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
Riyadh Season draws 9 million visitors to its entertainment zones
Riyadh, Saudi Arabia - The number of visitors to Riyadh Season has surged to over 9 million, indicating a significant...Business Economy
Guilt-riven Lebanon expats ship aid as crisis bites at home
Social media platforms are filled with posts by Lebanese appealing for contacts abroad to send basic goods.Lebanon’s currency has plunged to an all-time low, which has sparked inflation
It has also eroded the purchasing power of a population denied free access to their own savings by stringent banking controls
UAE outperforms ten global tourism destinations in H1
The emirates achieves hotel occupancy rate of 62 percent, ahead of the US, UK and TurkeyHotel revenues grew by 31 percent to reach AED11.3 billion.
Domestic tourism accounted for 30 percent of the total number of guests at hotels.
Saudi biggest Arab economy, Sudan most indebted
The Saudi economy, as per IMF, is recovering "well" from the pandemic, estimating the kingdom's non-oil economy will grow by...COVID-19 increased the average debt in Arab countries to 81.8 percent of its GDP in 2020, up from 69.4 percent in 2019.
Qatar has the highest GDP per capita in the Arab world due to its small population.
Assets of UAE banks rise despite pandemic
The UAE banking sector has posted a moderate yearly growth of 0.6 percent with total assets reaching US$873.6 billion, or...Total customer deposits in the country’s banks between Q2 2020 and Q2 2021 witnessed 2.3 percent year-on-year growth reaching US$519.4 billion or AED1.908 trillion.
Personal loans to residents recorded 3.6 percent increase at US$92 billion or AED336.5 billion during the period
Mitsubishi to supply Empower 100,000 refrigeration ton capacity chillers
DUBAI: Emirates Central Cooling Systems Corporation (Empower) will be using Mitshubishi's air-conditioning and heating systems for its environmentally friendly district...A deal between the two allows Empower to increase capacity to 200,000 refrigeration tons.
Empower will start using the new units in its plants under construction located in Zabeel, Business Bay, Madinat Jumeirah.
World Green Economy Summit to tackle global food security
WGES will look into ways to advance the food and agricultural technology sectorsWGES will look into ways to advance the food and agricultural technology sectors
One of these is the Dubai Food Tech Valley, a programme launched by ruler of Dubai Al Maktoum
Saudi gold glitters more in the region
Gold prices reached record levels in 2020 following an increase in investor appetite because of COVID-19. The price of yellow...Gold jewelry shopping in Saudi Arabia and Egypt grows 13 percent and 4 percent and decreases 12 percent in the UAE
China purchased 191.1 metric tons of gold in 2021, followed by India, which bought 102.5 metric tons
Iran looks east after China-led bloc okays entry
Iran has been trying to enter the SCO for years, and was close last year, but Tajikisatn objected to it.Iran has hailed its acceptance into the Shanghai Cooperation Organization, a bloc led by China and Russia
This, for it, was an eastward turn that it sees as opening access to major world markets and a counter to Western sanctions
No end to Lebanese woes as new govt. hikes gasoline price
If the Lebanese were expecting a measure of relief from the new Mikati government, they were badly disappointed. The government...The government has promised action to address the crisis, including talks with the IMF and a start to reforms
The new government has also signed a new contract with restructuring consultancy Alvarez & Marsal (A&M) to carry out a forensic audit of the central bank
MENA startups raise $1.2 bn in H1
A Dubai-based think-tank has said that as many as 254 start-ups, mostly from the UAE, Saudi Arabia, and Egypt, have...Dubai-based think-tank MAGNiTT said that as many as 254 start-ups, mostly from the UAE, Saudi Arabia and Egypt, have attracted record breaking funding this year
Dubai SME offers funding options and support for including advisory and incubatory services to small and medium enterprises (SMEs), start-ups and established businesses
