GCC as the bridge in a fragmented global ad tech market
S4 Capital founder Martin Sorrell tells TRENDS digital dominance, AI disruption and consolidation are reshaping global advertising, urging agile, tech-first...
Weaker dollar creates window for international property buyers in Dubai
Dubai faces substantial supply headwinds that may absorb currency-driven demand without triggering significant price gains. Approximately 45,000-50,000 new residential units...
Business
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
- The sector's direct and indirect contribution to GDP reached 11.5 percent in 2023, with expectations to grow to 16 percent by 2034.
- Central to this growth has been a combination of strong domestic demand and increased international arrivals.
Economy
Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
- A domestic worker visa allows individuals to continue working in private households as cleaners, chauffeurs, cooks, nannies, or personal care providers while travelling
- The growth is driven by the UAE’s robust economy, with increasing disposable income among families and a growing expatriate population
Business
China’s Xi promises US$50 billion for Africa over next three years
China, the world's number two economy, is Africa's largest trading partner
- More than 50 African leaders and UN Secretary-General Antonio Guterres are attending the China-Africa forum
- "Over the next three years, the Chinese government is willing to provide financial support amounting to US$50.7 billion," Xi said
Economy
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
- The strategy sets out 11 strategic goals aimed at fortifying the UAE’s regulatory framework and enhancing its effectiveness in combating financial crimes
- The announcement follows the country’s removal from the Financial Action Task Force’s (FATF) "grey list" in February 2024
Economy
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
- While Pakistan has been declared the "Tech Destination of the Year" at GITEX GLOBAL 2024, one of the key players driving this growth is the Pakistan Software Houses Association
- Across the GCC, Pakistani companies provide cybersecurity and AI driven solutions across various sectors, including banking and fintech industries
Economy
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
- The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries
- This council will be instrumental in expanding the Kingdom's global economic footprint
Economy
China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...
- China is facing a crisis in its vast real estate sector as well as lackluster confidence among households and businesses, which is hindering consumption
- In August, the Purchasing Managers' Index (PMI) - a key barometer of industrial output - stood at 49.1 points, the National Bureau of Statistics (NBS) announced
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
- Oil prices climbed 0.8% after Israel and Hezabollah traded rocket salvos
- The dollar slipped a further 0.5% to 143.64 yen, having fallen 1.3% on Friday
US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...
- "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," Fed chair Powell said
- After holding its key lending rate at a two-decade high for more than a year, Powell's remarks suggest the US central bank is now all but certain to start cutting rates
Economy
US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
- After holding its key lending rate at a two-decade high for more than a year, the US central bank now seems poised to start cutting rates in September
- While inflation has eased, the labor market has shown signs of cooling - though still remaining solid by historical standards - and economic growth has been resilient
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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
GCC as the bridge in a fragmented global ad tech market
S4 Capital founder Martin Sorrell tells TRENDS digital dominance, AI disruption and consolidation are reshaping global advertising, urging agile, tech-first...
Company News
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Europe hyperloop test hits new speed record in Dutch trial
The Hague, Netherlands -- A Dutch tech startup said Wednesday it had set a European speed record for its futuristic...
Geostrategy
MBZUAI, G42 launch K2 Think: Leading open-source system for advanced AI reasoning
Abu Dhabi, UAE -- The Institute of Foundation Models at Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and G42...
Science
Stocks climb eyeing US rate cut, political turbulence
A steep downward revision to US job creation cemented expectations that the Federal Reserve would begin lowering its benchmark rate...
Business
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Geostrategy
Key OPEC+ members to boost oil production again
Oil ministers in the V8 grouping -- comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and...
- Those countries had already increased production by 2.2 million bpd in recent months.
- They said that the new incoming cycle could see up to an extra 1.65 million bpd eventually coming onto the market.
Science
AI giant Anthropic to pay $1.5 bn over pirated books
San Francisco, United States - Anthropic will pay at least $1.5 billion to settle a US class action lawsuit over...
- "This landmark settlement far surpasses any other known copyright recovery," said plaintiffs' attorney Justin Nelson. "It is the first of its kind in the AI era."
- San Francisco-based Anthropic announced this week that it raised $13 billion in a funding round valuing the AI startup at $183 billion
Science
Norway experiments with electric plane in real-life test
Oslo, Norway -- An electric plane took to the skies between the Norwegian airports Stavanger and Bergen on Thursday, simulating...
- The small aircraft -- an Alia built by US aircraft manufacturer Beta -- flew the 160 kilometers in a test run by the Norwegian affiliate of the transport company Bristow.
- The flight took 55 minutes and simulated a cargo flight route in southeastern Norway.