Saudi Arabia says no Israel normalization without Palestinian state
Riyadh, Saudi Arabia - Saudi Arabia said Wednesday it will not formalize ties with Israel unless a Palestinian state is established,...
Geostrategy
Trump pledges historic tax cuts, investment growth, oil price action, and Ukraine peace effort at Davos 2025
The newly inaugurated president remarked that he would “like to meet with President Putin soon” and “get the war ended,”...
Economy
China’s trade in goods with Belt and Road countries up 9.8% in H1
Beijing, China - China's trade in goods with nations along the Belt and Road Initiative in the first half of...
- Trade in goods with countries along the Belt and Road accounted for 34.3 percent of China's total import and export value of $2,8 trillion
- The Belt and Road Initiative (BRI) is a global infrastructure development strategy adopted by the Chinese government in 2013
Economy
Qatar hosts over 2m visitors in first half of 2023
Doha, Qatar - Qatar Tourism said on Thursday that the country received more than two million visitors during the first...
- Saudi Arabia remain the top source market for international visitors this year, contributing to nearly a quarter of all arrivals
- May and June registered the highest figure - 567 thousand - ever recorded for these two months in the last ten years
Economy
UAE, French ministers review ties, economic cooperation
Abu Dhabi, UAE - The United Arab Emirates and France reviewed the prospects of growing bilateral trade exchanges and advancing...
- Two sides discussed investment exchanges in innovative startups, circular economy, tourism, technology, family businesses, renewable energy and agriculture
- The prospects of accelerating the existing partnership and economic cooperation between the two countries also featured high during the meeting
Business
OPEC anticipates 2.2% growth in oil demand in 2024
Vienna, Austria - OPEC Thursday predicted world oil demand to grow by a healthy 2.2 mb/d, to 104.25 mb/d in...
- In its Monthly Oil Market Report, the OPEC said the World GDP growth in 2024 is forecast at 2.5 percent, slightly below this year’s expected growth level of 2.6 percent
- The world economic growth in 2023 is to remain broadly unchanged at 2.6 percent, with the initial forecast for 2024 economic growth expected at 2.5 percent
Business
AI could unlock $23.5bn in annual economic growth across the GCC by 2030: study
Dubai, UAE - The GCC region could realize $9.9 of economic growth for every $1 invested in GenAI. At that...
- Saudi Arabia and the UAE are expected to experience the most substantial impact, with projected annual impacts of $12.2 billion and $5.3 billion, respectively
- Qatar, Kuwait, Oman, and Bahrain will also benefit, with estimated economic gains of $2.6 billion, $1.6 billion, $1.3 billion, and $0.6 billion, respectively.
India’s quandary in Gulf: How to maintain foothold as China steps into US breach
Dubai, UAE - Indian officials are concerned about China's growing influence in the Middle East and how it will impact...
- India until now has allowed it to maintain robust relations wit all three poles of power - Israel, Iran, and Saudi Arabia - while countering China's influence.
- New Delhi's strategy involves building new institutions, such as the I2U2 grouping, with a focus on geoeconomics and high technology.
Business
Saudi-Turkish Business Forum kicks off in Istanbul with signing of 16 agreements
Riyadh, Saudi Arabia - The Saudi-Turkish Business Forum which began on Wednesday in Istanbul, witnessed the signing of 16 agreements...
- The forum is a collaboration between the Federation of Saudi Chambers of Commerce and the Foreign Economic Relations Board of Turkiye
- The forum was attended by the Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, and the Turkish Minister of Trade, Omer Bolat
Geostrategy
Finance minister quits in latest Kuwait political turmoil
Kuwait City, Kuwait - The finance minister of Kuwait, one of the world's biggest oil producers, has resigned only three months...
- Al-Hajeri was appointed as finance minister and state minister for economic and investment affairs in April
- He will be replaced by Saad Al-Barrak, who was named both oil minister and state minister for economic and investment affairs last month
Geostrategy
UAE first Arab country to get observer status at money laundering group
Vancouver, Canada - The United Arab Emirates has become the first Aarb country to be granted observer status at the...
- A part of the global network of similar Financial Action Task Force-style Regional Bodies (FSRBs), the APG is the largest in terms of membership numbers and geographical size
- The APG plenary is also attended by key international organisations such as the International Monetary Fund, World Bank, OECD, United Nations Office on Drugs and Crime, etc
Business
Dubai Chambers launches program to enhance customer service
DUBAI, UAE – Dubai Chambers is taking a big initiative for ensuring that businesses in the emirate provide excellent customer...
- Service Excellence Program will evaluate the quality of customer experience through mystery shopper reports.
- The initiative will ensure the implementation of global best practices within Dubai’s business community.
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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
Saudi Arabia says no Israel normalization without Palestinian state
Riyadh, Saudi Arabia - Saudi Arabia said Wednesday it will not formalize ties with Israel unless a Palestinian state is established,...
Geostrategy
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Hizbollah chief says Israel to pay ‘with blood’ for Lebanon civilians killed
Nasrallah said the killing of civilians was aimed at "putting pressure" on Hizbollah to stop attacks on Israel, but stressed...
Geostrategy
Saudi Arabia ranks 1st in international tourist arrivals growth in 2023
Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023...
Economy
Iran, Armenia eye $3 billion bilateral trade volume
Tehran, Iran – Deputy Prime Minister of Armenia Mher Grigoryan on Thursday said that Iran and Armenia have the potential...
Geostrategy
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Business
Mawani completes Red Sea Gateway Terminal at Jeddah Islamic Port
Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah...
- The gateway terminal has larger capacity, is equipped with the Optical Character Recognition (OCR) feature, and uses 146 different types of equipment
- The development of Jeddah Islamic Port’s North Container Terminal is included in the Build-Operate-Transfer (BOT) contract
Geostrategy
Saudi Arabia’s Madinah, KAEC, Al-Ahsa join UNESCO global network of learning cities
RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization has announced that the cities of Madinah, King...
- Saudi Arabia now boasts five cities enlisted in the UNESCO GNLC, contributing to the goal of equipping globally competitive citizens.
- Previously, Yanbu Industrial City was designated as a UNESCO Learning City in 2022 and Jubail Industrial City earned the Learning City status in 2020.
Economy
Saudi Arabia set to establish more smart industrial zones
Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing,...
- Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail revealed this at the conclusion of the inaugural Global Smart City Forum 2024 here on Tuesday
- Minister of Industry and Mineral Resources Bandar Alkhorayef who also attended the Forum, stressed the industry and mining sectors' increasing demand for smart industrial cities