Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Global markets rode AI, interest rate roller coaster in 2024
Paris, France - Despite political upheavals, stock markets and bitcoin smashed records in 2024, fuelled by investor enthusiasm for Artificial Intelligence (AI),...
Economy
Opinion
AI revolutionizes UAE’s life sciences & healthcare
"By leveraging advanced data analysis techniques to process extensive datasets from diverse sources, including genomic data, scientific literature, and clinical...
- AI is transforming drug discovery, diagnostics, and personalized treatments, marking a new era in medical research.
- The UAE, especially Abu Dhabi, is setting global standards in longevity and healthcare integration for better future.
Geostrategy
Iran, India reach final agreement on Chabahar Port
Tehran, Iran – Iran and India on Monday finalized an agreement for the development of the strategic Chabahar port in...
- Chabahar Port, Iran's sole oceanic port on the Gulf of Oman, holds strategic importance both strategically and economically
- In May 2016, India, Iran, and Afghanistan signed a trilateral agreement for the Chabahar port, facilitating New Delhi's access to Kabul and Central Asia
Economy
Saudi authorities reduce fee for recruiting domestic help
Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...
- The ministry had previously directed licensed recruitment companies and offices to set the upper limit for the costs of recruiting domestic worker services from some nationalities
- The decision comes within the framework of the ministry’s effort to develop all services, improve the labor market environment and enhance its attractiveness
World Economic Forum
IMF chief at Davos: AI holds risks, opportunity for global economy
Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity...
- "We must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present," Georgieva told AFP.
- Georgieva said 2024 is likely to be "a very tough year" for fiscal policy worldwide, as countries look to tackle debt burdens accumulated during the Covid-19 pandemic.
Economy
Saudi inflation rate declines slightly to 1.5 percent in Dec: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent...
- The cost-of-living index for December rose to 110.15 points, according to the base year 2018, from 108.53 points in the same month a year earlier.
- Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.
Geostrategy
World’s five richest men doubled their fortunes since 2020: Oxfam
A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week,...
- Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic.
- With riches among the world's wealthiest increasing the way they are, Oxfam predicted that within a decade the world will see its first "trillionaire".
World Economic Forum
Top economists warn global economy will weaken in 2024
Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...
- Around 56% economists expect the global economy to weaken this year, while 43 percent foresee unchanged or stronger conditions
- In the MENA region, US the outlook is weaker too, with about six in 10 respondents foreseeing moderate or stronger growth this year
Business
Saudi govt exposes violations in expatriate partnerships
Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella...
- The government identified cases of cover-up, including scenarios where a Saudi citizen transfers ownership of a commercial establishment to a non-Saudi individual
- A key point of differentiation stressed by the program is between commercial cover-up and the concealment of labor violations
Economy
AI to impact 60% of advanced economy jobs: IMF’s Georgieva
The IMF sees an important opportunity for policy prescriptions to help address these concerns, Georgieva told AFP. "We must focus...
- The IMF report notes that half of the jobs impacted by AI will be negatively affected, while the rest may actually benefit from enhanced productivity gains due to AI
- AI will initially have a lower impact on developing economies and they are also less likely to benefit from the advantages of the novel technology, according to the report
Economy
Saudi Arabia leads world in innovation and investment
"This is in the service of humanity and in building an interconnected and innovative future in various fields, including public...
- Saudi Arabia has emerged as a major technology hub with a $43 billion market.
- The Kingdom sees significant growth in women's empowerment and digital capabilities.
Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
Economy
Company News
Latest News
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts.  In a recent interview on CNBC, Kashkari, who serves...
Economy
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Asian shares mixed after Fed minutes, while Nvidia provides support
Asian markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates...
Economy
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Economy
Qatar banking on AI with nearly $2.5 bn in investments
Qatari Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani delivered on...
- Qatar is moving towards a comprehensive digital transformation by investing more in technology, innovation and AI
- The Qatar Central Bank (QCB) to issue guidelines on how to adapt artificial intelligence
Economy
India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...
- The agreement will give India 10-year access to use the port, located close to Iran's southeastern border with Pakistan, according to Iran's Ministry of Roads and Urban Development
- The contract will in turn see India Ports Global Limited (IPGL) invest $370 million into "providing strategic equipment" and "developing the transport infrastructure of the port".
Economy
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reportedChina’s consumer price index climbed 0.3%...
- China’s consumer price index climbed 0.3% year on year
- Japan’s first-quarter GDP expected to have contracted an annualized 1.5%