Microsoft valuation surges above $4 trillion as AI lifts stocks
Shares of Microsoft vaulted 5.3 percent after it reported $27.2 billion in quarterly profits as it touted massive investments in...
Business
US says tariff deadline of Aug 1 is firm, no extensions
Washington, United States -- The US deadline of August 1 for imposing tariffs on its trading partners is firm and...
Economy
Economy
Egypt and Indonesia to ramp up trade exchange
Cairo, Egypt--Egypt and Indonesia will ramp up trade exchange as the two countries look to strengthen the overall ties. This...
- Both agreed to give a fillip to Indonesian investments in Egypt benefiting from the incentives offered by the Suez Canal Economic Zone
- Egypt and Indonesia also reviewed all agreements and memos signed between the two nations over the past years
Economy
US Fed likely to hike interest rates to 22-year high
The Fed paused its aggressive campaign of monetary tightening last month to give policymakers more time to assess the health...
- Futures traders now assign a probability of more than 99 percent that the Fed will hike its base rate by 25 basis points
- Some economists predict another rate hike as soon as the Fed's next rate meeting, while others think it could hold rates steady
Economy
Qatar records 70% growth in annual FDI between 2019 and 2022
Doha, Qatar-- Qatar has recorded a 70 percent growth in annual foreign direct investment (FDI) between 2019 and 2022. Just...
- IPA Qatar said it has succeeded in luring FDI and building a world-class business environment, boosting Qatar's image on the global stage
- It has also played a leading role in policy advocacy, making 70 policy recommendations, apart from creating a better business environment
Economy
‘UAE committed to global sustainability, job creation’
“As we continue to witness an ever-changing pace of development and technological advancement, regulating employment and improving human resources’ skills...
- About 97 percent of private sector workers in the UAE, including gig and platform economy workers, are insured under local laws, highlights a UAE minister
- More than 70 percent of workers are registered in the Unemployment Insurance Scheme, providing temporary financial income for those who lose their jobs
Economy
UAE and UN to boost climate action cooperation in run up to COP28
New York, US--The UAE and the UN have discussed joint cooperation and partnership on government experience exchange, global climate action...
- The UAE delegation noted the country's initiatives in development including government work, capacity building and exchange of expertise
- They also discussed opportunities to boost cooperation in international initiatives, maximizing the positive impact of climate action around the world
Business
Arab-Indian Chamber of Commerce to be unveiled soon
NEW DELHI, INDIA - A Joint Arab-Indian Chamber of Commerce is to be “activated” soon. This was announced in the...
- This was announced in the “Delhi Declaration” at the conclusion of the sixth India-Arab Partnership Conference in New Delhi
- Setting up of the Chamber was decided during an earlier session of the India-Arab Partnership Conference held in Muscat
Geostrategy
UAE plays an active role in shaping better future for societies, says minister
NEW DELHI, INDIA – The UAE is committed to playing an active role in global efforts to shape a better...
- The UAE is also committed to enhancing human resources’ contribution to sustainable development.
- The minister applauded all G20 members for “their dedication and commitment to the objectives and vision of the forum.”
Economy
Nations look to sign deep sea mining rules by 2025
The member nations of the International Seabed Authority (ISA) agreed on a two-year roadmap for the adoption of deep sea...
- The ISA Assembly and its 167 member states next week will discuss a "precautionary pause" in mining, supported by about 20 countries
- Scientists believe deep sea mining can destroy habitats and species that may still be unknown but are potentially vital to ecosystems
Economy
Morocco’s women football team to make history in World Cup debut
When Morocco's women take on two-times former champions Germany in Melbourne they will be the first Arab team to play...
- Its women team had a surprise run to the final of last year's Africa Cup of Nations, before losing 2-1 to South Africa
- It is in Group H at the Women's World Cup and as well as Germany will face South Korea and Colombia
Economy
Electric vehicles, lithium-ion, solar batteries become new drivers of China’s foreign trade
Beijing, China - China's traditional export sectors, such as apparel, home appliances, and furniture, have been surpassed by electric vehicles,...
- These "new three" industries have contributed to an impressive 61.6 percent year-on-year increase in total export value during the first half of 2023
- A combination of factors, such as production innovation and favorable policies, has facilitated the export growth of these sectors
Most Read
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
Microsoft valuation surges above $4 trillion as AI lifts stocks
Shares of Microsoft vaulted 5.3 percent after it reported $27.2 billion in quarterly profits as it touted massive investments in...
Business
Company News
Latest News
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
Economy
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
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Economy
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
- Bayraktar outlined several potential routes for this transportation, including a swap arrangement via Iran or a combination of Iran and Azerbaijan
- He stressed that a primary consideration is the establishment of a pipeline traversing the Caspian Sea, offering a higher-capacity solution
Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...
- The UAE climate minister emphasizes the importance of water security for global stability and prosperity.
- Half of the world's population could face water shortages by 2025, highlighting the urgency of the issue.
Economy
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
- India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via undersea cables.
- The move aims to boost energy security, promote the use of renewable resources, and foster closer economic ties with Gulf states.