Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...Economy Geostrategy
Iran slams new EU, UK sanctions as unjustified: foreign ministry
ran's foreign ministry Tuesday slammed as unjustified the new sanctions by the European Union and Britain against Tehran over its...Economy
Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...The cap was jointly imposed on December 5, 2022 by the European Union, Australia and the Group of Seven rich countries.
Initially successful, it lost its impact once President Vladimir Putin's Russia found new buyers for its oil and new tankers to deliver it.
Tawzea, NWC ink pacts
The companies have signed two agreements.Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.
Crypto markets witness dynamic asset allocation amid volatility, says study
DUBAI, UAE – Institutional traders (INS) in the crypto markets maintain a conservative approach, with 50 percent of their portfolio...In September 2023, institutional traders allocated half of their portfolios to Bitcoin, the report said.
Retail traders showed a lower percentage of Bitcoin holdings, which could be linked to their higher leverage levels.
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.
The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
Mashreq commits $30bn to UAE banking sector’s sustainable finance by 2030 pledge
DUBAI, UAE -Mashreq bank has been announced as one of the top contributors to the UAE Banks Federation’s (UBF) pledge,...UAE Banks Federation had pledged to mobilize US$272 billion (AED 1 trillion) in sustainable finance by 2030 at COP 28 meeting.
Mashreq’s commitment to facilitating US$30 billion by 2030 builds on years of sustainable finance deployment in the MENA region.
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...The index continued to signal a rapid expansion in the non-oil private sector in November,
Higher raw material prices led to a continuous increase in corporate sales prices, but demand remained strong.
Global Fund to allot 70% of its funding to countries hit by climate change
Dubai, UAE--The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) announced at COP28 that more than 70% of...Peter Sands, of the Global Fund, said the fight against deadly infectious diseases "must go hand in hand with addressing climate change”
The fund will also invest over US$2.9 billion over the next three years in the 50 most climate-vulnerable countries to strengthen health systems
Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts
Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then...The announcement of the visit follows the recent OPEC decision to cut oil production by 2.2m bpd in Q1 of 2024
Saudi Arabia, as the world's largest exporter, will see a reduction of 1 million barrels per day
‘COP28 makes significant strides in climate action’
"COP28 is a very important conference because what it's doing is not just bringing people together, but it provides certainty...World Bank President Ajay Banga emphasizes COP28's significant progress in climate action, lauding its establishment of definitive deadlines for climate commitments.
The ALTÉRRA fund, with a $30 billion capital, will enhance global climate action, alongside the World Bank's commitment to solar projects in Africa and methane reduction.
Gold strikes fresh record high as rate cut bets surge
Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the...The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic
Bets on a drop in rates have weighed on the dollar, which has in turn made gold cheaper for international buyers
