Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.
Business
Markets mostly up but US rate outlook feeds uncertainty
With inflation still sitting well above the central bank's target and the labor market showing few signs of softening, decision-makers...
- All three main indexes on Wall Street tanked Tuesday, shedding more than one percent apiece.
- Asia started on the back foot but most markets managed to eke out gains following a painful start to the week.
EDGE, Brazil Marine Corps sign pact
A technical cooperation agreement will follow the signing.
- EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
- The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.
Business
AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
- The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power.
- The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB).
Police hold boss of troubled developer China Evergrande: report
Xu Jiayin, who is known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month, according...
- Evergrande stocks in Hong Kong fell precipitously on Wednesday afternoon following a moderate rise in morning trading, closing the day 19 percent down
- Chinese property developer Evergrande's enormous debt has contributed to the country's deepening property sector crisis, raising fears of a global spillover
ChatGPT maker value rockets in funding talks: report
The estimated worth for the company behind generative artificial intelligence platform ChatGPT is nearly triple that of just a year...
- OpenAI this week said it is adding voice and image capabilities to the platform, which was previously limited to written prompts
- Voice and image capabilities are being rolled out to ChatGPT Plus and Enterprise users over the course of the coming weeks
Economy
Morocco looks to become key player in green hydrogen
According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait --...
- It hopes to harness green hydrogen -- the kind made without burning fossil fuels -- for its sizeable fertilizer sector
- Hydrogen is seen as a clean energy source that can help the world reduce atmospheric carbon emissions
Business
Iran to sign long-term contract with India on Chabahar Port
Tehran, Iran-- Iran will sign a long-term contract with India to develop Chabahar Port, according to the Islamic republic's minister...
- The Iranian minister said that a long-term contract to operationalize Chabahar Port will be signed with India in the near future
- He said that in order to develop the country's transit, it is important to develop north-south corridors with a rail connection
Business
DP World spends US$6bn
It invested the money to be a big supply chain player.
- DP World's CEO, Sultan Ahmed bin Sulayem, made the remarks during the 21st Arab Media Forum in Dubai, at a session titled ‘Trade in a Changing World’
- He said the company made the switch from operating ports to becoming a global leader in smart end-to-end supply chain logistics, facilitating worldwide trade flows
Geostrategy
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
- The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
- ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.
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Tehran, Baghdad to launch maritime passenger transport line
TEHRAN, IRAN – Iran and Iraq will launch the first maritime passenger transport line within the next two months, an...
Geostrategy
Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...
Business
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
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Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
- Tesla models with Full Self-Driving "will be superhuman to such a degree that it will seem strange in the future that humans drove cars," Elon Musk wrote in his post on X
- Musk has also said that owners of Tesla vehicles with FSD will be able to have their cars serve as robotaxis, rather than remain idly parked
Business
Meta to label AI-generated content
It seeks to reassure users over the risks of deepfakes.
- The company said it will no longer remove manipulated images and audio that don't otherwise break its rules
- The changes come as a response to criticism from the tech giant's oversight board, which reviews Meta's content
Business
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
- The emirate recorded 1.77 million international visitors in January, and 1.9 million in February, according to Dubai Department of Economy and Tourism
- Europe led the list with 773,000 tourists, South Asia came in second with 604,000 visitors, followed by Gulf Cooperation Council countries with 549,000