Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
Stocks dragged further by US rate worry, China gloom
Expectations of another Fed hike have pushed 10-year Treasury yields -- a gauge of future rates -- close to their...
- All three main indexes on Wall Street sank for a third straight session on Thursday, while London, Paris and Frankfurt also suffered heavy losses
- Asian markets were well in the red, including Hong Kong, which was down for a sixth consecutive trading day, while European investors were also on the back foot
Economy
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Business
Saudi, Chinese companies, banks sign 12 pacts worth $1.33bn
Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33...
- The two countries focused on strengthening partnerships in urban infrastructure, housing, real estate development, and financing
- Saudi Ministry of Municipal, Rural Affairs, and Housing is currently working with several Chinese companies on housing projects worth $800 million
Business
Dubai leverages AI robots in testing construction materials
Dubai, UAE - Dubai has started using robots that employ X-Rays and other latest AI technologies to carry out automated...
- The technology shortens the duration of the tests from 4 days to 8 minutes, with a record daily increase in the ratio of samples examined to 650%
- This will accelerate the process of submitting laboratory results to the consulting sector, ensuring the timely completion of the project stages according to their deadlines
Economy
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
- Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries.
- Group said that private finance flows need to grow much faster to meet the $2.4 trillion investment estimated nnually.
Business
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
- The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Geostrategy
Russian defense officials meet Saudi Arabian, Iranian counterparts
MOSCOW, RUSSIA - The 11th Moscow Conference on International Security, held at the Patriot Congress and Exhibition Center here, saw...
- The conference saw participation from over 800 delegates from 76 countries, including China, India, South Africa, Israel, Turkey, Mexico, the UAE, Saudi Arabia.
- Representatives from eight international organizations, including the UN, CSTO, SCO, ASEAN, Arab League, and the African Union took part in the conference.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Economy
Bahrain supports AI tendering platform, Procural, to create jobs
Manama, Bahrain - Tamkeen, a semi-autonomous government agency, tasked with developing Bahrain's private sector has decided to support the Bahrain-based...
- The support will enable Procural to enhance its ability to use cloud-based technology and Artificial Intelligence (AI) to match vendors with buyers
- Procural offers a range of features that include cloud-based infrastructure, customizable approval workflows, automated purchase orders, and real-time budget tracking
Business
4.4m travel by SAR in H1 2023
Train trips in H1 2023 rose 46 percent compared to H1 2022.
- The volume of minerals and goods transported over SAR networks during the second quarter of the year exceeded 6.34 million tons.
- The total volume of goods transported by SAR H1 2023 rose to over 12 million tons, a 13 percent increase compared to the previous year.
Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...
Company News
Latest News
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
Business
DMCC witnesses 10 percent rise in US companies in 2023
DUBAI, UAE – DMCC successfully concluded its most recent Made for Trade Live tour of the US, hosting events in...
Business
OPEC Fund grants US$30m loan to Uganda to build key road link
Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a...
Economy
Most Read
Business
stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.
- The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
- The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
- The UAE's Department of Energy's integrated system focuses on clean and renewable energy to achieve climate neutrality.
- Investment in youth and their innovative ideas is essential for building a sustainable future, says DoE's Awaidha Murshed Al Marar .
Economy
Saudi Crown Prince says will work for Gulf unity and prosperity of its people
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Wednesday said he will make efforts to achieve the unity...
- Mohammed bin Salman said this while co-chairing the 3rd meeting of the Saudi-Bahraini Coordination Council with his Bahraini counterpart
- The two leaders witnessed the announcements about key joint projects and signing of a number of agreements and memoranda of understanding