Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...Economy Uncategorized
What is the gig economy and what’s the deal for gig workers?
The rise of the gig economy has led to significant shifts in employment, with workers increasingly balancing multiple income streams....Economy Tech & Media
UAE leads global renewable energy drive: IRENA envoy
The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent...The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent representative of the UAE to IRENA, tells TRENDS.
The ongoing COP28 aims to deliver an ambitious energy package, targeting significant increases in renewable capacity and energy efficiency by 2030, Al Hosany adds.
Localization in focus as KSA raises military spending
Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization...Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization by 2030.
The Kingdom has partnered with global defense companies, enhancing capabilities, aiming for SAMI to rank among top 25 global military industries by this decade's end.
European Union fails to agree on budget reforms
Brussels, Belgium - EU finance ministers failed to seal a deal on an overhaul of the bloc's spending rules on Friday,...The lack of approval comes despite the ministers meeting for a dinner on Thursday to discuss the reform, before talks stretched into the early hours of Friday.
The current rules, albeit suspended since 2020, say states must keep debt below 60 percent of gross domestic product and deficits below three percent of GDP.
Battles continue across Gaza as UN holds vote on ceasefire
Israeli forces maintained a relentless bombardment and ground invasion across Gaza two months after Hamas's deadly attack sparked a war...Israel has vowed to destroy Hamas over its unprecedented attack on October 7.
Fighters broke through Gaza's militarized border to kill around 1,200 people and seize hostages,
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...The report says that demand is outstripping supply and occupiers are faced with the prospect of leasing more secondary stock.
Across the six primary submarkets tracked by Knight Frank in Abu Dhabi, rents have remained unchanged thus far during H2.
Chinese president says Beijing’s economic recovery at ‘critical stage’
Beijing, China - President Xi Jinping said that China's economic recovery is at a "critical stage", state broadcaster CCTV reported Friday,...Xi urged measures to boost the economy, saying that "the development situation facing the country is complex.
"It is necessary to focus on accelerating the construction of a modern industrial system, expand domestic demand, (and) prevent and defuse risks," said Xi
Iran, Oman call for using national currencies in mutual trade
Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national...The Iranian industry minister also announced his country’s readiness to jointly implement key industrial projects with Oman
Head of the Central Bank of Iran Mohammad-Reza Farzin hailed any measure that helps boost monetary cooperation between the two countries
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...Katherine Gao, Trina Solar CEO, described COP28 as an inspiring platform for leading companies to showcase their smart solutions in the fields of renewable energy
The event, she added, provides an opportunity to exchange solutions with industry leaders and governments to integrate environmental practices across the supply chain
Renewable energy, sustainability drive GCC growth
The GCC's transformation towards sustainability encompasses economic growth, job creation, and resource management, shaping a resilient and green future for...The GCC's transformation towards sustainability encompasses economic growth, job creation, and resource management, shaping a resilient and green future for the region.
Investments in solar and wind power in Saudi Arabia and the UAE mark a clean energy shift, reshaping consumer behavior and the financial sector, creating new jobs and industries.
Saudi Arabian GDP declines by 4.4 percent in Q3 2023
RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third...The Kingdom’s GDP at constant prices reached US$191 billion (SAR 719.09 billion) in the third quarter of 2023,
The real seasonally adjusted GDP eased 3.2 percent quarter-on-quarter (QoQ) in the three-month period.
