US launches pact for AI supply chains with key Asia-Pacific allies to face China
The United States signed an agreement on the supply chains with key Asia-Pacific allies concerned about China's growing clout --...
Economy
How China leveraged its rare earths dominance over the US in tariff war
China's stranglehold on the rare earths industry -- from natural reserves and mining through processing and innovation -- is the...
Economy
Geostrategy
US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...
- US Defense Secretary Lloyd Austin condemned the "unprecedented" spate of attacks in waters leading to the Suez Canal.
- The Canal is a chokepoint for about 10 percent of global trade, that have forced many shipping companies to divert their vessels.
Geostrategy
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...
- The first day of COP28 - November 30 2023 - witnessed the highest daily air traffic rate in the history of civil aviation in the UAE with 2,848 flights.
- The General Civil Aviation Authority organized meets and daily communication sessions to discuss plans, improve air navigation management systems.
Economy
Saudi Arabia eyes $13 billion from media sector
Riyadh, Saudi Arabia - Saudi Arabia aims to increase the media sector's economic contribution, targeting a GDP share of 47...
- In 2022, Saudi Arabia's media sector surged to SAR 17.4 billion ($4.6 billion), commanding 30% of the market share in the MENA region.
- The growth trajectory has been primarily propelled by a a tech-savvy consumer base, marked by a surge in demand for local content
COP28 UAE
New platform to revolutionize global sustainability
World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and...
- World Wide Generation's and e& join hands to combine innovative technology and global collaboration to address critical environmental, social, and economic challenges.
- The G17Eco platform, powered by WWG, equips organizations to effectively access and utilize sustainability data, integrating solutions and finances for comprehensive reporting.
Economy
MENA faces economic turbulence due to Gaza conflict
The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
- The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
- Egypt, Lebanon and Jordan remain the most affected countries as the conflict will potentially disrupt oil markets and economic growth, it adds.
Market Report
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
- Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
- Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..
Economy
Saudi Arabia, South Korea ink pact to manufacture vaccines, biotech solutions
Seoul, South Korea - Saudi Arabia and South Korea on Sunday signed a Memorandum of Understanding (MoU) to collaborate in...
- The agreement was inked between the Saudi Authority for Industrial Cities and Technology Zones "MODON" and the South Korean GL Rapha Holding Company
- As part of the pact, an expanse of 51,000 square meters in Sudair City for Industry and Business is set to be allocated, involving an investment totaling $200 million
Economy
Enhanced norms help UAE win financial crime battle
“This has led to heightened compliance levels with the country's laws, aligning with global efforts to combat money laundering and...
- The UAE adopts innovative legislative policies in order to combat money laundering and terrorism financing.
- Safeya Al-Safi, Director of Anti-Money Laundering, emphasizes heightened compliance with global standards.
Economy
UAE ranks first in Middle East, 4th globally as remote work destination
Dubai, UAE -- The UAE has ranked first in the Middle East and fourth globally as a leading destination for...
- The UAE ranked fourth after Spain, Argentina, and Romania, according to the website, which develops rankings based on a variety of factors
- UAE Minister Omar bin Sultan Al Olama said his country has established a flexible and future-oriented system for remote work
COP28 UAE
Innovative solutions crucial for marine conservation
The MENA Oceans Network, launched at the COP28, marks a pivotal step in addressing urgent ocean-related challenges in the region,...
- The MENA Oceans Network, launched at the COP28, marks a pivotal step in addressing urgent ocean-related challenges in the region, says Tatiana Antonelli Abella of Goumbook.
- This multi-stakeholder initiative, supported by the UN-UAE Office, aims to enhance marine conservation, promote a sustainable blue economy, and support SDG14 drive, she adds.
US launches pact for AI supply chains with key Asia-Pacific allies to face China
The United States signed an agreement on the supply chains with key Asia-Pacific allies concerned about China's growing clout --...
Economy
Company News
Latest News
Saudi Arabia and Qatar to settle Syria’s World Bank debt
Riyadh, Saudi Arabia -- Saudi Arabia and Qatar announced on Sunday that they would settle Syria's debt to the World...
Geostrategy
Trump trade war pushes firms to consider stockpiling
Even if they don't all acknowledge it so openly, firms in many different sectors are stockpiling their products in the United...
Business
Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips,...
Economy
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Geostrategy
Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
- The international community has long demanded major fiscal reforms to unlock billions of dollars in aid to restart the Lebanese economy in the wake of a five-year economic collapse
- The crash since 2019 has seen the local currency lose most of its value against the US dollar and has pushed much of the population into poverty.
Economy
The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
- The hardline positions of the US and China on trade and tariffs are putting the world economy at risk, writes Richard Samans
- Yet, Europe could broker a 'positive off-ramp' that fires on all of the cylinders of international cooperation
Economy
Trump eyes ‘fair deal’ with China, but path to ending tariff war remains unclear
Trade tensions between the world's two biggest economies have soared as Trump ramped up levies on imports from China this...
- But how soon the tariffs can be lowered "depends on them," Trump said, referring to Beijing, even as he maintained that he gets along "very well" with Chinese President Xi Jinping
- But earlier Wednesday, US Treasury Secretary Scott Bessent told reporters that the two countries are "not yet" talking when it comes to lowering tariffs