US Fed poised for first rate cut of 2025 as political tension mounts
The Fed's likely move would follow a monthslong push from President Donald Trump to slash rates, and comes amid growing...
Economy
MBZUAI, G42 launch K2 Think: Leading open-source system for advanced AI reasoning
Abu Dhabi, UAE -- The Institute of Foundation Models at Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and G42...
Science
Economy
El Nino forced sugar price to hit 13-year high in September, says FAO
Paris, France - Global sugar prices soared to their highest level in almost 13 years in September as the El Nino...
- While world food prices steadied as a whole last month, the FAO's Sugar Price Index jumped by 9.8 percent compared to August.
- El Nino, a climate pattern, is typically associated with warming ocean surface temperatures in the central and eastern tropical Pacific Ocean.
Economy
World Bank expects Gulf economies to grow by 1 percent in 2023
Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023,...
- In its recent report, the bank said the Gulf economies combined will grow by 3.6 percent in the year 2024.
- The World Bank added that Saudi Arabia's economy, the largest in the region, will contract by 0.9 percent in 2023 before rebounding to grow by 4.1 percent in 2024.
Business
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
- King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa making it the first cargo of oil byproduct from Yanbu-based hub.
- This reflects Mawani’s step to position the ports sector as a vehicle to fulfil Vision 2030’s ambition of transforming the Kingdom into a logistics hub.
Geostrategy
Saudi Arabia to enhance air connectivity to over 250 destinations by 2030
RIO DE JANEIRO, BRAZIL - A delegation led by President of the General Authority of Civil Aviation (GACA) Abdulaziz bin...
- The Kingdom plans on carrying 330 million passengers annually and raising freight capacity to 4.5 million tons by 2030.
- Saudi Arabia and the Dominican Republic also signed agreements on air transport services between the two countries.
Business
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...
- In the capital city, new-build flats sell for around $1,300 per square foot and older ones go for 10,700 euros. The average cost of a house is 1.5 million.
- Housing crisis has become the number one concern in the Grand Duchy of 660,000 people -- smaller than Rhode Island, the smallest US state -- as it goes to the polls on Sunday.
Tens of millions of children uprooted by climate disasters: UNICEF
In a sweeping report on the issue, the United Nations agency detailed the heart-wrenching stories of some of the children...
- From 2016 to 2021, floods, storms, droughts and wildfires led to 43.1 million child displacements in 44 countries, the UNICEF report says
- UNICEF called on world leaders to take up the issue of child displacement at the COP28 climate summit in Dubai in November and December
Economy
GCC economic integration: The grouping okays more measures at Muscat meeting
Riyadh, Saudi Arabia - The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its...
- GCC took more steps to complete the GCC Customs Union and the GCC Common Market to achieve economic unity by 2025
- Muscat meeting also took note of the signing of a Free Trade Agreement between GCC countries and the Islamic Republic of Pakistan
Economy
Innovative solutions crucial to deal with challenges
"From 2021 to 2022, Saudi exports to Portugal jumped by 50 percent, and imports from Portugal rose by nearly 40...
- Saudi Arabia's Minister of Economy and Planning, Faisal F. Alibrahim, emphasizes collaboration between Saudi Arabia and Portugal
- From 2021 to 2022, Saudi exports to Portugal jumped by 50%, and imports from Portugal rose by nearly 40%, resulting in a trade volume of $1bn
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.
Arts & Culture
People marvel at ancient Iraq in new ‘Assassin’s Creed’ game
The central character, pickpocket turned master assassin Basim, speaks classical Arabic in "Assassin's Creed Mirage",.
- In the game, the hooded and stealthy hero fights his way through an ancient maze of alleyways, souks and rooftops.
- The entire scene in the game has been rendered in loving detail with what its creators say is the help of historical sources.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
US Fed poised for first rate cut of 2025 as political tension mounts
The Fed's likely move would follow a monthslong push from President Donald Trump to slash rates, and comes amid growing...
Economy
Company News
Latest News
GCC powers ahead in global clean energy transition with solar and hydrogen investments
Now, the region is turning its attention to newer innovations, including hydrogen production, small modular reactors (SMRs), and compact nuclear...
Saudi Arabia appoints new CEO to drive NEOM’s mega-city project forward
In a big move, Saudi Arabia appoints Aiman al-Mudaifer as NEOM’s interim CEO, a strategic choice to advance the futuristic...
World leaders meet for climate talks, but big names missing
Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 but many big names are skipping the UN climate...
Economy
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Economy
UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
- Value of stablecoins received by services in the country totaled over US$9.8 billion
- between July 2023 to June 2024, just 47 percent of overall crypto transactions took place on centralized exchanges
Economy
Low carbon investments in arrears of climate needs
Upstream investments in the oil and gas industry are still healthy and dwarf those made in low carbon projects and...
- Countries are turning towards renewables such as solar PV and wind following a 40 percent drop in their costs
- The global upstream industry is projected to maintain its hydrocarbon investment level of about US$580 billion in 2024
Economy
Most Asian markets rise ahead of toss-up US election
Asian markets mostly rose Tuesday a day before results from the US presidential election rolled in, with opinion polls showing...
- Uncertainty about the outcome led to warnings that investors could be in for a period of volatility
- Wall Street's three main indexes ended in the red