Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...Business Economy Energy Geostrategy
China, Russia trade soared in 2023 as commerce with US sank
Beijing, China - Trade between China and Russia hit a record high in 2023, official data from Beijing showed on Friday,...Economy
Ukraine war, energy crisis force UK into fossil fuels rethink
Boris Johnson's government will consult with local communities to host onshore wind farms in return for "guaranteed lower energy bills,"...The UK will release energy strategy to call for more renewable power from nuclear, offshore wind, and solar
This new strategy may permit more drilling for North Sea oil and gas to control the spike in energy prices
Yemen president transfers power to leadership council
In a major shake-up in the coalition battling Houthi rebels, Yemen's president Abedrabbo Mansour Hadi has formed a new council...A United Nations-brokered truce that started on Saturday has offered a glimmer of hope in the conflict amid the humanitarian crisis
The truce came as peace talks were unfolding in Riyadh without the participation of the Houthis, who refused talks on ‘enemy’ territory
Saudi Arabia hosts annual joint meetings of Arab financial institutions
The meetings are taking place under the patronage of the Custodian of the Two Holy Mosques and Saudi ruler King...The Arab financial institutions hold these annual meetings to review the performance of each entity and the topics on its agenda
The meetings also reportedly contribute to financing development projects in vulnerable countries
More checks needed as crypto scams hit all-time high
Blockchain expert Kim Grauer offers insights into why people fall prey to scammers, how they can protect their crypto assets...In 2021, cryptocurrency-based crime reached an all-time high, with criminal addresses receiving $14 billion.
By the end of 2021, criminals had accumulated $11 billion in crypto from known sources, compared to $3 billion in 2020.
Foreign Direct Investment into UAE reaches $20.7 billion in 2021
UAE received $20.7 billion in Foreign Direct Investment in 2021, recording a 3.9 percent growth over 2020. The country’s FDI...The country’s FDI balance now stands at AED 630 billion ($171.6 billion) by the end of 2021, a 13.7 percent growth over 2020.
UAE's outward FDI flows reached nearly AED 82.6 billion ($22.5 billion) in 2021, with an annual growth of 19.1 percent.
UAE launches database to monitor energy, water consumption
Announced in July 2021, the national program aims to boost efficiency by 40 percent across the three most energy-consuming sectors...The database is part of the initiatives of the National Water and Energy Demand Management Program.
It will help gauge energy and water consumption in government buildings and identify buildings with the highest consumption rates to develop rationalization programs.
Abu Dhabi non-oil GDP grows by 4.1 percent in 2021: Statistics Centre
Abu Dhabi’s non-oil GDP at constant prices grew by 4.1 percent in 2021, according to Statistics Centre-Abu Dhabi. The emirate’s...In 2020, a significant decline in oil prices had caused the emirate’s real GDP to fall by 7.7 percent, oil-GDP by 3.9 percent and non-oil GDP by 11.5 percent.
In 2021, agriculture, forestry, and fishing expanded by 23.1 percent while the manufacturing activity expanded by 21.7 percent,
KSA elected member of International Anti-Corruption Academy
The selection followed the Kingdom's admission to the Academy’s membership as one of the founding members of the international organization.The selection followed the Kingdom's admission to the Academy’s membership as one of the founding members of the international organization
The election represents a recognition of the Kingdom’s local and international efforts in protecting the integrity and fighting corruption
UAE free zones set to gain from corporate tax relief
Around 40 free zones in the UAE are likely to attract more investors and FDI after they were declared exempt...The 9-percent corporate tax will be levied on companies with profits above AED375,000 (approximately $102,090)
Announced on January 31 by the UAE’s Ministry of Finance, the tax regime will be implemented from June 1, 2023
World’s fossil fuel assets risk evaporating in climate fight
Oil platforms, pipelines, coal power plants and other fossil fuel assets could lose trillions of dollars in the battle against...The warning was issued in a 3,000-page report by UN experts who said fossil fuel assets must be retired and replaced with clean energy faster to mitigate financial losses.
Such assets will become "stranded" and worth less than expected because they may never be used since fossil fuel demand must fall in the near future to limit emissions.
