Lebanon on bumpy road to public transport revival
Beirut, Lebanon - On Beirut's chaotic, car-choked streets, Lebanese student Fatima Fakih rides a shiny purple bus to university, one...
Economy
Generative AI’s most prominent skeptic doubles down
Vancouver, Canada -- Two and a half years since ChatGPT rocked the world, scientist and writer Gary Marcus still remains...
Interview
Economy
India to connect its power grid with Saudi Arabia, UAE
New Delhi, India--India is looking to connect its power grid with Saudi Arabia and the UAE by way of undersea...
- The agreements between India and Saudi Arabia and the UAE are expected to be signed once the Indian cabinet ratifies the decision
- In January this year, India and the UAE said they will conduct a feasibility study to link up their power grids through underwater cables
Economy
Bahrain’s real GDP grows by 4.09% in Q4 2022
Manama, Bahrain - Bahrain has reported a 4.09 percent increase in its real GDP in the fourth quarter of 2022...
- The high-achieving sectors include the financial corporations sector which grew by 8.22 percent and the trade sector, which increased by 6.57 percent
- With 18.57 percent of the GDP, the financial corporations sector contributed the most to Bahrain's economy, followed by the crude oil and natural gas sectors
Economy
Jordan urges financial support to UNRWA for refugee relief
Amman, Jordan - Jordan has urged the international community to provide urgent financial support to the United Nations Relief and...
- The call was made by Jordanian Foreign Minister Ayman Safadi during his meeting with UNRWA Commissioner-General Philippe Lazzarini in Jordan on Tuesday
- They discussed efforts to bridge the financial deficit and ensure that the agency can continue to provide education, and relief aid to Palestinian refugees
Economy
‘Sustainable supply chains, global ties crucial’
The Gulf country has introduced several initiatives to support and promote international economic partnerships, including the comprehensive economic partnership agreements...
- The UAE aims to promote global economic cooperation and enhance openness to the world, says its Economy Minister Abdullah Bin Touq Al Marri
- The Gulf country focuses on creating investment opportunities in new economy sectors and supporting sustainable supply chains, the minister adds
Economy
MENA startups show resilience despite challenges
While 67 deals totaling $247 million in funding were reported in March 2023, the total capital raised in Q1 2023...
- While 67 deals totaling $247 million in funding were reported in March 2023, the capital raised in Q1 2023 surpassed $1.1bn, marking a 17% rise over the last quarter
- The financial technology industry emerged as the most attractive sector, receiving 73% of venture capital activity, highlights Wamda's March report
Economy
Abu Dhabi Festival celebrates 20 years with record number of visitors
Abu Dhabi, UAE— More than 20,000 people visited the 20th edition of Abu Dhabi Festival in the first twenty days...
- Over 20,000 visitors attended the festival in March that saw nine performances by different artists, composers, and musicians
- The local Emirati singer and rising star Rashed Al Nuaimi gave a performance during the festival’s opening night
Economy
US consumer confidence falls ahead of Federal Reserve decision
US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55...
- The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement.
- New home sales in the United States defied expectations to hit a one-year high in March, the Commerce Department said.
Business
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
- In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
- Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
Economy
DEWA, RTA ink deal to sponsor Green Economy Summit
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has signed a sponsorship agreement with the Roads and Transport Authority...
- RTA will be the Platinum Sponsor of the World Green Economy Summit for three sessions from 2023-2025.
- The World Green Economy Summit plays a fundamental role in supporting the UAE’s outstanding efforts in climate action, said DEWA chief.
Business
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.
- Novartis said that its operating profit would likely increase in the high single-digits this year.
- The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Lebanon on bumpy road to public transport revival
Beirut, Lebanon - On Beirut's chaotic, car-choked streets, Lebanese student Fatima Fakih rides a shiny purple bus to university, one...
Economy
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UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
Business
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...
Business
IMF lifts global growth forecast citing unexpected ‘resilience’
The updated figure, released in the latest World Economic Outlook (WEO) report, is 0.2 percentage points higher than the International...
Economy
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Business
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...
- Riyadh announced the planned production capacity increase in October 2021, the same month it pledged to achieve net zero carbon emissions by 2060
- That applies to emissions that are produced directly by Aramco's industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars
Economy
44% of Saudis are young, making up 78% of the labor pool
Riyadh, Saudi Arabia - Saudi Arabia on Monday launched "Youth Development Strategy" to help its youth to play a critical...
- Saudi Arabia on Monday launched "Youth Development Strategy" to help its youth to play a critical role in the national economy
- Aligned with the Saudi Vision 2030, the strategy seeks to create an enabling environment for the progress and growth of young people
Interview
WEF24: AI stays at forefront of energy revolution
There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco...
- There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco Arcelli, CEO of ACWA Power, tells TRENDS.
- AI revolutionizes energy production, including water desalination, spearheading the irreversible shift towards renewable sources and green molecules, Arcelli adds.