Iran strikes US bases in Jordan, UAE after attack on Larak Island
Tehran says its attacks avenged deaths of IRGC personnel and civilians in the US strike on Larak Island. Jordan intercepted...
Geostrategy
As AI joins the workforce, who gives it authority?
The first generation of enterprise generative AI largely answered questions, summarised documents and produced content. A human usually remained responsible...
Opinion
Business
US hardwood lumber shipments to MENA reach $61 million in 2023
Dubai, UAE -- American hardwood lumber (sawn timber) shipments to the Middle East and North Africa (MENA) region reached $61.14...
- Significant increases were seen in exports of American hardwood lumber to the United Arab Emirates and Saudi Arabia last year.
- More modest increases were seen in shipments to Morocco, Lebanon, Algeria and Iraq.
Geostrategy
OFID funds $27 billion for 4,000 projects in 125 countries
Dubai, UAE -- The OPEC Fund for International Development (OFID) has committed a US$27 billion to support 4,000 development projects...
- The OPEC Fund for International Development, founded in 1976, is a multilateral development finance institution.
- Its membership comprises 12 countries: the UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela.
Economy
IMF chief forecasts higher economic growth for Arab region in 2024
Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle...
- The GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023.
- The IMF Chief also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around 3 percent.
Business
Red Sea Global, Riyad Bank sign agreement on $522m financing
TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
- Red Sea Global will develop the highly anticipated Four Seasons Resort at The Red Sea destination.
- The Four Seasons Resort, situated on Shura Island, is set to be a luxury property offering 159 exquisite guest rooms.
Business
Asian labor dialogue champions tech solutions for disputes
Dubai, UAE -- Ministers of labor and human resources from 16 Asian countries sending and receiving workers have called for...
- A total of 16 countries participated in the current edition of the Abu Dhabi Dialogue, including nine workers-sending countries.
- The UAE showcased its social protection system for workers, including the Unemployment Insurance Scheme.
Business
Dubai Customs new record: 17.15m international visitors in 2023
Dubai, UAE -- In 2023, Dubai Customs managed 46.87 million bags from 206,396 flights, averaging 128,400 bags daily and played...
- In 2023, Dubai Customs managed 46.87 million bags from 206,396 flights, averaging 128,400 bags daily.
- The Passenger Operations Department has over 845 inspection officers supported by 77 baggage inspection devices.
Geostrategy
IMF chief says Israel-Hamas war ‘devastating’ Palestinian economy
"The Palestinian economy's dire outlook is worsening as the conflict persists," managing director Kristalina Georgieva told the World Governments Summit...
- In the war-ravaged coastal territory, economic activity dropped 80 percent from October through December compared with a year earlier, the IMF chief said.
- The IMFÂ now sees the economies of the region expanding 2.9 percent this year, a decrease of half a percentage point from its October forecast.
Business
Jordan, Tunisia to enhance trade, investment relations
AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian...
- The trade between the two nations has seen significant growth over the past two years, with a notable balance in exports and imports.
- Trade volume over the last 10 months reached US$30 million, equally distributed between Jordan and Tunisia.
Business
Aldar net profit $1.19bn
Expanded investment and record development sales boosted profit.
- Aldar reported the highest-ever quarterly development sales of AED 8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
- Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next two to three years, Aldar said.
Business
Etihad Atheeb 9M profit $47m
Higher revenues from various segments boosted profit.
- Allowance for impairment in trade receivables and finance charges (FCs) declined during the same period, Argaam reported.
- On a quarterly basis, the telecom operator's third quarter leapt from SAR 47.9 million in Q2 2023/24.
Iran strikes US bases in Jordan, UAE after attack on Larak Island
Tehran says its attacks avenged deaths of IRGC personnel and civilians in the US strike on Larak Island. Jordan intercepted...
Geostrategy
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Business
Doha negotiators agree hotline as Trump says US-Iran talks progressing
Technical negotiators focused on implementing the ceasefire framework, sanctions relief and Hormuz arrangements despite lingering regional security tensions.
Geostrategy
Trump says Iran denuclearization ‘moving along well’ as Doha talks continue
Technical negotiations continue over shipping, sanctions and ceasefire implementation as mediators work to translate the June accord into practice.
Geostrategy
US, Iran continue indirect contact in Doha as officials trade barbs over talks
The envoys' presence follows US President Donald Trump's announcement on Monday that Iran had requested a meeting in the Qatari...
Geostrategy
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Geostrategy
Iran demands MoU implementation before US talks in Doha
Trump said US envoys were travelling to Qatar for what he described as a "perhaps important, perhaps not" meeting, adding...
- Strait of Hormuz dispute remains major obstacle as Tehran demands sanctions relief and asset releases before broader negotiations begin.
- Brent crude, the primary international benchmark, has dipped with investors eyeing potential US-Iran talks in Doha.
Business
GCC asset management reaches $2.7 trillion as retail growth outpaces institutions
Boston Consulting Group says regional asset managers must strengthen distribution capabilities and technology adoption as industry competition intensifies globally.
- Retail assets outpaced institutional growth, highlighting accelerating demand despite institutional investors continuing to dominate regional assets under management.
- BCG says distribution capabilities, AI adoption and technology investment will increasingly determine competitive advantage for regional asset managers.
Geostrategy
US and Iran agree to halt strikes, pursue technical talks: Official
AFP quoted an American official as saying that the technical talks are slated to continue on all areas of the...
- Hezbollah on Monday said it reserved the right to self-defence after several Israeli attacks on southern Lebanon despite a truce.
- Lebanese Parliament Speaker and Hezbollah ally Nabih Berri also said the trilateral framework would not pass.