Browsing: Business

The Emirates Water and Electricity Company (EWEC), has announced that 50 percent of the capacity of its reverse osmosis plant in Taweelah has been reached for producing desalinated water using low-carbon-intensive RO technology. Taweelah RO, connected to the Abu Dhabi network in December 2021, currently provides 100 million gallons of desalinated water per day. It will eventually produce 200 million gallons per day, making it the world’s largest RO facility. Water production from low-carbon-intensive technologies is a key strategic pillar for the long-term decarbonization of the energy sector. EWEC began planning for the world’s largest RO desalination plant in 2018…

The OPEC Fund for International Development (OFID) has extended a $40 million loan to Kosovo to support the Public Finances and Economic Growth Programme. In the energy and waste management sectors, the comprehensive plan will enhance fiscal transparency, promote private sector development, and facilitate environmental reforms. The program was developed in collaboration with the World Bank, which will also provide $56.4 million equivalent for its implementation. OPEC Fund Director-General Dr. Abdulhamid Alkhalifa signed a loan agreement with Kosovo’s Minister of Finance, Labor and Transfers, Hekuran Murati, at a ceremony held in Pristina. “We are pleased to partner with the government…

Dr. Muhammad Sulaiman Al Jasser, president of the Islamic Development Bank (IsDB), and Egypt’s Minister of Planning and Economic Development, Dr. Hala El-Said, chair of the IsDB Board of Governors, announced the launch of the annual meetings in Sharm El-Sheikh. The announcement came during the annual meeting of the IsDB Group in Sharm El-Sheikh. Under the patronage of Egyptian President Abdel Fattah El-Sisi, the annual meetings began today in Sharm El-Sheikh and are scheduled to continue until 04 June 2022. In addition, they reviewed the most significant steps for the annual meetings of the Group. In addition, they examined the…

Jordan’s flagship uranium mining project was cited as a model project for mining initiatives in the region by a senior official of the International Atomic Energy Agency (IAEA), who noted a prudent scientific approach was used to design the project. On a visit to the Jordan Uranium Mining Company, which is implementing a uranium mining project in central Jordan, IAEA Deputy Director Hua Liu was impressed by the project’s progress and its contribution to training Jordanians and Arabs. According to a senior official at the IAEA, the organization will continue to support the project with technical assistance. Deputy chairman of…

Pakistan’s rupee (PKR) has reached an all-time historic low against the US Dollar on the open market. Pakistani media reported that PKR traded at 197.61 on Thursday on the interbank market. In an announcement made by the Pakistan Central Bank on Wednesday, the PKR was trading at 198.39 to the dollar. This is a historic low, meaning it has lost almost a quarter of its value in the past year. In nine trading days, PKR has lost 6.83 percent, according to Geo TV. The PKR traded at 2.2664 against the Indian rupee, 206 against the Euro, and 244 against the…

To achieve the Sustainable Development Goals, financial inclusion remains a prerequisite. It is the first step towards full personal and business wellbeing. Yet, more than half of the world is yet to gain equitable access to finance, which remains one of the biggest challenges we face today. In driving forward the agenda of stakeholder capitalism, the World Economic Forum has consistently emphasized financial inclusion and its role in helping communities prosper. As part of the ongoing WEF at Davos, several global stakeholders convened to discuss this issue on the second day. Queen Maxima of the Netherlands opened the session raising…

As the island nation battles a crippling economic depression, Sri Lanka’s newly appointed prime minister issued a warning of a food shortage, pledging to buy enough fertilizer to enhance productivity in the coming planting season. President Gotabaya Rajapaksa’s decision to ban all chemical fertilizers in April last year severely decreased yields, and despite the government reversing the ban, there has not yet been any substantial imports. The government is taking measures to ensure adequate supplies of fertilizer for the Maha (September-March) season even if time is not available for the Yala (May-August) season, Prime Minister Ranil Wickremesinghe said in a…

Tesla’s share price collapsed erasing a large chunk of the wealth of the world’s richest man Elon Musk. Musk’s net worth has dropped to $218 billion as Tesla’s shares are down 6.8%, according to Forbes. Musk’s wealth has been diminishing due to recent comments about politics and the removal of Tesla from S&P Global Ratings’ ESG index. Tesla Inc. fell to its lowest level this year, wiping $12.3 billion from Elon Musk’s wealth, while Twitter further declined. Musk has lost $49 billion since launching his takeover bid last month. This is partly because the wider market tumbled and some Tesla…

The United States Treasury Department has imposed severe sanctions against Hezbollah, specifically targeting the group’s financial facilitator, Lebanese businessman Ahmad Jalal Reda Abdallah, and his companies. The Treasury Department’s Office of Foreign Assets Control has sanctioned eight of Abdallah’s companies located in Lebanon and Iraq. The Treasury Department has announced that Abdallah is an official of Hezbollah and is an active member of its global financial network. The department said that he has been supporting Hezbollah for decades, including trade and business activities in various countries in exchange for profits that are transferred to the Iran-backed group. Due to its…

On Wednesday, the Dow Jones Industrial Average recorded its biggest plunge since 2020 after another prominent retail company warned of escalating prices, reinforcing investors’ apprehensions about future inflation, and triggering the catastrophic 2022 sell-off. The Dow lost 1,164.52 points, or 3.57%, to 31,490.07, the index’s steepest slide since June 2020. It was the most disappointing Dow performance since March 2021. Meanwhile, the S&P 500 closed 4.04% lower at 3,923.68, marking the most severe fall since June 2020. The Nasdaq Composite is down 4.73% to 11,418.15, which is the steepest downturn in the tech-heavy index since May 5. The shedding was…