Visualization of a factory can never be complete without sweaty faces, grease-stained uniforms, metal clanking, groaning and creaking of machines and all the loading and unloading activity. In order to improve industrial output and steady economic progress, the United Arab Emirates (UAE) is seeking to change conventional ideas about manufacturing processes by using emerging technologies. As part of the recently announced Fourth Industrial Revolution (4IR), the minister headed by H.E. Sultan Al Jaber aims to deploy innovative ideas and new technologies to expand manufacturing practices, add
The G7 club of the most industrialized nations urged the producers of energy to increase deliveries to blunt the impact of the Russian invasion of Ukraine on prices on Thursday. Due to Russian President Putin's decision to announce the withdrawal of tens of thousands of troops from Ukraine on February 24, wholesale gas and crude oil prices have risen to record levels in Europe this week. The G7 energy ministers expressed grave concern about the burden the spike in energy prices would place on households and businesses "especially in Europe," while noting they would be "felt most acutely
On Monday, Saudi Arabia attracted $21.6 billion (81 billion riyals) of investment in the industrial sector in 2021. According to the Saudi industry minister, the investment was for both the private sector and the joint sector with government entities. As part of the Vision 2030 initiative spearheaded by de facto ruler Crown Prince Mohammed bin Salman, Saudi Arabia is investing hundreds of billions of dollars and has set lofty goals for diversifying its economy and reducing reliance on oil. The prince is aiming to develop a homegrown industry, however, there are snags and delays as the n
According to the Labor Department, employers in the United States added 678,000 jobs in February, an increase that underlines the health of the American economy. Since the pandemic began two years ago, the unemployment rate dropped to 3.8% from 4% for this month. US President Joe Biden said in his Friday statement that his plan to “build America from the bottom up and the middle out is working”. He said, “Since I took office, the economy has created 7.4 million jobs. That’s 7.4 million jobs providing families with dignity and a little more breathing room. We are building a better A
On Tuesday, The World Bank predicted that Tanzania’s economy is expected to expand between 4.5% to 5.5% this year. Its country’s director announced comparing its previous year's percentage of 4.3% in 2021. According to a joint IMF-World Bank examination of the country's debt sustainability, Tanzania's risk of external debt distress had climbed from low to moderate which was conducted in September 2021. The growth is said to be due to the lifting of the coronavirus-related restriction in many countires which is helping in boosting tourism and trade. Tanzania changed its approach unde
Temasek Holdings, Singapore's state-owned investment company, announced its support for a new forestry fund as the city-state looks to increase its carbon tax. Singapore plans to ratchet up the tax it charges on greenhouse gas pollution to S$25 a ton by 2024 from S$5 at the time it was first implemented. According to the David Brand, Sydney-based New Forests chief executive, Temasek is among investors including Sumitomo Mitsui Trust Bank. They are investing US$120 million in the New Forest Tropical Asia Forest Fund 2. He further anticipates 14 to 18 percent annualized return over its 10
On Feb 27, Saudi oil giant Aramco found new gas fields in four regions within the nation. According to Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, Samna and Umm Khansar are "non-conventional" or shale fields. The gas field was found in the central area of the country in the desert Empty Quater which is near the northern border and in the eastern region. Shadun, located in the Central Region, was discovered after Shadun-1 well produced 27 million standard cubic feet of gas per day, with 3,300 barrels of condensate. Gas was discovered in the Shehab natural gas field in
India and France have signed a roadmap to enhance the nation's bilateral exchanges on the blue economy. Through the deal, the parties share a common vision of ocean governance and collaborate on building resilient coastal and waterways infrastructure. The deal was signed during the three-day visit of External Affairs Minister S Jaishankar to France. The trip began on Sunday which included the bilateral talks with his counterpart Jean-Yves Le Drian. Mr. Jaishankar said in a statement, “Indian and Frane intend to make the blue economy a driver of the progress of their respective societi
The head of the Dubai Multi Commodities Center (DMCC) which is home to the Dubai Diamond Exchange said on Monday that the United Arab Emirates became the top trading hub for the rough diamonds in 2021, overtaking Belgium. Rough diamonds were traded for more than $22.8 billion through the Gulf state in 2021. DMCC CEO and executive chairman, Ahmed Bin Sulayem said that the polished diamonds sector continues to grow. Ahmed Bin Sulayem’s office announced that the diamond trade in UAE has grown up to 76% since 2015. Between 2020 and 2021, the total diamond trade for UAE has grown by 83%.
Thailand’s economy bounced back more quickly than expected in the fourth quarter. The economy retired to growth on robust and recover its domestic activity post relaxing the restriction on borders and opening it for foreign visitors. After a 6.1 percent contraction in 2020, Thailand's economy grew 1.6 percent in 2021, one of the slowest in Southeast Asia. In addition to the 1.8 percent growth in the December quarter, data from NESDC showed the economy expanded 0.9 percent in the third quarter after it contracted 0.9 percent in the third quarter. A year before the GDP grew 1.9 percent