Trump says Xi wants Hormuz Strait reopened amid Iran conflict
US President Donald Trump said Chinese President Xi Jinping wants the Strait of Hormuz reopened, following talks between the two...
Geostrategy
Iran, US hold indirect nuclear talks in Geneva amid rising military tensions
Iran’s Foreign Ministry spokesperson Esmail Baghaei described the negotiations as “very intensive” and said there were “constructive proposals” concerning both...
Geostrategy
Business
UAE banking sector assets exceed $1.16 trillion by the end of June
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates,...
- The assents registered a month-on-month increase of 0.5 percent, compared to AED 4.28 trillion in May 2024.
- The total foreign assets of the Central Bank of the UAE exceeded the AED 770 billion barrier at the end of June, for the first time in its history.
Economy
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
- While Pakistan has been declared the "Tech Destination of the Year" at GITEX GLOBAL 2024, one of the key players driving this growth is the Pakistan Software Houses Association
- Across the GCC, Pakistani companies provide cybersecurity and AI driven solutions across various sectors, including banking and fintech industries
Qatar strikes new 15-year 3 mtpa LNG supply deal with Kuwait
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
- Kuwait has been boosting its reliance on imported gas to meet power demand
- Qatar this year announced a further expansion of its North Field project
Business
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
- Annual global market for humanoid robots could reach $38 billion by 2035
- Tesla, reiterated it expected to move beyond prototypes to start producing Optimus in small volumes next year
Business
Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
- "An essential component of Anthropic’s business model is the larges scale theft of copyrighted works"
- This case follows another lawsuit brought against Anthropic last October by Universal Music
Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
- Saudi topped the UNs’ list for highest growth in international tourist numbers in 2023
- FIFA is set to confirm Saudi Arabia as the host for the 2034 event in December
Business
Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
- Dubai was named the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards in January.
- Occupied room nights increased by 3 percent, with 21.35 million at the end of H1 2024, compared to 20.73 million in H1 2023.
Economy
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
- Gold rose 0.5% to $2,482.29 per ounce, hitting an all-time high
- Markets are fully pricing in a rate cut of at least 25 basis points
GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
- The GCC countries have set ambitious targets for their tourism sectors to diversify their economies away from oil dependence
- The aviation industry is anticipated to play a critical role in this expansion, with air passenger traffic projected to grow substantially
Business
Boeing to plead guilty to criminal fraud charge stemming from 737 Max crashes
Boeing agreed to plead guilty to a criminal fraud charge tied to the fatal 737 Max crashes, the Justice Department...
- Boeing agreed to pay a $243.6 million fine
- .The guilty plea would brand the planemaker a felon and could complicate its ability to sell products to the U.S. government
Most Read
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
Trump says Xi wants Hormuz Strait reopened amid Iran conflict
US President Donald Trump said Chinese President Xi Jinping wants the Strait of Hormuz reopened, following talks between the two...
Geostrategy
Company News
Latest News
Israel army begins targeting Gaza City high-rises
Gaza civil defense agency spokesman Mahmud Bassal accused Israel of carrying out "a policy of forced displacement against civilians" in...
Geostrategy
Global passenger demand grows 4% in July: IATA
GENEVA, 31st August 2025 (WAM) -- The International Air Transport Association (IATA) said Sunday that global passenger demand grew by...
Business
Most Read
Arts & Culture
Zawiya 97: New cultural hub for handicrafts in historic Jeddah
Jeddah - Zawiya 97, a new cultural hub for handicrafts in Historic Jeddah, located next to Nassif House, combines heritage...
- Throughout July and August, Zawiya 97 hosted more than 60 workshops introducing over 30 traditional crafts to more than 400 participants
- In addition to the workshops, Zawiya 97 provides a space for exhibitors to display their products, supporting local brands and contributing to the creative economy
Business
ADNOC completes $316 million sale of ADNOC L&S shares
ABU DHABI – Abu Dhabi National Oil Company (ADNOC) has sold a 3 percent stake in its logistics and shipping...
- The placement of 222 million shares to institutional investors was significantly oversubscribed by seven times within a four-hour accelerated bookbuild.
- The transaction, priced at AED 5.25 per share, will increase ADNOC L&S’s free float to 22 percent, a key step toward achieving MSCI index inclusion.
Economy
Saudi Bank credit grows by over 116 billion in one year by June 2025
Riyadh, Saudi Arabia - Bank credit extended to the public and private sectors in the Kingdom continued its upward trend,...
- The total bank credit also recorded a quarterly growth of 2.7% by the end of the second quarter of the current year
- Every month, bank credit rose by 0.6% with an increase of USD 4.99 billion (SAR 18,713 million) compared with May 2025, when it stood at USD 844.68 billion (SAR 3,167,558 million)