European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...Business Economy
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...Economy Energy
Saudi Arabia appoints new crypto chief to further its digital program
The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in...Until now, Saudi had shown a circumspect approach on virtual assets, as officials questioned the speculative nature of them.
With the emergence of UAE as a global crypto hub, Saudi displayed urgency to draft formal rules pertaining to the asset class.
OPEC+ to cut oil production to prop up prices hit by recession fears
The move could irk the United States as it has pressed the group to increase output in order to bring...The group left the door open to holding talks prior to its next scheduled meeting on October 5 "to address market developments, if necessary".
Saudi Energy Minister Prince Abdulaziz bin Salman says the decision demonstrated OPEC+ was ready to adjust production in both directions to achieve objectives.
Dubai records over US$653m in realty transactions on Monday
DUBAI, UAE - Dubai real estate market recorded 568 sales transactions worth US$373 million (AED1.37 billion) on Monday, data released...Dubai real estate market recorded 568 sales transactions worth US$373 million on Monday.
The sales included 503 villas and apartments worth US$283 million and 65 land plots worth US$88 million.
ADNOC announces $548m contract for Lower Zakum field
Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a...The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day.
The project will see the construction of a new subsea pipeline that will run 85 kilometers from Zakum West Super Complex to Das Island.
Green hydrogen production in UAE to touch 5.7m tonnes in 2030
Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green...The UAE aims to acquire 25 percent of the low-carbon hydrogen market which is expected to reach more than $400 billion.
The production of green hydrogen is mainly carried out through electrolysis using renewable energy sources.
Saudi Arabian government body launches strategy 2022-2025
The National Center for Government Resources Systems (NCGR) launched its comprehensive strategy (2022-2025).The strategy is based on four main pillars which include raising the efficiency and effectiveness of the government in managing its resources.
It also involves maximizing benefit of NCGR's resources, superiority in providing and using data to support decision-making, excellence in risk management.
Euro hits 20-year low against dollar amidst economic uncertainties
The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002. The European currency...Russian gas giant Gazprom said Friday the Nord Stream pipeline due to reopen at the weekend would remain shut indefinitely
Resumption of deliveries via the pipeline which runs from near Saint Petersburg to Germany under the Baltic Sea, had been due to resume on Saturday
Cryptocurrency sceptics look to bend the ear of regulators
A number of governments have expressed concerns over cryptocurrencies, but those behind the first Crypto Policy Symposium say they hope...The conference comes as the price of bitcoin has plunged from a peak of nearly $69,000 last October to around $20,000
Many central banks and financial market regulators have warned about the dangers posed by cryptocurrencies
Turkey”s inflation stays at 80% in boost to Erdogan
The strategically important developing nation lurched into its latest economic crisis when President Recep Tayyip Erdogan launched an unorthodox experiment...The TUIK state statistics agency said that consumer prices rose by 80.2 percent in August from a year earlier
The figure was fractionally higher than the 79.6 percent reported in July and only a small bump up from the 78.6 percent reading in June
OPEC+ to meet in order to adjust quotas for October
Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production...Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August
Matthew Holland of Energy Aspects said a cut in production would come up at the next meeting in October
