Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to green financing and technologies could worsen existing economic inequalities. The report, Accelerating an Equitable Transition: A Data-Driven Approach, stresses the urgent need for an institutional response to ensure that the...
Museum, DEWA partner for sustainable development
The Museum of the Future has signed a strategic partnership agreement with Dubai Electricity and Water Authority (DEWA) to showcase unique technologies and solutions related to the future of environmental sustainability and renewable energy.
Pandemic-spurred digital transformation is not enough
Remote work seems to be here to stay, and digital transformation will continue to facilitate it. For companies that haven’t embraced it, now is the time to invest in the digital transformation strategies that enable remote work, and in the technologies that spur digital transformation, Kazak points out.Bahrain central bank’s monthly Sukuk issue oversubscribed by 152%
The Central Bank of Bahrain (CBB) said Monday the monthly issue of the Sukuk Al-Salam has been oversubscribed by 152 percent. Subscriptions worth BD 65.445 million ($173.5) were received for the BD 43 million issue, which carries a maturity of 91 days. This is issue number 256 of the short-term...
Saudi real estate fund signs 58,000 housing support contracts in H1
Saudi Arabia’s Real Estate Development Fund has signed more than 58,000 financing contracts for the kingdom’s various housing support programs during the first half of 2022. Mansour bin Madi, CEO of the Real Estate Development Fund, said one of the goals of the kingdom's transformative Vision 2030 is to raise...Oil prices fall as Aramco signals plan to raise crude production
Oil prices slipped in Asian trade, with both main contracts down around two percent as the stuttering Chinese economic recovery added to concerns about demand.
Has blockchain found a use beyond crypto trading?
Blockchain at heart is a ledger, a way of storing transactions that is according to fans secure, transparent and permanent.
Iran says Kuwait to send first envoy since 2016
Kuwait recalled its ambassador and the United Arab Emirates downgraded relations with Iran after Saudi Arabia that year cut ties with its regional rival, with Bahrain following suit. That came after Iranian protesters attacked Saudi diplomatic missions in Iran following Riyadh's execution of Shiite Muslim cleric Nimr al-Nimr.
China cuts rates as economic recovery weaker than expected
The world's second-biggest economy saw a bounce in business activity as some coronavirus restrictions eased in June, but the boost is fading and Beijing remains welded to a zero-Covid policy of snap lockdowns and long quarantines, which has battered sentiment.Saudi economy, GDP see upswing in H1 2022
Real GDP increased at a growth rate of 11.8% in Q2 2022, driven by the significant increase in oil activities by 23.1% while the non-oil activities increased by 5.4%
World Green Economy Summit in Dubai supports UAE COP28
Since its launch in 2014, the WGES has succeeded in galvanising global efforts to promote the shift towards a green economy.Egypt to issue international bonds worth $6 billion
More than a year after it issued bonds for the Japanese market, Egypt intends to issue another tranche of international bonds worth $6 billion this year, according to media reports quoting a government official.
In Dubai 305m riders use public transport in H1 2022
Dubai’s Roads and Transport Authority (RTA) announced that the number of riders using public transport and shared mobility clocked nearly 304.6 million during the first half of 2022.Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent of all payments by volume in 2021.Iraqis grow weary of squabbling political parties
Iraq has been ravaged by decades of conflict and endemic corruption. It is blighted by ailing infrastructure, power cuts and crumbling public services, and now faces water shortages as drought ravages swathes of the country
Droughts exact heavy cost on Morocco
Water shortage has dealt a crippling blow to farming in the North African country as successive droughts exact a heavy economic cost.Saudi banks disburse $537bn in loans in Q2, up by 14.2%
According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the trade sector and ensuring its sustainability.
US Fed decisions may effect UAE’s inflation scene
The dollar's first-quarter increase of about 10% against a basket of international currencies may reduce the impact of imported inflation due to dirham's peg to the US currency.
