Abu Dhabi, UAE -- Renewables maintain their cost leadership in global power markets, IRENA’s new report on Renewable Power Generation Costs in 2024 confirms. The report confirms that renewables maintained their price advantage over fossil fuels, with cost declines driven by technological innovation, competitive supply chains, and economies of scale....
UAE issues updated second NDC to reduce emission
The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved an updated version of the UAE’s second Nationally Determined Contribution (NDC) under the Paris Agreement.
Qatar private sector exports up 21 percent in second quarter: Chamber
Qatar’s private sector exports during the second quarter of 2022 amounted to QAR 8.92 billion ($2.44 billion), a 21 percent growth on annual basis compared to QAR 7.73 billion in Q2-2021, said Qatar Chamber in its quarterly report. On a quarterly basis, it also surged 15.4 percent compared to QR...
UN urges EU against fossil fuels in energy crisis
The UN urged EU countries on Monday to continue battling climate change and not resort to more fossil fuels in their response to soaring energy prices and fears of winter shortages. Russia has reduced supplies of gas to Europe since its invasion of Ukraine, sending prices for the fuel soaring.
Queen’s funeral set to knock UK economy after rebound
Time off work for millions of Britons next Monday means the economy will have had two more public holidays than usual in 2022.‘Certainly a risk’ of US recession, Yellen says
An American recession "is a risk when the Fed is tightening monetary policy to address inflation," President Joe Biden's leader on financial, economic and tax policy told CNN, referring to the US Federal Reserve. "So it's certainly a risk that we're monitoring," Yellen added, but "we've got a good strong...
UAE, Serbian Presidents discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan discussed with Aleksandar Vucic, President of Serbia, cooperation between their countries and prospects for enhancing it to advance their mutual interests. The talks took place during a meeting held between the two leaders at Qasr Al Watan in Abu Dhabi.
Dubai’s RTA releases Sustainability Report 2021
Dubai's Roads and Transport Authority (RTA) has published its seventh Sustainability Report 2021. The report showcases RTA's practices in matters related to the environment, society and governance.Dubai FDI wins UN award for best practices in tracking investments
The Dubai Investment Development Agency (Dubai FDI) at the Department of Economy and Tourism (DET) gained international recognition for its successful efforts in capturing FDI trends and patterns toward positioning the city as a global investment destination.
DEWA plans cash dividend for H1
Firm plans to give cash dividend of US$844m.
IsDB sanctions US$1.12bn financing for member countries
The Islamic Development Bank (IsDB) has approved a $1.12 billion financing for development projects in various sectors in nine member countries.
Loan exemptions: GCC’s way to help individuals, firms
The Gulf countries assist loan defaulters by delaying payments or exempting those who can't pay to save emerging companies and prevent their accumulation of financial burdens.
Summit in UAE discusses global partnerships, prosperity
Over 200 senior officials convened in the "Ambassadors Forum", organized by the World Government Summit Organization in partnership with UAE Ministry of Foreign Affairs and International Cooperation, to rally for international partnerships.
‘Jordan not affected by India’s decision to restrict rice exports’
President of Foodstuff Traders Association (FTA), Khalil Haj Tawfiq, said India's decision to restrict its exports of some rice varieties will not affect the Kingdom, as Jordanian traders do not import the types covered by the new restrictions.
World Green Economy Summit 2022 theme revealed
Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organization (WGEO) announced that the theme of the 8th World Green Economy Summit (WGES) is "Climate Action Leadership through Collaboration: The Roadmap to Net-zero."Egypt hikes price of customs dollar to highest ever
Egypt has raised customs dollar to its highest level in history, a measure likely to inflate the price of imported goods.Ukraine rebuilding to cost US$350bn: report
It will cost some $350 billion to rebuild Ukraine from the devastation caused by the Russian invasion, according to a report. The figure, which totals 1.5 times the size of the Ukrainian economy, is considered a minimum and is expected to grow in the coming months as the war rages...
