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
China’s power paradox: record renewables, continued coal
Bangkok, Thailand -- Call it the China power paradox: while Beijing leads the world in renewable energy expansion, its coal...
Geostrategy
Geostrategy
Bahrain suspends economic relations with Israel
DUBAI, UAE - Bahrain has recalled its Ambassador from Israel and decided to suspend economic relations with Tel Aviv in...
- Bahrain took the decision to recall the Kingdom’s Ambassador to Israel back to the country, the Council of Representatives said.
- It also demanded taking measures to preserve lives of people in the Gaza Strip and other regions of Palestine.
Business
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.
- Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
- It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Economy
Jordan becomes UAE’s regional investment hub
“Jordan has become a regional investment hub of choice for the UAE's direct investments, totaling US$4 billion. This represents 14%...
- The UAE has invested $4 billion directly in Jordan, with non-oil trade reaching $4.5 billion in 2022, reflecting their deep-rooted ties and mutual interests.
- In 2022, the UAE, Jordan, Egypt, and Bahrain announced a comprehensive industrial partnership, allocating a $10bn investment fund for collaborative projects.
Economy
Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It...
- Federal Reserve's decision to hold interest rates comes amid concerns of persistent inflation
- The CBUAE and QCB's decision underscores the link between global and regional monetary policies
Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
- The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.
- Foreign direct investments (FDIs) represent 41 percent, or SAR 1.02 trillion, of total investments, Argaam reported.
Business
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.
- Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
- Maaden posted net earnings of $183 million for the first nine months of 2023.
Business
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
- The agreement is in line with the objectives of UAE’s national strategy for industry and advanced technology.
- The MoU will help the two firms to work together to strengthen the global maritime industry and support the economic growth of the UAE.
Geostrategy
Bilateral trade in 2023 to overtake 2022 figures, says Canada’s envoy to UAE
ABU DHABI, UAE - Trade between the two countries is on an upswing with volumes this year expected to surpass...
- Trade between the UAE and Canada, worth US$4.1 billion in 2022, surpassed the 2021 figure of US$3.4 billion (AED12.7 billion).
- Bilateral trade to the tune of US$1.8 billion in H1 2023 (January to June) exceeded the US$1.7 billion worth of trade in H1 2022.
Business
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
- Aramco and JV partners NORINCO Group and Panjin Xincheng Industrial Group have a mega Saudi-Chinese petrochemical project in Liaoning Province.
- The project is a 300,000 barrels per day refinery and a petrochemical complex with an annual production capacity of 1.65 million metric tons.
Economy
Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
- Non-oil activities and government activities grew by 3.6 percent and 1.9 percent respectively in the third quarter due to a 17.3 percent fall in oil activities.
- Seasonally adjusted real GDP decreased by 3.9 percent in the third quarter compared to the previous quarter, due to a decrease in oil activities and government activities.
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
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UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
UNFPA and corporate partners drive reproductive justice in workplaces
Mariarosa Cutillo, UNFPA Chief of the Private Sector and Civil Society Branch, says businesses need to provide adequate maternal health...
World Economic Forum
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Business
Rudolph Lohmeyer: The Gulf is redefining the global future, not just adapting to it
The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells...
- The GCC is strategically positioning itself as a neutral hub by diversifying economic and diplomatic relationships to ensure resilience, Rudolph Lohmeyer tells TRENDS
- AI is expected to revolutionize productivity, scientific discovery, and governance, with the UAE and KSA making significant investments in the field, he added
Business
‘Authenticity, experiences, culture, generational and solo travel to lead tourism trends’
Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview.
- Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview
- Cultural and heritage tourism is on the rise, with travelers seeking genuine local experiences, from food to historical sites, her adds
Oil prices on the rise despite down week
Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and...
- In January, Brent looks to gain 3.8 percent while WTI is poised to climb 2.3 percent
- US President Trump threatened to impose a 25 percent tariff on Canadian and Mexican oil exports