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
Over 70% report revenue surge in UAE from digital payments, Visa finds
Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since...
- The study focused on two groups of merchants - those accepting digital payments for 1-4 years and those exclusively dealing in cash transactions
- 95% of digital payment-accepting merchants believe that the value derived from digital payment acceptance are on par with or exceed the associated costs
Business
Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
- The UAE Retail Offer has been increased to 89,964,000 ordinary shares from 74,970,000 ordinary shares
- Parkin is expected to commence trading on the DFM on March 21, 2024, under the symbol “PARKIN”
Geostrategy
Israeli forces kill Jordanian in West Bank, says Palestinian ministry
A Jordanian citizen has died after being shot by Israeli forces in the West Bank, Palestinian authorities said, with the...
- The Israeli military said Hussein was suspected of being an accomplice of a Palestinian fighter Muhammad Jabar.
- Jabar was preparing to carry out a suicide attack in Israel, according to the military.
Economy
Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...
- The pact provides for supplying Iraq with 51 million M3 per day, Iraqi minister of electricity Luay Al-Khatteeb said
- He further noted that the Iraqi Ministry of Electricity has fulfilled all gas-related payments to Iran
Economy
$2bn earmarked for Saudi real estate by Muslim global HWNIs
Riyadh, Saudi Arabia - Muslim global high net worth individuals (HNWI) are prepared to spend US$ 1.96 billion on real...
- Makkah (30%) has emerged as the top wish list city by Muslim HNWI for real estate purchases in Saudi, while Riyadh (25%) ranks second
- Prices in Makkah have risen by an average of 5.5% over the last 3 years, compared to 5% in Madinah over the same period
Business
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
- Over 190 new Indian businesses and a total of more than 1,500 Indian companies have set up business in Jafza.
- This move aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe.
Business
UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
- One of the key drivers of this expansion is the emerging trend of "metaverse e-commerce," a segment anticipated to experience a 37% growth from 2024 to 2030
- The top performers in 2023 were Toys, DIY, and hobbies, leading with 29% market share, closely followed by fashion at 27%
Economy
Residential demand buoyed Qatar’s property sector in 2023
Doha, Qatar - Residential demand continued to buoy the country's property sector in Q4 2023, hapondo, a homegrown property portal,...
- The report pointed out that despite a decrease in real estate transaction volume to $4.6 billion from $5.82 billion, apartments remained popular for investment
- Key residential highlights included the Marina District in Lusail, while The Pearl remained the most sought-after location for apartment seekers
Business
China Eastern Airlines to operate three weekly fights between Shanghai and Riyadh
Riyadh, Saudi Arabia - The Saudi Air Connectivity Program (ACP) and China Eastern Airlines have entered into a strategic partnership...
- The new route is set to operate with an A330-200 aircraft, offering an annual capacity of 35,880 inbound seats
- Both parties anticipate increased trade, people-to-people exchanges, and dialogues across various sectors through this 'Air Silk Road' initiative
Economy
Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products...
- Iraq was the biggest importer of Iranian agricultural and food products worth US$1.7 billion.
- The UAE was the second largest importer of Iranian agricultural and food products worth $675 million
Most Read
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
Layali Diriyah: Blending scents of history, culture, global flavors
Riyadh, Saudi Arabia - Surrounded by the natural emblem of palm trees, Layali Diriyah during Ramadan radiates a distinctive ambiance,...
Business
Israel defence minister threatens to annex parts of Gaza unless Hamas frees the remaining Israeli hostages
The warning came as Israel stepped up the renewed assault it launched on Tuesday, shattering the relative calm that had...
Geostrategy
Macron announces new Ukraine ‘coalition’ summit in Paris on March 27
French President Emmanuel Macron on Thursday said the leaders of a coalition of Ukraine backers would meet again in Paris...
Geostrategy
Most Read
Science
‘Dark universe detective’ telescope releases first data
Paris, France - Europe's Euclid space telescope, which is on a mission to shed light on the mysteries of dark...
- The telescope launched in 2023, aiming to chart one third of the sky, encompassing 1.5 billion galaxies
- The huge amount of data - which was accompanied by 27 scientific papers - still only covers less then 0.5 percent of the sky
Geostrategy
Israel announces ground operations, issues ‘last warning’ to Gazans to remove Hamas from power
Israeli forces this week conducted the deadliest wave of air strikes since the start of a truce in January, killing...
- The military said it had "begun targeted ground operations in the central and southern Gaza Strip to expand the security perimeter
- Families with young children fled northern Gaza for areas further south, fearing for their lives after Israel urged civilians to leave
Geostrategy
Putin has upper hand in Trump talks on elusive Ukraine peace: analysts
Paris, France - Vladimir Putin scored a coup by discussing with Donald Trump in highly anticipated phone talks everything from improving...
- During the call on Tuesday, Putin refused a full ceasefire agreement proposed by Washington
- The Kremlin said Trump had also backed Putin's proposal to hold ice hockey matches between American and Russian players