ADNOC to supply natural gas to Dubai for clean energy transition
ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support economic growth while lowering emissions when used as a substitute for coal in power generation.Germany’s third-largest gas importer seeks government aid
German gas company VNG on Friday became the latest European energy firm to seek government aid as reduced Russian pipeline flows pushed up energy prices and put its business under stress. VNG, Germany's third-largest gas importer and storage operator, asked for support to "avert further losses" and allow the group's...
EU ministers seek ways to face energy shock
Moscow's invasion has seen the price of natural gas hit record levels, throwing the EU economy into deep uncertainty with all eyes on whether Russian President Vladimir Putin will cut off the energy flow entirely. Before the war, 40 percent of the EU's gas imports came from Russia, with most...US sanctions Iranian company that shipped drones to Russia
The US Treasury said it had placed Tehran-based Safiran Airport Services on its sanctions blacklist, two months after the White House divulged intelligence that Russia was seeking Iranian unmanned aerial vehicles (UAVs) for its war on Ukraine.
US launches Asia economic forum to counter China
The two-day event is the first face-to-face meeting between members of the new Indo-Pacific Economic Prosperity Framework (IPEF), an initiative launched in May by US President Joe Biden. With this new trade partnership, the Biden administration hopes to reinforce its presence in a region that felt cold-shouldered under former president...Gas to flow ‘in weeks’ from Israeli licensed field disputed by Lebanon
Israel says the Karish field is located entirely within its exclusive economic zone, but Lebanon insists that part of the field falls within its own waters. The US has mediated in the dispute, which escalated in early June when Energean brought a production vessel into the field.
UAE leads GCC towards circular carbon economy
The UAE ranks highest among GCC economies and 12th overall in the first edition of the Circular Carbon Economy Index that focuses on energy management of the countries.UAE ranks 1st regionally in UNDP Human Development Report
The UAE has ranked 26th globally and first in the Arab world in the 2021/2022 Human Development Report, which is published annually by United Nations Development Program (UNDP).UAE stocks post gain of US$2.72bn in market cap
The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments at the realty, banking, telecom sectors and cash inflows by institutions and individuals.
ECB to make a bumper rate hike to curb inflation
Struggling to tame surging inflation in the eurozone that has seen steep increases in the price of energy in the wake of the Russian invasion of Ukraine, European Central Bank policymakers are expected to make a historically large interest rate hike at their meeting on Thursday.
UN says human progress set back five years by Covid
Depicting a gloomy picture of the state of human progress, a United Nations report argues that an unprecedented array of crises, chiefly among them Covid-19, has fueled a global wave of uncertainty. The UN development Program said the Human Development Index has declined for two years straight.UAE stocks gain US$3bn in Wednesday trade
Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED 350.Countries growing 70% of world’s food face ‘extreme’ heat risk by 2045
Climate change is already stoking heatwaves and other extreme weather events across the world, with hot spells from India to Europe this year expected to hit crop yields. Temperature spikes are causing mounting concern for health, particularly for those working outside in sweltering conditions, which is especially dangerous when humidity...Oil and gas sector fuels demand for industrial space in Dubai
Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations.Truss to meet cabinet, face MPs on first full day in power
The 47-year-old won an internal ballot of Tory members on Monday, securing 57 percent of the vote, after a grueling contest against former finance minister Rishi Sunak that began in July.
Saudi GDP surges 12.2% in Q2, surpassing estimate
The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding the government estimate of 11.8 percent. The kingdom, the world’s top oil exporter, has richly benefited from high crude prices and a significant post-pandemic recovery.China export growth slows sharply in August: official data
Last month, China's exports expanded 7.1 percent year-on-year, down from 18 percent growth in July, China's General Administration of Customs said, while imports were up only 0.3 percent, compared with a 2.3 percent rise in July. Analysts surveyed by Bloomberg forecast export growth of 13 percent and a 1.1 percent...
