Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
Economy
G7 urges Iran de-escalation as Trump makes hasty summit exit as ally Israel pounds Iran
The G7 statement said that Israel "has a right to defend itself" and stressed "the importance of the protection of...
Geostrategy
Economy
Libya parliament names second PM to rival existing one
Libya faced the challenge of two prime ministers on Thursday after parliament named a rival to the existing unity government's...
- The House of Representatives, based in Libya's east, ‘unanimously approved’ former interior minister Fathi Bashagha ‘to head the government’
- On Thursday evening Bashagha flew to Tripoli from the eastern city of Tobruk, promising ‘to open a new chapter’ and ‘reach out to everyone’
Business
What’s next for TikTok’s music industry revolution?
TikToks latest service, SoundOn, offers unsigned artists a simpler way to upload songs, get paid and find distribution.
- Sometimes, it's old songs given a new lease of life, like recent crazes for Fleetwood Mac's Dreams or Boney M's Rasputin
- But often it's new or independent artists, who no longer need the backing of record labels to find a massive audience
Geostrategy
US President under pressure as Iran nuclear talks resume
The subject of the Iran nuclear deal has been somewhat on mute in Washington after 10 months of indirect talks...
- Supporters and opponents of the agreement have been making their voices heard in Washington in recent days
- US negotiator Rob Malley on Wednesday gave a closed-door briefing to the US Senate on the topic
Economy
Global diesel supplies fall as demand rises in post-pandemic recovery
Global supplies of diesel are dwindling as refiners struggle to keep pace with rapid post-pandemic demand recovery, exacerbating an acute...
- Northwest European diesel cargo prices reached $114/bbl on Monday, the highest since September 2014.
- Tight supply has pushed Asian diesel prices for the benchmark 10ppm gasoil to their highest since Sept. 2014.
Geostrategy
12 injured in foiled Houthi drone attack on Saudi Arabian airport
Fragments fell to the ground after the interception of the drone over Abha International Airport, which has previously been targeted...
- The Iran-backed insurgents, fighting a Saudi-led coalition since 2015, have frequently launched drone attacks at Saudi targets including airports and oil installations.
- In recent months, they have also targeted the UAE with deadly cross-border attacks for the first time, after suffering a series of battlefield defeats.
Business
France’s TotalEnergies signs $27bn oil, gas, solar deal in Iraq
French giant TotalEnergies signed a $27-billion contract to invest in oil, gas and solar production in Iraq Sunday, as the...
- Oil minister Ihsan Ismail said this is the largest investment in Iraq by a western company.
- Despite being the number two producer in the OPEC, Iraq is experiencing an acute energy crisis and chronic blackouts that fuel social discontent.
Business
Uber reports $892 mn Q4 profit
The San Francisco-based company notched increases across its operations, including its signature ride service, food delivery and freight operations.
- The San Francisco-based company notched increases across its operations, including its signature ride service, food delivery and freight operations
- Uber also had gains in monthly active platform consumers, gross bookings and trips compared with the year-ago level.
Arts & Culture
In Iraq’s Mosul, library rises from ashes of IS reign
Arab and international universities have donated to "enable the revival of the library" in Mosul.
- Library building of Mosul university is set to reopen this month with initial 32,000 books and refurbished by the help of UN agency
- Central public library of Mosul founded a century ago have been restored last year and had boasted more than 120,000 titles reopened its doors in late 2019
Arts & Culture
Saudi coffee legacy percolates through the generations
Saudi Aramco, the oil company, will establish a coffee center in Jizan while using "advanced irrigation techniques to improve agricultural...
- An integral part of Saudi culture, red Khawlani coffee beans are so popular that 2022 has been designated the Year of Saudi Coffee
- The government has started a campaign to promote its coffee asking restaurants and cafes to say Saudi coffee instead of Arabic coffee
Business
Disney+ shines amid streaming TV competition
Disney saw streaming subscriptions pick up pace as pandemic restrictions ease, while Netflix saw them slow.
- Disney+ saw its big studio muscle help it reach 129.8 million subscribers worldwide, some 5 million more than predicted
- Netflix ended the year with 221.8 million subscribers, a massive number, but it announced slowing growth
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
Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
Economy
Company News
$120m Picasso: Auction houses eye monster sales
Arts & Culture
Latest News
Equinor reports 59% fall in net profit
Its earnings were US$36.2bn, half of what is was in 2022.
Business
TotalEnergies reports record annual profit
Net profit came in at $21.4 bn, an increase of 4% over 2022.
Business
Iran’s long-lasting love for gemstones believed to have divine power
Common beliefs associated with gemstones are largely what motivates people to buy them, said Hassan Samimi, a lapidary at the...
Arts & Culture
Most Read
Geostrategy
Israel says studying Hamas response to truce deal
Last week, a Hamas source said the truce deal calls for a six-week pause to fighting as Hamas frees hostages...
- US Secretary of State Antony Blinken, on his fifth tour of the region since the war broke out, arrived in Israel to discuss an "essential" agreement
- Hamas confirmed it delivered its response to proposals hammered out a week ago in Paris between Qatar and other mediators
Geostrategy
Israeli air strikes on Syria’s Homs kill five people
The Syrian Observatory for Human Rights said that five people have been killed including three civilians, and seven others were...
- The monitor said the identities of the two non-civilian casualties were unknown
- Israeli strikes last Monday near Damascus killed eight people, including pro-Iran fighters
Business
Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for...
- "We have reached 100 million tourists this year, 77 million from home, 27 million from abroad, over 100 million," Tourism Minister Ahmed Al Khateeb said.
- Saudi hopes 150 million tourists by 2030, up from an earlier goal of 100 million, with 70 million of those coming from abroad, up from an earlier goal of 30 million.