Nvidia unveils plan for Taiwan’s first ‘AI supercomputer’
Taipei, Taiwan -- Nvidia boss Jensen Huang announced plans for Taiwan's first "AI supercomputer", as he showcased on Monday the...
Business
Business
Air cargo demand up 3.8% in October
Geneva, Switzerland - Global air cargo demand increased by 3.8% compared to October 2022, the International Air Transport Association (IATA)...
- Capacity was up 13.1% compared to October 2022 and 11.1% for international operations
- International belly capacity, for example, rose 30.5% year-on-year on the strength of passenger markets
Geostrategy
Blinken, Wang discuss Gaza war in phone call
Beijing, China - The US Secretary of State Antony Blinken and China's Foreign Minister Wang Yi on Wednesday spoke over the...
- Blinken discussed his recent travel in the Middle East and US diplomatic efforts in the region with Wang
- He also underscored that the recent Houthi attacks against commercial vessels in the Red Sea
COP28 UAE
Saudi Electricity Company targets net zero emissions by 2050
Dubai, UAE - The Saudi Electricity Company (SEC), the largest producer, transmitter, and distributor of electrical energy in the Middle...
- The announcement was made during a special event SEC organized on the sidelines of the United Nations COP28 climate-change summit in Dubai
- The SEC said it has signed seven agreements with leading local and international companies, including LUCI, Al-Fanar, Sal Italy, CHINT Saudi Arabia, Siemens, etc
COP28 UAE
UAE launches Industrial Decarbonization Roadmap at COP28
Dubai, UAE - The UAE announced the launch of the Industrial Decarbonization Roadmap at COP28 on Tuesday with the aim...
- The ministry and its partners have examined and evaluated the feasibility of more than 50 advanced technologies and innovative solutions
- These include clean electricity, carbon capture, utilization and storage, manufacturing efficiency, alternative fuels, recycling, clinker substitutes, and hydrogen
Business
Tawzea, NWC ink pacts
The companies have signed two agreements.
- Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
- Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.
COP28 UAE
Mashreq commits $30bn to UAE banking sector’s sustainable finance by 2030 pledge
DUBAI, UAE -Mashreq bank has been announced as one of the top contributors to the UAE Banks Federation’s (UBF) pledge,...
- UAE Banks Federation had pledged to mobilize US$272 billion (AED 1 trillion) in sustainable finance by 2030 at COP 28 meeting.
- Mashreq’s commitment to facilitating US$30 billion by 2030 builds on years of sustainable finance deployment in the MENA region.
Business
Biodiversity credits demand may rise to $180bn annually by 2050
The transformation hinges on nearly all major companies adopting nature-related goals, with biodiversity credits playing a major role.
- Biodiversity credits are a novel financial instrument that could play a major role in contributing to a nature-positive future, explains the WEF report
- The WEF’s Global Risks Report 2023 has ranked biodiversity loss and ecosystem collapse as one of the top five threats to humanity over the next ten years
Business
Saudi, Turkish firms ink 8 deals to boost Riyadh-Ankara business
Istanbul, Turkey - Saudi and Turkish companies, part of the Saudi-Turkish Business Council, signed eight trade agreements to strengthen trade...
- The firms discussed investment opportunities in the two countries, especially those envisaged in the Saudi Vision 2030 and Turkish economy.
- The volume of trade between Saudi Arabia and Türkiye reached SAR22 billion ($5,864,813,240) in 2022, recording a growth rate of 32.6 percent.
Geostrategy
Saudi Arabia, Turkiye strengthen collaboration in agriculture, water management
RIYADH, SAUDI ARABIA – The Kingdom's Minister of Environment, Water and Agriculture Eng. Abdurrahman bin Abdul Mohsen Al-Fadhli signed a...
- Saudi Arabia and Turkiye expressed their commitment to prepare the agricultural sector in both the countries for climate change.
- The MoU aims to strengthen cooperation and enhance production capabilities in the domains of agriculture, livestock and water management.
COP28 UAE
Masdar, EDF to develop up to 3.6GW of hydropower, renewable projects in Kyrgyzstan
Dubai, UAE – Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse, and EDF have signed an agreement...
- The Kyrgyz Republic has set a target of reducing greenhouse gas emissions by as much as 44 percent by 2030, and achieving carbon neutrality by 2050
- Central Asia is a significant emerging market for Masdar which has several agreements to develop solar and wind projects in the region
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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
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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,...
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...
Economy
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
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Economy
Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
- The updated investment law, approved by the Council of Ministers on Sunday, seeks to level the playing field for both domestic and international investors
- It guarantees the rule of law, fair treatment, and the freedom to transfer funds without delay, among other protections
Geostrategy
46,223 structures destroyed, 18,478 severely damaged in Gaza: UNOSAT
Geneva, Switzerland - The United Nations Satellite Centre (UNOSAT) has identified 46,223 destroyed structures, 18,478 severely damaged structures, 55,954 moderately...
- The governorates of North Gaza and Rafah have experienced the highest rise in damage compared to the May 3, 2024 analysis
- The map shown in the report illustrates a satellite imagery-based comprehensive assessment of damage and destruction to structures
Saudi Arabia leads GCC travel growth to India with a 40% rise in flight searches: report
Riyadh, Saudi Arabia - Wego, the leading travel app and largest online travel marketplace in the Middle East and North...