What a Fed rate cut could mean for the world
The U.S. Federal Reserve is on Wednesday heading for its first interest rate cut since the onset of the COVID-19...
Economy
Business
Saudi Arabia sees over $11.9bn investments on Day 1 of LEAP 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Ministry of Communications and Information Technology announced has said that the Kingdom witnessed technology...
- Amazon Web Services will invest $5.3 billion in the Kingdom to create a high-capacity cloud region, the ministry said on its official X account, according to Argaam.
- Data Vault will invest $5 billion to build sustainable and innovative data centers, with a capacity of more than 300 megawatts, it further added.
Business
Salik revenue soars to US$574m
Toll usage revenue rose 11.7% YoY to US$502million.
- The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
- Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.
Economy
UAE sets innovative media policy to propel the country onto global stage
DUBAI – Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the UAE Media Council (UAEMC), has approved a comprehensive legislative...
- The roadmap emphasizes the importance of aligning national efforts and creating partnerships to boost the UAE’s media sector.
- It aims to develop a media industry that embraces global cultures, driven by innovation and youth leadership.
Geostrategy
Investment Facilitation for Development pact finalized at Abu Dhabi WTO meet
Abu Dhabi, UAE -- Ministers representing 123 World Trade Organisation (WTO) members have finalized the Investment Facilitation for Development (IFD)...
- The ministers also urged the 13th WTO Ministerial Conference (MC13) to incorporate the IFD Agreement into Annex 4 of the Marrakesh Agreement Establishing the WTO.
- Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said the IFD Agreement is the result of more than six years of work, dedication and vision of more than 120 members.
Business
QGIRCO 2023 loss $439m
Loss attributed to revaluation of investment properties.
- The loss was also due to reclassification of the Group's investments in Algeria from investment in associates to financial assets at fair value through other comprehensive income.
- The loss per share amounted to QR 1.675 in 2023 versus loss per share of QR 0.608 for the same period in 2022. The Board of Directors proposed not to distribute dividends.
Economy
‘Innovative startups key to national prosperity’
"Investing in youth, inspiring ideas, and transforming them into creative projects is a cornerstone for facing global challenges in many...
- Sheikh Saud bin Saqr Al Qasimi emphasizes the role of modern technology startups in national economic growth and global competitiveness.
- Entrepreneurship is seen as a crucial part of Ras Al Khaimah's economic strategy and a means to secure its position as a leading business hub.
Interview
WEF24: Catalyzing investment, trade transform Africa
Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell...
- Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell TRENDS in an interview.
- Prosper Africa is a national security initiative aimed at providing supportive and positive assistance to the continent, ensuring its efforts are beneficial and not exploitative.
Videos
WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...
- The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin Touq Al Marri.
- Al Marri emphasizes the critical role of collaboration and visionary leadership in steering through the complexities of today's fast-paced world.
Arts & Culture
AI-Operated robots assist visitors to the Grand Mosque in Makkah
Makkah, Saudi Arabia -- The Presidency of Religious Affairs at the Grand Mosque and the Prophet's Mosque has deployed AI-operated...
- The robots provide information and guidance on a variety of topics, including how to perform the Hajj and Umrah rituals, Islamic rulings and fatwas.
- They also provide directions to different locations within the mosque, and translations in multiple languages.
Business
UCC Holding signs contracts for seven Kazakhstan projects
Doha, Qatar -- UCC Holding, a Qatari company, has signed two energy contracts for seven projects in Kazakhstan. The first...
- The first contract with QazaqGas includes two gas treatment plants:1 BCMA Gas Processing Plant Project and 2.5 BCMA.
- The second contract includes the construction of a combined cycle gas turbine (CCGT) power plant with a total capacity of about 1,100 MW in the Kyzylorda region.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
TAQA Q1 net income $571m
Business
Latest News
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reported China’s consumer price index climbed...
Economy
Forty-day ceasefire offered to Hamas: UK foreign secretary
US Secretary of State Antony Blinken renewed US opposition to an Israeli offensive on Gaza's southernmost city of Rafah. "We...
Geostrategy
Meet Middle East tourism’s power players
Tourism industry accounts for 9 percent of GCC region's GDP and it is expected to grow annually at 7.7 percent....
Business
Most Read
Geostrategy
GCC unveils strategic vision for regional stability
For the first time in its 43-year history, the bloc has set a strategic vision that prioritizes diplomacy and dialogue...
- For the first time in its 43-year history, the bloc has set a strategic vision that prioritizes diplomacy and dialogue over force to boost regional security and stability.
- This landmark initiative marks a significant departure from previous strategies, setting a new precedent for peaceful dispute resolution and cooperation in the region.
Economy
Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...
- Sheikh Ahmed bin Mohammed emphasizes the need for an immediate overhaul in Dubai's media sector.
- Proactive steps aim to align Dubai's media with international best practices and ethical standards, he adds.
Business
RSG, Hyundai Motor ink pact
The two firms will explore opportunities in various areas.
- The two parties will focus on validating and deploying Hyundai Motor Group's eco-friendly mobility solutions.
- They will explore future mobility solutions, such as autonomous vehicles, Advanced Air Mobility and maritime vessels.