UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...Business Economy
OPEC lowers 2025 oil demand forecast over impact of US tariffs
The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels...Economy
Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom
Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...Under the Regional Headquarters (RHQ) Program, participating companies will benefit from substantial tax incentives, including a zero percent rate on corporate income tax
The RHQ Program, launched initially in 2021, has already licensed over 200 companies to operate their regional headquarters from Saudi Arabia
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
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.
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...FMC member companies have signed 94 offtake agreements to purchase emerging climate technologies.
The coalition engages 13 governments who together account for over 50% of global gross domestic product
US pledges climate aid for cities, more private sector finance
Samantha Power, administrator of the US Agency for International Development, is visiting the COP28 summit where nations are wrangling over...USAID promised $53mn to help 23 cities in the developing world switch to low-carbon activities
It would mobilize another $2.3bn in private-sector investment to climate-resilient food infrastructure
One in five children in rich countries lives in poverty: UNICEF
Sixty-nine million children live in poverty in the world's 40 richest countries, UNICEF said in a report, blasting Britain and...UNICEF figure is based on relative poverty, which is around 60 percent of the national median income
The report also highlights the greater risk of poverty for children from single-parent families
Investments strengthen Türkiye-GCC economic ties
The strategic partnerships, including substantial financial support from UAE and Qatar, mark a new era in Türkiye-GCC ties, promising to...The strategic partnerships, including substantial financial support from UAE and Qatar, mark a new era in Türkiye-GCC ties, promising to significantly boost bilateral trade.
Türkiye-GCC relations are revitalized through billion-dollar deals and support for Turkey's post-earthquake recovery, aiming to triple trade with the Gulf by 2030.
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.
