No Israel stop for Trump on Mideast tour shows shifting ties
Jerusalem, Undefined -- US President Donald Trump's decision to skip over Israel in his Middle East tour was just the...
Geostrategy
US Fed expected to pause cuts again and wait for clarity on tariffs
Washington, United States -- The US Federal Reserve is widely expected to extend a recent pause in rate cuts this...
Economy
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."
- She also called on the overburdened countries to restructure debt, promising that the IMF was ready to assist
Business
United Arab Bank’s net profit rises 76%
The total income for the period was approximately $47 million.
- The performance can be attributed to the bank's improved operating performance, resulting in lower expected credit losses and a reduced cost of risk
- The total income for the period was approximately AED174 million ($47 million), showing a remarkable 61% year-on-year increase and a 16% quarter-on-quarter increase
Geostrategy
Israeli-Palestine war: US president calls Saudi Crown Prince
Riyadh, Saudi Arabia - Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and US President Joe Biden discussed...
- Prince Mohammed underlined the necessity of immediate work to explore means of halting the military operations
- He highlighted rejection of the targeting of civilians in any form as well as the targeting of infrastructure and vital facilities
Business
Saudis need $100s of billions for power investment by 2030: ACWA Power CEO
Riyadh, Saudi Arabia - Saudi Arabia is set to embark on a significant endeavor to expand its power generation capacity,...
- Saudi Arabia aims to construct 60 to 80 gigawatts of power plants utilizing renewable energy sources such as wind and solar
- To facilitate these goals, Saudi Arabia seeks to attract international investment, fostering partnerships with local companies like ACWA Power
Geostrategy
US troops again deploy east of Mediterranean, 40 years after Beirut airport bombing
Beirut, Lebanon - US troops have been redeployed to the eastern Mediterranean, forty years after one of the deadliest attacks...
- On October 23, 1983, a suicide bomber targeted an American military barracks at Beirut International Airport, resulting in the loss of 241 US service members, primarily Marines
- The recent deployment of US forces in the eastern Mediterranean, including the aircraft carrier USS Gerald R. Ford and other warships, is widely viewed as a message to Iran
Business
RAKBANK reports highest ever net profit
The bank's income increased by 35.4% year-on-year.
- The bank's income increased by 35.4% year-on-year, thanks to continued growth in low-cost deposits and expansion across all segments of its business
- The bank maintained strong credit quality, with a cost of risk at 2.5% and an impaired loan coverage ratio of 210.3% for the YTD through September 2023
Economy
China, GCC members to deepen Belt and Road trade cooperation: Chinese minister
Guangzhou, China - China is committed to enhancing trade and investment ties with the Gulf Cooperation Council (GCC) as part...
- The announcement came during a meeting in Guangzhou which brought together trade ministers from China and the six member states of the GCC
- During the meeting, both sides pledged to align Belt and Road cooperation with the development strategies of GCC member countries
Business
Aldar achieves record occupancy in Grade A commercial properties in Abu Dhabi
Abu Dhabi, UAE - Aldar Properties achieved a 97% occupancy rate across its prime Grade A commercial properties, which includes...
- Occupancy rates at the towers located at ADGM, the international financial centre on Al Maryah Island, stand at 99% compared to 79% when acquired by Aldar in 2022
- Aldar’s other Grade A commercial properties in Abu Dhabi, HQ and International Tower currently hold an average occupancy rate of 95%
Geostrategy
Premises of two Gaza hospitals shelled by Israel: report
Cairo, Israel - The areas near Al-Shifa Hospital in Gaza City and Al-Quds Hospital in the western part of the...
- Earlier in a blast on al-Ahli Arab Hospital, which each side blamed on the other, around 500 Palestinian were reported to have lost their lives
- Tensions flared up again in the region on October 7 when militants from the Gaza-based Palestinian group Hamas staged a surprise incursion into Israeli territory
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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
No Israel stop for Trump on Mideast tour shows shifting ties
Jerusalem, Undefined -- US President Donald Trump's decision to skip over Israel in his Middle East tour was just the...
Geostrategy
Company News
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Rising threat: DDoS attacks demand proactive defense
"Threat actors can employ artificial intelligence (AI) and machine learning (ML) algorithms to identify vulnerabilities and adapt their tactics in...
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...
Business
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Economy
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
- The number of licenced insurance companies in the UAE remained at 60, the CBUAE announced in its quarterly economic report.
- The insurance of persons and fund accumulation premiums decreased by 12.4 percent YoY.
Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
- Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023.
- A key risk is that the US Federal Reserve and other major central banks might keep interest rates higher than before the pandemic.
Economy
Saudi women’s unemployment drops to 13.7% by 4Q 2023
Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...
- The unemployment rate among Saudi men remained steady at 4.6 percent during the same period
- The overall unemployment rate, encompassing Saudis and non-Saudis, saw a noteworthy decrease to 4.4% in the 4th quarter