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...
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...
Geostrategy
Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Economy
Remittances to MENA may rise by 1.7% after drop in 2022: World Bank
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023...
- The remittances are likely to increase by 1.7 percent in 2023 and by 1.8 percent the following year, the World Bank said in its Migration and Development report.
- The 3.8 percent drop in the flows in 2022 was driven mainly by a drop in flows to Egypt and downturns in flows to Algeria and Jordan.Â
Interview
US supports China’s bid to advance Middle East peace
Saudi-Iran peace deal will reduce tensions in the region and would solve some of the problems if not all, says...
- Blinken spoke of his recent visit to the Middle East where he met with the GCC leaders who, according to him, still see the US as the preferred partner
- On Taiwan, Blinken said the US has real concerns about the direction it has taken and blamed China for what he called as reckless actions
Economy
Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...
- The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global economic activity.
- Oman's real GDP rose by 4.3 percent in 2022, basically on an expansion of the hydrocarbon sector.
Business
India’s IndiGo places record order for 500 Airbus A320
Indian carrier IndiGo said it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show....
- Airbus boss Guillaume Faury said the signing was "an enormous milestone, to our knowledge and recollection no-one has ever ordered" so many planes at a stroke.
- With an order book now at over 1,300 aircraft, the contract also makes IndiGo Airbus' largest customer for the A320 family.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
Economy
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
- The agreement, signed by UAE's Ministry of Human Resources and Emiratization, aims to develop the skills and capabilities of inspectors at the ministry.
- The pact enables the ministry's officials to carry out inspections proactively and enhance their capacities in line with the best international practices.
Economy
Iran-EAEU free trade zone agreement can be signed by year’s end: Russian deputy PM
Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the...
- According to the deputy prime minister, Russia was in talks with "friendly" countries like Egypt, India, Indonesia, and the UAE as they are growing markets
- He said negotiations for an agreement like this were complex and that the negotiators have to take into account a lot of different interest of member states
Business
Saudi Arabia unveils AROYA Cruises to boost tourism industry
Riyadh, Saudi Arabia-- Saudi Arabia has unveiled its own cruise-line brand called AROYA Cruises to fuel growth in its tourism...
- Saudi Arabia is looking to become a global tourist destination by the end of the decade in line with its goals outlined in Vision 2030
- The Saudi tourism department is aiming to attract 1.3 million cruise visitors by 2035 and providing some 50,000 direct and indiret jobs
Asian, European markets drop as China stimulus hopes fade
Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of...
- Tokyo, Hong Kong, Shanghai, Seoul, Mumbai, Singapore, Taipei, Manila, Jakarta, Bangkok and Wellington were all down, though Sydney rose
- Pound will be in view this week as the Bank of England holds its latest policy meeting, with expectations for another hike to battle persistently high inflation
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...
Geostrategy
Company News
World Economic Forum foresees ‘significant economic slowdown’
World Economic Forum
Latest News
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
China sets ambitious 5 percent growth target for 2024
Premier Li Qiang formally announced the growth objective, alongside the overall budget and key government policies for 2024, at China's...
Economy
Vision 2030 empowers women in Saudi legal sector
"The progressive momentum generated in the past decade fills us with positivity and reassurance in the Kingdom, where we have...
Opinion
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Economy
China’s annual political conclave starts as economy sputters
Proceedings kick off Monday at 3:00 pm with the opening ceremony of China's People's Political Consultative Conference (CPPCC), which will...
- Armed police are ubiquitous on Beijing streets as delegates arrive for the gathering
- The meetings are not expected to see the unveiling of big-ticket bailouts
Swiss central bank posts 2023 loss
The bank has raised its interest rates to tame inflation..
- SNB said it recorded a loss of 8.5 billion francs on national currency positions last year, following a loss of one billion francs in 2022
- The bank made a profit of four billion francs on foreign currency positions following a loss of 131.5 billion francs in the previous year
Economy
Turkey’s inflation rises to 67.1% in February
On a monthly basis, inflation rose 4.5 percent in February, slower than the 6.7 percent rise logged in January. Erdogan...
- The Turkish central bank held its key interest rate at 45 percent last month, pausing after eight straight increases aimed at taming consumer prices
- Inflation remains a pressing issue for President Recep Tayyip Erdogan's government ahead of local elections in March