UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
Economy
Business
Top U.S. stock indices drop for third consecutive day on Wednesday
The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward...
- Technology-heavy Nasdaq Composite slid 1.15% to 15,683.37
- Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower
Arts & Culture
Saudi Film “Norah”, backed by Red Sea Fund, secures official selection at Cannes
Directed by Tawfik Alzaidi, this Saudi film earned its place in the 'Un Certain Regard' section of the prestigious festival,...
- Set against the backdrop of 1990s Saudi Arabia, "Norah" narrates a tale of liberation through art
- Directed by Tawfik Alzaidi, this Saudi film earned its place in the 'Un Certain Regard' section of the prestigious festival, marking a major moment for Saudi cinema
Business
Sales of Dubai $10m-plus homes surges by 19% to $1.7bn in Q1
Dubai, UAE -- One hundred and five homes priced in excess of US$10 million were sold in Dubai during the...
- Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 percent higher than the next nearest contender—London (240)
- New York (211) rounded off the world's top three most active luxury home markets in 2023.
Geostrategy
GCC nations express deep concern over Iran-Israel skirmishes
In light of the military escalation and developments in the Middle East region, the Ministerial Council of the Gulf Cooperation...
- In light of the military escalation and developments in the Middle East region, the Ministerial Council of the Gulf Cooperation Council held its 44th extraordinary meeting
- The council expressed its deep concern over the recent, dangerous developments of military escalation in the Middle East region and their negative impact
Business
Saudi imposes anti-dumping duties on products from 10 countries
Riyadh, Saudi Arabia -- Saudi Arabia has imposed anti-dumping duties on seven products imported from 10 European and Asian countries,...
- The products included all types of cement, including clinker, from all Iranian companies, with a dumping duty of 67.5 percent.
- The superabsorbent polymer products were also subject to anti-dumping measures on Saudi imports from five countries for five years.
Geostrategy
IEA lowers its forecast for global oil demand growth in 2024
According to the IEA, oil demand growth in Q1 2024 was lower than expected at 1.6 mln bpd, and the...
- The IEA emphasized that decreasing global oil demand growth indicates consumption will peak in the current decade.
- Despite the anticipated decline, however, the current rate of oil demand growth is largely similar to the trend prior to the COVID-19 pandemic.
Economy
Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
- The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign institutions and banks
- Consideration will be given to the credit rating of each bank in this process
Geostrategy
Turkey imposes trade restrictions on Israel over Gaza war
The new measures come a day after Turkey said Israel had blocked its attempt to airdrop aid to Gaza. "This...
- Foreign Minister Hakan Fidan on Monday vowed reprisals against Israel for blocking Turkey's air force from airdropping aid to Gaza.
- Turkey is one of the harshest critics of Israel's war on Gaza, with Erdogan branding Israel a "terrorist state". It attached a list of 54 products subject to export restrictions.
Economy
UN food organization raises forecast for world cereal production
Rome, Italy -- The Food and Agriculture Organization of the United Nations (FAO) has released a new Cereal Supply and...
- FAO forecast for world cereal production in 2023/24 to 2.841 billion tons, reflecting expectations of greater outputs of maize, rice and wheat.
- FAO also adjusted its forecast for global wheat production in 2024, now standing at 796 million tons, marking a 1.0 percent increase from 2023.
Business
ADIO and Dustour Marine to drive tourism activities in Abu Dhabi
Abu Dhabi, UAE -- Abu Dhabi Investment Office (ADIO) is collaborating with Dustour Marine Wooden Boats Trading Establishment to establish...
- Located in Rabadan, the new Al Jaddaf project will provide a comprehensive sea paddle infrastructure tailored for boats.
- The 79,595 sqm project will encompass buildings dedicated to boat maintenance and repair, a center for boat buying and selling, a shop catering to fishermen supplies
UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
Economy
Company News
Latest News
Media gag and manufactured consent: Israel’s campaign against Lebanon
Beirut, Lebanon: On Sunday, Israeli troops stormed the Al Jazeera office in the occupied West Bank and issued a 45-day...
Geostrategy
ADNOC Distribution H1 dividend $350m
The total dividend for 2024 is expected to be $700 million.
Business
DCO launches Digital Economy Navigator to bridge global digital gap
The navigator enables countries to better navigate their digital journeys, find opportunities for growth and benchmark progress,
Geostrategy
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Business
UAE banks’ Q2 investments in Islamic certificates, cash bills surge to $61.81bn
The banking sector in the country maintained strong capital adequacy, exceeding Basel 3 requirements, according to the Central Bank.
- Statistics showed that the foreign assets of the Central Bank increased by 5.3 percent year-on-year to reach AED 770.6 billion.
- The total capital and reserves of banks operating in the UAE increased by 3.9 percent to AED 495.2 billion at the end of the second quarter.
Business
Middle East renewable energy projects investments reach $75bn
London, UK -- The Middle East is moving towards investing $75.63 billion in renewable energy projects until 2030, according to...
- These investments include 116 renewable energy projects, which are expected to be operational between 2025 and 2030.
- Large solar projects, such as the fifth phase of the Rashid bin Mohammed Al Maktoum Solar Park, are making significant progress.
Business
TAQA launches new corporate identity
Abu Dhabi Energy Services will be renamed as TAQA Services.
- TAQA also announced that ADDC and Al Ain Distribution Company will merge under a new unified company.
- The Abu Dhabi Transmission and Despatch Company (TRANSCO) will be renamed TAQA Transmission Networks,