Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...Business Economy
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...Economy Energy Geostrategy
Monsha’at reports Q3 rise in SMEs driven by growth across non-oil sectors
RIYADH, SAUDI ARABIA - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor,...The total number of SMEs in the Kingdom has risen and reached 1.27 million.
Over 43 percent of SMEs are located in the financial capital of Riyadh.
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...The Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.
“This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite,” CEO of Bank of Sharjah said.
Some farmers in drought-hit Iraq forced to reduce crops: NGO
Baghdad, Iraq -- Sixty percent of farmers surveyed in four provinces of drought-hit Iraq reported having to reduce cultivated areas or...Successive years of drought have already displaced tens of thousands from rural areas in Iraq, particularly in the southern provinces that face extreme heat during the summer.
In addition to drought, the authorities blame upstream dams built by Iraq's powerful neighbours Iran and Turkey for dramatically lowering water levels in the Tigris and Euphrate.
Bahrain and EU hold discussions to ramp up ties in energy sector
Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy...The Bahrani oil minister shared details with the envoy of the kingdom's oil projects and environmental initiatives aiming for zero neutrality by 2060
The EU ambassador applauded the kingdom's progress and development, pledging to continue promoting investment for both parties sides
Brazil, UAE forge ahead with stronger bilateral ties
“We would like the UAE to be a partner in our current process of investing in infrastructure. It is a...Brazil's Ambassador to UAE, Sidney Leon Romeiro, praises UAE's commitment to environmental sustainability and renewable energy.
Brazil and UAE collaborate in global climate change discussions, aiming to meet Paris Agreement goals, the Brazil envoy highlights.
Gulf Air hit by data breach
It said client database may have been compromised.The airline said its operations and critical systems "were fully intact" and that there were no disruptions to its flight schedule
It said the details of the breach were shared with the authorities and it was working with them to investigate "the matter thoroughly"
Jordan’s jewelry, pharmaceutical exports rise in January-September 2023
AMMAN, JORDAN – The Kingdom’s exports of jewelry increased by 71.5 percent during the January-September period of 2023 and pharmaceutical...The value of Jordan’s exports of jewelry until the end of September amounted to about US$858 million.
The value of the Kingdom’s exports of pharmaceutical products until the end pf September was about US$531 million
Saudi, Turkey, Egypt among 16 nations viewing climate change as top concern
Riyadh, Saudi Arabia: Around 80% of consumers surveyed across 16 countries now view climate change as the world’s No. 1...Around 56% of Saudi consumers stated that they were willing to pay more to ride in a carbon-neutral taxi as against 40% of consumers in other countries
Similarly, they were also willing to pay more for hotels, train tickets, broadband internet, groceries, computers, clothing, and smartphones
ADB plans to invest US$100bn to maximize climate impact
MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...By 2030, more than 55 percent of the population of Asia and the Pacific will live in urban areas, driving up demand for urban-related services.
If urban areas continue along the same growth trajectory, Asian cities could contribute over half of the rise in global GHG emissions in the next 20 years.
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...The IEA report examined the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets.
The report estimates that the present valuation of private oil and gas companies could fall by 25% from $6 trillion today if all national energy and climate goals are reached
