Dubai, UAE--The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) announced at COP28 that more than 70% of its funding, equivalent to more than $9 billion, will be spent over the next three years in favour of the countries most affected by climate change, with the aim of...

Abu Dhabi, UAE--ADQ and Qazaqstan Investment Corporation have established a co-investment platform focused on high-growth sectors such as food and agriculture, mobility, healthcare, energy transformation and clean technology, financial services technology, and education technology. The platform aims to explore and leverage investment opportunities in Kazakhstan as well as other countries...

Istanbul, Turkey - Saudi and Turkish companies, part of the Saudi-Turkish Business Council, signed eight trade agreements to strengthen trade and investment between the two countries. The Federation of Saudi Chambers, Saudi General Authority of Foreign Trade, and Turkish Foreign Economic Relations Board co-organized the meet between the two. It...

Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic....

The latest batch of data show higher borrowing costs starting to slow down consumption -- a key goal of the central bank. Turkey's gross domestic product rose by just 0.3 percent between July and September. It had risen by 3.3 between April and June.

Dubai, UAE--The Emirates Nuclear Energy Corporation (ENEC) has signed a memorandum of understanding with TerraPower, an American nuclear innovation company, to collaborate in various areas of technological development. The MoU was signed during COP28 by Ahmed Al Mazroui, Nuclear Research and Development Vice President of ENEC, and Chris Levesque, President...

Chinese Vice Premier Ding Xuexiang said his country has promoted the targets for carbon peak and carbon neutrality, adding that while fulfilling its international obligations, China has made efforts to help other developing countries cope with climate change. He made the comments while addressing the G77 on the sidelines of...

Dubai, UAE-- The UAE and Turkmenistan have agreed to enhance bilateral ties in all fields, particularly in the development sectors, in the "interests of the two friendly countries and peoples." The resolve to boost ties was expressed during a meeting between UAE's vice president Sheikh Mansour bin Zayed and Turkmenistan...

According to a new report from Net Zero Tracker, at least 150 countries have committed to a net-zero emissions target of some kind. But the climate monitor said only 13 percent of those countries have made at least one commitment to phase out the use, production or exploration of coal,...

Dubai, UAE-- UAE President Sheikh Mohamed bin Zayed and UN Secretary General António Guterres discussed the importance of the conference in enhancing international collective action to address climate challenges in a manner that serves humanity and future generations. The meeting between the two took place at the ongoing UN Climate...

DOHA, QATAR - QatarEnergy has announced the successful integration of all marketing and marketing-related activities formerly managed by QatarEnergy LNG. QatarEnergy described the integration process as a major move towards consolidating the company’s position as a global energy leader and an important milestone to enhance the effectiveness of LNG marketing...

Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production have...

Dubai, UAE--The United Arab Emirates (UAE) and Kazakhstan signed an agreement outlining a commitment to co-operation in the development of Kazakhstan’s renewables sector, including through the development of a large-scale wind power project with a 1GW capacity. Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, oversaw the signing of the...

Dubai, UAE--The UK government has ordered a formal probe into the proposed sale of the Telegraph Media Group to an Abu Dhabi-backed investment fund. The investment fund, RedBird IMI, disclosed earlier this month that it was set to take control of The Daily and Sunday Telegraph sister newspapers and The...

LONDON, UK - The UAE has been re-elected to the Council of the International Maritime Organization (IMO) in the Category B membership for the fourth term with the highest number of votes, following comprehensive efforts and an intensive election campaign leading up to the elections. Through its landmark initiatives, the...

Dubai, UAE--The IMF announced Friday that it will revise its economic outlook for the Middle East and North Africa region due to the ongoing Israel-Hamas conflict. The conflict will have wide-ranging consequences for "both people and economies" in the region, although the extent of the impact remains "highly uncertain," the...

Dubai, UAE--Abu Dhabi Future Energy Company, also known as Masdar, is part of a $14 billion investment into the UK’s renewable energy sector and is purchasing a 49 percent stake in RWE’s 3 gigawatt (GW) Dogger Bank South (DBS) projects - which form one of the world’s largest planned offshore...

The bank, according to a statement, "is putting to work more than $40 billion", around $9 billion more than previously programmed. In 2021, the bank announced a goal to reach an average of 35 percent by 2025 and is currently ahead of schedule, running at an average of 36.3 percent...

SAN FRANCISCO, US - Microsoft, the tech titan that has invested billions of dollars in ChatGPT creator OpenAI, has been given a seat on the startup's board. The nomination was shared in a memo to OpenAI staff on Wednesday that was later posted to the company's blog and included a list...

RIYADH, SAUDI ARABIA - Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned by Kaspersky has found. The data shows that 71 percent of companies in Saudi Arabia suffered at least one cyber incident over the last two years. One of the main...

ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure organizations dedicated to sustainable Islamic finance. The events, which took place in Abu Dhabi on November 27-28 2023, are part of CBUAE’s efforts to promote sustainable finance and expedite initiatives...

Saudi Arabia will extend its voluntary cut of 1 million barrels per day. The latest Saudi cut is in addition to the voluntary cut of 500,000 barrels a day previously announced by the Kingdom in April 2023, which extends until the end of December 2024.

