When both governments and international institutions are explicitly warning businesses about geopolitical risks, traditional corporate approaches to navigating international relations are no longer sufficient. The solution isn't merely better government relations or enhanced risk management; it's the emergence of an entirely new C-suite role: the Chief Geopolitical Officer (CGO), he...
UAE to provide Germany gas, diesel under ‘energy security’ deal
As part of the deal, the UAE will provide "an LNG cargo for delivery in late 2022, to be used in the commissioning of Germany’s floating LNG import terminal at Brunsbuettel", a North Sea port. UAE state oil company ADNOC completed its first ever direct diesel delivery to Germany earlier...
Saudi launches five projects to produce electricity using renewable energy
Riyadh, Saudi Arabia--Saudi Arabia has launched five new projects to produce electricity using renewable energy, which is part of the fourth phase of the projects of the National Renewable Energy Program. Saudi Press Agency said that Saudi Energy Procurement Company (the main buyer) launched the projects for competition. The financial...German bakeries struggle to survive as costs spiral
Germany's center-left government has announced relief measures worth almost 100 billion euros to tackle inflation, but small businesses have so far been largely excluded from the help.Lebanon migrant ship death toll rises to 94
The toll has repeatedly ratcheted higher since the first bodies were found on Thursday. The United Nations High Commissioner for Refugees (UNHCR), Filippo Grandi, described the shipwreck as a "heart-wrenching tragedy".UAE, Russia review bilateral relations, strategic ties
The UAE foreign minister noted both the countries support each other to achieve sustainable economic growth and enhance the prosperity of their people.
TotalEnergies, Qatar ink pact
TotalEnergies to invest $1.5bn in natural gas production.
‘More efforts needed for net zero carbon emissions by 2050’
More efforts are required to make the world reach net zero emissions by mid-century, according to the International Energy Agency's (IEA) latest appraisal of global progress on clean energy technologies.
Dubai emerges as a driving force for a green economy
Dubai is consolidating its position as a pioneer in transitioning to a green economy to support the efforts of the UAE and the rest of the world in fighting the consequences of climate change.
Saudi Arabia celebrates 92nd National Day with military parades, other festivities
Chairman of the Board of Directors of General Entertainment Authority (GEA) on September 17 launched the nine-day celebrations under the slogan, ‘This is our home’.Dow drops to lowest level in two years as recession looms
Falling for the fourth straight session, Wall Street stocks finished lower on Friday as markets bet on the rising risk of a recession due to interest rate hikes. All three major indices tanked more than 1.5 percent, adding to the week's losses after Wednesday's big Fed rate increase spurred similar...
Arab youth prefer UAE over home country to live, work
Key attractions in the UAE include economy, secure environment, rewarding salary packages, a wide range of job opportunities, and the wise leadership, says a survey.
French TV to show ‘power map’ to avoid winter black outs
France's national broadcaster said Friday it would begin broadcasting a "power map" to viewers, showing demand for electricity around the country and areas where over-consumption could lead to blackouts. Under a deal signed with the main operator of the country's power grid, France Televisions will begin showing a real-time map...
Dubai records realty transactions worth US$1.8bn in week
A total of 2,401 real estate transactions worth US$1.8 billion (AED6.7 billion) were conducted during the week ending September 23, 2022, according to figures released by the Dubai Land Department.World markets plunge on growing recession fears
Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks this week hiked interest rates to fight inflation. Monetary policymakers have been forced to go on the offensive, warning that short-term hits to economies are less painful than the long-term...‘Barakah Nuclear Power Plant promotes clean, safe energy’
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the start-up of Unit 3 of Barakah Nuclear Energy Plant contributes to achieving one of the most important objectives of the country's vision and strategy for the energy sector.61 dead in migrant shipwreck off Syria coast, says Lebanon
At least 61 migrants drowned when a boat they boarded in Lebanon sank off Syria's coast, a Lebanese minister said, the deadliest such shipwreck from Lebanon in recent years.
Central Bank of Egypt keeps interest rates unchanged
The Central Bank of Egypt also decided to increase the required reserve ratio to 18 percent from 14 percent
South Africa seeks wind energy to resolve power situation
South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening blackouts in the continent's most industrialized economy.
Ukraine suffered nearly $1 trillion in losses since Russian invasion
The figure was equivalent to five times Ukraine's annual GDP before the invasion in February, Oleg Ustenko, economic advisor to President Volodymyr Zelensky, said at an event hosted by the German Council on Foreign Relations in Berlin.UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.
Saudi-UAE non-oil trade increased by 92.5 percent in past decade
The value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around AED205.5 billion, while re-exports were valued at AED471.7 billion, and imports at AED227 billion.Xiamen Airlines to buy aircraft
The airline plans to buy 40 A320neo aircraft from Airbus.‘Hungary wants EU sanctions on Russia lifted by year end’
Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a pro-government daily newspaper said. Orban, who has sought close ties with Russian President Vladimir Putin in recent years, has frequently railed against the sanctions, saying they are hurting Europe more...Markets drop as Fed and European central banks hike rates
European markets were down in afternoon trades, with London's FTSE 100 shedding 0.5 percent after the Bank of England raised its rate again to combat inflation and signaled that the UK entered recession in the current quarter.UAE, Jordan ink pact to standardize specifications
The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a Memorandum of Understanding (MoU) with the Jordan Standards and Metrology Organization (JSMO) to strengthen ties around standards, regulations, conformity assessment, specifications and national hallmarks.Saudi Education Minister meets founder of edX platform in US
Saudi Arabia's Minister of Education Dr. Hamad bin Mohammed Al AlSheikh has met with the leaders of edX platform at Boston University in the United States.Truss at UN vows UK military aid ‘until Ukraine prevails’
Truss became the latest Western leader at the UN General Assembly in New York to rail against Russian President Vladimir Putin, who hours earlier mobilized reservists in a clear sign he is in no rush to end the conflict. Putin's move only highlights the "catastrophic failure" of Russia's invasion of...
