Saudi Arabia submits official bid to host FIFA World Cup 2034 after successful Qatar event in 2022
The next steps include official visits by FIFA and a comprehensive evaluation of the bid.Arts & Culture Business Culture & Society Sports
‘Digital transformation levels the playing field for GCC small businesses’
Digitalization is revolutionizing GCC entrepreneurship, offering vast opportunities and challenges, and driving innovation and growth, Jigar Sagar, an influential figure...Business Thought Leaders
Global space economy is worth billions, say experts
ABU DHABI, UAE - The global space economy has great potential in terms of economic prospects, with the sector going...Several studies by specialised global institutions indicate that the global space sector will be worth over US$1 trillion in the next few years.
The space economy grew 8 percent in 2022, with its value totalling US$546 billion, and is projected to grow by 41 percent in the next five years.
Iran’s oil output capacity up 40 percent in two years: Oil Minister
Tehran, UAE -- Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in...Javad Owji said the daily crude oil output volume reached from the previous 2.2 million barrels of oil per day (bpd) to over 3.1 million bpd.
The gas production has increased by 40 million cubic meters in the first five months of the current Iranian calendar year (March to August 2023).
UAE and Brazil launch partnership to exchange expertise in economy
Dubai, UAE -- The governments of the UAE and Brazil have launched a partnership to exchange knowledge and expertise in...The Programme focuses on partnerships and enhancing cooperation with governments in sharing knowledge and expertise in the fields of modernization, development and government.
The launch of the partnership came as part of a visit by a Brazilian official delegation led by Alexandre Cordeiro Macedo, President Administrative Council for Economic Defense.
PIF to buy Hadeed, Rajhi Steel
New firm will help Kingdom’s steel-making capacity.The transactions are in line with PIF’s broader efforts to accelerate Saudi Arabia’s industrial development.
Move will help in construction, automotive, utilities, renewables, transport sectors in line with Saudi Vision 2030.
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...Chronic electricity shortages had shaped the daily lives of Libyans since the fall of Moamer Kadhafi in a NATO-backed 2011 uprising.
A decade of stop-start fighting between rival groups followed, adding combat damage and looting to the dilapidated grid in Libya.
Alahmadi joins SHUAA Board
He is set to be part of the Board's Investment Committee.Alahmadi's career includes stints at global giants like Mubadala and Rothschild & Co. More recently, he was associated with the CEO Office of ADQ
His current portfolio also includes a position as an independent member of the Audit and Risk Committee for ADX-listed firm, Presight AI Holdings.
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.
DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...DEWA's MD and CEO, Saeed Mohammed Al Tayer, said that the total cost of electricity transmission network projects under construction exceeds $1.14bn
Al Tayer further revealed that the total number of transmission substations across Dubai reached 368 stations by the end of the first half of 2023
Gulf banking sector flourishes amidst rising rates
GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks...GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trn
Customer deposits in the GCC rose 1% quarter-on-quarter to $2.3 trillion, with a loan-to-deposit ratio of 79.0%, and net income surging 3.5% to 13.7 billion in Q2-2023
China’s Country Garden wins vote on debt to avoid default, says media
BEIJING, CHINA - Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment,...One of China's biggest builders, Country Garden had racked up debts estimated at 1.43 trillion yuan ($196 billion) by the end of 2022
Country Garden's bondholders voted this week to delay repayment on a bond worth 3.9 billion yuan ($535 million), to give it time to recover financially
