ChatGPT surpasses 1 billion monthly active users in May
Dubai, UAE -- OpenAI's ChatGPT surpassed 1 billion monthly active users in May, becoming the fastest application to reach the...
Business
MENA faces shortfall of 111,737 construction Project Managers by 2035: PMI
The PMI report finds that MENA will require up to 330,794 construction project management professionals by 2035 under a high-growth...
Economy
Economy
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...
- After the levies kick in, President Donald Trump -- who was negotiating with European Union officials -- is still willing to keep talking, Commerce Secretary Howard Lutnick said
- Britain, Vietnam, Indonesia the Philippines, and Japan have struck deals with the Trump administration ahead of the Friday deadline.
Economy
US Fed poised to hold off on rate cuts, defying Trump pressure
Policymakers at the independent Federal Reserve have kept the benchmark lending rate steady since the start of the year as...
- With Trump's on-again, off-again tariff approach, Fed officials want to see economic data from this summer to gauge how prices are being affected.
- When mulling changes to interest rates, the central bank, seeks a balance between reining in inflation and the health of the jobs market.
Geostrategy
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
- Doreen Bogdan-Martin, head of the UN's International Telecommunications Union (ITU), said regulation was key as concerns rise over fast-moving technology.
- Bogdan-Martin, the first woman to serve as ITU secretary-general in the organization's nearly 160-year history, also stressed the need to get more women into the digital space.
Economy
China says balance between AI development, security ‘urgently requires consensus’
China's Premier Li Qiang warned Saturday that artificial intelligence development must be weighed against the security risks, saying global consensus...
- This week US President Donald Trump unveiled an aggressive low-regulation strategy aimed at cementing US dominance in the AI field
- Opening the World AI Conference (WAIC) in Shanghai on Saturday, Li emphasised the need for governance and open-source development
Economy
Why every company now needs a Chief Geopolitical Officer
When both governments and international institutions are explicitly warning businesses about geopolitical risks, traditional corporate approaches to navigating international relations...
- With rising geopolitical tensions, trade wars, and regulatory divergence, businesses must anticipate and respond to risks that can disrupt operations, and supply chains
- From sanctions and cyberattacks to forced market exits, geopolitical events are now causing multi-billion-dollar losses and lasting brand damage — risks too big to ignore
Geostrategy
UK starts online checks to stop children accessing harmful content
London, United Kingdom -- New UK age verification measures to prevent children accessing harmful online content came into force on...
- Around 6,000 pornography sites have agreed to implement the curbs, according to Melanie Dawes, chief executive of British regulator Ofcom.
- Around 500,000 youngsters aged eight to 14 encountered pornography online last month, according to Ofcom.
Economy
China’s premier tells EU leaders ‘we can’t afford’ massive industrial subsidies
Chinese Premier Li Qiang dismissed EU fears over Beijing's allegedly excessive subsidies to its industry, telling the bloc's leaders "we...
- Speaking during a roundtable with EU chief Ursula von der Leyen on Thursday, Li insisted that "China is by no means doing what some call a subsidies policy or fiscal subsidies."
- "We would not be stupid enough to use the fiscal funds accumulated through the government and the hard work of our people to sell our products to foreign consumers," Li added
Geostrategy
Trump admin unveils AI strategy to maintain US dominance
The 25-page "America's AI Action Plan" outlines three aims: accelerating innovation, building infrastructure, and leading internationally on AI. Overall, the...
- According to US media reports, Trump was also to announce a series of executive orders to give key components of the plan additional legal weight.
- AI "challenges America to build vastly greater energy generation than we have today," the plan said.
Economy
Trump announces ‘massive’ Japan trade deal including 15% tariff
US President Donald Trump announced Tuesday a "massive" trade deal with Japan, cutting a threatened 25-percent tariff to 15 percent...
- Trump has vowed to hit dozens of countries with punitive tariffs if they don't strike a deal with the United States by next month
- So far, Trump has only announced pacts with Japan, Britain, Vietnam, the Philippines and Indonesia, while talks continue with other trade partners
Geostrategy
91% of new renewable projects now cheaper than fossil fuels alternatives
Abu Dhabi, UAE -- Renewables maintain their cost leadership in global power markets, IRENA’s new report on Renewable Power Generation...
- IRENA’s new report confirms renewables maintained their price advantage over fossil fuels, with cost declines driven by technological innovation.
- In 2024, solar photovoltaics (PV) were, on average, 41 percent cheaper than the lowest-cost fossil fuel alternatives, while onshore wind projects were 53 percent cheaper.
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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
ChatGPT surpasses 1 billion monthly active users in May
Dubai, UAE -- OpenAI's ChatGPT surpassed 1 billion monthly active users in May, becoming the fastest application to reach the...
Business
Company News
Latest News
How the Middle East is positioning itself at the crossroads of a changing world
AI, geopolitics, climate, and demographics are reshaping the Middle East’s growth model beyond oil.
Economy
Reason for the GCC’s prosperity is that it is willing to take risks: Tadeu Baldani Caravieri
The Gulf economies face disruptions but embrace risk to grow, says Tadeu Baldani Caravieri, founder of Prototypes for Humanity, on...
Economy
From Summit to Strategy: Qatar Builds Global Investment Hub
This year’s edition is expected to welcome more than 30,000 participants from over 120 countries, including 1,500 startups, 700 investors...
Economy
Most Read
Economy
Global economy set for “sturdy growth” in 2026, MENA growth to outpace global economy
The Middle East and North Africa region is expected to outperform the global economy in 2026, with GDP projected to...
- Goldman Sachs Research has projected that the world economy will expand faster than widely expected next year, saying its economists expect sturdy global growth of 2.8%
- The Middle East and North Africa region is expected to outperform the global economy in 2026, with GDP projected to grow by 3.6% year on year compared to global growth of 3.1%
Business
SoftBank lifts OpenAI stake to 11% with $41bln investment
Tokyo, Japan -- Japanese tech investor SoftBank said Wednesday that its stake in OpenAI is now around 11 percent after...
- Having made colossal profits as well as losses on previous investments, flamboyant founder Masayoshi Son has pivoted SoftBank towards artificial intelligence (AI).
- SoftBank had announced in April its planned investment of up to $40 billion in Open AI, and on Wednesday it said that the second tranche of $22.5 billion was completed.
Economy
Syria reveals new post-Assad banknotes
Syrian leader Ahmed al-Sharaa unveiled on Monday new banknotes replacing those showing ousted ruler Bashar al-Assad and his family, hoping...
- Since the start of Syria's civil war in 2011, the pound has plunged from 50 to around 11,000 against the greenback
- The removal of the zeros, which does not impact the currency's value, was done to make transactions easier