Dubai moves from importing innovation to exporting it, says Future Solutions Head
Dubai’s innovation ecosystem is entering a new phase, argues Amer Abdulraoof, Head of Dubai Future Solutions – Prototypes for Humanity,...
Interview
GCC agriculture sectors post strong performance
Muscat, Oman -- Gulf Cooperation Council countries recorded strong performance in agriculture, livestock and fisheries during 2024, reflecting the growing...
Economy
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 $370 million into "providing strategic equipment" and "developing the transport infrastructure of the port".
Economy
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reported China’s consumer price index climbed...
- China’s consumer price index climbed 0.3% year on year
- Japan’s first-quarter GDP expected to have contracted an annualized 1.5%
Economy
Kuwait approves new government amid political crisis
Kuwait's emir approved a new cabinet Sunday two days after he dissolved the parliament elected only weeks earlier, and he...
- The new government -- the small emirate's 46th -- is headed by Prime Minister Sheikh Ahmed al-Abdullah al-Sabah
- MPs have previously accused ministers of corruption
Economy
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
- New York is the richest city in the world, with 359,500 millionaires and 60 billionaires
- Dubai has 72,500 millionaires, 212 centi-millionaires (100 mn +) and 15 billionaires
Economy
Saudi Arabia invests billions in biotech sector: report
The kingdom accelerates its biotech and genomics sector with substantial investments, in line with Vision 2030's push for economic diversification...
- A recent Arthur D. Little (ADL) projects a double-digit growth that could reinforce Saudi Arabia as a major player in the global biotech landscape
- The Kingdom's commitment is evident in its significant R&D investments, with a reported US$ 3.9 billion allocated in 2021 alone
Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
- International benchmark Brent crude traded at $85.28 per barrel
- Increase of 4.9 million barrels in US crude oil inventories
Economy
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
- After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 percent
- For months, the US central bank has held its benchmark lending rate at a high level to cool demand and rein in price increases
Economy
Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
- Another key driver of this positive shift is institutional investors' increasing adoption of blockchain technology
- Stablecoins offer a reliable store of value for individuals living in regions with economic instability or currency devaluation
Economy
GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
- Saudi Arabia launched the Global Supply Chain Resilience Initiative to attract investments and position itself as a hub for leading industrial companies
- The UAE is focusing on strengthening its food supply chains through local production initiatives, logistics hubs, and advanced technologies
Economy
MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...
- The debt-to-GDP ratio in the MENA region has increased by over 23 percent in the past six years, according to World Bank report
- The report highlights a staggering increase of over 11 percentage points in the debt-to-GDP ratio in 2020 alone due to pandemic
Dubai moves from importing innovation to exporting it, says Future Solutions Head
Dubai’s innovation ecosystem is entering a new phase, argues Amer Abdulraoof, Head of Dubai Future Solutions – Prototypes for Humanity,...
Interview
Company News
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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
Saudi launches Damascus area reconstruction project
Saudi Arabia announced on Sunday humanitarian projects for Syria including the removal of wartime rubble around Damascus, weeks after inking...
Economy
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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.
Business
Global bond selloff spreads to Japan, gold hits record high
Wall Street stocks opened mostly higher, with shares in Google parent-company Alphabet shooting up nearly seven percent after winning a...
- Yields on 30-year Japanese government bonds rose to an all-time high of 3.29 percent on Wednesday, while 20-year yields reached their highest since 1999.
- The selloff in Japanese debt mirrors widespread moves in the United States and Europe, with investors spooked over substantial piles of government debt globally.