Jordan industries’ use 24m cubic feet gas daily in 2021
The average natural gas consumption for Jordan's industries amounted to 24 million cubic feet (CF) per day during 2021, according to data released by Ministry of Energy and Mineral Resources.Jordan, Morocco to launch hospitality training facility
A Jordanian-Moroccan hospitality and tourism training project will be launched in the Hashemite Kingdom as part of the strategic partnership between the two countries, Moroccan Ambassador Sidi Muhammad Khaled Al-Nasiri announced on Saturday.President invites Swiss President to visit the UAE
President of the Swiss Confederation Ignazio Cassis, has received a written message from President Sheikh Mohamed bin Zayed Al Nahyan inviting him to visit the UAE.
Saudi Arabia allows holders of all types of visas to perform Umrah
The ministry stated that those who qualify to perform Umrah also include holders of US, UK and Schengen visasEgypt looks to borrow $2.5bn in loan to bolster economy
The country's struggling economy needs to urgently secure more foreign currency in its $400 billion economy to plug gaping deficits.RAK Chamber members’ exports in Q2 2022 totaled $447m
The Ras Al Khaimah Chamber of Commerce and Industry issued its statistics for the second quarter of 2022, which showed that the value of exports of the chamber's members totaled $447 million.
Dubai records $2.6bn real estate transactions in week
A total of 2,433 real estate transactions worth $2.6 billion (AED9.7 billion) were conducted during the week ending 12th August, 2022, according to figures released by the Dubai Land Department.
ADDED launches incubators program for entrepreneurs
The Competitiveness Office of Abu Dhabi, part of the Abu Dhabi Department of Economic Development, has officially launched the 'Abu Dhabi innovation incubators program' to support individuals wishing to turn their ideas into innovative commercial opportunities.
Dubai Airports win Gold Stevie Award for Great Employers 2022
Dubai Airports has been named the winner of a Gold Stevie Award in the Most Innovative Workplace Redesign During COVID-19 category in the seventh annual Stevie Awards for Great Employers.Saudi youth programs aim at raising manpower in economics, public policy
Saudi Arabia has launched new youth programs aimed at raising the number of qualified manpower in the field of economics, public policy and social sciences. The programs, which were launched by the Ministry of Economy and Planning on the International Youth Day, seek to reduce the gap between the skills...
Abu Dhabi non-oil foreign trade $33.75 billion in first half of 2022
The value of the trade-in commodities from normal metals and their products increased to AED24.51 billion, with a growth rate of 22 percent, compared to AED20.11 billion in 2021. The trade in pearls, gemstones, precious metals and their products has increased to 40 percent.
Ajman Chamber urges members to diversify investments
The ACCI witnessed the signing of a strategic partnership agreement to supply rosewater between Lavish Perfumes with Lecheq Farm Distillery to enhance cooperation in the field of essential oils’ production
Foreign exchange reserves up at $82bn, says Iraq’s Central Bank
Central Bank of Iraq announced that foreign exchange reserves rose to US$82 billion, while gold reserves exceeded 130 tons.
Saudi Central Bank launches POS between Saudi Arabia, Qatar
Upon the services launch, Mada and NAPS cardholders will be able to carry out POS transactions in the two countries through the Gulf Payments Network
‘Hero’ Lebanon hostage-taker turns self in after bank drama
The incident was the latest involving local banks and angry depositors unable to access savings that have been locked in Lebanese banks since the country's economic crisis began in 2019.
UN watchdog warns of ‘grave’ crisis amid violence near Ukraine nuclear plant
Ukrainian President Volodymyr Zelensky accused Moscow of "nuclear blackmail" as he urged the international community to react immediately to chase out the occupiers from Zaporizhzhia. "Only the Russians' full withdrawal... would guarantee nuclear safety for all of Europe," Zelensky said in a video address to the nation.FIFA officially advances World Cup by a day for Qatar
Football's top officials universally approved the decision, FIFA said in a statement while Qatar said it would give unspecified help to fans affected by the change. On the old schedule, Qatar against Ecuador was to be the official inauguration match on November 21 but Senegal against Netherlands would be the...
