Chinese cluster now world’s top innovation hotspot: UN
Geneva, Switzerland -- Shenzhen-Hong Kong-Guangzhou has overtaken Tokyo-Yokohama to become the world's top cluster for innovation, the United Nations said...
Business
Fed governor calls for rate cut at September policy meeting
A governor of the US Federal Reserve, Christopher Waller, said Thursday that the central bank should lower its key interest...
Economy
Business
Israeli PM Netanyahu to meet Elon Musk during US visit
Benjamin Netanyahu announced his meeting with Elon Musk through a post and told that they will discuss artificial intelligence. The...
- Netanyahu said on Monday that Israel needs to become an Artifical Intelligence leader
- He will meet presidents of Ukraine, US and Turkey among other world leaders
Economy
Oman annual inflation inches up 0.82 percent in August
Muscat, Oman--Annual inflation of Oman has shot up 0.82 percent in August as against 2.4 percent in the same month...
- Food prices were also up with an 11.65 percent hike in fish and seafood, an 8.87 percent increase in dairy and egg prices and a 5.5 percent uptick in vegetable costs
- The cost of household furnishings and routine maintenance went up by 2.63 percent, miscellaneous goods and services by 2.61 percent, dining and lodging by 2.46 percent
Economy
UN meet looks to salvage promises on helping world’s poorest
The UN head said the summit will seek a "global rescue plan" on the targets of Sustainable Development Goals, as...
- Developing countries' leaders will be present in force even as US has hoped to show it is also interested in development
- Antony Blinken said he would hold a meeting at the UN on how to use AI to advance the Sustainable Development Goals
Economy
Surplus in overall balance makes UAE’s economy robust
"The fiscal policy bolstered economic growth and the competitive business environment, leading to the UAE being ranked as the fastest-growing...
- The UAE's robust fiscal performance and diversified government revenues showcase an efficient fiscal policy
- In 2022, there was a recorded 31.8 percent year-on-year growth in revenues, and a 6.1 percent rise in expenditures
Economy
Climate action an opportunity to create more equitable world: Almheiri
Dubai, UAE-- Terming climate action as an opportunity to create a more equitable and sustainable world, Mariam bint Mohammed Almheiri,...
- The minister said the UAE believes that science, innovation and technology are the tools humanity needs to drive collective progress on climate action
- Almheiri asserted that COP28 is a chance to turn the world’s collective focus to conclude the first Global Stocktake of the Paris Agreement
Geostrategy
Jordan’s interconnection projects to serve as hub for energy exchange
AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
- Jordanian authorities are working on a project to connect the Kingdom’s Risha electrical station to Iraq's Rutba station.
- The interconnection line will allow the Iraqis to power the Rutba area's loads, using the Jordanian grid.
Geostrategy
Desperate Sudanese face endless wait for passports so they can flee
A million people have crossed Sudan's borders since April, fleeing the devastating war between the Sudanese army and the paramilitary...
- Since the authorities inaugurated a new passport office in the eastern city of Port Sudan in late August, hundreds of people have lined up all day, every day
- Sudan was already one of the world's poorest countries even before the war broke out, but now it has plunged into a horrific humanitarian crisis
Economy
Iran and Cuba to set up joint ‘technology and innovation’ center
Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation...
- The two countries apart from boosting economic ties are keen to develop mutual cooperation in the fields of science and technology
- Cuba is planning to hold an exhibition in 2024 and has invited Iranian knowledge-based companies to showcase their latest achievements
US Fed likely to pause rate hikes despite higher inflation
The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a...
- Inflation has ticked up again in recent months due to a spike in energy costs, keeping up the pressure on the Fed
- In recent weeks many policymakers have said that additional rate hikes will likely be needed to bring inflation down
Business
DEWA embraces Microsoft’s Copilot to drive digital transformation
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart...
- In order to benefit from the capabilities of generative AI, DEWA is looking to utilize the latest global technologies in all areas to enhance its digital transformation
- Microsoft's Copilot will assist software developers at DEWA in building smart programs and applications that support DEWA’s operations more smoothly
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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
Chinese cluster now world’s top innovation hotspot: UN
Geneva, Switzerland -- Shenzhen-Hong Kong-Guangzhou has overtaken Tokyo-Yokohama to become the world's top cluster for innovation, the United Nations said...
Business
Company News
Latest News
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...
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
Economy
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Economy
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
- The strategy sets out 11 strategic goals aimed at fortifying the UAE’s regulatory framework and enhancing its effectiveness in combating financial crimes
- The announcement follows the country’s removal from the Financial Action Task Force’s (FATF) "grey list" in February 2024
Economy
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,...
- While Pakistan has been declared the "Tech Destination of the Year" at GITEX GLOBAL 2024, one of the key players driving this growth is the Pakistan Software Houses Association
- Across the GCC, Pakistani companies provide cybersecurity and AI driven solutions across various sectors, including banking and fintech industries
Economy
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
- The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries
- This council will be instrumental in expanding the Kingdom's global economic footprint