Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips,...
Economy
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
Economy
Business
Japan’s investment in Egypt soars, but bilateral trade contracts
Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments...
- In 2022, Egypt sent exports worth $261 million to Japan, including fuel, minerals, fruit, iron and steel products, carpets, and animal feed
- Japan exported goods worth $889 million to Egypt in 2022, including boilers, machinery, equipment, cars, tractors, bicycles and pharmaceutical products
Economy
Saudi CMA cancels its share in sukuk, bonds trading commission
Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission...
- It is designed to lower costs for participants in the market, boost liquidity and expand domestic investors' based in government debt issues
- With this step, the CMA hopes to develop a diversified financial sector and create an advanced capital market in line with the Vision 2030 objectives
Economy
Iran-Turkey trade hits $1.3bn in 3 months
Tehran, Iran - Iran and Turkey have traded $1.379 billion worth of goods in the first quarter of 2023, according...
- Eurostat also reported a 17 percent decrease in Iranian gas exports to Turkey, totaling 1.567 billion cubic meters in the same period
- The two nations have set a target of $30 billion in annual trade and to achieve this, both governments have been working to remove trade barriers
Economy
UAE to deepen economic ties with Morocco in several sectors
Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the...
- Having invested US$14 billion at the end of 2021, the UAE is the largest Arab investor in Morocco and second in the world
- The UAE and Morocco will double the volume of trade and investment during the next few years and also ramp up cooperation in many sectors
Business
Alkhaleej Insurance posts profit
Its net profit soared 33% to US$7.49mn for Q1 of 2023.
- Its EPS stood at QR 0.107 at the end of March 31, 2023 as against EPS QR 0.080 for the same period in 2022
- Qatar Islamic Insurance reported a 7.16 percent jump in the net profit to $8.04 million in net profit in the first three months of 2023
UAE launches guide to aid adoption of AI technology
Dubai, UAE - The UAE government has launched a comprehensive guide for the adoption of generative AI applications in the...
- The guide provides a comprehensive exposition of generative artificial intelligence, explores the challenges and opportunities inherent in diverse digital technologies
- The guide showcases 100 use-cases of generative AI, including image and video synthesis, language translation, music composition, and text creation
Business
Abu Dhabi aims to draw 24 million visitors by end of 2023
Abu Dhabi, UAE--The emirate of Abu Dhabi is looking to draw some 24 million visitors by the end of 2023,...
- In 2022, the Abu Dhabi hotel occupancy rate touched 70 percent as 18 million visitors trooped into the emirate, posting a 13 percent jump
- The emirate received the highest number of international visitors from India, Saudi Arabia, the United Kingdom, and the United States
Economy
EU reports employment rate of 75 percent in 2022
BRUSSELS, BELGIUM - In the European Union countries, 75 percent (193.5 million) of people in the 20-64-year- age group were...
- The employment rate in the EU dropped to 72 percent in 2020 due to the COVID-19 pandemic.
- In 2022, the EU over-qualification rate was 22 percent, with 21 percent for men and 23 percent for women.
Geostrategy
Iran’s parliament removes minister over rising prices
Iran's parliament voted in an impeachment session to remove the industry minister amid soaring prices as the Islamic republic's economy...
- The vote came with the economy battered by Western sanctions, rampant inflation and depreciation of the rial against the dollar.
- Defending the minister ahead of the vote, President Ebrahim Raisi had urged "stability in the management of this ministry".
Business
DEWA keen to enhance happiness in work environment, says CEO
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) affirmed its commitment to achieve the 'We the UAE 2031' vision...
- "We harness all capabilities, technologies and digital solutions to strengthen the skills of our employees," DEWA CEO said.
- "We consider employees the main pillar for strengthening DEWA’s position as one of the most prominent utilities in the world," he said.
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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
Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips,...
Economy
Company News
Latest News
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
Business
Saudi Arabia set to launch advanced means of air mobility
Riyadh, Saudi Arabia - Saudi Arabia is planning to start air mobility that is most advanced and safest in the...
Economy
Global HQs help Saudi youth boost skills, get jobs
The presence of multinationals promises a transfer of expertise and skills, enhancing opportunities for Saudi youth and contributing to the...
Economy
Most Read
Business
IsDB discusses collaboration with China’s ICBC and BOC
Jeddah, Saudi Arabia -- President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials...
- The ICBC Bank Chief Business and Management Officer Wang Kun, expressed interest in the sukuk (Shariah-compliant bonds) market
- The BOC's Chief Business and Management Officer discussed strengthening collaboration in treasury activities, stock, and capital markets
Economy
Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...
- The council has been set up to develop policies and strategies related to research, infrastructure and investments in AI in Abu Dhabi
- It will formulate plans in collaboration with local and global partners to enhance Abu Dhabi's status in the fields of artificial intelligence
Economy
Saudi Arabia expects to attract 150 million visitors by 2030
Riyadh, Saudi Arabia - Saudi Arabia aims to attract 150 million visitors by 2030, with the tourism sector expected to...
- Saudi tourism Al-Khateeb noted a 156% increase in tourist arrivals compared to 2019, surpassing the global recovery rate from the pandemic by 88%
- He said that the tourism sector's contribution to GDP increased to 4.5%, representing 7% of non-oil GDP, attributing the success to well-executed plans