Bahrain: Financial pioneer of the Gulf
In the post-digital world, Bahrain’s center of activity, the city of Manama, has stiff yet healthy competition from the GCC...
Economy
Backed by its sovereign wealth fund, Saudi chases AI ambitions with homegrown firm pitched to global investors
The company, launched in May, is bankrolled by Saudi's powerful Public Investment Fund, which has played a key role in...
Economy
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.
Business
Astra Tech to launch financial services powered by AI in 2024, says CEO
ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first...
- The CEO said that Astra Tech plans to enter new financial sectors and make acquisitions in South Asia, including India.
- He said that the company is looking to expand into Saudi Arabia to enhance its services in this vital market.
Economy
UAE, Philippines to cooperate in digital sector with focus on data centers
Abu Dhabi, UAE - The UAE and Philippines signed an agreement to create a framework for investment in the digital...
- As physical facilities that organizations use to store critical data and run applications, data centers are vital parts of the digital economy infrastructure
- Recognized as one of the emerging data center markets worldwide, the Philippines offers a robust, rapidly growing ecosystem in this sector
Economy
UAE a pioneer in renewable energy: Palau President
“COP28 is attracting significant interest from various participating countries and will serve as an important forum for climate enthusiasts. This...
- Palau President commends the UAE's leadership in renewable energy, especially solar, for global climate goals.
- COP28 garners significant international interest as a pivotal event for climate change action and sustainability.
Economy
Gulf leads the charge in green mobility revolution
In the heart of the GCC, a transformative shift towards 'Green Mobility' is underway, driven by a commitment to environmental...
- In the heart of the GCC, a transformative shift towards 'Green Mobility' is underway, driven by a commitment to environmental sustainability and reducing carbon footprints.
- This shift, led by nations like the UAE and companies like Aramex, is redefining the future of transportation, blending innovation, economic growth, and ecological stewardship.
Business
Tech titan Microsoft wins observer seat at OpenAI
SAN FRANCISCO, US - Microsoft, the tech titan that has invested billions of dollars in ChatGPT creator OpenAI, has been given...
- The nomination was shared in a memo to OpenAI staff that was later posted to the company's blog.
- Microsoft will join former US Treasury Secretary and political power broker Larry Summers, who was added last week.
Business
CBUAE, Islamic finance organizations discuss sustainable practices
ABU DHABI, UAE - The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure...
- Participants in the events included officials and experts from international organizations, financial institutions and Islamic financial bodies.
- They aimed to support and advance sustainable Islamic finance while expanding the reach of sustainable finance globally.
Economy
Saudi Arabia, Russia extend voluntary oil cuts until March 2024
Saudi Arabia will extend its voluntary cut of 1 million barrels per day. The latest Saudi cut is in addition...
- Russia meanwhile said on Thursday it would deepen its voluntary oil supply cut to 500,000 barrels per day (bpd) and extend it until the end of the first quarter of 2024.
- Along with its OPEC+ oil partners, Russia has been holding back its oil output and exports in a bid to boost global prices.
Economy
Fed’s inflation gauge slows in October as energy, goods prices drop
Washington, United States - A key inflation measure used by the US Federal Reserve to set interest rates eased further last...
- The annual personal consumption expenditures (PCE) price index rose 3.0 percent in October, down 0.4 percentage points from a month earlier
- On a monthly basis, PCE inflation was virtually flat in October, while core PCE rose by 0.2 percent from September, the Commerce Department said Thursday
Geostrategy
MoHRE asks over 12,000 private firms to meet Emiratization targets
DUBAI, UAE – The Ministry of Human Resources and Emiratization (MoHRE) has notified over 12,000 private companies with 20-49 workers...
- Companies with 20-49 workers will be required to hire one UAE national in 2024 and another one in 2025.
- This step is expected to create around 12,000 jobs annually for UAE nationals in 2024 and 2025 in various sectors.
Bahrain: Financial pioneer of the Gulf
In the post-digital world, Bahrain’s center of activity, the city of Manama, has stiff yet healthy competition from the GCC...
Economy
Company News
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Trump’s tariffs on allies, China could shrink global merchandise trade volumes 1% in 2025, warns WTO
After Trump on Wednesday unveiled a blitz of harsher-than-expected levies aimed at countries around the globe, Ngozi Okonjo-Iweala warned the measures...
Economy
Trump stings friends and foes alike in his tariffs war, countries eye trade talks
The tariff announcements rattled stock markets while safe haven gold hit a new record high, oil prices fell and the...
Economy
China says opposes new US tariffs, vows ‘countermeasures’
China on Thursday said it "firmly opposes" sweeping new US tariffs on its exports and vowed "countermeasures to safeguard its...
Economy
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Economy
Trump puts world on edge as ‘Liberation Day’ tariffs loom
Trump kept rivals and allies alike guessing about who would be targeted and by how much, but promised to be...
- A fan of tariffs for decades, Trump said that he had "settled" on a plan but kept the world in suspense as he refused to reveal the details.
- He would only say that the tariffs would be lower than what other countries would be charging the United States, adding that "we sort of have a world obligation perhaps."
Economy
Morocco ‘water highway’ averts crisis in big cities but doubts over sustainability
Morocco is spending hundreds of millions of dollars on tapping northern rivers to supply water to parched cities farther south...
- Morocco has spent $728 million so far on what it dubs a "water highway" to redirect the surplus flow of the Sebou River to meet the drinking water needs of capital Rabat
- Officials say the project has been a success in heading off the immediate threat to the water supply of the country's most populous region
Business
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...
- Among European auto firms, Volkswagen shed 2.4 percent, Porsche was down around 3.5 percent, Mercedes lost four percent and BMW fell 2.7 percent.
- In Mumbai, India's Tata Motors, which exports Jaguar Land Rovers to the United States, lost more than five percent.