PIF launches company to develop coastal destination in Khafji
Saudi Arabia's Public Investment Fund (PIF) has launched Gulf Coast Development Co. to develop an integrated tourism and residential destination...
Business
93% GCC frontline employees use AI weekly, BCG report finds
The report, titled “Strategy Matters More than Tools,” draws on data from the UAE, Saudi Arabia, Kuwait and Qatar and...
Business
Business
Saudi records $412m venture capital funding in H1, highest in MENA
Riyadh, Saudi Arabia -- Saudi Arabia has maintained its first rank across MENA in terms of the amount of Venture...
- E-commerce/retail was the highest sector in the Kingdom in terms of VC funding, accounting for 52 percent of total funding, amounting to $215 million.
- FinTech continued to lead the Kingdom's total number of deals, capturing 14 percent of deals in the first half of 2024.
Economy
Dollar droops before Powell testimony; euro weathers France uncertainty
The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
- The U.S. dollar index was flat at 104.99
- Traders currently set about 76% odds for a rate cut at the September FED meeting
Economy
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...
- The amount invested by the ‘Oil Five is more than double what the ‘Maple Eight’deployed
- Mubadala re-opened its Beijing office in 2023 to manage its $10 billion JV with SAFE and CDB
Geostrategy
Remittance flows to low-middle-income countries $656bn
World Bank’s latest Migration and Development Brief said the modest 0.7 percent growth rate reflects large variances in regional growth,...
- Remittances to LMICs are expected to grow at a faster rate of 2.3 percent in 2024, although this growth will be uneven across regions.
- Remittances to the Middle East and North Africa fell by 15 percent to $55 billion While those to South Asia grew by 5.2 percent in 2023.
Arts & Culture
Qatar to witness GCC’s highest growth in hospitality industry revenue until 2028
Hospitality industry revenue in Qatar is expected to witness the highest growth rate in GCC until 2028, Alpen Capital has...
- Qatar’s hospitality sector projected to rise 11% annually from $0.9bn in 2023 to $1.5bn in 2028
- In 2024 alone, Qatar is slated to host over 80 events scheduled throughout the year
Business
Global FDI falls by 2 percent to $1.3 trillion in 2023: UNCTAD
Geneva, Switzerland -- Global foreign direct investment (FDI) fell by 2 percent to $1.3 trillion in 2023 amid an economic...
- But the UNCTAD report highlights that the decline exceeds 10 percent when excluding the large swings in investment flows in a few European conduit economies.
- FDI flows to developing countries fell by 7 percent to $867 billion last year, reflecting an 8 percent decrease in developing Asia.
Economy
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
- The US Fed funds rate was maintained at the 5.25% - 5.50% range
- The US Consumer Price Index (CPI) showed no increase in May
Arts & Culture
Oman aviation sector sees 16.4% passenger growth in first 4 months of 2024
Oman witnesses a 16.4% growth in passenger traffic in early 2024 The Sultanate of Oman’s aviation sector has experienced remarkable...
- Oman's four airports collectively handled over 4.9 million passengers
- Country planning to build six new airports and increase their number in Oman to 13 by 2028-29
Business
The Red Sea opens its third resort Nujuma, a Ritz Carlton Reserve
Riyadh, Saudi Arabia -- The Red Sea has announced the opening of its third resort, Nujuma, a Ritz Carlton Reserve....
- Inspired by the word Nujum, meaning "stars" in Arabic, Nujuma invites travelers to one of the world's most secluded and protected archipelagos.
- Accessed by chartered boat or seaplane, Nujuma features 63 overwater and beach villas, offering one-to-three-bedroom accommodation.
Economy
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts. In a recent interview on CNBC, Kashkari, who serves...
- The labor market remains strong in the U.S.
- The consensus is that the first rate cut won’t arrive before September
PIF launches company to develop coastal destination in Khafji
Saudi Arabia's Public Investment Fund (PIF) has launched Gulf Coast Development Co. to develop an integrated tourism and residential destination...
Business
Company News
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EDGE to acquire 100% stake in Brazilian firm AKAER
Dubai, UAE -- UAE defense and advanced technology group EDGE has agreed to acquire a 100 percent stake in Brazilian...
Business
US strikes hit Iran for the six consecutive time as energy concerns rise
For the first time in the latest escalation, US strikes also reached areas around the Iranian capital. Iran responded by...
Geostrategy
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Business
OpenAI loses appeal against EU refusal to register its name as trademark
Dubai, UAE -- OpenAI, the owner of the ChatGPT chatbot, lost Wednesday its appeal against the EU's refusal to register...
- The US firm had sought to overturn a decision by the European Union Intellectual Property Office (EUIPO) that accepted protecting OpenAI's logo but not the name.
- EUIPO had ruled that the combination of the two common words in English, "open" and "AI", could describe many business activities in the area of artificial intelligence.
Geostrategy
US, Iran exchange fresh strikes as Trump says Tehran wants to ‘settle’
US Central Command (Centcom) said the latest operation struck Iranian command centers, air defense sites, missile and drone capabilities, as...
- Iranian health official Hossein Kermanpour said at least 35 people had been killed and about 300 wounded in US attacks since the latest round of hostilities began this month.
- The provinces of Hormozgan, Sistan and Baluchestan, and Khuzestan sustained the heaviest damage, he said.
Geostrategy
Global support for refugees remains strong, but skepticism over asylum claims persists: Ipsos
Thirty-four percent of respondents in the Ipsos survey said genuine refugees should seek asylum in the first safe country they...
- Ipsos survey finds support for refugee protection remains widespread, while concerns over asylum claims and border management continue across countries.
- Respondents favour humanitarian aid and diplomacy for displaced people from Iran and Lebanon over permanent resettlement or military intervention.