Ceasefire agreement between Israel and Hamas goes into effect, marking first steps toward peace
As the first phase of the ceasefire takes effect, the world watches to see whether this temporary reprieve will be...
Geostrategy
Israel, Hamas ceasefire begins Sunday, includes hostage deal, phased Israeli withdrawal, more aid for Gaza
The deal, brokered by the U.S., Egypt, and Qatar, includes Hamas releasing 33 hostages and Israel freeing hundreds of Palestinian...
Geostrategy
Geostrategy
Iran envoy to Saudi Arabia: Israel out to disrupt Tehran-Riyadh detente
Riyadh, Saudi Arabia - Israel is not happy with the restoration of diplomatic relations between Tehran and Riyadh and is...
- Alireza Enayati said that “when cooperation between all regional countries is reinforced, no element can disrupt it”
- Enayati praised the role of China in facilitating the resumption of Tehran-Riyadh ties following high-stakes talks between the two sides in Beijing
Economy
UAE Fund Transfer System processes $1.06 trn in Q1 2023
Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more...
- Statistics showed that bank transfers and customer transfers conducted in the period under review stood at $674.32 billion and $329.90 billion respectively
- Statistics also noted that March was the busiest month with dirham-denominated transfers standing at $397.82 billion
Business
Sharjah Taxi transports 1.465m passengers in Q1 2023
Sharjah, UAE - Sharjah Taxi reports successful transport of 1.465 million passengers during the first quarter of 2023. With a...
- With a fleet of 750 vehicles of various models and brands, the company remains committed to ensuring passenger satisfaction, safety, and comfort
- Khalid Al Kindi, the Executive Director of Sharjah Taxi, emphasized the company's commitment to providing innovative services and prioritizing luxury experiences
Business
DEWA receives the lowest bid of $1.62 cents per kWh for the 1,800MW solar park
Dubai, UAE: Dubai Electricity and Water Authority (DEWA) on Thursday received two bids from ACWA Power and Masdar with the...
- The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world, DEWA CEO Al Tayer said
- When completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually, he noted
Economy
UAE tourism boom fuels leisure, entertainment industry in MENA
Dubai, UAE: The UAE’s target of attracting 40 million tourist visits by 2030, and its subsequent economic contribution of AED...
- The L&E sector in the Middle East and North Africa (MENA) currently generates approximately AED 30 billion ($8.2 billion) in revenue
- KSA is the world’s fastest-growing tourism destination MENA’s L&E sector generates approximately AED 30 billion in revenue
Business
CBUAE balance sheet hit all-time-high of $161 bn by March end
Abu Dhabi, UAE - The balance sheet of the Central Bank of the UAE (CBUAE) surpassed AED594 billion ($161 billion)...
- The apex bank said that its balance sheet grew by 5.3 percent on a monthly basis to $161.23 billion at the end of March 2023
- The bank's balance sheet increased YoY by the equivalent of $21.3 billion, from about $139.82 billion in March 2022
Geostrategy
Iran’s emerging pivot to Russia and China is for strategic leverage: study
Dubai, UAE - Iran’s pivot to Russia and China has been driven by various factors, most notably the United States'...
- The decision by the Trump administration to abandon the nuclear deal deeply disillusioned the Iranian leadership
- Iran's incremental moves toward China and Russia is said to indicate an unwillingness to redefine its national security doctrine
Geostrategy
Blinken meets Saudi Crown Prince in fresh bid to mend ties
Riyadh, Saudi Arabia - US Secretary of State Antony Blinken met with Saudi Crown Prince Mohammed bin Salman in Jeddah,...
- The Secretary expressed appreciation for Saudi Arabia in hosting the D-ISIS Ministerial and stressed our joint efforts to fight terrorism, US State Department said
- Crown Prince and Blinken reviewed the bilateral relations and aspects of cooperation in various fields and ways to enhance them, Saudi Press Agency said
Business
PGA Tour-LIV Golf deal: A profit-driven game changer
US-based PGA Tour and Europe's DP World Tour have partnered with LIV's Saudi sponsors to form a new jointly-owned, profit-oriented...
- The US-based PGA Tour and Europe's DP World Tour said they had signed an agreement with LIV's Saudi backers that will lead to the formation of a new collectively owned, for-profit
- LIV Golf was launched in October 2021 and lured top PGA Tour talent with record $25 million purses and money guarantees, bankrolled by Saudi Arabia's Public Investment Fund
Arts & Culture
Tom Cruise coming to Abu Dhabi’s for Middle East premiere of Mission Impossible
Abu Dhabi, UAE -- Abu Dhabi will host the Middle East premiere of the eagerly-awaited Mission: Impossible – Dead Reckoning...
- It is the second time the Mission Impossible franchise has filmed in Abu Dhabi, following the jaw-dropping HALO jump sequence that was shot for 2018’s Mission Impossible - Fallout
- Along with Tom Cruise and Director Christopher McQuarrie, the other stars of the film due to attend the Middle East Premiere are Hayley Atwell, Pom Klementieff and Simon Pegg.
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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
Ceasefire agreement between Israel and Hamas goes into effect, marking first steps toward peace
As the first phase of the ceasefire takes effect, the world watches to see whether this temporary reprieve will be...
Geostrategy
Company News
GIB, KSA wrap up Sukuk debut
Business
Latest News
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...
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...
Economy
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Geostrategy
UAE signs pact to develop digital infrastructure in Greece
ABU DHABI, UAE - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic...
- Data centers to be developed under this MoU can reach a total capacity of 500 megawatts.
- The data center market in Greece has witnessed significant growth in the last few years.
Economy
Saudi Arabia launches program to boost exports
Riyadh, Saudi Arabia - Saudi Arabia has embarked on a program to equip Saudi exporters with the necessary information on...
- General Authority for Foreign Trade, through its Agency for Private Sector Affairs and International Representation, has launched workshops called "Through the Attachés"
- The Foreign Trade Authority, with a focus on boosting exports, and safeguarding trade interests, plays a critical role in developing the national economy
Business
Saudi Crown Prince announces new company to boost Kingdom’s global tech status
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to...
- The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector
- It aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3 billion