Geostrategy
Saudi Foreign Minister seeks British role in Gaza truce in meeting with Cameron
London, Britain - Saudi foreign minister on Thursday Prince Faisal bin Farhan bin Abdullah called on the international community, especially...
- Prince Faisal also highlighted the need for creating conditions for the return of stability and the restoration of "a comprehensive and just peace" in Gaza
- They also discussed the developments in the Gaza Strip and the need to ensure that violence does not escalate so as to achieve full protection for civilians
Business
UAE GDP set to double in 2024 from oil and non-oil boost: report
Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023,...
- The UAE has been actively pursuing non-oil sector expansion as part of its economic development plans
- The recent successful sovereign bond sale, which raised US$1.5 billion, has bolstered these efforts
Business
NEOM unveils Utamo, a $500bn project to showcase world’s mega artists
NEOM, Saudi Arabia - Saudi Arabia's $500 billion mega project, has introduced Utamo, a new art and entertainment destination set...
- Described by NEOM as "an innovative and multipurpose event and performance space," Utamo features VIP lounges and signature restaurants
- NEOM envisions Utamo as a venue where "reality and the digital realm converge," aiming to redefine entertainment benchmarks
Economy
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...
- The Central Bank of the UAE (CBUAE) announced that it would keep the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40 percent
- Following suit, Qatar Central Bank (QCB) also maintained its current interest rates, including the rates for deposit, lending, and repurchase agreements
Business
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.
- Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital
- Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry
G42’s split from China could spur other GCC firms to follow suit
Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners...
- The G42’s move follows concerns raised by US national security personnel regarding potential espionage risks from Chinese firms
- The ripple effect of G42's decision could extend to other tech companies in the Gulf Cooperation Council (GCC) region
Economy
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
- Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
- Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc
Business
CBUAE joins the Gulf payments system AFAQ
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...
- Along with the CBUAE, Barclays Bank joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step and begin using the system’s services
- To date, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have joined "AFAQ", in addition to a number of commercial banks from these countries
Economy
Global trade likely to decline in 2023 due to changing trade patterns, geopolitics
DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update,...
- Other elements affecting trade include lower demand in developed countries, less trade in East Asia and an uptick in trade-restrictive measures.
- The elements also include an uptick in trade-restrictive measures and lengthening supply chains, particularly between China and the US.
Research
Google releases the top trending searches of the year in MENA
Dubai, UAE - Google on Monday released the top trending searches of 2023 for the Middle East and North Africa....
- Saudi Arabia has been searching for football throughout the year, with many events and tournaments happening on-ground
- In the news list in Egypt, the war in Palestine ranked first, followed by the devaluation of the Egyptian Pound
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
Company News
CBI, zypl.ai ink partnership
Business
Latest News
GACA report: Riyadh’s King Khalid Airport ranked best for 15M+ passengers
Riyadh, Saudi Arabia - King Khalid International Airport in Riyadh secured the top spot in the category of airports with...
Business
Residential, hospitality sectors drive Saudi Arabia’s real estate market in H1 2024
The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as...
Economy
Standard & Poor’s affirms Saudi Arabia’s ‘A/A-1’ credit rating
Riyadh, Saudi Arabia – Standard & Poor's (S&P) affirmed the Kingdom's credit rating in local and foreign currency at "A/A-1"...
Economy
Most Read
Economy
Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
- A domestic worker visa allows individuals to continue working in private households as cleaners, chauffeurs, cooks, nannies, or personal care providers while travelling
- The growth is driven by the UAE’s robust economy, with increasing disposable income among families and a growing expatriate population
Economy
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
- The strategy sets out 11 strategic goals aimed at fortifying the UAE’s regulatory framework and enhancing its effectiveness in combating financial crimes
- The announcement follows the country’s removal from the Financial Action Task Force’s (FATF) "grey list" in February 2024
Economy
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
- Research by Chainalysis found that flow of crypto funds to legitimate services has reached their highest levels since 2021
- Aggregate illicit activity over the same period fell by an impressive 19.6 percent