Red Sea Fund opens applications for production cycle
Riyadh, Saudi Arabia - The prestigious Red Sea Fund has thrown open its doors to filmmakers across Arab and African...
Arts & Culture
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
Economy
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting...
- This positive outcome is attributed to strong investment from the private and public sectors,
- Non-oil revenue growth, ongoing diversification, and economic resilience efforts has also helped.
Business
Mashreq’s net profit surges 122%Â
The Return on Equity also achieved a record high, reaching 32.1%.
- The ROE also achieved a record high, reaching 32.1% during the same period, doubling compared to the performance in the first nine months of 2022
- The bank's non-interest income reached $626 million, marking an 8.1% year-on-year growth in the first three quarters of 2023
Economy
UAE president discusses climate financing with World Bank chief
Abu Dhabi, UAE – The UAE president Sheikh Mohamed bin Zayed Al Nahyan Thursday discussed climate financing with the President of...
- The meeting also discussed global economic conditions, and the contributions of the World Bank in supporting regional and global development
- The UAE president highlighted the upcoming UN Climate Change Conference (COP28), which his country will host later this year
Economy
FII7 sees $17.9 billion in investments, summit on AI
Riyadh, Saudi Arabia – The three day 7th edition of the Future Investment Initiative (FII7) which ended on October 24...
- During a session, Goldman Sachs Economics forecasted that global investment in AI could reach $200 billion by 2025
- The event saw the partnership between the PIF and Pirelli, with plans to establish a tire manufacturing facility in Saudi Arabia
Geostrategy
Palestine’s Abbas expected in Moscow for talks with Putin soon: Russian diplomat
Moscow, Russia - Palestinian leader Mahmoud Abbas will soon visit Moscow for talks with Russian President Vladimir Putin, a senior...
- Kremlin Spokesman Dmitry Peskov refused to say exactly when Abbas would arrive
- He surmised that the two leaders would primarily discuss the situation in the Middle East
Business
The Arab Open Banking market to grow by 25% annually over next 5 years: report
Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a...
- The Arab Monetary Fund will support Arab central banks in adopting effective frameworks for Open Banking and Finance initiatives
- The report covers aspects such as data sharing, consent mechanisms, data security, identification of regulated Third Party Providers
Netanyahu says Israel ‘preparing’ Gaza ground war
Thousands of Gazans are already believed to have died in Israel's aerial assault, with the toll expected to rise substantially...
- Facing ever-louder international calls to temper Israel's ferocious 19-day bombing campaign in the Hamas-controlled territory
- US President Joe Biden is among the foreign leaders stepping up public calls for Israel to "protect innocent civilians"
Geostrategy
Putin warns Israel-Hamas conflict could escalate beyond the Middle East
Moscow, Russia - Russian President Vladimir Putin warned on Wednesday that the Israel-Palestine conflict could potentially extend beyond the Middle...
- Russian leader expressed concern that unnamed forces aimed to exacerbate the situation and draw additional countries and people into the conflict
- He reiterated his country's support for a two-state solution to the Israeli-Palestinian issue, which he believed was the only way to achieve a long-term resolution
Geostrategy
Turkey ready to act as guarantor for Palestine to resolve conflict with Israel: Erdogan
Istanbul, Turkey - Turkey is ready to act as a guarantor country for Palestine in the settlement of the Palestinian-Israeli...
- Turkish president also proposed to convene an international peace conference aimed to resolve the ongoing crisis
- He called on the countries to asses this proposal as soon as possible, to take concrete steps and open the doors to the peace
Economy
High interest rates are here to stay for a longer duration: IMF chief
Riyadh, Saudi Arabia - The world should be prepared that the interest rates are here to stay for a longer...
- Kristalina Georgieva conceded that "interest rates are not just suffocating, they are making life harder."Â
- She also called on the overburdened countries to restructure debt, promising that the IMF was ready to assist
Red Sea Fund opens applications for production cycle
Riyadh, Saudi Arabia - The prestigious Red Sea Fund has thrown open its doors to filmmakers across Arab and African...
Arts & Culture
Company News
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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...
Business
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...
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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