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...Business Economy
El Salvador to issue bitcoin bonds in first quarter of 2024
With bitcoin, Bukele sought to make it easier, and cheaper, for Salvadorans to receive remittances and to provide financial services...Economy
UN sees $400bn pledge for climate action
The United Nations has called for the world to redouble its renewable energy efforts to avert a climate emergency.Governments and the private sector pledged at a high-level summit to spend more than $400 billion on climate efforts
The amount would also help bring electricity to more of the 760 million people around the world who currently lack it
2022 World Cup may help Qatar sustain growth
The projects initiated as part of hosting the tournament include the construction of eight stadiums, Doha Metro Rail, a new...Stadiums constructed for the world cup would be later given to local clubs for utilization
QTA announced new tourism strategy which aims to attract 5.6 million visitors to Qatar annually by 2023
UAE allots $17.6bn to housing project for Emiratis in Dubai
Dubai ruler and prime minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, has given approval for...Land plots allocated to Emirati housing projects in Dubai increased to 1.7 billion square fee
Sheikh Mohammed issued directives to quadruple the number of Emiratis benefiting from the housing program from next year
UN starts program to give electricity, water to Lebanon
Helped by the UN, Lebanon will get fuel to keep its healthcare and water-supply facilities for the next three months.The plan It is expected to provide fuel to all public hospitals, primary healthcare centers, and dispensaries servicing the most vulnerable communities
It is also expected to provide fuel to four water establishments to secure continuous water supply to about 2.3 million people across the country
Lebanon may see complete blackout by month-end
Electricite du Liban, or EDL, is now capable of generating less than 500 megawatts from the fuel it secured through...Lebanon has seen worsening shortages of fuel over the past few months
Power cuts across the country can currently last up to 23 hours a day
Goldman Sachs says Lebanon’s banking system to suffer $65bn losses
Goldman Sachs, the US investment bank, has estimated that the restructuring of Lebanon’s financial system would leave the crisis-prone banks...The investment bank presented a set of macro projections based on the successful implementation of reforms under the auspices of the IMF
The report believed that the bulk of these losses may fall on the shoulders of the depositors
UAE, US strengthening business cooperation
Both countries signed an MoU to strengthen cooperation in areas of digital economy, innovation, and entrepreneurship.Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi
They met US Secretary of Commerce Gina M Raimondo, in the presence of officials from both countries
DIC board discusses plans to boost foreign trade
Member companies of Dubai International Chamber will work towards achieving the target of boosting Dubai’s foreign trade to $544bln within...Member companies of Dubai International Chamber will work towards achieving the target of boosting Dubai’s foreign trade to $544bln within the next five years
Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs
Turkey central bank cuts key rate after Erdogan pleas
The Turkish currency was down around 1.1 percent against the US dollar by 1330 GMT, after the bank announced it...The move comes despite high inflation, which reached 19.25 percent in August
The Bloomberg consensus had been for the rate to be kept stable although one economist predicted a cut of 0.5%
GCC nations eye Hyperloop travel by 2030
It is predicted that the Hyperloop technology will carry between 45 and 50 million passengers yearly in the Gulf Arab...It is predicted that the Hyperloop technology will carry between 45 and 50 million passengers yearly in the Arab Gulf states using clean and renewable energy
The Dubai government owned DP World has granted permit to Virgin Hyperloop to develop the technology in the emirate
