GCC powers ahead in global clean energy transition with solar and hydrogen investments
Now, the region is turning its attention to newer innovations, including hydrogen production, small modular reactors (SMRs), and compact nuclear...Economy
Low carbon investments in arrears of climate needs
Upstream investments in the oil and gas industry are still healthy and dwarf those made in low carbon projects and...Economy
EDB pledges to expand UAE’s renewables market through easy financing
Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources,...EDB CEO Ahmed Mohamed Al Naqbi said the bank through its financing can help businesses switch to solar-power to reduce emissions
The bank can offer up to 100% financing with a maximum tenure of 15 years and a two-year grace period for investments in renewable energy
Bahrain and Thailand seek to boost economic cooperation
Manama, Bahrain-- Bahrain and Thailand have held discussions to enhance economic cooperation in a meeting between top officials of the...The two officials took a review of the progress made in the political and economic cooperation between the two kingdoms
They underscored the resolve of the two countries to consolidate security and peace, and also support sustainable development goals
GCC sovereigns eye fiscal rejuvenation
A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust...The report projects a nearly $11 billion deficit on average over 2023-2026 which is 0.5 percent of average GCC GDP over this period
Prudent fiscal policy and the relatively higher oil price environment have resulted in some governments repaying part of their debt stock
Gaza faces shortage of flour due to Israel-Hamas war
KHAN YUNIS, PALESTINIAN TERRITORIES - One of the last grain warehouses in the Gaza Strip has been damaged by Israeli strikes...Of the five flour mills in the densely populated Palestinian territory, at least two have been hit since the war began on October 7.
Humanitarian aid arriving via Egypt has done little to remedy the shortages, made worse by power cuts and a lack of fuel for generators.
GCC maintains stable inflation rates despite crises
Pausing of rate hikes by global central banks amid fluctuating inflation rates influences global markets, with specific impacts in the...Pausing of rate hikes by global central banks amid fluctuating inflation rates influences global markets, with specific impacts in the MENA region, says a new report.
The latest Kamco report offers an insightful analysis of economic trends in key Gulf countries, shedding light on their unique inflationary challenges and strategies.
Fitch maintains ‘A+’ rating of Saudi Arabia’s PIF, outlook stable
Riyadh, Saudi Arabia - Global credit agency Fitch Ratings has reaffirmed Saudi Arabia’s Public Investment Fund's (PIF) long-term foreign- and...The agency highlighted the PIF’s robust financial autonomy and its critical role in bolstering Saudi Arabia’s non-oil gross domestic product
Fitch notably expressed the far-reaching consequences of a potential PIF default, foreseeing adverse effects on Saudi Arabia's Vision 2030 goals
Dubai Investment posts profit
Its income for the first nine months of 2023 is US$816m.The company reported a net profit of $222.46 million for the nine-month period ended September 30, 2023
The diversified investment company listed on the DFM said its total assets reached $5.71bn at the end of Q3 2023
Bahrain and Russia look to boost economic cooperation
Manama, Bahrain-- Bahrain and Russia have held discussions to enhance cooperation in various fields of the two countries' economies. In...The Bahraini oil minister spoke highly of the Bahraini-Russian relations and their steady progress across various domains, including in the energy sector
The Russian official expressed his country’s keenness to further bolster its cooperation with the kingdom in various fields, wishing Bahrain further prosperity
Iran and Russia diplomats hold discussions on BRICS
Tehran, Iran--Senior Iranian and Russian diplomats held talks in Tehran to discuss the BRICS group and its fields of activities...The Iranian sides reiterated the Islamic republic's commitment to playing an "effective and constructive role in it" and resolved to participate in all activities in the grouping
The Russian delegation enumerated the country's priorities in regard to BRICS during their presidency and presented a briefing on the history and background of the group's actions
Sharjah Civil Aviation Department and WFP sign aviation-safety agreement
Sharjah, UAE--The Sharjah Civil Aviation Department (SCAD) and the United Nations' World Food Programme (WFP) have signed an agreement to...The WFP's Regional Aviation Safety Office will hold training sessions, seminars, conferences, and special projects, in order to benefit both parties
The Sharjah Civil Aviation Department will send qualified lecturers and trainers to conferences, workshops, and other events hosted by the WFP
