World Bank announces record $100 bn support for world’s poorest countries
The World Bank announced Thursday that it had raised close to $24 billion to provide loans and grants for some...Economy
How city governments can foster tech-sector growth without breaking the bank
City governments are usually equipped to promote their cities through websites, newsletters, communications, as well as hosting delegations visiting from...Economy Opinion
EU reaches deal to reform electricity market
The agreement will see states given the "possibility to exclusively support" the acquisition of new renewable generation, in line with...EU's plans are aimed at making the market less vulnerable to volatility
The deal includes a regulation that will improve the EU's protection against market manipulation
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...Kirill Komarov of Rosatom underscores the importance of nuclear power in combating climate change.
SMRs have become crucial for decarbonizing remote areas reliant on carbon-intensive diesel generators.
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...The Central Bank of the UAE (CBUAE) announced that it would keep the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40 percent
Following suit, Qatar Central Bank (QCB) also maintained its current interest rates, including the rates for deposit, lending, and repurchase agreements
World Bank to expand climate funding in MENA by $10 billion
Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...The funding supports both reducing net emissions and resilience projects, said Meskerem Brhane, the bank's Regional Director for Sustainable Development, MENA.
She added that by embracing green growth strategies, the region's GDP could potentially grow to over $13 trillion by 2050.
Clean energy sees marked investment rise since 2020
With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is...With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is making strides towards a greener future, says an expert.
However, challenges remain in meeting the Paris Agreement goals and ensuring all nations can participate in the transition, adds Ferdinand Varga of Boston Consulting Group.
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc
World unites at COP28 to shift away from fossil fuels
Nearly 200 nations in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step...Nearly 200 countries in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step in addressing climate change.
EU climate chief Wopke Hoekstra lauds the historic deal targeting a 43% reduction in emissions by 2030 as a significant breakthrough after decades of discussions.
CBUAE joins the Gulf payments system AFAQ
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...Along with the CBUAE, Barclays Bank joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step and begin using the system’s services
To date, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have joined "AFAQ", in addition to a number of commercial banks from these countries
Digitalization has high environmental costs, says UNCTAD meet
DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate...Data-driven technologies like the Internet of Things, robotics and artificial intelligence can enhance climate change monitoring.
The digital transformation has left its mark on the planet through raw material depletion, energy and water use, pollution and waste.
Global trade likely to decline in 2023 due to changing trade patterns, geopolitics
DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update,...Other elements affecting trade include lower demand in developed countries, less trade in East Asia and an uptick in trade-restrictive measures.
The elements also include an uptick in trade-restrictive measures and lengthening supply chains, particularly between China and the US.
