to falling gasoline prices, US inflation has slowed down in August, but not enough to satisfy policymakers, especially President...Prices have been soaring for months, exacerbated by the Russian invasion of Ukraine, which has impacted energy and food prices
Inflation also has become a hot political issue just weeks away from key midterm congressional elections, and Biden has made fighting high prices his top domestic priority
Saudi Arabia launches three new iron and steel projects
An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects.An integrated iron sheet production complex with a capacity of 1.2 million tonnes per year is one of the projects
A factory will also be established to produce circular iron blocks with an estimated production capacity of one million tonnes per year
UAE solar energy leader in Arab world
Arab countries are constructing solar and wind energy plants with a total capacity of 73.4 gigatons, which is nearly five...Renewable energy generation projects in the Arab countries will reach nearly 92 percent of the region's total targets by 2030.
More than 12 gigatons of wind and solar energy are currently produced in the Arab region, the report said.
Stock markets rally, as euro briefly surges
Stock markets rallied Monday, building on pre-weekend momentum as investors priced in the expectation of further interest rate hikes aimed...The euro surged a day after German central bank chief signaled the European Central Bank would probably continue raising its key rate.
The European single currency rocketed more than 1.4 percent against the dollar and 1.6 percent versus the yen before trimming gains around midday.
Norway skeptical about EU proposal on gas price cap
Norway, which has replaced Russia as Europe's leading supplier of natural gas, dashed the hopes of EU member states who...European energy ministers who met in Brussels said they were in favor of measures for combating soaring gas and electricity prices.
European Commission has proposed a price ceiling on gas imported from Russia, several members called for a price ceiling on all gas bought by EU states.
Abu Dhabi industrial sector registers 136 new licenses in H1
Abu Dhabi, UAE-- The registration of 136 new industrial licenses in the first half of 2022 points to a strong growth...The number of licenses transitioning to the construction phase reached 62, with the number of licenses having moved from under-construction to in-production reaching 44 factories.
The total value of Capital Expenditures (CAPEX) of industrial establishments that switched to in-production stage rose to AED 3.1 billion compared to AED 1.03 billion in H1 2021.
IAEA approves operational safety at Barakah Nuclear Power Plant
An International Atomic Energy Agency team of experts said the UAE's Barakah Nuclear Power Plant (NPP) had strengthened operational safety...The Operational Safety Review Team had concluded a five-day follow up mission to the Barakah NPP.
OSART missions aim to improve operational safety by independently assessing safety performance against the IAEA’s safety standards.
UAE issues updated second NDC to reduce emission
The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved...The new document outlines the country’s increased climate target of reducing greenhouse gas emissions by 31 percent.
The reduction target translates into an absolute emission avoidance of 93.2 million metric tonnes of CO2e.
Qatar private sector exports up 21 percent in second quarter: Chamber
Qatar’s private sector exports during the second quarter of 2022 amounted to QAR 8.92 billion ($2.44 billion), a 21 percent...On a quarterly basis, it also surged 15.4 percent compared to QR 7.73 billion in Q1-2022.
The report attributed the surge to the private sector’s ability to adapt to normal and abnormal economic conditions and to achieve rising growth rates.
UN urges EU against fossil fuels in energy crisis
The UN urged EU countries on Monday to continue battling climate change and not resort to more fossil fuels in...Moscow's invasion of Ukraine has seen the price of natural gas hit record levels, throwing the European Union economy into deep uncertainty.
Before the war, 40 percent of the EU's gas imports came from Russia.
