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...
Geostrategy
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...
Business
Business
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
- Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
- The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.
Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
- The tourism sector's contribution toward GDP is expected to rise to one third by 2030, says CEO RAK Tourism Development Authority Raki Phillips.
- Ras Al Khaimah includes over 38,000 companies across more than 50 sectors, with businesses from over 100 countries.
Business
Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
- Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia.
- The Sugar Price Index decreased 2.4 percent, influenced by harvest activities in India and Thailand and improved sugarcane crop prospects in Brazil following recent rains.
Business
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
- The LNG will primarily be sourced from the Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi.
- Deliveries are expected to start in 2028 upon commencement of its commercial operations.
Business
Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
- The initiative positions Saudi Arabia as a central player in facilitating the global exchange of transformative ideas
- The agreement was formalized with the signing by World Bank Group President and Saudi Arabia’s Minister of Commerce
Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
- Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
- The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
Economy
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...
- The AI Maturity Index shows that more than 80 percent of enterprises have a shared vision for AI within their organizations
- Only 15 percent have reached a 'transformative' level of AI maturity
Business
Saudi Arabia sets Guinness record for largest food cluster
Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...
- Jeddah Food Cluster, which spans over 11 million square meters, has set a new global benchmark.
- MODON announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035.
Geostrategy
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
- They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
- China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.
Geostrategy
End of a love affair: news media quit X over ‘disinformation’
Paris, France -- News outlets have begun quitting X, formerly Twitter, once a favorite of global media but now accused of...
- Sweden's newspaper of reference, the left-liberal Dagens Nyheter (DN), on Friday became third major media outlet to stop publishing its articles on X.
- "Since Elon Musk took over, the platform has increasingly merged with his and Donald Trump's political ambitions," said editor-in-chief Peter Wolodarski.
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...
Geostrategy
Company News
DAE net profit up 36.2%
Business
Latest News
SIB’s 2024 profit $272m
Business
Dubai’s real estate sector records $207 billion in transactions in 2024
Dubai, UAE -- Dubai’s real estate sector recorded a total of 2.78 million procedures in 2024, the highest in its...
Business
UAE most attractive Arab destination for auto investment, business
Kuwait -- The UAE has topped the Arab list as the best and most attractive destination for investment and business...
Business
SIB’s 2024 profit $272m
The profit surpassed AED 1 billion for the first time in bank's history.
Business
Most Read
Economy
Global economy set to face significant challenges in 2025: WEF survey
Geneva, Switzerland – The global economy is set to face significant challenges in 2025, with 56 percent of chief economists...
- Only 17% of chief economists foresee an improvement, pointing to heightened uncertainty in key regions and the need for measured policy responses worldwide.
- Europe continues to rank as the weakest region for the third consecutive year, with nearly three-quarters (74 percent) expecting weak or very weak growth.
Business
AD Ports to invest in Kazakh port
Under the deal, AD Ports Group owns 51% stake.
- Sarzha Grain Terminal will see a total investment of just over US$50 million over the two phases, with AD Ports Group contributing around US$30 million.
- With phase 1 scheduled for completion in the second half of 2026, Sarzha Grain Terminal is set to enhance global food trade.
Business
Fifth Aramco facility receives WEF Global Lighthouse Network tag
Dhahran, Saudi Arabia -- Aramco's North Ghawar Oil Producing Complex has become the company's fifth facility to be added to...
- Aramco said that only industrial sites that successfully deploy 4IR technologies at scale are admitted to the prestigious network.
- WEF said UAE's EGA, named End-to-End Value Chain Lighthouse, undertook a 4IR transformation to further increase its cost-competitiveness.