Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
Business
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
Geostrategy
Economy
Jordan’s total exports up 6 percent in Q1 of 2023
Amman, Jordan - Jordan's total exports experienced positive growth of 6.3 percent in the first quarter of 2023, reaching a...
- Imports in the first quarter of the current year totaled $6.34 billion, a 5.6 percent increase from the $6 billion registered in the same period last year
- The foreign trade deficit rose by 4.9 percent to $3.37 billion, compared to $3.21 billion recorded in the same period last year
Geostrategy
Erdogan stays undefeated, extends two-decade rule in Turkey runoff
Recep Tayyip Erdogan appealed for national unity Monday after winning a historic runoff election that extended two decades of his...
- Near-complete results show Erdogan beating challenger Kemal Kilicdaroglu by four percentage points
- "We will be ruling the country for the coming five years," Recep Tayyip Erdogan tells his supporters
Business
Dubai launches strategy to achieve zero emissions in public transport
This aligns with UAE's preparations for COP28 and the UAE Net Zero by 2050 Strategic Initiative, and is a part...
- This makes it the first Middle Eastern agency to develop a long-term strategy for migrating towards Net-Zero Emission Public Transport by 2050.
- The primary objectives of the strategy include the decarbonization of all taxis, limousines, and public buses and designing buildings.
Economy
US debt deal faces tough sell in Congress to avoid default
The agreement announced Saturday by President Joe Biden and Republican leader Kevin McCarthy after weeks of crisis talks offers a...
- And all the while the clock is still ticking down to the June 5 "X-date" when the Treasury estimates the government will start to run out of cash to pay its bills and debts.
- A default would likely have catastrophic consequences, triggering a US recession and risking a global economic meltdown.
Business
Sharjah group to discuss trade boost with India in five-day trip
SHARJAH, UAE- The Sharjah Chamber of Commerce and Industry (SCCI) will embark on a trade mission to India on Monday...
- The delegation will visit Mumbai and New Delhi, setting up business forums and arranging meetings with Indian business communities.
- The delegation will highlight the benefits and opportunities of investing in Sharjah, detailing the incentives and facilities available.
Geostrategy
Energy minister leads UAE delegation to development road conference in Iraq
ABU DHABI, UAE - Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei headed the UAE delegation to the...
- The one-day conference brought together transport ministers and officials from the Gulf Cooperation Council, Iran, Turkey, Syria and Jordan.
- The huge infrastructure project will link southern Iraq to the border with Turkey from where it will connect to rail and road networks in Europe.
Economy
US leaders finalize deal on debt ceiling week before default
President Joe Biden and Republican leader Kevin McCarthy announced a deal to raise the debt ceiling, dragging the United States...
- Republican speaker McCarthy said there was still "a lot of work to do, but I believe this is an agreement in principle that's worthy of the American people."
- US President Joe Biden said the deal was "good news for the American people, because it prevents what could have been a catastrophic default.
Business
EDB, Paraguay’s Development Finance Agency ink MoU to boost collaboration
ABU DHABI, UAE - Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of...
- EDB and AFD will leverage their outstanding capabilities and professional expertise in agritech financing.
- The two firms will share their experiences in financing SMEs and providing smooth and flexible access to capital.
Economy
Iraq budget vote delayed as Kurds oppose amendments on oil
In a country where political agreements are concluded after endless negotiations between political parties, the objection of the Kurds is...
- Iraqi Kurdistan's Prime Minister Masrour Barzani said Saturday the budget amendments amounted to "treason" and an affront to Iraqi Kurdish rights
- Iraq's oil dependent economy has traditionally been plagued by budget delays, which the government's three-year proposal aimed to avoid
Economy
In drought-hit Tunisia eco-friendly farming takes root
New methods such as permaculture are especially useful in Tunisia where an unprecedented drought has parched the countryside and left...
- The Tunisian Association of Permaculture's "Plant Your Farm" project aims to create 50 micro-farms over five years, of which around 30 are already up and running
- To help Tunisia's new eco-farmers sell their organic produce and spread the word on permaculture, the association has promoted farmers' markets and created a "citizen food" label
Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
Business
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GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
Economy
Saudi Arabia’s trade surplus remains stable at $26bn
Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of...
Economy
Female founders flourish in UAE’s startup ecosystem
Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international...
Economy
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Business
Boursa Kuwait posts $51m net profit
Operating profit for 2023 was recorded at US$59 million.
- Total operating revenues of US$99 million were recorded for 2023.
- Consolidated assets came in at approximately US$386 million in 2023.
Market Report
Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
- In the eurozone, the Frankfurt and Paris stock markets edged higher in afternoon deals.
- Hong Kong and Shanghai bourses jumped after Beijing's latest measures to boost China's stuttering economy.
Business
Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
- The total number of F&B companies registered with Dubai Chamber of Commerce stood at 22,585 at the end of 2023.
- Dubai Chamber of Commerce launched 11 business groups dedicated to the industry, eight of which were set up in 2023.