Saudi Arabia increased research and development (R&D) spending to $6.02 billion in 2023. This marks a 17.4% rise from 2022. Official data revealed the growth in R&D human resources as well. The workforce reached 49,337 by the end of 2023, up by 12.2%. The number of researchers increased to 36,832, showing a 22.1% annual rise. Vision 2030 prioritizes R&D in energy, technology, and sustainability. These efforts aim to reduce oil dependence and diversify the economy. R&D employees in higher education grew significantly, reaching 37,540 in 2023. This reflects a growing focus
Negotiators at the COP29 climate conference in Baku reached a historic agreement on global carbon credit trading rules, ending nearly a decade of debate over the system. The deal establishes a framework allowing countries and companies to buy carbon credits for reducing or removing greenhouse gas emissions elsewhere and count these reductions toward their own climate goals. Supporters believe the agreement brings much-needed clarity for nations and businesses aiming for net-zero targets. They argue it could channel billions of dollars into environmental projects. However, critics hig
On Tuesday, Britain received an order for a 30-year inflation-linked government bond for 65.99 billion pounds. On this, the United Kingdom Debt Management Office says, "a record level of demand as higher government borrowing costs drew investors in." The DMO further elaborates that it would be an issue worth 4.25 billion pounds of the 1.25% November 2054 index-linked gilt. This makes the total amount in issue rise to 12.75 billion pounds. The syndication received a strong order book, slightly exceeding the £64 billion recorded when the bond was last sold via syndication in July. This mark
On Tuesday, Saudi Arabia agreed to sign nine investment deals in metals and mining worth more than 35 million riyals, which is equivalent to $9.32 billion. The companies included in the deal include India Vedanta and China's Zijin Group. The deal's announcement was helped during the World Investment Conference by the Global Supply Chain Resilience Initiative, a government program under the Saudi government's National Investment Strategy in Riyadh. The mining industry in the Kingdom is part of the 2030 vision plan to diversify the economy and cut down on fossil fuel reliance. With this,
Taiwan President Lai Ching-te signed an economic partnership agreement with the European Union on Monday. The agreement says that it would boost cooperation in semiconductors and that the two sides should work together as democracies. Taiwan has pushed the signing of investment and trade deals with the EU, which would be politically significant for Taiwan because of its diplomatic isolation and general exclusion from most global bodies and agreements. The EU has been stating Taiwan as a “like-minded” partner under the European Chips Act to boost semiconductor production in Europe an
Amongst the G20 countries, India is projected to be the fastest-growing economy, with a 7% GDP growth in 2024. Following India is Indonesia in the second spot with a 5% GDP growth and China sits at the third place with a growth rate of 4.8%. The MyGov post on X stated - “India takes the lead in the G20 with an impressive 7% GDP growth rate projected for 2024! This achievement highlights India’s robust economy, showcasing its resilience and fast-paced growth amidst global challenges.” The post was released during the ongoing G20 summit in Brazil. Russia, which is ranked 4th on the
Mr. Piyush Goyal, Union Minister of Commerce and Industry, forecasted at the Amazing Goa Global Business Summit 2024 on Friday that India's economy would grow to $35 trillion in the next 25 years. Goyal emphasised India's strong economic trajectory, expressing optimism that the country, currently valued at $3.5 trillion, will reach $35 trillion within the next quarter-century. He said that the twenty-first century is India's moment to shine, predicting that it will become the world's third-largest economy within three years. Goyal credited India's potential to its strong economic fundament
India-Russia trade is currently worth USD 66 billion, with expectations of reaching USD 100 billion by 2030, according to External Affairs Minister (EAM) S. Jaishankar. Speaking at the India-Russia Business Forum in Mumbai, Jaishankar emphasised the continuous increase in bilateral commerce, emphasising that the ambitious goal is realistic and doable. The USD 100 billion objective, set during the annual meeting in July 2024, reflects the two countries' growing economic cooperation. However, Jaishankar emphasised the importance of addressing trade imbalances, regulatory impediments, and non
Bitcoin surpassed $80,000 for the first time, boosted by excitement about President-elect Donald Trump's view on digital assets and a Congress that may be pro-crypto. On Sunday, the cryptocurrency climbed by up to 4.7% to $80,092, an all-time high for the digital asset. Trump's campaign promises to prioritise the United States' participation in the digital asset business, including proposals to establish a strategic Bitcoin reserve and select crypto-friendly authorities, have boosted market confidence. Following his stronger-than-expected performance in Tuesday's election, with Republicans
The UAE has announced a comprehensive AED500 million ($136.1 million) package of community-focused programs aimed at improving the quality of life for senior citizens, women, and children throughout the country. This ambitious program was launched at the UAE Government's Annual Meetings under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister, Lt. General Sheikh Saif bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of the Interior, and His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan. This project is supported