AI needs to be smaller, reduce energy footprint: UNESCO study
Paris, France -- The potential of artificial intelligence is immense -- but its equally vast energy consumption needs curbing, with...
Geostrategy
Spain hosts European, Arab nations to pressure Israel on Gaza
Madrid will host 20 countries as well as international organizations with the aim of "stopping this war, which no longer...
Geostrategy
Business
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
- The CEO acknowledged China's economic growth in recent decades, and expressed admiration for the country’s ability to overcome challenges.
- He underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners.
Economy
UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
- United States remained the prime destination, attracting substantial investments in bonds and direct ventures
- Egypt closely follows with significant investments, along with the United Kingdom, India, and Morocco
Business
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
- The fund's primary goal is to promote the development of TradeTech solutions and support the expansion of startups.
- The announcement aligns with Investopia's vision to inspire entrepreneurs to expand into new economic sectors.
Business
Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
- ICAO’s latest analysis also reveals new insights into aviation industry for the year 2023.
- It said that air traffic on most routes had reached or surpassed pre-pandemic levels by end of 2023.
Geostrategy
OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
- The Development and Investment Bank of Türkiye (TKYB) will on-lend the funds to small and medium-sized enterprises.
- This will help efforts to overcome the calamity’s impact and to promote a more resilient and sustainable agriculture sector.
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
- Unit 4 will add another 1,400 megawatts of clean electricity capacity to power the national grid, representing another significant step forward towards full-fleet operations
- This further supports the UAE’s efforts in enhancing grid stability and energy security through abundant around-the-clock zero-emissions electricity
Economy
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
- Bayraktar outlined several potential routes for this transportation, including a swap arrangement via Iran or a combination of Iran and Azerbaijan
- He stressed that a primary consideration is the establishment of a pipeline traversing the Caspian Sea, offering a higher-capacity solution
Business
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
- Passenger numbers saw 26% jump, reaching 112 million compared to the previous year's 88 million, surpassing pre-pandemic levels
- Currently, Saudi Arabia boasts connections to 148 destinations with at least 52 daily flights to and from the country
Israel out of Euro 2024 chase, Ukraine in dramatic fightback
Israel's hopes of reaching the European Championships for the first time against the background of bloody conflict at home were...
- Iceland will now face Ukraine on Tuesday with the winner to claim a spot in this summer's finals in Germany
- Wales will face Poland for a place in the finals after powering to a 4-1 win against Finland in Cardiff
Economy
First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...
- Expenditures were diverse, with a substantial portion allocated to food and beverages, amounting to $603.97 million across 45.8 million transactions
- Among various cities, Riyadh led in point-of-sale operations, totaling $1.04 billion followed by Jeddah with transactions valued at $438.61 million
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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
AI needs to be smaller, reduce energy footprint: UNESCO study
Paris, France -- The potential of artificial intelligence is immense -- but its equally vast energy consumption needs curbing, with...
Geostrategy
Company News
Latest News
Global rice output in 2024/25 likely to expand by 1.5%: FAO
Rome, Italy -- The Food and Agriculture Organization of the United Nations (FAO) released a new Cereal Supply and Demand...
Geostrategy
Loyalty Lost: How brands need to adapt to the modern traveler
Dubai, UAE: As 2025 unfolds, travel brands are facing a significant challenge: customer loyalty. Traditional rewards programmes, often based on points systems,...
Business
Most Read
Economy
The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
- The hardline positions of the US and China on trade and tariffs are putting the world economy at risk, writes Richard Samans
- Yet, Europe could broker a 'positive off-ramp' that fires on all of the cylinders of international cooperation
Economy
Morocco volunteers on Sahara clean-up mission as part Nomads Festival
M'HAMID EL GHIZLANE, Morocco - It may be the gateway to the vast Sahara desert, but that does not mean...
- Bottles, plastic bags -- "there are all kinds", noted one helper who has joined the initiative cleaning up the edge of a village bordering the Sahara
- The rubbish is "mainly linked to the massive production of plastic products, low recycling rates and atmospheric pollutants carried by the wind."
Geostrategy
Israel PM accuses security chief of investigating minister without his consent
Prime Minister Benjamin Netanyahu on Monday accused Israel's internal security chief, whose dismissal was blocked by the supreme court, of...
- "The claim that the prime minister authorised Shin Bet chief Ronen Bar to gather evidence against Minister Ben Gvir is yet another exposed lie," Netanyahu said
- He was responding to a report that Bar's agency had spent months investigating far-right infiltration of the police and its links to Ben Gvir