Nobel economist warns of AI dangers amid “amazing possibilities”
Washington, United States - A winner of this year’s Nobel prize in economics warned Monday that artificial intelligence offers "amazing...
Economy
Silver price hits decades high as gold rush eases
Stock markets, meanwhile, were mixed as traders weighed a slew of issues: massive AI investments, corporate results, US interest rates,...
Business
Economy
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
- The IEA report examined the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets.
- The report estimates that the present valuation of private oil and gas companies could fall by 25% from $6 trillion today if all national energy and climate goals are reached
Economy
Indonesia’s exports to UAE expected to rise by $4bn with CEPA trade pact
Jakarta, Indonesia - The Comprehensive Economic Partnership Agreement (CEPA) is expected to increase Indonesia’s exports to the UAE by around...
- UAE was Indonesia’s second-largest trading partner in the Middle East in 2022
- Indonesia recorded $61.8 million in direct investment from the UAE in Jan-September 2023
Movement against ‘Pro-Israeli’ fast-food chains gains momentum
Tehran, Iran – Egypt, Jordan, and Turkey witnessed a significant surge in a boycott targeting multinationals that have either pro-Israeli...
- Amidst rising global condemnation of Israel's actions in Gaza, the boycott movement gains significant momentum
- Countries such as Kuwait and Morocco join the movement, adding to the international pressure on Israel
Economy
Dubai to host corporate governance experts at ICGN-Hawkamah Conference
Dubai, UAE--Dubai will host a gathering of international corporate governance experts at the upcoming ICGN-Hawkamah Conference, themed 'Capital, Companies, and...
- Experts will hold discussions on topics such as national visions towards sustainable economies in the MENA region, the role of corporate boards in the governance of sustainability
- Against the backdrop of COP28, the event aims to explore how corporations can align their strategies with climate goals while fulfilling their corporate governance responsibility
Business
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
- The 10-year loan was funded by a group of banks including Industrial and Commercial Bank of China
- Citigroup Inc, First Abu Dhabi (FAB), and HSBC Holdings Plc,will help in funs according to sources familiar with the matter.
Business
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
- At least 518 Egyptian companies are operating in the Saudi market, the minister said.
- He said that over 285 Egyptian brands are spread out across the Kingdom.
Business
Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...
- In Q3 2023, Asia was the principal destination of Qatar’s exports and imports, representing 74.9 percent and 36.3 percent respectively.
- In Q3 2023, the European Union, accounting for 10.4 percent and 27.5 percent of Qatar's exports and imports respectively.
Business
Saudi oil and non-oil exports fall by above 17 percent in Sept
Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly...
- The share of oil exports in total exports increased from 80 percent in September 2022 to 80.1 percent in September 2023.
- Imports also decreased compared to August 2023 by SAR 9.6 billion or 13.7 percent, according to data by GASTAT.
Economy
Gaza war: Israel stares at $48 billion in expenses
Dubai, UAE - The ongoing conflict between Israel and Gaza could result in a significant economic toll for Israel, with...
- The projected cost, although lower than some previous estimations, remains a substantial financial burden
- The Israeli Ministry of Finance had previously indicated that the war was incurring costs of approximately $270 million per day
Internet out: India deploys shutdowns in name of security
New Delhi, India - With the world's largest biometric ID database, a pioneering digital payment system for daily transactions and a...
- India, the world's largest democracy, with general elections due next year, is also a global leader in internet shutdowns, according to Access Now
- "Of the 187 internet shutdowns it recorded worldwide last year, 84 were in India, the "most of any country for the fifth consecutive year", it said
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Nobel economist warns of AI dangers amid “amazing possibilities”
Washington, United States - A winner of this year’s Nobel prize in economics warned Monday that artificial intelligence offers "amazing...
Economy
Company News
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Turkey central bank cuts rate to 42.5% as inflation eases
Istanbul, Turkey - Turkey's central bank on Thursday lowered its key interest rate for a third consecutive time as inflation...
Economy
The future of luxury residential development needs to be green and smart
The GCC luxury market segment has experienced significant growth, driven by an increase in the number of high-net-worth individuals. Accommodating...
Interview
UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
Economy
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Economy
Oil, gas, and renewables: How global policies and markets are reshaping energy in 2025
The Trump administration’s trade tariffs and withdrawal from the Paris Agreement pose major risks to global economic growth and energy...
- Trump's trade and geopolitical plans are adding to energy price volatility
- Resolving outstanding administrative and infrastructure issues could allow renewables to boom
Analysis
The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
- The global travel and tourism industry is projected to contribute over $15 trillion annually to the world economy by 2030.
- By 2035, 60% of the city traffic and emissions can be reduced thanks to shared autonomous electric vehicles.
Business
China, Canada retaliate to Trump tariff war as markets fall
Washington, United States -- Mounting trade wars between the United States and its largest economic partners deepened Tuesday as huge...
- Trump had announced -- and then paused -- blanket 25 percent tariffs on imports from major trading partners Canada and Mexico in February.
- The duties will hit over $918 billion in US imports from both countries, and are set to hamper supply chains for key sectors like automobiles and construction materials.