Larry Fink, André Hoffmann take interim helm at WEF, pledge renewed push for global cooperation
The World Economic Forum has named BlackRock CEO Larry Fink and Swiss entrepreneur André Hoffmann as interim co-chairs, with both...
Business
Gulf tourists say Polish mountain town is a cool place
Zakopane, Poland -- Saudi photographer Fahad Alayyash gazed over the Alpine-like panorama of the Tatras, Poland's highest mountain range --...
Business
UBS to cut more than half its workforce after Credit Suisse rescue
Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted...
- Analysts had warned that huge job losses were likely because of the overlapping activities at two of the world's most important banks
- A media report said employees had been told of three coming waves of jobs cuts this year - the first at end-July, the others in September and October
Business
Israeli drones, AI, big data to help farmers adapt to climate change
While younger generations in Israel no longer share their predecessors' farming ambitions, the country's agricultural experience wed with its innovative...
- A recent report by Start-Up Nation Central, a non-governmental organisation that promotes Israeli technology, listed more than 500 agri-tech companies in Israel
- Shmuel Friedman, whose Green Wadi company provides agricultural consultancy to countries in Africa, Asia and the Gulf, said there was demand for Israeli technology and expertise
Economy
Sharjah Football Company signs Tunisian star Mohamed Firas Belarbi
Sharjah, UAE--Sharjah Football Company has signed Mohamed Firas Belarbi, the Tunisian international defender, from the Ajman Club for an undisclosed...
- Belarbi considered to be one of the most effective attacking midfielders in the UAE championships over the past two years took part in all 26 league matches, scoring 12 goals
- Sharjah Football Company, founded in 2007, is a joint venture between Sharjah Sports Club and the Sharjah Investment and Development Authority
Business
Saudi Gamers8 with a $45m prize pool brings Razer back as gaming gear partner
Riyadh, Saudi Arabia - The Saudi Esports Federation (SEF) on Tuesday announced that Razer, the world’s leading lifestyle brand for...
- Razer will provide premium hardware from their range of gaming peripherals for VIPs and influencers during the esports festival
- Gamers8 has a prize pool of $45 million and the festival concludes with the Next World Forum, a gaming and esports forum
Science
New WEF report reveals technologies to impact world in the next five years
TIANJIN, CHINA - The World Economic Forum on Tuesday announced its annual list of breakthrough technologies with the greatest potential...
- The new technologies include flexible batteries, generative AI and sustainable aviation fuel.
- These would be disruptive, attractive to investors, researchers, and achieve considerable scale within five years.
Business
Lordstown sues Foxconn
The US-based electric vehicle startup also files for bankruptcy.
- A main supplier for Apple's iPhone, Foxconn has turned to EV production as part of its diversification and plans to make auto assembly a key part of its future growth.
- Foxconn's parent company, Hon Hai Technology Group, said in a statement that it had maintained a "positive attitude" during negotiations with Lordstown.
Business
Europe agrees tougher rules on banks to avert repeat of 2008 financial crisis
The rules will apply from January 1, 2025, two years later than the 2023 deadline agreed under the reforms.
- The draft law is the European Union's interpretation of the Basel III reforms of international standards on how banks evaluate credit and market risks.
- They include stipulations that banks have adequate capital and liquidity. The rules will apply from Jan 1, 2025, two years later than the 2023 deadline agreed under the reforms.
Geostrategy
Global body to fund 26 FAO projects worth $174.7m
ROME, ITALY - Building on growing momentum to tackle environmental problems by addressing the ways in which our food and...
- With these new projects, FAO's partnership with the GEF will have helped countries access over $1.4 billion in financing.
- These 26 projects will support countries to create or improve the management of nearly 17.9 million hectares of protected areas on land and sea
Economy
Saudi Arabia’s imports from GCC states drop 15% to $1.49bn in Apr
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council countries fell 15 percent year-on-year to SAR 5.6 billion...
- Compared with March 2023, the Kingdom's imports from GCC dropped by 21 percent, or SAR 1.52 million.
- The Kingdom's merchandise imports rose 1 percent year-on-year to almost SAR 57.9 billion in April.
Business
Aquaterra gets UAE contract
Firm will deliver a complete end-to-end managed service.
- Aquaterra Energy will work closely alongside in-country partners to manufacture and transport the project equipment.
- This will provide thousands of hours of local employment for the region, as well as opportunities for upskilling and knowledge sharing.
Larry Fink, André Hoffmann take interim helm at WEF, pledge renewed push for global cooperation
The World Economic Forum has named BlackRock CEO Larry Fink and Swiss entrepreneur André Hoffmann as interim co-chairs, with both...
Business
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Qatar Islamic Bank profit up
Business
Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
Business
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
MENA print media revenues fell 30% from 2018 to 2022: survey
The report stresses the urgent need for MENA news organizations to overhaul business models, adopt digital strategies, and diversify content...
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Business
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
- The sector in the UAE generated $16.4bn in retail sales, including fresh food and packaged food
- Last year, consumers across the country spent some $1.1bn on food ordered on e-commerce platform
Business
ADIB unveils new payment hub
It will help customers to seamlessly process transfers.
- The bank said customers can now seamlessly process transfers, providing a solution that transforms payment processing capabilities
- Its chief digital officer, Fernando Plaza Lopez, said the bank is focused on driving digital-first solutions throughout the bank’s operations
Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...
- Some 150 exhibitors from more than 20 countries and 7,500 visitors from over 30 countries will take part in the event
- The aviation market in the Middle East valued at US$60 billion in 2023 has seen a 26% growth in air connectivity in 2022