Saudi Arabia cuts US Treasury holdings by $9.5 billion in April
Dubai, UAE -- Saudi Arabia reduced its holdings of U.S. Treasury securities by $9.5 billion in April to $140.1 billion,...
Business
Iran closes Hormuz over Lebanon strikes as US, Iranian teams head to Switzerland
Iran's joint military command said the move was prompted by what it described as Israeli violations of the understanding reached...
Geostrategy
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
Geostrategy
Israeli assault on Gaza has killed over 14,000 children since Oct 7
According to statistics cited by Al Jazeera television, about four children die every hour because of the actions of the...
- As many as 117 children were killed and 724 injured in the West Bank, where Israeli forces regularly carry out operations accompanied by clashes.
- More than 816,000 children in Palestine require the help of specialists "due to the consequences of the Israeli aggression, which led to psychological trauma.
Business
Abu Dhabi Chamber sets up 54 new Advocacy Hub working groups
Abu Dhabi, UAE -- The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced the establishment of 54 working groups...
- The chamber said these working groups are part of the efforts to support the growth and prosperity of the private sector in Abu Dhabi
- These groups also serve as a platform for presenting development ideas and proposals and facilitating communication between the private sector and government agencies
Business
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
- Bamford told TRENDS that the region is blessed with ample solar and wind resources needed for generating the lowest-cost electricity that is eventually needed to produce hydrogen.
- The emergence of the hydrogen industry in GCC nations promises significant economic opportunities, with projections suggesting a market worth $100 billion by 2030.
Business
Middle Eastern airlines passenger demand up 19.7 percent in Feb: IATA
Geneva, Switzerland -- The International Air Transport Association (IATA) released data for February 2024 global passenger demand, with total demand,...
- Global passenger demand, with total demand, measured in revenue passenger kilometers (RPKs), rising 21.5 percent year-on-year (YoY).
- Domestic demand rose 15 percent compared to February 2023; capacity was up 9.4 percent year on year and the load factor was 82.6 percent (+4.0ppt compared to February 2023).
Business
Joint Venture formed to develop Iraq’s Al Faw Grand Port, Economic Zone
Abu Dhabi, UAE -- AD Ports Group and the General Company for Ports of Iraq (GCPI) sign an agreement to...
- The agreement also encompasses the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in Iraq.
- Both parties will explore investment opportunities and conduct the necessary feasibility studies related to ports, economic zones and other infrastructure under GCPI.
Business
Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
- The Strategy will generate an estimated 178,000 new jobs by 2030 as the entire tourism infrastructure develops to meet this demand
- It intends to almost double international overnight visitors from 3.8 million in 2023 to approximately 7.2 million in 2030
Business
Iran discovers giant shale oil reserves in several regions: NIOC
Tehran, Iran -- The National Iranian Oil Company (NIOC) has said that shale oil deposits have been discovered in 10...
- The director of exploration at the NIOC, Mehdi Fakour, announced that the company's specially designed model will enable the extraction of oil from these resources.
- Shale oil is an unconventional oil produced from oil shale rock fragments by pyrolysis, hydrogenation, or thermal dissolution.
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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
Saudi Arabia cuts US Treasury holdings by $9.5 billion in April
Dubai, UAE -- Saudi Arabia reduced its holdings of U.S. Treasury securities by $9.5 billion in April to $140.1 billion,...
Business
Company News
Millions join ‘No Kings’ protests across US
Geostrategy
Latest News
Alujain widens 2025 loss
Business
Masar 2025 net profit $262m
Business
Five fundraising lessons for founders building outside the mainstream
Niche businesses often need to help investors understand the category before they can evaluate the company. Founders should explain the...
Opinion
Artificial intelligence rapidly reshaping cybersecurity: WEF
The AI and Cyber: Empowering Defenders report, developed in collaboration with KPMG, highlights measurable gains in cost reduction, response speed...
Geostrategy
Mubadala, Tubacex operationalise TBX Nexxia platform in Abu Dhabi
Mubadala Investment Company and Tubacex Group have announced the full operational launch of their joint venture in Abu Dhabi, activating...
Business
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Geostrategy
Trump claims war powers law doesn’t apply as Iran hostilities ‘terminated’
US President Donald Trump has told Congress that he does not need authorisation for military action against Iran, arguing that...
- Trump argued that there had “been no exchange of fire between United States Forces and Iran since April 7,” and that hostilities “have terminated.
- Hours later, Trump appeared to contradict his position, stating: “You know we’re in a war,” adding, “Because I think you would agree we cannot let lunatics have a nuclear weapon'
Geostrategy
Khamenei signals Iran control over Strait of Hormuz, rejects US role
Iran’s supreme leader Ayatollah Mojtaba Khamenei has issued a strong statement asserting that the United States should have no role...
- The statement, released on Iran’s National Day of the Persian Gulf, also reaffirmed Iran’s determination to retain its nuclear capabilities
- “By the will and power of God, the bright future of the Persian Gulf region will be a future without America,” the statement said
Geostrategy
Pentagon puts Iran war cost at $25 Bn; Hegseth clashes with lawmakers
The Pentagon has estimated that the ongoing Iran war has cost the United States $25 billion and claimed 14 American...
- Testifying before the House Armed Services Committee, Hegseth sharply criticised lawmakers from both parties who questioned the conflict
- “The biggest challenge, the biggest adversary we face at this point are the reckless, feckless and defeatist words of congressional Democrats and some Republicans.”