UAE meets 42% of Japan’s crude oil needs in July
Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab countries.
Saudi delegation visits Jordan’s Petra to enhance cooperation
A delegation from Saudi Arabia's Royal Commission for AlUla (RCU) visited Petra on Tuesday to advance cooperation between the two kingdoms in tourism.
Oman issues Treasury Bills worth $103 million for 91 days
Muscat, Oman---The government of Oman issued Treasury Bills worth Omani Riyal 40 million (US$103 million) for a period of 91 days. The average accepted price reached RO 99.419 for every RO 100, and the minimum accepted price arrived at RO 99.270 per RO 100. Treasury Bills are short-term highly secured...Stocks push higher, but yen and euro under pressure
European and US stocks rose Tuesday, but gains were capped by economic slowdown fears and central bank efforts to contain surging inflation. Frankfurt, London and Paris equities carved out gains despite poor German data, a day after tumultuous trading as Russia curbed gas supplies to Europe.
ADJD notarization, authentication transactions jump in August
The Abu Dhabi Judicial Department (ADJD) has achieved a record surge in total notarization and authentication transactions carried out in August 2022 by reaching 13,000 operations.
UAE takes part in G20 Health Working Group in Indonesia
UAE's Ministry of Health and Prevention (MoHAP) has taken part in the G20 Health Working Group (HWG3) meeting in Indonesia to discuss strengthening global health infrastructure through expanding manufacturing and research hubs for pandemic prevention, preparedness and response.
Liz Truss becomes new UK PM, Johnson pledges support
She faces a daunting to-do list, with the UK in the grip of its worst economic crisis in decades, with double-digit inflation and skyrocketing gas and electricity bills. Truss, who touts herself as a free-market liberal, has promised tax cuts to stimulate growth, despite warnings that greater borrowing could make...
Erdogan blames Europe’s energy crisis on Russia sanctions
Erdogan told reporters before departing for a three-nation swing through the Balkans that European nations were "harvesting what they sowed" by imposing economic restrictions on Russia.
Qatar grows its suite of world-class hotels with new openings this month
The Wyndham Grand Doha West Bay Beach, St. Regis Marsa Arabia Island and the Rixos Hotel Doha will soon unveil an exciting range of culinary concepts.
UAE takes another step to be space technology leader
"We want to attract startups and SMEs so they can prove themselves in the space industry and boost research projects”, Abdulla Al Marar, of the UAE Space Agency, tells TRENDS.Business reforms enhance Saudi growth prospects
Prioritizing labor market reforms, boosting employment and ease of doing business is likely to make the Kingdom one of the world’s fastest-growing economies this year, says expert.Saudi Arabia appoints new crypto chief to further its digital program
The kingdom is the largest economy in the Middle East, making it a key market for any firm operating in the region.OPEC+ to cut oil production to prop up prices hit by recession fears
The move could irk the United States as it has pressed the group to increase output in order to bring down energy prices that have fuelled decades-high inflation. OPEC+ had agreed to huge cuts in output in 2020 when the Covid pandemic sent oil prices crashing, but it began to...Dubai records over US$653m in realty transactions on Monday
DUBAI, UAE - Dubai real estate market recorded 568 sales transactions worth US$373 million (AED1.37 billion) on Monday, data released by Dubai's Land Department (DLD) showed. Additionally 93 mortgage deals of $53 million ( AED197.58 million) and 23 gift deals amounting to $233 million (AED858.27 million), the DLD revealed. The...UAE Arab world’s best paymaster
The lowest average monthly salary is paid in Sri Lanka (US$143.62) and the highest in Switzerland (US$6142.1), according to a latest survey.
ADNOC announces $548m contract for Lower Zakum field
Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a new main gas line at its Lower Zakum field offshore of Abu Dhabi.
Green hydrogen production in UAE to touch 5.7m tonnes in 2030
Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green hydrogen production will increase by 57 percent annually to reach 5.7 million tonnes in 2030.
