Ceasefire begins: Israel, Hamas exchange hostages and prisoners amid fragile hopes for lasting peace
The 42-day truce's first phase involves prisoner exchanges and hostage releases, but the future remains uncertain as both sides navigate...
Geostrategy
Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
Arab-China Business: Saudi Environment Ministry inks MoU with Beijing Institute of Genomics
Riyadh, Saudi Arabia – Saudi Arabia’s environment ministry on Monday signed a memorandum of understanding (MoU) with the Beijing Institute...
- The two parties will discuss the possibility of establishing a national platform for research and development in genetics and biotechnology
- The MoU aims to promote the use of advanced genomics technologies, the application of biotechnology solutions in agriculture and big data
Economy
Saudi tourism sector’s GDP share roars to 4.45%: Minister
The Kingdom will invest more than $800 billion over the next ten years, the Saudi Minister of Tourism Ahmed bin...
- Saudi Arabia’s tourism spending has surged 93 percent in 2022 to reach $49 billion, up from US$25.4 billion in 2021
- The number of tourism-related jobs in 2022 reached 880,000, reflecting an increase of 15 percent compared to the previous year
Business
George Soros hands over control of his $25bn empire to son Alexander
Billionaire investor George Soros had handed over control of his US$25 billion empire to his younger son Alexander Soros -...
- Alexander Soros recently met with Biden administration officials, Senate Majority Leader Chuck Schumer, and heads of state.
- The younger Soros is the only family member on the investment committee overseeing Soros Fund Management.
Geostrategy
45 governments endorse doubling energy efficiency by 2030
PARIS, FRANCE - Forty-five governments have endorsed doubling the average global rate of energy efficiency improvements by the end of...
- The meeting stressed as to how energy efficiency can help accelerate clean energy transition toward reaching net zero emissions by 2050.
- The meeting underscored that effective policies must be fully leveraged to encourage behavior change among consumers and businesses.
Business
DEWA’s R&D Center develops technology to simulate leaks in water transmission pipes
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) ’s Research and Development (R&D) Center has developed an advanced, smart...
- The center developed the facility using software and hardware, based on the concept of the Internet of Things (IoT).
- Based on experimental data using the facility, the developed algorithm was able to identify leakage events with 94.4 percent accuracy.
Economy
Türkiye’s first-ever female Central Bank Governor takes office
Ankara, Türkiye - Türkiye's newly appointed Central Bank Governor Hafize Gaye Erkan took office on Friday, becoming the first woman...
- Erkan, 41, holds a bachelor’s degree in industrial engineering from Istanbul's Bogazici and a doctorate in operations research and financial engineering at Princeton University
- Erkan also completed two training programmes on management sciences at Harvard Business School and leadership at Stanford University
Economy
UAE national banks provide $99.9 bn credit to trade, industry in Q1 2023
Abu Dhabi, UAE - Credit financing provided by the UAE national banks to the trade and industry sectors grew 6.1...
- The statistics showed that the cumulative balance of credit provided by national banks to the two sectors amounted to $99.9 billion
- According to the apex bank’s data, the cumulative balance of credit provided by national banks to the two sectors increased on a monthly basis by 0.1 percent
Business
Halal crypto investments: UAE-based Islamic Coin gains over 1.3m users
Dubai, UAE - Founded in 2022, Islamic Coin ($ISLM) has garnered a community of over 1.3M users, a feat accomplished...
- The coin which aims to cater to over 2 billion Muslims worldwide is the first Shariah-compliant decentralized ledger
- Current market trends indicate that the global Islamic finance market will exceed $3.69 trillion by 2024
Business
Top 3 deepfake threat scenarios users face in 2023
Dubai, UAE - The number of deepfake videos online is increasing at an annual rate of 900 percent according to...
- Deepfakes can be used for social engineering, where criminals use enhanced images to impersonate celebrities
- Deepfake videos can be created by manipulating a person’s face onto a pornographic video, causing harm and distress
Economy
Dubai set to welcome 18m tourists in 2023
Dubai, UAE - After welcoming 14.36 million visitors in 2022, a 97 percent Year-over-Year (Y0Y) growth when compared to 7.28...
- Tourists have visited the UAE at an increased rate and Dubai has drawn most of them
- The city alone welcomed six million tourists in the first four months of this year
Most Read
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
Ceasefire begins: Israel, Hamas exchange hostages and prisoners amid fragile hopes for lasting peace
The 42-day truce's first phase involves prisoner exchanges and hostage releases, but the future remains uncertain as both sides navigate...
Geostrategy
Company News
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GIB, KSA wrap up Sukuk debut
Business
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
Business
Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical...
Business
Saudi Arabia sets $54m threshold for public-private partnership projects
Riyadh, Saudi Arabia - Saudi Arabia has revised the regulations of its Privatization Law, setting the minimum limit for a...
Economy
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Economy
OPEC Fund offered US$1.7 bn in development funding in 2023
Vienna, Austria - The OPEC Fund for International Development allocated US$1.7 billion across 55 projects globally in 2023, providing funding...
- The largest share in last year’s lending program was dedicated to policy-based-lending (31 percent).
- The transport and storage sector received the major share of OPEC Fund’s support (14 percent)
Economy
Saudi Central Bank Governor discusses global economy in meeting with ECB chief
Riyadh, Saudi Arabia - The Saudi Central Bank Governor (SAMA) Ayman Al-Sayari discussed the recent developments in central banking and...
- Several events were organized on the sidelines of the visit including a high-level panel discussion titled “Interconnectedness and Increasing Capital Flow.”
- In addition, a seminar on "Women’s Empowerment within Central Banks” was conducted and featured speeches by SAMA’s governor and the ECB president
Economy
IMF upgrades Saudi Arabia’s 2025 economic growth prediction to 5.5%
Riyadh, Saudi Arabia - The International Monetary Fund (IMF) has revised its growth projections for Saudi Arabia's economy, revealing a...
- The IMF envisions a 3.1% global economic growth in 2024, followed by a further increase to 3.2% in 2025
- The upgraded forecast reflects the continuous economic growth and prosperity in the Kingdom