World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...
Economy
West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
Economy
ECB to make a bumper rate hike to curb inflation
Struggling to tame surging inflation in the eurozone that has seen steep increases in the price of energy in the...
- Inflation hit 9.1 percent in August, an all-time high for the eurozone and more than four times the two-percent rate targeted by the ECB
- At its last meeting in July the ECB exceeded expectations with a 50-basis-point increase in interest rates, its first hike in more than a decade
Economy
UN says human progress set back five years by Covid
Depicting a gloomy picture of the state of human progress, a United Nations report argues that an unprecedented array of...
- The Human Development Index has steadily risen for decades, but began sliding in 2020 and continued its fall in 2021, erasing the gains of the preceding five years
- A large contributor to the Human Development Index's recent decline is a global drop in life expectancy, down from 73 years in 2019 to 71.4 years in 2021
Four Saudi universities among top 100 international universities
King Abdulaziz University achieved 4th place globally with 187 patents in one year.
- King Abdulaziz University achieved 4th place globally with 187 patents in one year
- King Fahd University of Petroleum and Minerals achieved 25th place with 91 patents
Market Report
UAE stocks gain US$3bn in Wednesday trade
Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED...
- Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED 350
- Among other stocks, the Emirates NBD and Mashreq Bank increased 1.92 percent, and 1.270 percent to AED13.250 and AED80.00 respectively
Economy
Countries growing 70% of world’s food face ‘extreme’ heat risk by 2045
Climate change is already stoking heatwaves and other extreme weather events across the world, with hot spells from India to...
- Heat stress already poses an "extreme risk" to agriculture in 20 countries, including agricultural giant India
- Rice is particularly at risk with other crops like cocoa and even tomatoes also singled out as of concern
Economy
Digitalization helps GCC realize decarbonization goals
Firms in the region are increasingly augmenting their focus on operational transformation with new approaches to manage and optimize energy...
- Enterprises in the region are increasingly augmenting their focus on operational transformation with new approaches to manage and optimize energy consumption, says an expert
- The Gulf states are seeking to place themselves on a more environmentally sustainable footing through investment in renewable energy, says Ashraf Yehia of Eaton Middle East
Economy
Oil and gas sector fuels demand for industrial space in Dubai
Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations.
- Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations
- Demand during H1 2022 was primarily concentrated across traditional hotspots such as Dubai South, JAFZA and National Industries Park
Economy
Saudi GDP surges 12.2% in Q2, surpassing estimate
The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding...
- The oil economy grew 4.4 percent in the second quarter from the first quarter
- Non-oil activities rose by 8.2 percent on an annual basis and 4.5 percent from the first quarter
Economy
China export growth slows sharply in August: official data
Last month, China's exports expanded 7.1 percent year-on-year, down from 18 percent growth in July, China's General Administration of Customs...
- The slowdown in trade comes as global demand for Chinese products weakens with energy prices soaring and the United States facing the threat of recession
- Sporadic Covid-19 lockdowns around China have also dampened consumer enthusiasm and business confidence
Economy
UAE meets 42% of Japan’s crude oil needs in July
Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab...
- Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab countries
- Saudi Arabia contributed 28.47 million barrels, which is 35.1 percent of the Japanese crude needs
Most Read
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
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...
Economy
Company News
Latest News
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
Business
Markets slump as US jobs data says labor market buoyant
The focus has been on US Treasury bond yields that have surged to levels not seen in over a decade,...
Market Report
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
Business
Most Read
Economy
Yemen economy tanks as peace talks make no headway, say NGOs
"While economic challenges are rife across the country, rising inflation and the deterioration of public services are making life unbearable,"...
- Power cuts in Aden can last 17 hours a day and more than 50 percent of households in government-held areas cannot meet basic food requirements.
- The World Food Program warned in August that more than four million Yemenis would receive less food assistance from the end of September.
Geostrategy
Qatar begins construction on North Field gas expansion
RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...
- There has been mounting demand for Qatari gas as European consumer nations have scrambled to replace lost Russian deliveries.
- Qatari Energy Minister Saad al-Kaabi called the project a "leap towards our country's leadership in the field of energy".
Business
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.
- iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
- Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.