Dakar Rally Saudi Arabia 2025 kicks off Friday with over 800 competitors
Riyadh, Saudi Arabia -- The Dakar Rally 2025, the largest and longest race in the world of motorsports, is set...
UN envoy warns Syria conflict persists as rebels seek international ties post-Assad ouster
The UN migration chief expressed concerns about large-scale refugee returns destabilizing Syria further, particularly affecting religious minorities who fled violence...
Geostrategy
Economy
WTO, WBG, WEF launch scheme for trade, climate mitigation efforts
GENEVA, SWITZERLAND - The World Trade Organization (WTO), the World Bank Group (WBG) and the World Economic Forum (WEF) on...
- The initiative Action on Climate and Trade (ACT) . which starts with a pilot phase, will focus on working with participating developing economies.
- ACT will provide participating economies with tailored insights so that they can plan for the impacts of climate change on trade.
Business
Mastercard, DIFC to partner with FinTech companies for digital transformation
Dubai, UAE - Dubai International Financial Centre (DIFC), the leading financial centre in the Middle East, Africa and South Asia...
- The partnership will provide FinTech companies with access to Mastercard's network and DIFC's financial ecosystem
- The collaboration will focus on creating new payment solutions and digital services, as well as enhancing existing ones
Economy
Perfect storm will make dollar biggest loser of 2023: deVere CEO
The warning from the boss of the financial giant follows the dollar having already dropped 10 percent from its peak...
- The warning from the boss of the financial giant follows the dollar having already dropped 10 percent from its peak hit last year
- He warns that there is a transition underway from a bull to a bear cycle for the dollar and that this will impact the global investment environment
Business
DIB Q1 profit up
Net financing and sukuk investments stood at $65.35bn.
- DIB's total income rose to AED 4.431 billion ($1.21bn) compared to AED 3.016 billion ($820m), a solid expansion of 47 percent YoY.
- Net operating revenues showed a robust 12 percent YoY to reach $750 million, while net operating profit stood at $550 million.
Business
MBM Holding, Portland Holdings ink MoU
Firms will work together on nuclear, renewable energy.
- The two firms seek to address global challenges by adopting innovative solutions in health sciences and nuclear and clean energy.
- The MoU comes as part of the UAE’s Year of Sustainability in preparation for the country's hosting of COP 28 to promote environmental sustainability.
Business
OPEC Fund, UNIDO enhance cooperation to advance clean energy transition
Vienna, Austria - The OPEC Fund for International Development (the OPEC Fund) and the United Nations Industrial Development Organisation (UNIDO)...
- They also signed a US$1.5 million technical assistance grant agreement in support of the National Clean Cooking Transition Programme in Madagascar
- We look forward to collaborating with UNIDO to help deliver the Sustainable Development Goals, said OPEC Fund Director-General Dr Abdulhamid Alkhalifa
Geostrategy
Step aside US: China’s road to global leadership goes through Middle East
If China successfully mediates the Israel-Palestine peace talks, it will cement its status as a global peacemaker, a role that...
- Chinese Foreign Minister Qin Gang has expressed readiness to help facilitate peace talks between Israel and Palestine
- He made separate phone calls to Israeli and Palestinian foreign ministers, emphasizing China's push for peace talks
Economy
Dollar could gain as markets anticipate a Fed rate hike: expert
Dubai, UAE - The US dollar could record some gains as markets increasingly see a higher probability that the Federal...
- The constant surprises in US economic data during the last few weeks have focused traders’ attention on the US currency, Wael Makarem, Senior Market Strategist, MENA at Exhe added
- The Japanese yen, Makarem said, could see more weakness against the dollar in the near term with the Bank of Japan maintaining its accommodating monetary policy
Science
Arada to create Middle East’s first new sustainable water treatment
SHARJAH, UAE- Arada is investing in a new research and development (R&D) facility here, bringing a new form of sustainable...
- The long-term goal for the facility will be to create an improved ‘Biopolus 2.0’ version of the technology, while also turning Sharjah into a global hub for the process
- The modular, flexible, and odor-free nature of the Biopolus technology means that each plant can be placed directly in any urban environment
Business
G42 and Mubadala announce launch of M42
Abu Dhabi, UAE - G42, an Abu Dhabi-based AI technology holding group, and Mubadala Investment Company on Tuesday announced the...
- M42 combines G42 Healthcare’s medical and data-centric technologies with Mubadala Health’s patient services and facilities "to provide personalised, and preventative care."
- In October 2022, G42 Healthcare and Mubadala Health announced that they had joined forces to create a new, integrated healthcare technology powerhouse.\
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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
Dakar Rally Saudi Arabia 2025 kicks off Friday with over 800 competitors
Riyadh, Saudi Arabia -- The Dakar Rally 2025, the largest and longest race in the world of motorsports, is set...
Company News
Ooredoo, QNBN sign agreement
Business
Latest News
AI to impact 60% of advanced economy jobs: IMF’s Georgieva
The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP. "We must focus...
Economy
Saudi Scouts Association to participate in Republic Day Camp in India
Riyadh, Saudi Arabia - The Saudi Arabian Boy Scouts Association will participate in the Republic Day Camp (RDC) in India...
Geostrategy
Global personal computer shipments decline 14.8 percent in 2023
DUBAI, UAE - Worldwide PC shipments totaled 63.3 million units in the fourth quarter of 2023, a 0.3 percent increase...
Business
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Geostrategy
Egypt denies suspending navigation through Suez Canal
Cairo, Egypt - Egypt Saturday said that navigation movement in the canal is regular from both directions, Chairman of the...
- Dollar revenues from Egypt's Suez Canal have experienced a 40 percent decline since the beginning of the year compared to 2023
- The Suez Canal is a crucial source of foreign currency for Egypt, and efforts have been made to boost revenues, including the ongoing expansion of the canal
Saudi Arabia announces operational start of this year’s Hajj season
Riyadh, Saudi Arabia - Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah, officially inaugurated the operational activities for the 1445...
- The commencement follows the conclusion of the Hajj and Umrah Services Conference and Exhibition, a 4-day event that showcased facilities for the well-being of pilgrims
- The conference witnessed the signing of multiple agreements covering areas such as housing, logistical services, healthcare, transportation, catering, technology, etc
Business
Record-breaking home sales in Dubai’s upscale market in 2023
Dubai, UAE – Sales of properties worth more than $1.35 million and $2.70 million in Dubai hit record levels in 2023,...
- Among the communities tracked by CBRE, in 2023, Palm Jumeirah registered the highest volume of transactions in both the prime and super-prime market segments
- Off-plan sales in the $1.35 million and $2.70 million segments of the market accounted for 67.2% and 70.8% of total transaction volumes, respectively