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...Economy Geostrategy Climate Change
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...Economy Energy Geostrategy Global Tech & Media Climate Change
Dubai Chamber initiative focuses on West Africa
The initiative, called Why Africa, will also look at the region’s key economic indicators and competitive advantages.The initiative, called Why Africa, comprises in-depth analyses conducted by Dubai Chamber
It is based on recent data from UNCTAD, up-to-date insights for prospective investors, and recent trade trends
ADNOC Drilling IPO raises $1.1bn
The UAE's state oil giant will be listed on ADX on October 3.ADNOC said the offering was oversubscribed 31 times, with significant demand from UAE Retail Investors and Qualified Institutional Investors.
Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the Company.
PIF acquires 25 percent stake in EEC
Under the deal, EEC transferred part of its loan to PIF in exchange for company shares.Under the deal, EEC transferred part of its loan - worth $755 million- from the Ministry of Finance to the PIF in exchange for company shares.
PIF believes that the transaction will also accelerate the development of EEC by establishing King Abdullah Economic City.
Riyadh Season 2021 has ‘big surprises’ in store
The event featuring concerts, theater performances, wrestling matches aims at making the Saudi capital a tourism entertainment destination.This year's slogan is #Imagine_More, as its events will be held in an area of 5.4 million square meters.
The event is also an opportunity to showcase the outcome of several national goals, such as raising the level of the entertainment industry sector.
Semiconductor shortage slows down GCC auto sector
Auto exports to the region are likely to suffer for the next more than a year due to an estimated...Toyota Middle East has pledged it would do its best to avoid inconvenience to customers waiting for delivery of vehicles.
On an average, a car needs around 1400 chips. Electric vehicles utilize even more.
Egypt to tax social media stars earning more than $32,000 annually
Egypt said it will tax social media content creators in a revenue raising exercise as more citizens look to online...The tax authority said "YouTubers and bloggers" earning over 500,000 pounds ($32,000) annually would be taxed
Social media was awash with comments after the taxation move
Dubai non-oil external trade up 31 percent, exports grow 45 percent
The results show Dubai has reinforced its status as one of the world’s fastest-growing business hubs, said Dubai crown prince...Imports rose by 29.3 percent YoY to AED414 billion from AED320 billion. Re-exports grew 28.3 percent YoY to AED198.6 from AED154.79.
China maintained its position as Dubai’s biggest trading partner in H1 2021 with AED86.7 billion worth of trade compared to AED66.3 billion in H1 2020, up 30.7 percent YoY.
Sharjah to showcase its FDI potential at Dubai Expo 2020
Invest in Sharjah has confirmed participation at the world’s biggest fair and announced it will host discussions and specialized activities...Sectors that will be promoted include culture and tourism, mobility and logistics, health and wellbeing and Greentech.
Emirate's investor-friendly climate is reflected in six free zones and the integrated business and licensing services, said Invest in Sharjah.
Watch: Saudi GDP to grow faster than expected in 2021
The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the...The Saudi economy grew 1.8 percent in Q2 of 2021
This was the second time it had risen since Q2 2019
Cutting fossil fuel use key to environmental protection: IMF
The 'right prices' must fully reflect both supply costs and environmental costs, especially carbon emissions and local air pollution, said...Global fossil fuel subsidies amount to around $6 trillion in 2020, which is 6.8 percent of global GDP.
Emissions would fall by one-third if prices increase to fully reflect environmental and supply costs by 2025, IMF said.
