Study: Legacy technology not impeding adoption of AI and Machine Learning in UAE and Saudi Arabia
Manufacturers see AI as critical for decarbonization (66%), improving ESG scores, energy monitoring (55%), advancing digital twins (68%), and enabling...
Economy
3 ways travel drives economic growth while enhancing global connections and sustainability
WTTC research shows that, having endured estimated losses of $4.5 trillion and 62 million jobs in 2020 alone, travel and...
Business
Sales of Al Rahmaniyah Commercial Lands begins
SHARJAH, UAE - ASAS Real Estate Company, the real estate arm of Sharjah Islamic Bank (SIB), announced the launch of...
- The project follows increasing demand for the company's latest real estate projects.
- The project benefits from close proximity to Emirates Road, Sharjah Airport and Sharjah University City.
Economy
Qatar records a trade balance surplus of US$29.47bn in Q3
Doha, Qatar—Qatar has recorded a trade balance surplus in the third quarter of 2022 of $29.47 billion up from $15.87...
- In Q3 2022, the value of Qatar's total exports (including exports of domestic goods and re-exports) amounted to $38 billion
- During Q3 2022, Asia was the principal destination of Qatar's exports and the first origin of Qatar's imports, representing 60.5 percent and 40.1 percent respectively
Economy
UN COP27 approves “loss and damage” fund
Nations hit by the impact of global warming can now be compensated from the "loss and damage" fund created by...
- Loss and damage covers a broad sweep of climate impacts, from bridges and homes washed away in flash flooding, to the threatened disappearance of cultures and whole islands
- This year an onslaught of climate-induced disasters, from catastrophic floods in Pakistan to severe drought threatening famine in Somalia, sharpened focus on disaster-hit countries
Economy
‘FIFA to earn around $700 million due to Qatar World Cup’
"All in all this World Cup will generate for FIFA around $600-$700 million more than the last World Cup," he...
- FIFA chief Infantino said media rights were up about $200 million compared with the 2018 tournament in Russia
- Infantino said he would reveal FIFA's global revenues for the past four years to national associations on Sunday.
Market Report
UAE stocks end higher even as Saudi markets decline
Saudi equities rose on November 13 but the index fell during the rest of the trading days. UAE stocks started...
- The Saudi Public Investment Fund raised US$612 million through a secondary offering of shares by selling a 10 percent stake in Tadawul.
- The Abu Dhabi Stock Exchange rose after Abu Dhabi Ports Group said that it had acquired global platform for integrated logistics services Noatum.
Business
Allwyn buys Britain’s Camelot
Acquisition will likely close in Q1 2023, Czech firm said.
- In March, Britain's Gambling Commission, which licenses and regulates gambling, gave Allwyn Entertainment a license to run the National Lottery from February 1, 2024.
- As Camelot owns the license until then, the takeover will help facilitate a smooth transition, Allwyn said.
Business
GAL-AMMROC, GMF ink pacts
The pact were inked during the B20 Summit in Bali, Indonesia.
- The pacts will allow AMMROC to expand its MRO capabilities and consolidate its status as a key enabler of a sustainable domestic defense sector in the UAE.
- The cooperation will further expand to the joint promotion of the N219 and NC212 aircraft in the Middle East and Africa markets.
Economy
Sharjah International Travel and Tourism Forum to begin Nov 24
SHARJAH, UAE - The 9th edition of the Sharjah International Travel and Tourism Forum (SITTF) is set to kick off...
- The forum will convene a host of government officials, local and international decision-makers, experts in global travel, tourism and aviation sector.
- Organized by Sharjah Commerce and Tourism Development Authority, the forum complements SCTDA's efforts to bolster Sharjah's position in global tourism.
Geostrategy
‘Most APEC members condemn war in Ukraine’
Asia-Pacific leaders added their voices to international pressure on Russia over its invasion of Ukraine, issuing a summit statement saying...
- The summit communique was agreed by all APEC members, including Russia and China.
- Apart from substituting the name of the organization, the statement was word-for-word the same as a G20 declaration.
Economy
FIFA president accuses Western World Cup critics of ‘hypocrisy’
Doha, Qatar— FIFA president Gianni Infantino hit back at criticism of Qatar's human rights record on Saturday, blasting the "hypocrisy"...
- Infantino was speaking at his opening press conference of the tournament in Doha
- Qatar officials say their country has been the target of "racism" and "double standards"
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Study: Legacy technology not impeding adoption of AI and Machine Learning in UAE and Saudi Arabia
Manufacturers see AI as critical for decarbonization (66%), improving ESG scores, energy monitoring (55%), advancing digital twins (68%), and enabling...
Economy
Company News
Latest News
Oil slumps below $80 for first time since July, stocks wobble
Brent crude, the main international contract, briefly dropped more than 2 percent to hit $79.80, before bouncing back above $80...
Business
Jordan signs two deals worth $140m for water sector development
Amman, Jordan - Jordan's government has signed two deals with the German KfW Development Bank to secure a financial package...
Economy
Saudi FDI flows revised to US$33bn in 2022 under new IMF-approved methodology
Riyadh, Saudi Arabia-- Foreign direct investment (FDI) into Saudi Arabia amounted to $32.52 billion in 2022, revised upwards from $8...
Economy
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Geostrategy
UN calls for overhaul of financial system to help poorest countries
The UN called for an overhaul of the global financial system to help the world's poorest countries and their struggle...
- The 46 so-called least developed countries, or LDCs, suffered a sharp economic slowdown in the first years of the COVID-19 pandemic.
- As a consequence of the economic slowdown, an additional 15 million people have been pushed into extreme poverty, the UN body said.
Business
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...
- The fifth auction of the UAE T-Sukuks program witnessed strong demand through with bids received worth US$1.57 billion.
- The success is reflected in the market-driven prices, which was achieved by a spread of 4 to 11 bps over US Treasuries with similar maturities.
Economy
IMF upgrades China growth forecast to 5.4 percent in 2023
Beijing, China - The International Monetary Fund on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and...
- The economy grew 4.9 percent in July-September, slower than the previous quarter but a lot better than expected and a little shy of the government's goal of 5%
- China's economy expanded just 3.0 percent last year -- well below the official target of 5.5 percent -- as it was choked by draconian Covid-19 measures