Financial frauds cost global economy over $442bn in 2025: INTERPOL
AI-enhanced fraud is 4.5 times more profitable than traditional methods. “Agentic AI” systems can autonomously plan and execute complete fraud...
Geostrategy
MEA market decision-making cycle is fast but risk-averse
MEA markets feature rapid growth, high owner influence, diverse operator models, and younger hotel infrastructure, says Ralph Melis, co-founder and...
Interview
Business
WhatsApp update allows posting status updates via Instagram
Washington, United States -- The instant messaging platform WhatsApp launched a new update that includes an optional feature that allows...
- This feature will be available in a future update to the application through its beta program within the Google Play Store.
- WhatsApp is also working on an improved posting feature to make it compatible with Instagram, scheduled for a future release, QNA reported.
Geostrategy
World Bank offers to host Lost and Damage Fund: Official
Dubai, UAE -- "World Bank has offered to host the Lost and Damage Fund, so we'll work very closely with...
- Axel van Trotsenburg, Senior Managing Director, said, "“COP28 started with great announcements on the Loss and Damage Fund. I think it has been an extremely important decision."
- "We need to be global. We need all countries to participate in this global challenge," he noted, adding, "We need to make sure that we can keep the 1.5 degrees."
Business
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.
- The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
- The company intends to list its shares on ADX on 20th December 2023.
Business
ACWA Power launches Phase I of green hydrogen project in Uzbekistan
Riyadh, Saudi Arabia -- Saudi renewables giant ACWA Power has said it launched the first phase of green hydrogen project...
- The first phase, a 3,000 ton- green ammonia pilot project, is already underway following the signing of the hydrogen purchase and power purchase agreements in May 2023.
- Once the second phase is complete, 2.4 GW of wind energy will power the production of 500,000 tons per year of green ammonia.
Business
TAMM partners with AI71 to use UAE’s Falcon series LLMs
TAMM becomes first to use UAE’s Falcon large language models.
- Falcon LLMs will equip TAMM to deliver high-quality interaction by providing its users with accurate, relevant and contextually appropriate responses to their queries.
- Falcon’s capabilities extend to being a data-driven insight generator, helping TAMM refine its services based on user interactions and feedback.
Business
Tech-empowered shoppers drive Saudi consumer behavior: PwC
Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the...
- Saudi consumers increasingly rely on smartphones and connected devices to compare prices both online and in-store.
- Brand websites are a trusted source, influencing 65% of survey participants, emphasizing the significance of the online shopping experience.
Business
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
- Abu Dhabi Global Market said these institutions represent a total Assets Under Management AUM of $452 billion.
- ADGM also recorded six further announcements made by emerging growth firms, bringing the total to 23.
Business
Abu Dhabi positioned in world’s fastest-growing economic corridor: Official
Abu Dhabi, UAE -- Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, said Thursday Abu Dhabi...
- He added that Abu Dhabi Finance Week took center stage, drawing policymakers, financial leaders, and investors worldwide.
- El Solh underscored Abu Dhabi's newfound status as the go-to investment gateway in Asia for many global and regional investors.
Business
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada", Argaam reported.
- Cash withdrawals from ATMs declined by almost 3 percent YoY to roughly SAR 45.5 billion in October.
Business
FAB becomes first MENA bank to publish TCFD climate report
Abu Dhabi, UAE -- First Abu Dhabi Bank (FAB) became the first MENA bank to publish a Task Force for...
- The TCFD standard, promoted by the Financial Stability Board since 2015, urges entities to specify the resilience of their strategies to climate-related risks.
- The report delivers on FAB’s 2019 commitment to agree to adopt TCFD recommendations into its reporting and disclosure processes.
Financial frauds cost global economy over $442bn in 2025: INTERPOL
AI-enhanced fraud is 4.5 times more profitable than traditional methods. “Agentic AI” systems can autonomously plan and execute complete fraud...
Geostrategy
Company News
MODON launches 10 projects
Business
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5 WEF reports shaping your 2024 agenda
Geostrategy
UN chief slams ‘distressing’ spending on arms over climate
Without action, "the situation will deteriorate," he warned. "Conflicts are multiplying. The climate crisis is set to spiral, as emissions...
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy
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Business
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.
- These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
- Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Business
IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
- The Pavilion will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development.
- This project aligns with the IsDBI’s objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in member countries.
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.