US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and...
Economy
IMF, World Bank welcome efforts for Syria to reintegrate globally
Washington, United States - The International Monetary Fund and World Bank's leaders said in a joint statement Thursday that they...
Economy
Economy
Saudi Arabia aims to diversify, double its economy
"The country continues to grow in various sectors such as the energy sector, including oil, gas, and renewable energy, which...
- The Kingdom has made significant progress in implementing its ambitious Saudi Vision 2030, says Investment Minister Khalid Al-Falih
- He urges the international community to take advantage of the opportunities available in the Kingdom and promote global cooperation
Economy
Stock markets sink on banking crisis fears, oil prices fall
Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US...
- Oil prices also dropped, with the main US contract WTI down more than 5% as it fell under $70 per barrel for the first time since Dec 2021.
- Shares of Credit Suisse, Switzerland's second biggest bank, crashed by more than 30 percent to hit a record low.
Business
October 2022 OPEC+ oil pact will stay the course, says Saudi energy minister
Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the...
- Prince Salman said that sticking to the October agreement is the "sensible and only course of action” for OPEC and its allies.
- He said Saudi Arabia has proactively embarked on expanding our capacity to 13.3 million barrels a day by 2027.
Economy
Indian, UAE cooperating in green hydrogen development: Indian minister
New Delhi, India -- India’s Minister for New, Renewable Energy and Power, R K Singh said on Tuesday that India...
- The UAE's expanded cooperation with India in clean energy aims to support New Delhi's ambition to achieve 450 gigawatts of renewable energy
- R K Singh said that the bilateral cooperation in renewable energy, similar to the UAE, is being promoted with Australia, Finland and Germany
Interview
‘European Space Agency to intensify cooperation with UAE’
"I have decided to send a group of people from my ESA team to the UAE to see which domains...
- Aschbacher says ESA's plan is to establish navigation and communication around the moon and on the moon surface, just like having a mobile phone on Earth
- He believes unifying people is one of the beauties of space exploration, besides developing technology, attracting young talents, fostering stem education, and economic growth
Economy
Fusion energy will be game-changing viable energy source
Private sector partners can leverage the scientific work done in public laboratories to develop the technology needed for fusion power...
- Private sector partners can leverage the scientific work done in public laboratories to develop the technology needed for fusion power plant applications, says top US physicist
- The recent discovery in inertial confinement fusion marks a significant milestone in the development of fusion energy as a viable energy source, highlights Kimberly Budil
Economy
Syrian students learn German in order to prepare for life abroad
Damascus, Syria--His medical studies in Syria keep Mohammed Shasho busy enough but whenever he can he also pores over German vocabulary...
- In Syria, classes to learn German have proliferated in recent years as students seem to have turned their backs on English or French, the foreign languages prefered earlier
- The medical brain drain has begun to worry Syrian officials and physicians with many expressing concern about the exodus of medical students, but few terming it a reality
In troubled Libya, young robotics fans see hope in hi-tech
Libya has seen more than a decade of stop-start conflict since a 2011 NATO-backed revolt toppled strongman Moamer Kadhafi, with...
- The robotic competition is aimed at preparing the workers of the future and make the country aware of the importance of technology and innovation, event coordinator said
- The event, funded by an international school and private sponsors, had been envisaged since 2018 but repeatedly delayed because of unrest and then the Covid pandemic
Economy
Shunned for long, KSA welcomes home top designer
Western fashion was once largely taboo in Saudi Arabia, but with the kingdom undergoing great social changes, a designer is...
- Mohammed Ashi made his career abroad, training in the United States and working for Givenchy and Lebanese couturier Elie Saab
- International stars like Beyonce, Deepika Padukone, Zendaya and Cardi B wear his outfits, showing up on red carpets from the Oscars to Cannes
Economy
US banking crisis after SVB fall to have limited impact on Europe: rating agencies
Markets were rocked earlier this week by the collapse of two US regional lenders, SVB and Signature Bank, which forced...
- Moody's said the structure of European banks limited their exposure to the collapse of Silicon Valley Bank because they placed a larger share of deposits with central banks
- Interest rate tightening "likely still has some way to run" and "developing stresses in the US banking system will also weaken investor confidence, the rating agency warned
US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and...
Economy
Company News
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Dubai leads MENA region in urban mobility readiness
The emirate ranked 28th globally in the 2023 Urban Mobility Readiness Index, highlighting its efforts in creating a sustainable, future-ready...
Economy
Saudi Arabia tops MENA in venture capital investment in 2023
Riyadh, Saudi Arabia - Saudi Arabia achieves first rank across MENA for the first time in terms of the amount...
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
Geostrategy
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Economy
Saudi Exchange launches TASI50 Index tracking top 50 companies by market capitalization
Riyadh, Saudi Arabia – The Saudi Exchange has announced the launch of the TASI50 Index, which tracks the top 50 companies...
- The companies have a minimum annual traded value ratio (ATVR) of 5%, ensuring that the index tracks the largest companies in the market
- The index is an important tool for both individual and institutional investors, providing an overview of market performance in real time
Economy
Japan quake death toll jumps to 161, 103 missing
According to authorities in the central Ishikawa region hit by the 7.5-magnitude quake, the number of people unaccounted for fell...
- The rescue work is being complicated by roads cut off by the quake and landslides.
- Around 20,700 households in the wider Ishikawa region remain without electricity
Business
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
- As the rate of AI adoption increases, humans are essential to guiding the technology’s implementation and usage of these technologies.
- Executives estimate that up to 40 percent of their workforce may need to reskill as a result of implementing AI or automation over the next three years.