Saudi Arabia emerges as one of the world’s top eSports hubs
The PUBG Mobile tournament was part of Gamers8, a summer festival spotlighting Saudi Arabia's emergence as a global eSports dynamo -- one that officials hope can compete with powerhouses like China and South Korea. Much like with Formula One and professional golf, the world's biggest oil exporter has in recent...
GCC central banks up interest rates, tracking US Fed
Taking a cue from Federal Reserve, GCC central banks have raised interest rates, tracking a hike in the US Fed's benchmark rate. The US central bank announced its third consecutive interest rate increase of 0.75 percentage point, continuing the forceful action to tamp down inflation that has surged to the...
IMF condemns Lebanon’s ‘very slow’ progress on reforms
Lebanon and the IMF reached a conditional agreement on the loan in April to help the country stem its economic crisis, which the World Bank has branded one of the planet's worst in modern times. But Lebanon has yet to enact the reforms needed to unlock the funds.
Markets drop as Fed hike looms, Putin move lifts dollar and oil
Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up borrowing costs to combat the highest inflation in decades, which has been compounded by the Ukraine war and supply chain snarls.Saudi Tourism Authority organizes promotional tour in GCC countries
The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and regional markets.
We are helping Lebanon to deal with economic challenges: Blinken
The United States Secretary of State Antony Blinken said the US is supporting Lebanon through its incredibly challenging economic issues.UAE GDP grows 18.8% at current prices in 2021, says federal body
The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared to around $0.27 trillion in 2020.
Pandemic resilience gives Abu Dhabi economy an edge
Health remains key focus as the UAE capital leads global bid to combat the pandemic, as evidenced by its role in clinical trials for COVID-19 vaccines and therapeutic innovations.Commodities drop amidst darkening growth outlook
In addition, demand in China continues to linger after the IEA said the world's largest importer of oil was heading for its biggest annual drop in demand in more than three decades. Meanwhile, the US walked back on its SPR refill stance by saying that it didn’t include a strike...ADB cuts ‘developing Asia’ growth forecast as China lockdowns bite
China's growth forecast for 2022 was reduced to 3.3 percent from 5.0 percent, as Beijing pursues a zero-Covid strategy that has devastated the world's second-largest economy. Chinese officials are under pressure to curb even the smallest virus outbreaks swiftly, ahead of a key political meeting in October where President Xi...
Air passengers number up, reveals global aviation meet in Dubai
Some of the greatest minds in the aviation industry took to the stage at this year’s Global Aviation Conference in Dubai, UAE.
UAE, France, India share vision on sustainable growth: Sheikh Abdullah
New York, USA - UAE, France and India have discussed the need for enhancing global cooperation to counter energy and good security challenges. The foreign ministers of the three countries met on the sidelines of 77th session of the United Nations General Assembly in New York. Sheikh Abdullah bin Zayed...
Putin accuses European Union of blocking Russian fertilizer
Putin accused the European Union of blocking 300,000 tons of Russian fertilizer from reaching the world's poorest countries. "Our offer... to transfer for free 300,000 tons of Russian fertilizer blocked in European ports because of sanctions to countries that need it is still without an answer," he said.Aramco says global energy transition goals unrealistic
Oil giant Saudi Aramco's chief blasted "unrealistic" energy transition plans, calling for a "new global energy consensus", including ramped-up investments in fossil fuels to address painful shortages. Speaking at a conference in Switzerland, Amin Nasser lamented a "deep misunderstanding" of what caused the current energy crunch.
DEWA, Desolenator ink pact
Dutch firm will provide water desalination technology‘Standardization key to enhancing quality of local products’
UAE Minister of Industry and Advanced Technology (MoIAT) Dr. Sultan bin Ahmed Al Jaber said that hosting the International Organization for Standardization (ISO) Annual Meeting 2022 in Abu Dhabi aligns with the government's desire to benefit from global expertise.World Bank urges Sahel nations to diversify economies
Alerting five West African countries to the danger posed by climate change, the World Bank has urged them to diversify economies as they are extremely vulnerable to extreme weather patterns. The five countries in the arid Sahel region are vulnerable to droughts, floods, and heatwaves, according to a report.
Sports sector contributes US$2.45bn to Dubai economy
The sports sector has contributed some $2.45 billion to the Dubai economy in 2021, representing 2.3 percent of the emirate's annual gross domestic product. According to the Dubai Sports Council 105,000 jobs will be created in the sector, which will account for 3.8 percent of total employment in Dubai.
UAE says global pacts can help face labor related challenges
The UAE highlighted the significance of complying with international work standards and developing partnerships that empower countries to overcome the future challenges of the labor markets across the globe.Arab economies expected to grow by 5.4 percent in 2022: AMF
Arab economies grew by 3.5% in 2021. The higher growth in 2022 is attributed to an improvement in global demand levels and the growth of the oil and gas sectors. Aid by Arab governments to support economic recovery is another reason for the growth, the Fund said.Treated sewage water improves wheat growth, production in UAE
A study by an Emirati researcher has shown that wheat growth can be accelerated and production improved using treated sewage water.Dubai reduced carbon emissions by 21 percent in 2021
The Dubai Supreme Council of Energy had a virtual meeting in which it was revealed that Dubai had reduced carbon emissions by 21 percent in 2021.
Bahrain central bank’s $185m treasury bills oversubscribed 216%
Manama, Bahrain—Bahrain’s latest government treasury bills, valued at Bahrain Dinar 70 million ($185 million), have been oversubscribed by 216 percent. The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government. The issue date of the bills is 21...