US envoy to travel to Gulf to strengthen Yemen truce
Tim Lenderking will travel to the United Arab Emirates, Oman and Saudi Arabia starting August 11, while members of his team travel to Jordan, hoping to secure an expansion of the UN-mediated truce between Yemen's warring parties. The efforts aim to "pave the way for a permanent ceasefire and an inclusive,...
Worst drought in 4 decades parches Morocco’s farmland
No longer having access to potable running water, the villagers of Ouled Essi Masseoud rely solely on sporadic supplies in public fountains and from private wells. The situation is critical, given the village's position in the agricultural province of Settat, near the Oum Errabia River and the Al Massira Dam,...Iraq to provide Lebanon with fuel for another year: PM Mikati
Iraq has agreed to renew a one-year deal to provide Lebanon with fuel for its power plants in exchange for in-kind services, Lebanon's Prime Minister said in a statement Thursday. Iraq signed an agreement in July 2021 to give cash-strapped Lebanon one million tonnes of fuel oil to help keep...
ADNOC hires 13 jack up barges to boost offshore efficiency
Abu Dhabi National Oil Company (ADNOC) signed a $1.17 billion (AED4.3bn) for hiring 13 self propelled jack-up barges to drive its offshore operational efficiencies. ADNOC Offshore awarded the five year contract to ADNOC Logistics & Services (ADNOC L&S). Over 80 percent of award value will revert to UAE's economy under...Oil demand up as surging gas prices force countries to switch fuels: IEA
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency said Thursday. Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and...MoCCAE discusses food security with feed manufacturers in UAE
UAE's Ministry of Climate Change and Environment (MoCCAE) hosted a meeting with licensed feed manufacturers in the country to explore their challenges and needs and brief them on the government’s future directions.Global youth unemployment set to slip to 73 million in 2022: UN
The figure is still six million higher than the pre-pandemic level of 2019, with the recovery in youth unemployment lagging behind the bounceback in other age groups. Between 2019 and 2020, those aged 15 to 24 experienced a much higher percentage loss in employment than the rest of the labor...
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures taken by the CBUAE to support the national economy during the COVID-19 pandemic and safeguard the stability of the financial system.
Economists appeal to US to return Afghanistan’s frozen assets
The economists said that the plunge in economic activity and the sharp cuts to foreign aid by previous supporters of the country after the US military withdrawal had sent the Afghan economy into a tailspin.
Afghan refugee flight arrives in Spain from Pakistan
Foreign Minister Jose Manuel Albares was at Madrid's Torrejon de Ardoz airbase to meet them when the flight from Islamabad landed at Madrid's Torrejon de Ardoz airbase at around 10:15 pm (2015 GMT). The government would now work "to help these people to integrate, given that it will be difficult...Moqtada Sadr calls on judiciary to dissolve parliament
Sadr justified his calls for judicial action by noting that constitutional deadlines for appointing a new president and prime minister have been missed following last year's legislative elections.
Saudi finance ministry partners with Al-Ahly to develop savings bonds
Saudi’s Ministry of Finance and the National Center for Debt Management has partnered with Al-Ahly Financial Company to develop and launch savings bonds for individuals, and motivate them to save. This also includes discussing strategic partnerships with the private sector. The entities signed a deal regarding this, which is aimed...New buyer sought for first grain to leave Ukraine under deal
The Sierra Leone-flagged vessel Razoni left the Ukrainian port of Odessa on August 1 carrying 26,000 tons of maize.Global stock markets retreat on eve of US inflation data
If the official consumer price data Wednesday come in above analysts' forecasts, the markets could see a sharp sell-off, analysts warned. With inflation already at the highest level in 40 years, concern is growing that further interest rate increases by the world's major central banks could go too far and tip...
Ajman records 13% growth in certificates of origin during H1, 2022
Abdullah Al Muwaiji, Chairman of the ACCI, said that the export growth in Ajman was supported by the advanced infrastructure and road network.
WUWM Abu Dhabi 2022 to discuss global food chain
The World Union of Wholesale Markets (WUWM) Conference 2022, which will be held in the Middle East for the first time, offers an important opportunity to reshape global food systems, according to organizers and attendees.
