Creators HQ attracts 2,415 active members from 147 countries with combined following of over 2 billion
Dubai, UAE – Creators HQ, the first headquarters for content creators in the UAE and the Middle East, has seen...
Economy
Less tax, more luxury: millionaires flock to Dubai for its zero income tax policy
Rich people are flocking to Dubai in record numbers, drawn to the desert city by its zero income tax policy...
Economy
Economy
Middle East needs ‘New Deal’ to deliver for its 600 million people: IMF officials
Dubai, UAE - Middle East needs a ‘New Deal’ to deliver for its 600 million people more jobs, better education,...
- MENA countries are urged to move away from state-dominated economic activities, particularly those with high debt burdens and youth unemployment rates
- Governments are advised to improve digital infrastructure, enhance digital literacy, and develop workforce skills to promote digital adoption
Economy
Iraq signs deal with IFC to develop Baghdad International Airport
Baghdad, Iraq--Iraq has signed an agreement with the International Finance Corporation (IFC) - a member of the World Bank Group...
- The agreement, according to the Iraqi PM's office, will provide for the expansion, financing, operation, and maintenance of Baghdad International Airport
- The PM's office further said the agreement is part of a series of deals signed with the private sector to develop critical infrastructure across the country
Geostrategy
GCC Secretary General praises DCO role in digital transformation of Saudi economy
RIYADH, SAUDI ARABIA – Secretary General of the Gulf Cooperation Council (GCC)Jassem Mohamed Albudaiwi visited the Digital Cooperation Organization (DCO)...
- DCO plays an important role in e-development and helps in enabling countries to keep pace with the rapid growth of the digital economy.
- The GCC Secretary General stressed on the importance of digital cooperation between the regional organization and the DCO.
Business
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...
- Chronic electricity shortages had shaped the daily lives of Libyans since the fall of Moamer Kadhafi in a NATO-backed 2011 uprising.
- A decade of stop-start fighting between rival groups followed, adding combat damage and looting to the dilapidated grid in Libya.
Business
Two convictions in FIFA corruption scandal overturned by US judge
Miami, United States--Two convictions in the FIFA corruption case have been overturned by a US federal judge citing a recent Supreme...
- The investigation, including raids on FIFA officials in Zurich, resulted in a series of arrests and trails and subsequent charges, convictions and guilty pleas
- In a ruling on Friday, US district Judge Pamela Chen said a May Supreme Court decision meant that the convictions for wire fraud could not stand
Business
Tech’s carbon footprint: can AI revolutionize responsibly?
The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
- In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
- Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.
Business
DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...
- DEWA's MD and CEO, Saeed Mohammed Al Tayer, said that the total cost of electricity transmission network projects under construction exceeds $1.14bn
- Al Tayer further revealed that the total number of transmission substations across Dubai reached 368 stations by the end of the first half of 2023
Economy
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
- Russia's Deputy Prime Minister Alexander Novak said on Thursday that his country has agreed with OPEC+ to cut oil exports next month
- The International Energy Agency and OPEC are relying on China, the world's largest oil importer, to shore up oil demand over the rest of 2023
Economy
Iran and Syria sign agreement to build rail connection via Iraq
Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq....
- Iran's minister of roads and urban development made the announcement at the inauguration ceremony of the construction of the Shalamcheh-Basra railway
- The minister said that in the wake of the signing of the agreement with Syria, a trilateral agreement between Iran, Iraq, and Syria will be put on the agenda
Geostrategy
Iraq-Iran rail link to facilitate travel, tourism and medical treatments
Iraq's prime minister inaugurated construction work on what is slated to become the first railway line connecting the country to...
- The project had been under discussion for years before an agreement was reached in 2021.
- The Iraqi PM thanked Iran for planned demining operations at the border to clear the way for the train line.
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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
Creators HQ attracts 2,415 active members from 147 countries with combined following of over 2 billion
Dubai, UAE – Creators HQ, the first headquarters for content creators in the UAE and the Middle East, has seen...
Economy
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Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
Economy
Dollar droops before Powell testimony; euro weathers France uncertainty
The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
Economy
UK’s Labor Party wins enough seats to form majority government
The Labor Party has officially won enough seats in the UK’s 2024 general election to have a majority in parliament,...
Economy
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Economy
China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
- The manufacturing purchasing managers' index (PMI) registered at 49.5 in June, identical to May's figure, according to the National Bureau of Statistics
- Policymakers are due to convene in the capital Beijing in mid-July for a highly anticipated political gathering expected to focus on economic recovery
Business
UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...
- Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate market forward
- As the UAE continues to strengthen its economic diversification efforts, the real estate sector remains a cornerstone of stability and growth
Economy
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
- This phase to cover 100 percent of Dubai's main roads, adopt latest smart technologies and software
- The project has improved incident monitoring by 63 percent, reduced response times by 30 percent