Iran says US talks in Oman a ‘good beginning’ as fears of military confrontation grow
The discussions took place in Muscat, with the US delegation led by special envoy Steve Witkoff and the Iranian side...
Geostrategy
AI promise uneven as economists flag debt and market vulnerabilities
In its latest Chief Economists’ Outlook, the WEF said 53 percent of surveyed economists expect global economic conditions to weaken...
Economy
Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
- Sinopec and its unit shall contribute $990 million and $1.98 billion in cash, respectively.
- AAS will allocate the remaining amount, representing 25 percent of the JV’s registered capital.
Business
stc Group Q1 net profit up 11.05%
The Group reported a revenue of $5.12 billion.
- The group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly.
- Gross profit rose by 5.01 percent to SAR 9.098 million, operating profit increased by 2.02 percent to SAR 3.584 billion, and EBITDA grew by 5.25 percent to SAR 6.120 billion.
Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
- Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services.
- "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," the airline said.
Economy
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
- The IMF projections see the global economy growing by 2.8 percent this year, 0.5 percentage points lower than the previous World Economic Outlook (WEO) forecast in January.
- The IMF expects China, the world's second-largest economy, to see growth slump to 4.0 percent this year, down from 5.0 percent in 2024.
Geostrategy
WHO countries strike landmark agreement on tackling future pandemics
Geneva, Switzerland -- Years of negotiations culminated early Wednesday with countries agreeing the text of a landmark accord on how...
- Negotiators stumbled over the agreement's Article 11, which deals with transferring technology for pandemic health products towards developing nations.
- During the Covid-19 pandemic, poorer states accused rich nations of hoarding vaccines and tests.
Business
OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
- OpenAI alleges Musk became hostile toward the company after abandoning it years before its breakthrough achievements with ChatGPT.
- "Musk could not tolerate seeing such success for an enterprise he had abandoned and declared doomed," OpenAI said in a filing.
Business
47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
- The seventh phase will have a production capacity exceeding 1,600 megawatts (MW) and 1,000MW battery storage system providing 6,000 megawatt-hours.
- Scheduled for phased commissioning between 2027 and 2029, the seventh phase will be generating 4.5 terawatt-hours of clean energy by 2030.
Business
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
- The 10-carat Mediterranean Blue, which will go on sale in Geneva next month, is the showpiece of a collection estimated at $100 million, organizers said.
- "Included in the group are the largest flawless diamond in the world... the second largest red diamond known to exist and several diamonds over 100 carats," Sotheby's said.
Business
European Parliament approves aid package for Egypt, Jordan
Brussels, Belgium -- Members of the European Parliament have approved two proposals to provide Egypt and Jordan with loans worth...
- The parliament approved two proposals to provide Egypt and Jordan with loans worth €4 billion ($4.32 billion) and €500 million, respectively.
- The Parliament adopted the macro-financial assistance to Egypt with 452 votes in favor, 182 against and 40 abstentions.
Business
Qatar’s Producer Price Index for Feb down 0.33 percent year-on-year
Doha, Qatar -- Qatar's general Producer Price Index (PPI) for the industrial sector for February recorded 114.01 points, showing stability...
- The PPI for the industrial sector is composed of four main sectors: mining and quarrying, which accounts for 82.46 percent of the index.
- On an annual basis, the index for this sector fell by 0.42 percent, attributed to the same decline in oil and gas extraction.
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Iran says US talks in Oman a ‘good beginning’ as fears of military confrontation grow
The discussions took place in Muscat, with the US delegation led by special envoy Steve Witkoff and the Iranian side...
Geostrategy
Company News
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Aldar ups stake in Aldar Estates
Business
India again refuse handshake with Pakistan in Asia Cup
Dubai, United Arab Emirates -- India skipper Suryakumar Yadav again refused to shake hands with Pakistan's Salman Agha as he...
Geostrategy
UAE Council warns 98% of cyberattacks rely on social engineering
Abu Dhabi, UAE -- The UAE Cyber Security Council has cautioned that social engineering remains the most common tool used...
Geostrategy
UNGA80: World leaders to discuss framework for inclusive, accountable AI governanc
As there is no recognised body to govern AI on a global level, world leaders will gather in New York...
Science
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Business
EGA H1 revenue $4.11bn
Net profit before GAC $445 million.
- The company's primary hot metal production remained steady at 1.34 million tons.
- EGA sold 1.37 million tons of cast metal to over 400 customers in more than 50 countries, up from 1.31 million tons in H1 2024.
Science
NYU Abu Dhabi team develops wireless pill to control gut neurons
Abu Dhabi, UAE -- Researchers at NYU Abu Dhabi (NYUAD) have developed an ingestible device that uses light to activate...
- The technology was created by Khalil Ramadi, Assistant Professor of Bioengineering at NYU Abu Dhabi and NYU Tandon, and his team.
- The capsule works without a battery, receiving power wirelessly through magnetic induction from an external transmitter.
Geostrategy
Over 12,000 Wi-Fi breaches recorded in UAE since start of year
Abu Dhabi, UAE -- The UAE Cyber Security Council (CSC) has warned of the serious risks posed by using open...
- UAE Cyber Security Council (CSC) has warned of the serious risks posed by using open and untrusted public Wi-Fi networks.
- According to the Council, these incidents account for nearly 35 percent of the total cyberattacks reported in the UAE.