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
Trump’s new tariffs take effect, with 104% on Chinese goods
US President Donald Trump's punishing tariffs on dozens of economies came in force Wednesday, including over 100 percent in levies...Economy
IEA urges oil firms to pour half their investments into clean energy by 2030
Paris, France--The International Energy Agency on Thursday called on oil and gas companies to devote half of their investments to clean...It exhorted producers to make the choice between worsening the climate crisis or helping to limit global warming to +1.5C, in line with the Paris Agreement
IEA Executive Director Fatih Birol said that remaining unfazed in the face of a worsening climate crisis is "neither socially nor environmentally responsible"
Oil prices stall ahead of U.S. stocks data, potential OPEC+ cuts
Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply...The Organisation of the Petroleum Exporting Countries (OPEC) and allied producers are set to consider additional oil supply cuts when it meets on Nov. 26.
The head of the IEA oil markets said that even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024
World Bank anticipates 4.5% growth in UAE’s non-oil economy in 2023
Riyadh, Saudi Arabia - The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of...The WB report has projected a 3.4% growth in the real Gross Domestic Product of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024
According to the report, the Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7% in 2024 and 2025
European banks lack transparency on green finance: NGO
ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on...Only four banks have demonstrated how they have calculated green finance targets
The study questioned some decisions being counted towards meeting green finance targets
UAE approves official holidays calendar for govt, private sectors for 2024
UAE, Dubai - UAE has approved the year 2024 official holidays calendar for both public and private sectors.As part of the...The resolution aims to enable all community members working in various sectors in the UAE, as well as families, to plan ahead for holidays, travel and personal activities
The UAE public holidays calendar includes 12 Rabi` al-Awwal 1446 AH which marks the Prophet Mohammed’s (PBUH) birthday, and 2, 3 December as the National Day holidays in 2024
MENA’s $2trn construction boom boosts sustainability
With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in...With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in sustainable urban development.
The region sees a unique chance to pioneer sustainable technologies, potentially reducing lifecycle emissions by 50-60%, highlights Strategy& Middle East and Dar.
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...Sodium-ion batteries are viewed as a cheaper and in some respects safer alternative to the lithium-ion batteries.
While sodium-ion technology has been around for decades, it has lagged lithium-ion batteries in performance.
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study...Half the profits booked by multinationals benefitting from low tax rates were from countries that have high rates but offer various tax breaks to attract investments.
"Many jurisdictions typically considered (to be) 'high tax' offer various incentives which can lead to substantially reduced tax rates," said the report further.
DTC sets IPO offer price range
Final offer price will be fixed through a book-building processThe company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).
AI, Industry 4.0 transform Middle East manufacturing
"As we look ahead, the manufacturing landscape is set to continue evolving, navigating through the VUCA (volatility, uncertainty, complexity, and...Saudi Arabia, the UAE, and Egypt spearhead the Middle East's manufacturing growth, harnessing AI and Industry 4.0 to revolutionize their economic landscape.
In 2024, Middle Eastern manufacturers will focus on smart manufacturing, AI-enhanced supply chains, and digital ecosystems, driving sustainable growth in a pivotal year.
