Saudi Space Agency launches ‘Space Futures Centre’
Riyadh, Saudi Arabia - The Saudi Space Agency (SSA) announced Sunday the launch of the Centre for Space Futures, the...
Science
UAE to host 2025 Asia-Pacific amateur championship at Emirates Golf Club
Gotemba, Japan -- The Asia-Pacific Golf Confederation (APGC), the Masters Tournament and The R&A has announced that the 16th Asia-Pacific...
Geostrategy
China, Russia, Iran conduct joint naval drills in Gulf of Oman
China, Iran, and Russia are conducting a five-day trilateral naval exercise, Security Belt-2023, in the Gulf of Oman, according to...
- China's Defense Ministry, in a statement, said the exercises will conclude on Sunday and will include the participation of China's guided-missile destroyer Nanning
- Russia will be represented by a detachment of ships from the country's Northern Fleet, including the Admiral Gorshkov frigate and the Kama medium sea tanker
UAE to invest $30bn in South Korea over the next few years
Abu Dhabi, UAE – The United Arab Emirates will invest $30 billion in South Korea over the next few years,...
- Korean FDI in the UAE totaled USD2.2 billion up until the beginning of 2021, reflecting a 73 percent growth
- These investments are mostly concentrated in finance, insurance, mining, retail, real estate, energy and technology sectors
Economy
Indian, UAE cooperating in green hydrogen development: Indian minister
New Delhi, India -- India’s Minister for New, Renewable Energy and Power, R K Singh said on Tuesday that India...
- The UAE's expanded cooperation with India in clean energy aims to support New Delhi's ambition to achieve 450 gigawatts of renewable energy
- R K Singh said that the bilateral cooperation in renewable energy, similar to the UAE, is being promoted with Australia, Finland and Germany
Business
Apple loses to rival Samsung in Middle East smartphone market
Dubai, UAE - Apple has lost ground in the Middle East smartphone market during 2022 to main rival Samsung, according...
- Samsung has enhanced its share in the smartphone market in the Middle East to 40 percent in 2022, up from 34 percent in 2021
- Xiaomi also lost market share, falling to 14 percent from 15 percent in 2021, while Transsion fell to 13 percent from 15 percent in 2021
Economy
OPEC projects world oil demand to average 101.9 mb/d in 2023
Vienna, Austria – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3...
- The world economic growth forecast for 2023 is expected at 2.6% y-o-y, following growth of 3.2% in 2022
- On crude oil futures prices, OPEC said, the prospect of oil demand recovery in China limited futures price losses
Economy
UAE GDP grew by 7.6%, FDI flows surged to $172bn in 2022: Minister
New Delhi, India - The GDP of the UAE went up by 7.6 percent in 2022 and the FDI inflows...
- The country’s non-oil foreign trade also witnessed unprecedented growth as it crossed the $0.5 trillion and $59 billion mark, Bin Touq said
- Economic fragmentation is likely to cost us dearly because the greater the fragmentation of trade, the greater the economic costs, he added
Economy
Oil prices fall 2% as Silicon Valley Bank demise rattles markets
New York, United States - Oil prices fell over 2 percent in volatile trading on Monday as the collapse of...
- US West Texas Intermediate crude futures (WTI) dropped $1.88, or 2.5 percent, to $74.80 a barrel. WTI earlier declined to $72.30 a barrel, its lowest price since December
- In the past twelve months, the oil market has absorbed the impact of Russia's invasion of Ukraine and the sanctions imposed in response by the United States and the EU
Turkish current account deficit rises to 40-year high
Istanbul, Turkey - Turkey's current account deficit increased to $9.85 billion in January, the highest monthly deficit since 1984, the...
- Turkey's trade deficit widened 38 percent in January to $14.24 billion, largely due to the sharp rise in gold imports and the rising cost of energy imports
- Excluding gold and energy, the current account showed a surplus of $2.6 billion in January, as opposed to a surplus of $1.7 billion in the same month last year
Geostrategy
UNHCR urges more support for Turkey, Syria earthquake survivors
ISTANBUL, TURKEY - United Nations High Commissioner for Refugees (UNHCR) president Filippo Grandi concluded a five-day visit to earthquake-devastated areas...
- UNHCR president reviewed and discussed the immediate humanitarian response with authorities in Turkey and Syria.
- UNHCR has delivered tens of thousands of tents, beds, mattresses, thermal blankets to the quake survivors in the two countries.
Geostrategy
Video: Leaders find ways to unite fragmented world
Efforts were made to bring together a divided world and find solutions to the ongoing global crises during the World...
- Efforts were made to bring together a divided world and find solutions to the ongoing global crises during the World Economic Forum's Annual Meeting held in Davos earlier this year
- Despite the ongoing pandemic and continuing restrictions, the meeting in Davos garnered heightened interest due to the conflict in Ukraine, and its economic repercussions
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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 Space Agency launches ‘Space Futures Centre’
Riyadh, Saudi Arabia - The Saudi Space Agency (SSA) announced Sunday the launch of the Centre for Space Futures, the...
Science
Company News
ADNIC reports $82m profit
Business
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Saudi Arabia set to open its first financial center
Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and...
Economy
Illegal Israeli settlers block Palestinian farmers from farming lands
Tubas, Palestine - Colonial Israeli settlers backed by the Israeli military prevented Palestinian farmers from plowing their lands today in...
Geostrategy
IHC announces formation of 2PointZero – a next generation holding company
ABU DHABI, UAE - The International Holding Company (IHC) announced the initiation of the transfer of 2PointZero, a next generation...
Business
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Economy
Saudi Arabia launches skill verification program in Egypt
Riyadh, Saudi Arabia - Saudi Arabia, through its Ministry of Human Resources and Social Development (MHRSD), has initiated the first...
- The collaborative effort with the Egyptian Ministry of Manpower aims to improve the proficiency of professional labor in Egypt
- In its inaugural phase, the SVP will focus on evaluating skills in five key professions: plumbing, electrical work, welding, automotive mechanics, and carpentry
Geostrategy
Israel rejects Hamas’ new proposal for release of Gaza hostages: report
Washington, United States - Israel has rejected a new proposal from Hamas through Qatari and Egyptian mediators for a deal...
- Each phase, according to the proposal, would include a pause in fighting for more than a month in exchange for the release of hostages
- The implementation of the third phase of the deal, which provided for the release of prisoners of war, implied the end of the conflict
Business
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...
- ADIB-Egypt’s Private Banking platform also provides access to Financial Advisory services led by specialized experts, to help clients' wealth achieve its full potential
- ADIB is also introducing a new service granting clients exclusive access to premier banking products and services in the United Arab Emirates