GenAI set to bridge cybersecurity skills gap by 2028
As GenAI narrows cybersecurity skills gap, organizations will prioritize aptitude over specialized education, adapting hiring practices to meet demands of...
Business
Middle East to receive millions of Chinese tourists lost in Covid pandemic
Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be...
Business
Infographics
UAE tops gender equality in Arab countries
In the UAE, and the wider Arab world, many women have been successful in upturning the prevalent prejudice that a...
- Their participation in the workforce has grown; in many Arab countries, women entrepreneurs are competing with men to distinguish their businesses
- Many young women have important roles in government offices where they are a key part of policymaking
Business
Kuwait issues bonds, tawarruq to the tune of $792m
The Central Bank of Kuwait has issued bonds and tawarruq for six months with an accumulated value of $792 million.
- According to a statement released by the bank, the rate of return is set at 1.625 percent
- The bank also issued bonds and tawarruq as of March 21 valued at 220 million Kuwait dinars ($660 million) for three months standing at a rate of returns of 1.375 percent
Business
PIF of Saudi Arabia looks to buy stakes in four construction firms
PIF, Saudi Sovereign Wealth Fund, is in talks with four construction firms in order to make investments to the tune...
- According to media reports the PIF is holding discussions with Nesma Holding, El Seif Group, Almabani General Contractors, and Albawani to buy minority stakes in them
- Looking to take stakes of about 30 percent in each company, the PIF has roped in Rothschild and GIB Capital as advisers to finalize the deals
Business
Dubai school ‘first’ in Middle East to accept tuition fee in Bitcoin, Ethereum
A school in Dubai has said it will be the first school in the Middle East to let parents pay...
- Citizens School, which is set to open doors in September 2022, said it will accept payments from Bitcoin and Ethereum in addition to traditional modes of payment.
- Payments using cryptocurrencies are accepted through a tie up with a digital currency platform that processes cryptocurrency payments and automatically converts them to Dirhams.
Business
UAE reaffirms OPEC+ commitment, says West must be ‘reasonable’
The United Arab Emirates on Monday urged Western countries to be "reasonable" in their expectations, underlining its commitment to the...
- The grouping of the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, is an "alliance to stay"
- A surge in prices and supply fears since Russia's invasion of Ukraine last month have led to calls for OPEC to increase output
Business
Flynas to take off for Belgrade
The airline will fly three weekly flights to Serbia's capital.
- The flights to the capital of Serbia will run each Monday, Wednesday and Friday, on a seasonal basis, effective from May till late September
- Flynas intends to order 250 aircraft
Business
Day 1 of Global Entrepreneurship Congress: Pacts worth $4.2 bn signed
A total of 33 agreements besides several investments worth more than $4.2 billion were signed on the first day of...
- These are aimed at supporting entrepreneurship in various fields and enhancing the Kingdom’s status as an attractive environment for pioneers, innovators and creators.
- Saudi Aramco signed 10 memoranda of cooperation and two agreements with local and international firms in digital transformation, information technology, and national development.
Business
Mawani, LogiPoint launch new logistics development at Jeddah Port
This will enhance the port's infrastructure and operating capabilities, expand capacity, and enable logistical efficiency.
- This will enhance the port's infrastructure and operating capabilities, expand capacity, and enable logistical efficiency
- The project represents the first phase in LogiPoint's ongoing infrastructure development plan worth SAR400 million over the next two years
Business
Huawei reports record net profit
The telecoms giant Huawei posted a net profit of $17.8 billion in 2021.
- The company has been caught in the crosshairs of the US-China trade and technology standoff, with US under Trump rule moving to cripple it over espionage concerns.
- Its revenue slumped by around 29 percent as it grappled with US sanctions aimed at blocking access to key technology and supplies.
Germany mulling Israeli anti-missile shield purchase
An Arrow 3 would be sent in space if a rocket attack is uncovered, to intercept and to destroy the...
- Germany need anti-missile shield to protect it against the Russian threat, parliament of the country said in a an official statement
- Israeli Arrow 3 system costs $2.2 billion could be operational from 2025 in Germany
GenAI set to bridge cybersecurity skills gap by 2028
As GenAI narrows cybersecurity skills gap, organizations will prioritize aptitude over specialized education, adapting hiring practices to meet demands of...
Business
Company News
CBD H1 2023 net profit $133m
Business
ADNOC in talks with OMV
Business
Latest News
Huawei to invest $430m in Northern Africa over 5 years
Shanghai, China - Huawei has unveiled an ambitious five-year initiative that will see a total investment of $430 million dedicated...
Business
Qatar and Libya sign MoU to boost cooperation in civil aviation
Tripoli, Libya-- Qatar and Libya have signed a memorandum of understanding (MoU) to boost cooperation in the field of civil...
Business
UAE, KSA lead the way in Islamic fintech innovation
Islamic fintech assets will rise from 0.8% to more than 1 percent globally by 2025, driven by young Muslim demand...
Business
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Geostrategy
US to auction three new oil and gas leases in the Gulf of Mexico
WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the...
- The move triggered a furious reaction from environmental groups who said the move would accelerate climate change.
- The action was denounced by advocates of the fossil fuel industry as it reduced the number of lease sales planned by previous US administration.
Business
Credit Suisse expects Q3 loss
The bank said the loss could be as much as $2.2 billion.
- Its exit from certain loan portfolios is expected to result in a $1.6 billion loss, Credit Suisse said in a first-half results statement
- The winding down of certain management arrangements may result in an additional loss of up to $600 million, the bank added
Business
Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.
- Financial details of the sale were not disclosed, though at current list prices the deal would be worth $3.2 to $4.1 billion
- Airbus says the more fuel-efficient versions of the single-aisle A320 planes are the best sellers in the industry