Egypt central bank lowers interest rate for first time since 2020
Egypt's central bank on Thursday announced that it was lowering interest rates for the first time since 2020, days after...Economy
Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...Business Economy
COP28 ignites key climate change talks in Arab world
"The event focuses on transitioning the energy sector, demonstrating how strategic investments can foster prosperity without solely relying on fossil...Colombia's President Gustavo Petro emphasizes the significance of COP28 for addressing climate issues.
Petro stresses on the transition from traditional energy sources to sustainable alternatives to save the Earth.
UAE voted to Category-B membership in International Maritime Organization
LONDON, UK - The UAE has been re-elected to the Council of the International Maritime Organization (IMO) in the Category...The UAE received the highest number of votes, following comprehensive efforts and an intensive election campaign leading up to the elections.
The country plays an active role in strengthening the national maritime sector and contributing to the growth of the global maritime industry.
IMF to revise regional outlook over Israel-Hamas conflict
Dubai, UAE--The IMF announced Friday that it will revise its economic outlook for the Middle East and North Africa region...The IMF staff wrote in a blog post that Israel-Hamas conflict will have wide-ranging consequences for "both people and economies" in the region
The IMF officials said countries like Lebanon that are heavily dependent on tourism saw hotel occupancy rates drop by 45 percentage points in October compared to a year ago
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
They must manage and minimize the execution risks associated with expansion in middle-market investments.
Astra Tech to launch financial services powered by AI in 2024, says CEO
ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first...The CEO said that Astra Tech plans to enter new financial sectors and make acquisitions in South Asia, including India.
He said that the company is looking to expand into Saudi Arabia to enhance its services in this vital market.
UAE, Philippines to cooperate in digital sector with focus on data centers
Abu Dhabi, UAE - The UAE and Philippines signed an agreement to create a framework for investment in the digital...As physical facilities that organizations use to store critical data and run applications, data centers are vital parts of the digital economy infrastructure
Recognized as one of the emerging data center markets worldwide, the Philippines offers a robust, rapidly growing ecosystem in this sector
UAE a pioneer in renewable energy: Palau President
“COP28 is attracting significant interest from various participating countries and will serve as an important forum for climate enthusiasts. This...Palau President commends the UAE's leadership in renewable energy, especially solar, for global climate goals.
COP28 garners significant international interest as a pivotal event for climate change action and sustainability.
Gulf leads the charge in green mobility revolution
In the heart of the GCC, a transformative shift towards 'Green Mobility' is underway, driven by a commitment to environmental...In the heart of the GCC, a transformative shift towards 'Green Mobility' is underway, driven by a commitment to environmental sustainability and reducing carbon footprints.
This shift, led by nations like the UAE and companies like Aramex, is redefining the future of transportation, blending innovation, economic growth, and ecological stewardship.
Tech titan Microsoft wins observer seat at OpenAI
SAN FRANCISCO, US - Microsoft, the tech titan that has invested billions of dollars in ChatGPT creator OpenAI, has been given...The nomination was shared in a memo to OpenAI staff that was later posted to the company's blog.
Microsoft will join former US Treasury Secretary and political power broker Larry Summers, who was added last week.
CBUAE, Islamic finance organizations discuss sustainable practices
ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure...Participants in the events included officials and experts from international organizations, financial institutions and Islamic financial bodies.
They aimed to support and advance sustainable Islamic finance while expanding the reach of sustainable finance globally.
