A study by the World Economic Forum reveals that AI could replace around 85 million jobs by 2025

Major emitters must take the lead, but every nation has a role in addressing the climate crisis. Success hinges on ambitious Nationally Determined Contributions, strengthened by robust financial support and capacity-building efforts. The coming months are critical for translating commitments into impactful action, adds the author.

Jerusalem, Undefined - Frustrated with the dwindling prospect of reaching a ceasefire deal in the year-long Gaza war, some Israeli entrepreneurs have sought a different avenue to release hostages -- offering a financial reward for those who choose to free them.Former SodaStream CEO Daniel Birnbaum told AFP Monday he had received...

Paris, France - For supporters, biodiversity credits could unlock billions in much-needed funding for nature, but critics fear a repeat of scandals that have dogged other financial approaches to protecting the environment.Paying to safeguard tropical rainforests or compensate for habitat destruction is an area of growing interest, and trading credits in...

Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025 at approximately US$320 billion, which would create a deficit of US$27bn.

The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis, and regulation updates.

Paris, France - The UN has published a draft on climate financing due to be presented at the COP29 in November, laying out the conflicting positions from which the main country blocs will try to clinch the next climate deal.The document, which AFP consulted Friday, is the basis for negotiating an...

Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the level at a 23-year high to fight stubborn price increases.After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 percent, citing a...

The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a new era of growth and innovation.

It presents a more cost-effective alternative to conventional sovereign bonds, particularly for governments with lower credit ratings, a report has said.

Agile work models and diverse skill demands propel MENA's freelance economy, empowering businesses to thrive amid modernization and digital transformation.

"Threat actors can employ artificial intelligence (AI) and machine learning (ML) algorithms to identify vulnerabilities and adapt their tactics in real-time, making it difficult for conventional security measures to keep up." he adds.

The new budget passed by a vote of 62 lawmakers to 55. It modifies the budget passed in May 2023, increasing the spending limit by 70.4 billion shekels ($19.4 billion), or more than 14 percent, according to a statement from Israel's legislature, the Knesset.

The two firms will explore mutually beneficial investment opportunities.

Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market rally. The rise follows Bitcoin's climb above $54,000 on Monday, a milestone not reached since December 3, 2021. The cryptocurrency has been experiencing a bullish trend since January 11, when...

TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank, a press release said on Sunday.According to the release, the financing supports RSG's Joint Venture (JV) with Kingdom Holding Company (KHC), a prominent global investment company headquartered in Saudi Arabia,...

The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited the central bank from financing the public treasury. The new measure allows the central bank to lend the state US$2.2 billion to be repaid without interest in 10 years after...

Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in a move towards bolstering investments in zero-emissions projects. Saudi Minister of Investment, Eng. Khalid Al-Falih, announced the collaboration during a Saudi-Swiss round table meeting in Riyadh on Monday. The strategic...

Istanbul, Turkey - Turkey's annual inflation rate stayed stable in January at nearly 65 percent, but month-on-month consumer price increases jumped sharply following a huge minimum wage hike, official data showed Monday.The year-on-year inflation rate moved to 64.86 percent -- up a notch from 64.77 percent in December, the TUIK statistics...

The bank employs 117,500 people around the globe.

The company's capital now stands at US$266 milion.

Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong.Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that the...

DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in Pakistan, is advancing to its next growth stage by establishing its global HQ in Abu Dhabi to grow its international operations.ABHI joined Hub71, Abu Dhabi’s global tech ecosystem, in 2022...

Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and that the future outlook looked positive despite recent shocks.The minister was speaking at Davos in a session titled "Saudi Arabia: Continuing Efforts towards a More Sustainable Economy". Al-Jadaan said that...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at the end of November 2023, marking a significant surge in its financial strength. This impressive growth is revealed in the bank's latest balance sheet report.The report highlights a robust 30.4%...

Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollarThe BRICS bank, known as the New Development Bank (NDB), will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion, IRNA reported on Sunday citing...

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company (First Insurance), an insurance company operating in the UAE.CBUAE struck First Insurance’s name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of 2013...

Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same rate as last year.QNB, in its weekly commentary, said, "There is no doubt that expectations for 2024 were influenced by the experience of investor sentiment from 2023, when negative initial...

Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of 11.5 million individuals by year-end, a report by the Saudi Council of Health Insurance revealed. The target is to reach 25 million beneficiaries by 2030, aiming for health insurance to...

Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of the country's GDP.The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023.In December, the government approved the 2024 budget with a deficit...

Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and guidelines, Chairman of the Steering Committee at the Ministry of Finance, Abdul Aziz Al-Furaih said during the inauguration of the Leadership Forum for the Transformation to Accrual Accounting in Riyadh....

In 2023, Saudi Arabia, UAE, Qatar, Bahrain, Oman and Kuwait collectively advanced in technology and sustainable development, achieving global integration.

ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase in total assets during the first nine months of 2023, reaching US$35.8 billion (AED 131.6 billion) by the end of the third quarter.This translates to an impressive US$3.1 billion (AED...

Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the Sharjah government for the fiscal year 2024 during its second meeting, local media reports said.The meeting was held Thursday at its headquarters in Sharjah as part of its first regular...

Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister of Finance.In a press conference on Thursday, the minister said that the inflation witnessed in Qatar in 2023 was temporary and associated with a specific period and reasons, such as...

Aldar's total ESG financing facilities reach $1.30 billion.

RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi Industrial Development Fund (SIDF) to finance its project in Jubail Industrial City. The US$100 million (SAR 376 million) loan, secured on Sunday, has a duration of seven years and three months...

Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to align 100 percent of new operations with the goals of the Paris Agreement.

Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the exchange's reputation as the preferred choice for sovereign issuances.The Republic of the Philippines has chosen Nasdaq Dubai to list its maiden sukuk worth US$1 billion of Trust Certificates due in...

Samantha Power, administrator of the US Agency for International Development, is visiting the COP28 summit where nations are wrangling over whether to promise a phasedown of fossil fuels. Power, the latest senior US official to join lead negotiator John Kerry, is focusing efforts on helping developing countries adapt to the...

They will advance solutions in financial decarbonization.

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 in...

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...

Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of a financing agreement through which PIF has raised a term loan from a syndicate of nine top international lenders that will be covered by K-SURE. The financing carries a door-to-door...

Dubai, UAE - The ongoing conflict between Israel and Gaza could result in a significant economic toll for Israel, with estimations pointing to a potential cost of $48 billion over the current and upcoming year, Turkey's Anadolu Agency reports. Yali Rotenberg, the chief accountant at the Israeli Ministry of Finance, was...

Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop capabilities in the field of digital transformation.The agreement was signed during the visit of Eric Giraud-Telme, the Ambassador of France, who serves to strengthen education and training ties between Bahrain...

ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on what their green finance activities achieve. It examined the green finance commitments and activities of Europe's top 20 banks. Banks are widely criticised for slow progress on the transition to...

Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic projects and initiatives that have made it an ideal partner for the NYSE in exploring new markets, said John Tuttle, Vice Chairman of the New York Stock Exchange (NYSE) and...

Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which projects are labelled “green”, “social”, or “sustainable”.The framework will determine the eligibility of projects for the bank to finance or refinance, including the issuance of green, social and sustainability sukuks.Emphasis...

Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result.