France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
Business
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
Economy
Business
TotalEnergies of France pulls out of Russian oil project
Russian oil firm Zarubezhneft will take over its remaining 20 percent stake in the Kharyaga project in the Arctic pending...
- It has promised to stop purchasing Russian oil and gas by the end of the year, and make no further investments there
- TotalEnergies had already ceded a 20 percent stake in the project and the role of operator to Zarubezhneft
Aramco expected to post $44bn profit in Q2: report
Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1...
- Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1 2022, amid rising oil prices
- The profit of the chemical giant Saudi Basic Industries Corp’s (SABIC) is forecast to slightly slip by 1 percent to SR7.6 billion
Economy
Kurdish Iraq decries ‘unjust pressure’ from Baghdad in oil row
Iraq's autonomous Kurdistan region Wednesday deplored "unjust pressure" from the federal government's oil ministry, days after the judiciary nullified oil...
- The move comes as the Kurdish region and the federal government remain locked in a tug-of-war over the management of hydrocarbons
- Iraq's supreme court in February ordered Kurdistan to deliver the oil produced in its territories to the federal government
Business
Fuel prices drive demand for hybrid vehicles in UAE
While some buyers are opting for smaller compact SUVs and electric vehicles, others are putting their purchase decisions on hold...
- UAE fuel prices jumped around 75 percent since January 2022. Super 98 petrol price increased to Dh4.63 ($1.26) per liter in July 2022 compared to Dh2.65 per liter in Jan 2022.
- Rising petrol prices in the UAE are pushing small businesses and private individuals to switch from vehicle ownership to rentals.
Business
New multilateralism likely to define global trade in 2022: DMCC report
Global trade hit a record high of $28.5 trillion in 2021, with more growth expected in 2022. The future also...
- Geopolitics will shape the trade landscape in the 2020s, building on new developments in regionalism, bilateral trade, and global investment flows.
- Pent-up demand from the COVID-19 shock is already driving trade in goods; a rebound in trade in services is set to follow.
Business
European stocks bounce back after sharp losses on global recession fears
European stock markets rebounded on Wednesday, recovering some ground following sharp losses the previous session on fears of a global...
- London's benchmark FTSE 100 index was up 1.8 percent around midday and the pound was mixed against main rivals.
- Crude futures had slumped nearly 10 percent Tuesday, while Europe's main stock markets lost about three percent.
Economy
Sri Lanka appeals Russia for fuel and resumption of tourist flights
Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948.
- The Island nation has suffered months of blackouts, rampant inflation and critical shortages of food and petrol.
- Russia and Ukraine were among the top sources of tourists for Sri Lanka before February's conflict began.
Economy
Britain’s new finance minister Nadhim Zahawi inherits a cost-of-living crisis
Britain's new finance minister, Iraqi-born Nadhim Zahawi, has inherited a cost-of-living crisis that risks pushing the UK economy into recession....
- Iraqi-born Zahawi was parachuted into the Treasury late Tuesday after predecessor Rishi Sunak's shock resignation over the culture of scandal plaguing Prime Minister Boris Johnson.
- Zahawi takes charge with UK inflation at a 40-year peak of 9.1 percent, a level set to hit double figures this year on soaring energy and food prices.
Business
GCC central banks should hike rates to combat inflation: L’AZURDE CEO
Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, says L'azurde CEO.
- Inflation is an opportunity for a company to review strategically the portfolio of plans it offers, CEO L'azurde said
- Companies, he said, should review costs from A to Z, from employees to manufacturing, automation and investment in technology
Economy
Asia stocks drop, euro stuck at 20-year low on recession fear
Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked...
- Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked down as part of officials' zero-Covid policy
- Investors are growing increasingly concerned that sharp central bank interest rate hikes aimed at fighting decades-high inflation will lead to a contraction in leading economies
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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
France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
Business
Company News
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US approves most Egypt aid despite rights alarm
Egypt is one of the largest recipients of US military aid, dating to its historic normalization of relations with Israel...
People’s Bank of China cuts bank reserve ratio again to aid recovery
Beijing, China - The People's Bank of China (PBOC) on Friday unveiled its decision to trim the reserve requirement ratio...
Economy
Deals with India add pace to Saudi diversification
Riyadh and New Delhi set a new benchmark in global trade and cooperation with 53 deals across diverse sectors and...
Analysis
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Geostrategy
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
- The Saudi envoy expressed satisfaction with his country's ties with Iran and the two sides' resumption of bilateral diplomatic relations.
- He said that any pact between Saudi Arabia and Iran will lead to the enhancement of peace and security in the entire region.
Economy
Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected...
- The report estimated that the GCC banks will report stronger profitability in 2023
- The rating agency expects Saudi banks to achieve a return on assets of 2.2% in 2023
Economy
70% of jet fuels at EU airports will have to be green by 2050
Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such...
- The EU is looking to prod the aviation sector to use sustainable aviation fuels in order to cut emissions
- Sustainable aviation fuels will include synthetic fuels, certain biofuels produced from agricultural or forestry residues