AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
Geostrategy
WFP warns fund cuts could push 24m people to brink of starvation
Geneva, Switzerland - The World Food Program said Tuesday that shrinking funding was forcing it to drastically slash rations in many...
- WFP said it had been struggling to meet growing global needs for food assistance while facing a funding shortfall of over 60 percent this year.
- WFP estimates that 345 million people worldwide are facing acute food insecurity, at level three or higher on the UN's five-scale food insecurity classification.
Geostrategy
Building less, repurposing more key to low construction sector emissions
The industry is responsible for 37 percent of global carbon dioxide emissions and growing urbanization is spurring the construction of...
- Mushrooming urban environments -- which add new buildings in an area equivalent in size to Paris every five days -- damage life-sustaining ecosystems.
- Building less and repurposing existing structures generates 50-75 percent fewer emissions than new constructions, a report said.
Business
Over 3,500 new members register with Ajman Chamber in H1 2023
AJMAN, UAE- The Ajman Chamber of Commerce and Industry (ACCI) has revealed that in the first half of 2023, at...
- The industrial membership in the Ajman Chamber grew by 6.9 percent during the first half of this year compared to the first half of 2022.
- The Ajman Chamber is keen to attract specialized investments in modern industries based on technology and artificial intelligence.
Business
Saudi capital market institutions employ 5,524 by second quarter end: CMA
Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
- Males accounted for 80 percent of the employees at capital market institutions, with 4,400 employees, while the number of females stood at 1,124.
- Meanwhile, the Saudization rate at these institutions reached 75 percent by the end of Q2, from 77 percent in Q1, according to the Capital Market Institutions Report.
Economy
UAE Govt to offer 2.5% payment support for pensioners
Dubai, UAE - The UAE government has announced a 2.5 percent payment support to its citizens’ pension contributions through the...
- To be eligible for this pension support, insured individuals must be between 18 and 60 years old at the time of their appointment
- To fully benefit from the program, both registered entities and insured Emiratis must ensure that monthly contributions are made promptly
Economy
‘Saudi Arabia sees fastest growth among G20 nations’
"The Saudi economy achieved a growth rate of 8.7 percent in 2022, the fastest among G20 countries, surpassing the expectations...
- Saudi Arabia is not just a regional influencer but a global economic powerhouse, according to its Minister of Economy and Planning, Faisal bin Fadhil Alibrahim
- With a growth rate of 8.7% in 2022 and 17th rank among the world's most competitive economies, the Kingdom is setting stage for sustainable global economic growth
Economy
Saudi SME Bank inks pact with SIDBI of India
New Delhi, India - The Small and Medium Enterprises Bank (SMEB) of Saudi Arabia has signed an agreement with the...
- The agreement encompasses various components, including the design and formulation of engineering strategy data
- It involves the transfer of knowledge pertaining to credit practices, with a particular emphasis on supporting small and medium-sized enterprises
Science
Iran and Russia sign deal to build research spacecraft in two years
Tehran, Iran-- Iran and Russia are looking to build a research spacecraft within two years and in this connection top...
- The Scientific and Research Department at the University of Tehran has set up a secretariat to oversee the project
- The Islamic republic's vice president has directed the Plan and Budget Organization of Iran to finance part of the joint project
Economy
India wants to use UAE expertise in smart cities: official
New Delhi, India - India wants to cooperate with the UAE in smart cities and technologies, President and CEO of the...
- India aims to have a digital economy worth US$1 trillion by 2026, and its internet services are already valued at US$300 billion, Abhishek Singh said
- There are many areas for cooperation between the two countries, most notably smart cities, digital traffic systems, and technology integration in healthcare, he added
Economy
UAE president discusses boosting ties with president of Nigeria
Abu Dhabi, UAE-- UAE President Sheikh Mohamed bin Zayed and Nigerian President Bola Ahmed Tinubu discussed opportunities for further bilateral...
- UAE president hoped the two leaders would work together to deepen ties that benefit both the UAE and Nigeria
- Sheikh Mohamed renewed the UAE's goal to foster ties with countries that share the same aspiration for growth
AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
Company News
Latest News
WEF24: Catalyzing investment, trade transform Africa
Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell...
Interview
GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
Economy
Saudi Arabia’s trade surplus remains stable at $26bn
Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of...
Economy
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Videos
WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...
- The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin Touq Al Marri.
- Al Marri emphasizes the critical role of collaboration and visionary leadership in steering through the complexities of today's fast-paced world.
Business
Boursa Kuwait posts $51m net profit
Operating profit for 2023 was recorded at US$59 million.
- Total operating revenues of US$99 million were recorded for 2023.
- Consolidated assets came in at approximately US$386 million in 2023.
Market Report
Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
- In the eurozone, the Frankfurt and Paris stock markets edged higher in afternoon deals.
- Hong Kong and Shanghai bourses jumped after Beijing's latest measures to boost China's stuttering economy.