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
‘Tech solutions help make food practices sustainable’
UAE's launch of Food Innovation Hub emphasizes the government's eagerness to innovate and collaborate for sustainable food systems, WEF's Tania...Economy Climate Change
Wa’ed to fund first Saudi facility to make oil, gas drilling compound
Wa'ed, the entrepreneurship arm of Aramco, has approved a plan to finance construction of a factory in Jubail that...The 3.75 million SAR loan to SICCO, a Jubail-based start-up, is part of Wa'ed's strategy of empowering Saudi businesses
SICCO plans to make calcium bromide, a clear liquid used to regulate wellbore pressure in onshore and offshore oil and gas wells
Dubai to develop digital economy strategy
The action plan is structured around three pillars: enhancing the digital business environment, supporting the development of digital firms and...The plan was devised at a two-day Dubai Digital Economy Retreat which concluded on Wednesday
Interactive workshops during the event identified key market issues and challenges, including the need to attract more digital companies and specialised talent to Dubai
Global economy to grow by 5.3 percent in 2021: UN
But if widening economic gaps between the developed world and the poor countries persists, only a few will enjoy the...Many developing economies are being held back by constraints on fiscal measures, lack of monetary autonomy and limited access to vaccines.
By 2025, developing countries will be $12 trillion poorer owing to the pandemic, the report said.
Most EMEA banks fret they would cease to exist unless they digitize fast
Nearly 75 percent of banks expect tech giants such as Google and Amazon to dominate the banking industry in five...The report said only 25 per cent of EMEA-based banks expect to significantly increase spending on Big Data in the next three years.
19 per cent of EMEA-based banks are focused on blockchain investment compared with 30 per cent of banks in North America.
New technology rejigs Gulf maritime sector
Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was...The GCC countries have been making investments in integrating supply value chains with digital platforms and upgrading their technologies to keep pace with the latest developments
Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was grounded following the spread of COVID-19 globally
UN urges Egypt, Sudan, Ethiopia to resume dam talks
The Grand Ethiopian Renaissance Dam, set to be Africa's largest hydroelectric project when completed, has sparked an almost decade-long diplomatic...The UN’s top security body also invited observers who would be acceptable to the three parties
The dam was the subject of a Security Council meeting in early July
Lebanon army giving helicopter rides to tourists for money
While most wages in Lebanon have remained unchanged, the value of the Lebanese pound has gone down more than 90...The Lebanese military plans 1,000 hours of helicopter rides for tourists and even Lebanese citizens this year
With each ride costing $150, the military is eyeing an influx of $300,000 through this route
Oman readies roadmap for green economy
Oman’s Environment Authority and Petroleum Development Oman have reportedly discussed the policy draft with the United Nations Environment Program.The UNEP experts outlined the roadmap to EA and PDO during a virtual meeting that the Omani entities organized
The first draft included the road ahead for the buildings, water, manufacturing, transportation, waste, and energy sectors
Inflation eases in Saudi Arabia, lowest in 14 months
Inflation in Saudi Arabia is on the decline for the second month consecutively, dropping to the lowest level since June...The consumer price index (CPI) recorded a modest increase in August of 0.3 percent
The slowdown was led by non-food prices, particularly by weaker inflation in the clothing and transport sectors
Sudan inflation eases for first time under transition
The inflation rate was recorded at 387. 56 percent (year-on-year) in August, compared to 422.75 percent in JulyThe inflation rate was recorded at 387. 56 percent (year-on-year) in August, compared to 422.75 percent in July
Sudan has long been reeling from economic crises that deepened after the ouster of autocrat Omar al-Bashir in April 2019