Washington, United States - A key inflation measure used by the US Federal Reserve to set interest rates eased further last month amid declining energy and goods prices, according to government data published Thursday. The annual personal consumption expenditures (PCE) price index rose 3.0 percent in October, down 0.4 percentage points...

DUBAI, UAE – The Ministry of Human Resources and Emiratization (MoHRE) has notified over 12,000 private companies with 20-49 workers that Cabinet Resolution No. (33/5W) of 2023 regarding the expansion of Emiratization targets will be in effect starting January 2024. Companies with 20-49 workers will be required to hire one...

It received more than US$41 billion in investor orders.

It will pour US$3.4bn into the new venture this decade.

The discussions between the UAE president and the Cuban president at Expo City Dubai focused on cooperation in various fields particularly in the economic, investment, developmental, renewable energy, and sustainability sectors, aiming to broaden their scope to fulfil the aspirations of both nations for development and prosperity.

Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel (SAF), in a pivotal step towards exploring the possibilities of supplying and purchasing of SAF regionally in the coming years. This ambitious goal underscores ENOC's proactive approach to fostering a...

World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with hiking rates and could cut borrowing costs next year as inflation cools. While Wall Street's main indices spent some time in the red, they moved higher as the yields on US...

Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185 percent hike compared to the same period in 2020, an official said. Iran’s direct and indirect exports to the African continent in the administration of President Ebrahim Raeisi have significantly...

Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to renew the currency swap between the UAE and China and a memorandum of understanding (MoU) to enhance technical and technological cooperation in the development of central bank digital currencies. The...

Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial sectors, expected toward the end of 2024. It was revealed by Bassel Al Khawaja, Advisory Head at Abu Dhabi IPO Fund (ADIPOF) on the sidelines of the 2nd day of...

Abu Dhabi, UAE - The UAE and Pakistan recently sealed a significant deal, potentially injecting between $20 to $25 billion into Pakistan's struggling economy, according to media reports. The agreements, covering diverse sectors like energy, ports, food security, and finance, were signed after a meeting between caretaker Prime Minister Anwaarul...

Beijing, China - China's central bank and several government agencies unveiled 25 new measures Monday to support private economy. These initiatives aim to diversify financial avenues for private businesses, marking a continued effort to bolster the sector crucial for the country's economic progress. According to Global Times, these measures represent...

Antwerp, Belgium - As European capitals prepare to implement long-awaited sanctions on Russia's diamond exports, Belgian traders are bracing for new scrutiny of their industry. In Antwerp's renowned diamond district -- which handles an estimated 86 percent of the world's rough diamonds -- polishing "labs" are turning to blockchain technology to...

Low- and middle-income countries have experienced a combined loss in capital and GDP totaling $21 trillion, about half of the total 2023 GDP of the developing world, in the last 30 years, the report said. The authors specify that losses are "conservative estimates" because the analysis does not account for...

RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as chairman of the board of directors. The bank said in a regulatory filing on the Tadawul that it also named Ibrahim bin Mohammed Al Romaih as vice chairman. Al Rajhi...

ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023 auction for Clean Energy Certificates (CECs) here, with registration now open and the auction closing on December 14 2023. Introduced by the Abu Dhabi Department of Energy (DoE), CECs are...

In 9M, the firm's restructuring led to a turnaround.

Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to take part in the three-day long "the Fortune Global Forum" to discuss major challenges faced by the global economy. Organised by the Abu Dhabi Department of Economic Development (ADDED), the...

Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of renewable energy and cut emissions from the ports and maritime logistics sector. Signed by IRENA Director-General Francesco La Camera and DP World Group Chairman and CEO Sultan Ahmed bin Sulayem,...

Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two state-of-the-art vessels designed for the transportation of Kazakhstan's oil across the Caspian Sea. The two oil tankers were named Liwa and Taraz - after ancient cities in the UAE and...

Billions of dollars are being invested into ventures to grow food in the GCC to make the arid, hot region self-sufficient, in a sector vulnerable to the vagaries of war, climate and disease.

RIYADH, SAUDI ARABIA  - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor, which showed a 3.5 percent growth in the number of SMEs in the Kingdom in Q3 2023, bringing their total number to 1.27 million. With over 40,000 new businesses created...

SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million 144A/Reg S senior unsecured sukuk for Abu Dhabi-based Ittihad International Investment LLC, alongside other international and regional banks. In response to the successful closure of this transaction, Mohamed Khadiri, CEO...

Zhongzhi Enterprise Group managed assets worth more than one trillion yuan ($141 billion), according to investment bank Nomura. But the group has been caught up in China's real estate crisis, leaving it now unable to repay investors.

Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy sector. In this regard a meeting took place in Manama between Dr. Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs and Christophe...

MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB) plans to invest US$100 billion of its own funds and work with the public and private sector to maximize its climate impact. With the region on the frontline of the...

Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, according to a major new special report from the IEA. The report shows how the industry can take a more responsible...

RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of investments, Abdulrahman Altawil, the Kingdom’s Deputy Minister, Developmental Housing, Municipal and Rural Affairs and Housing said here. This reflects their confidence in the Egyptian market, he said. In a speech...