AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
Arts & Culture
Red Sea Global releases ‘Red Sea Waves,’ its first music album
Riyadh, Saudi Arabia - Red Sea Global (RSG), the developer behind The Red Sea and Amaala, the Saudi tourism destinations,...
- The album is the result of collaboration between Saudi, Egyptian, Sudanese, Somali, and other artists
- The album features 12 tracks, each of which is characterized by a different genre and origin
Business
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
- EDB’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth.
- EDB has approved $353 million in financing under the Credit Guarantee Scheme with partner banks in UAE.
Business
Goldman Sachs, Mubadala ink pact
The two firms have signed a $1 billion private credit deal.
- The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
- This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.
Over 6m worshippers perform prayers at Prophet’s mosque last week
Madinah, Saudi Arabia -- Saudi General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's...
- The statistics showed that 647,790 visited the Prophet Mohammed's tomb, and 298,397 visitors performed prayers at Al-Rawdah Al-Sharifa
- More than 160,000 bottles of Zamzam water were provided, and 142,007 Iftar meals were distributed in corridors of the mosque
Economy
UAE allocates $5m to WTO’s Women Exporters In Digital Economy Fund
Dubai, UAE – United Arab Emirates on Sunday allocated $5 million to a $50 million fund launched Sunday ahead of...
- The alloocation was announced by the UAE minister Dr Thani bin Ahmed Al Zeyoudi, Chair of the 13th WTO Ministerial Conference 2024, which begins in Dubai today
- The new fund aims to unlock the power of the digital economy, helping women exporters overcome financing hurdles and capture untapped opportunities
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
- According to Pakistani media, the country will expedite the project, which faced significant delays, in two phases
- Iran had previously given Pakistan a 180-day deadline until September 2024 to start completion of the pipe-laying work
Arts & Culture
Saudi Arabia cracks down on heritage site defacement with hefty fines
Riyadh, Saudi Arabia - Saudi Arabia has issued a stern warning against damaging the nation's cultural heritage sites, imposing hefty...
- The Public Prosecution declared that anyone caught defacing urban heritage,could face a penalty of one year in prison and a fine of up to $26,660
- This stern message coincides with the Kingdom's celebration of its Founding Day, which fell on February 22
Business
Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...
- ALUPCO, headquartered in Dammam, Saudi Arabia, is recognized as a leading aluminum solutions provider in the Middle East and North African region
- Array Technologies, known for manufacturing solar tracker technology for over 30 years, has operations in Arizona, Australia, Brazil, England, South Africa, and Spain
Economy
Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
- Yasir Al-Rumayyan, speaking at the FII PRIORITY summit in Miami, highlighted the fund's focus on sectors like education, healthcare, artificial intelligence
- By investing in technological advancements, the PIF aims to propel the Kingdom towards a more diversified and resilient future
Business
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
- The MoU was signed during the visit to China of Saudi civil-aviation officials
- The areas of cooperation outlined in the MoU include expanding the number of air transportation stops
AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
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Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
UAE stocks see US$1.7bn inflow, IHC, Emaar lead
ABU DHABI, UAE- The UAE stock markets attracted liquidity of nearly AED6.5 billion during the week's trading, with the focus...
Business
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Economy
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
- The objective is to incentivize offenders to settle their fines within a six-month window from the commencement of the initiative
- Payment options include either clearing all fines at once or settling each fine individually, provided there are no additional safety-related violations
Business
ahli islamic introduces Sharia-compliant Money Market Fund
MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window,...
- ahli islamic customers now have the opportunity to invest and gain exposure to attractive local and regional profit rates.
- With its lucrative returns, the new Islamic Money Market Fund is for those seeking Sharia-compliant investments.
Economy
Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
- The opportunities are part of the fifth round of mining competitions for exploration licenses and encompass gold, copper, zinc, lead, and silver ores
- Investment opportunities for exploration licenses include Al-Halahila site in the Najran region, estimated to be more than 34 square kilometers in size