US Fed makes first rate cut of 25 basis points over employment risks as Trump mounts pressure
Fed Chair Jerome Powell stressed that the central bank remains "strongly committed" to maintaining its independence from politics, however, when...
Economy
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
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
US Fed makes first rate cut of 25 basis points over employment risks as Trump mounts pressure
Fed Chair Jerome Powell stressed that the central bank remains "strongly committed" to maintaining its independence from politics, however, when...
Economy
Company News
Latest News
Residential, hospitality sectors drive Saudi Arabia’s real estate market in H1 2024
The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as...
Economy
Stocks firm, dollar subdued as market flirts with outsized Fed cut
Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start...
Economy
Standard & Poor’s affirms Saudi Arabia’s ‘A/A-1’ credit rating
Riyadh, Saudi Arabia – Standard & Poor's (S&P) affirmed the Kingdom's credit rating in local and foreign currency at "A/A-1"...
Economy
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Economy
ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
- In July, the ECB left interest rates unchanged in a unanimous vote following June’s landmark cut
- Headline inflation in the EURO hit a three-year low in August with a reading of 2.2%
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...
- 68% of Saudi workers use generative AI weekly, compared to 55% globally, while an overwhelming 93% consider it an essential tool at work
- The New York Times reported that representatives from Saudi Arabia's PIF have discussed potential partnerships with leading Silicon Valley venture capital
Business
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...
- The sector's direct and indirect contribution to GDP reached 11.5 percent in 2023, with expectations to grow to 16 percent by 2034.
- Central to this growth has been a combination of strong domestic demand and increased international arrivals.