Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
Business
Boeing to cut 10% of workforce
The company has projected a large third-quarter loss.
Business
Saudi Arabia picks bidders for mining exploration sites
Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...
- The Ministry of Industry and Mineral Resources stated that the exploration licenses will be issued in accordance with the Mining Investment Law.
- The um Hadid site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc.
Business
Bullish Bitcoin: Halving looms, miners face squeeze
Bitcoin’s mass adoption is growing and projected in the next four years to have around 1 billion users.
- Bitcoin has continued its rally in 2024, reaching the $48,000 level on Jan 9 and creeping towards the nearly $70,000 mark it reached in November 2021.
- The next Bitcoin halving event is expected late this April when Bitcoin block rewards drop from 6.25 BTC to only 3.125 BTC per block.
Infographics
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
- Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
- The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.
Business
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
- Special Talent Residency: is focused on attracting healthcare professionals, scientists, and researchers with exceptional expertise and experience.
- Entrepreneur Residency is geared towards aspiring entrepreneurs and innovators eager to launch and grow their startups in the Kingdom.
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
- The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
- Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
- Trade between the UAE and India touched $84.5 billion between April 2022 and March 2023, and is expected to reach $100 billion by 2027
- The MoU in the renewable energy focuses on forging effective collaboration by building relationships between public and private organizations
Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations
False tweet from US regulator briefly sends bitcoin soaring
The jump in the price of bitcoin to almost $48,000 came immediately after the SEC published a message on its...
- Just after 4 pm local time, the price of the world's largest digital currency in terms of circulation surged towards its highest level for more than 22 months, before falling again
- "The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff," an US Securities and Exchange Commission's spokesperson later told AFP
Geostrategy
Honda unveils futuristic EV series
It will introduce a commercial model in the US in 2026.
- The automaker's "Saloon" model features a low platform with a wide interior and sleek silhouette
- The company set an ambitious target of achieving 100 percent electrified vehicle sales by 2040
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
- UAE-based startups are increasingly turning to Saudi Arabia, leveraging the Gulf's largest economy to scale up their operations.
- With both nations offer substantial markets and supportive environment for innovation, startups explore new opportunities in the Kingdom.
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
Business
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UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
Business
‘GCC set to dominate global cryptocurrency market’
“Oman is emerging as a standout in the regional crypto mining landscape, highlighted by its support of Exahertz, an Omani...
Business
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Nvidia unveils ‘superchips’
The company also announced other AI developments.
- Nvidia's powerful GPU chips and software are an integral ingredient in the creation of generative AI, with rivals like AMD or Intel still struggling to match the power
- Apple, Microsoft and Amazon have also developed chips with AI in mind, but for now are stuck trying to get their hands on Nvidia’s coveted products
Business
Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
- The Kingdom's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision 2030.
- With the Aramco IPO on the horizon and a series of reforms attracting global attention, Saudi Arabia is setting the stage for a financial revolution.
Geostrategy
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
- Unable to repay interest on its loans, China’s real estate firm Evergrande formally defaulted in 2021, sending shockwaves through the industry.
- The company has struggled to repay creditors for years, defaulting in 2021 and becoming subject to a winding-up order by a Hong Kong court earlier this year.