China vows massive high-tech sector development in next decade
Beijing, China -- China will develop its high-tech sector on a massive scale in the next decade, top officials vowed...
Economy
OpenAI unveils search browser in challenge to Google
San Francisco, United States - ChatGPT-maker OpenAI on Tuesday announced an "Atlas" search browser, leveraging its artificial intelligence prowess in...
Business
Sustainably yours: Redefining travel for green future
The future of travel is expected to see greater use of renewable energy in transportation and advancements in technology, driving...
- The tourism industry grapples with several environmental challenges, with notable concerns being the carbon emissions associated with air travel
- Travelers can help reduce the negative impacts of tourism and support the long-term sustainability of the industry, by choosing sustainable tourism options
Economy
Oil prices edge up on Iraq’s backing for OPEC+ output cuts
New York, United States - Oil prices saw a modest 2% increase on Friday, boosted by Iraq's expressed support for...
- The market witnessed substantial short covering as the week unfolded, partly fueled by Iraq's commitment to OPEC+'s production level agreements
- Looking ahead, OPEC+ is scheduled to meet on November 26, where discussions on production levels and potential supply adjustments will take center stage
Geostrategy
ADNOC Drilling, Alpha Dhabi set up JV
The two companies will invest up to US$1.5 billion.
- ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
- This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.
Business
Dubai witnesses green transit revolution
Dubai is actively implementing climate adaptation strategies and technologies in transportation and infrastructure to mitigate climate change effects and enhance...
- By the end of the decade, the emirate aims to have 10% of public buses run on hydrogen or electric powered, ramping up to 20% by 2035, 40% by 2040, 80% by 2045
- According to Sandalkhan, of BCG, Dubai aims to set a global standard in eco-friendly transportation and RTA's 2050 Zero-Emissions plan reflects that ambition
Economy
Moody’s downgrades US debt rating outlook to negative
Moody's is the only major agency to maintain its rating for US sovereign debt at its highest level -- underscoring...
- The US budget deficit, published last month for the 2023 fiscal year ending September 30, has widened to $1.7 trillion
- Due to interest rate hikes by the US central bank to curb inflation, the cost of debt for the United States has ballooned
Geostrategy
Gaza health system has reached point of no return, says ICRC
The Red Cross called for medical facilities and workers in war-ravaged Gaza to be protected, warning the health system there...
- Medical facilities and personnel across Gaza have repeatedly come under attack since Israel's war with Hamas erupted just over a month ago.
- Such attacks have dealt "a heavy blow to the healthcare system in Gaza, ICRC said.
Business
TASI-listed firms report an aggregate net profit of $48.1bn in Q3 Â Â
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...
- Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
- The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.
Economy
OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
- The project includes the rehabilitation of school facilities and a quality enhancement of the technical vocational education program.
- It is aligned with a government program to tackle youth unemployment and reduce the size of the informal sector.
Economy
AI safety & innovation: Key focus of UAE-Spain tie-up
“I have been looking very carefully and intensely at the UAE’s strategy on AI, and it resonates a lot with...
- UAE's artificial intelligence strategy is driving economic growth and establishing it as a global talent hub.
- Collaboration between Spain and ADIA Lab in Abu Dhabi focuses on knowledge and talent exchange.
Economy
Dubai govt approves incentives to boost emirate’s economy
Dubai, UAE – Dubai government on Thursday approved several initiatives to stimulate the industrial sector in the emirate besides announcing...
- The initiatives to boost industrial sector is in line with the goals of the Dubai Economic Agenda D33 and aims to increase manufacturing value added (MAV) by 15.79 billion
- The Executive Council has extended its single-use bags reduction policy to encompass more plastic materials as part of the phasing out of single-use plastics by 2026
China vows massive high-tech sector development in next decade
Beijing, China -- China will develop its high-tech sector on a massive scale in the next decade, top officials vowed...
Economy
Company News
Latest News
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
New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Most Read
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.
Economy
China says will fight to ‘bitter end’ if US pushes trade war
Pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year -- interest...
- China is grappling with a prolonged property sector crisis and high youth unemployment
- China plans to deal with an increasingly unpredictable United States, its largest trading partner