Federal Reserve begins two-day talk on interest rates
Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to...
Economy
Business
Middle East tackles AI hurdles, embraces opportunities
The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and...
- The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and driving innovation, reports suggest
- Tradition and technology harmoniously coexist in Middle East as it stays committed to AI integration despite some industries grappling with implementation challenges
Economy
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
- The commercial transport activities sector has experienced consistent economic growth over the last two years fueled by e-commerce, said an official
- The number of registered commercial vehicles operated by these companies exceeds 300,000, reflecting a 16 percent growth rate compared to 2021, he noted
Geostrategy
Israeli court orders government to release seized Palestinian boat
GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...
- Israeli authorities had called for the vessel, belonging to fisherman Mohammad al-Hissi, to be permanently confiscated.
- However, a Haifa court last month ordered that the boat be returned to Hissi even as legal proceedings continued.
Business
Lebanon’s poverty means more work for craftsmen
As inflation averages 171% in 2022, one of the highest rates worldwide, people prefer to fix old items such as...
- Despite the crash, Lebanese officials have failed to enact reforms demanded by international donors that would unlock bail-out funds.
- The Lebanese pound has lost around 98 percent of its value against the US dollar, and most of the population has been plunged into poverty.
Business
Almarai profit rises 27% in H1
The higher earnings were driven by an increase in revenue.
- The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs. Â
- The company’s Q2 2023 net profit rose 7 percent to SAR557.1 million, compared to SAR520.36 million in the year-earlier period.
Business
Herald, SAIF Zone sign agreement
Herald aims to expand its presence in the region.
- Under the new deal, Herald Holdings has secured 173,000 square feet (sq.ft) on lease in SAIF Zone to construct a logistics facility.
- The facility will offer comprehensive warehousing services and seamless cargo transportation by air, land, and sea.
Twitter has lost half its advertising revenue, says Musk
Twitter owner Elon Musk said Saturday that the social media platform he bought for $44 billion last October has lost...
- Insider Intelligence has reported that Twitter was set to earn less than $3 billion in 2023, down one-third from 2022
- Twitter is thought to have around 200 million regular users but it has suffered repeated technical failures since Musk bought the platform
Tesla rolls out its first electric pickup, the Cybertruck
The company had promised in April that it would be rolling out the first Cybertrucks before the end of the...
- In May, Musk said the company hoped to build 250,000 of the trucks a year - a number he said could eventually double, given a relatively accessible price tag
- Tesla will be making three models of the Cybertruck, a vehicle that can accelerate from zero to 60 miles per hour (100 kilometers per hour) in less than three seconds
Economy
Modi’s visit: India, UAE sign pact to trade in local currencies
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday...
- CBUAE and RBI aim to develop the foreign exchange market, facilitate bilateral trade, encourage direct investment, and facilitate financial transfers
- The pact enables acceptance of local cards in both countries for ATM cash withdrawals and direct point-of-sale purchases without relying on external payment networks
Business
Rise in foreign sukuk offset by local currency decline
Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a...
- Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a surge in foreign currency issuances, says a report
- A new report by S&P Global Ratings indicates mixed activity levels, suggesting the need for harmonization of Sharia standards to attract non-core jurisdictions
Company News
Latest News
Sales of $10m-plus homes in Dubai grow by record 92% in 2023
Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431...
Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
Business
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Business
DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...
- With the laying of new ducts, the total length has increased to 3,998 kilometres, a 10% increase compared to 2022
- The installation has boosted infrastructure and smart grid, ensuring the availability of round-the-clock services
Business
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...
- The remarks assume significance in light of the absence of trade exchanges between the two countries, despite the significant scale of their foreign trade
- In 2022, Saudi Arabia's foreign trade reached approximately $601.1 billion, while Iran's trade volume amounted to about $132.6 billion
World Economic Forum
China looks to woo back global elites at Davos forum
Prime Minister Li Qiang, who will make a special address on Tuesday, will be the most senior Chinese official to...
- The Prime Minister will hold talks with EU chief Ursula von der Leyen
- Li and Zelensky will be among 60 heads of state and government attending Davos