WEF26: Saudi Arabia positions itself as ‘connector economy’ amid shifting global trade
Saudi Arabia is seeking to leverage changes in global trade and supply chains to position itself as a “connector economy,”...
Economy
Reason for the GCC’s prosperity is that it is willing to take risks: Tadeu Baldani Caravieri
The Gulf economies face disruptions but embrace risk to grow, says Tadeu Baldani Caravieri, founder of Prototypes for Humanity, on...
Economy
Economy
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
- Chinese policymakers have so far resisted calls to juice the economy through massive government stimulus.
- Authorities should boost "the spending power of individuals and families" by beefing up China's pension system, IMF said.
Business
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
- The fund's primary goal is to promote the development of TradeTech solutions and support the expansion of startups.
- The announcement aligns with Investopia's vision to inspire entrepreneurs to expand into new economic sectors.
Economy
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
- The aviation arm of the UN said that demand this year is forecast to be around 3 percent above 2019 levels and could reach 4 percent if the pace of recovery strengthens
- According to its analysis, global demand expressed in Freight Tonne-Kilometres (FTK) is forecast to be around 2 percent below 2019 levels for the full year 2024
Economy
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
- Madrid-based Halo Space Company selects Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per person for a stratospheric Earth view.
- In June, a trial flight will take passengers 32 kilometers above Earth, using a helium balloon for an accessible adventure without the need for special training.
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
- Unit 4 will add another 1,400 megawatts of clean electricity capacity to power the national grid, representing another significant step forward towards full-fleet operations
- This further supports the UAE’s efforts in enhancing grid stability and energy security through abundant around-the-clock zero-emissions electricity
Economy
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
- Bayraktar outlined several potential routes for this transportation, including a swap arrangement via Iran or a combination of Iran and Azerbaijan
- He stressed that a primary consideration is the establishment of a pipeline traversing the Caspian Sea, offering a higher-capacity solution
Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...
- The UAE climate minister emphasizes the importance of water security for global stability and prosperity.
- Half of the world's population could face water shortages by 2025, highlighting the urgency of the issue.
Economy
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
- India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via undersea cables.
- The move aims to boost energy security, promote the use of renewable resources, and foster closer economic ties with Gulf states.
Economy
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
- Russia’s central bank raised rates to 16 percent in a series of hikes last year to cool the pace of price rises.
- "Current inflationary pressures are gradually easing but remain high," the bank said in a statement.
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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
WEF26: Saudi Arabia positions itself as ‘connector economy’ amid shifting global trade
Saudi Arabia is seeking to leverage changes in global trade and supply chains to position itself as a “connector economy,”...
Economy
Company News
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Average US tariffs now highest since 1910s: WTO and IMF
The figure, calculated by the two organizations, stands in contrast with the 2.4 percent rate in force at the time...
Economy
Trump announces 100% chip tariff, pressuring Asian producers
The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on...
Economy
Syria inks infrastructure and real-estate deals worth $14 billion
Since the overthrow of longtime ruler Bashar al-Assad in December, Syria's new authorities have worked to attract investment for the...
Economy
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Business
Jordan sees decrease in number of tourists over Gaza war
Amman, Jordan -- Jordan has seen a decrease in the number of tourists visiting its famed ancient city of Petra...
- According to figures from the Petra tourism authority carried by official media, 32 hotels have had to shut down and nearly 700 people have lost their jobs.
- Petra, famous for its stunning temples hewn from rose-pink cliff faces, is a UN World Heritage site.
Economy
AI search pushing an already weakened media ecosystem to the brink
New York, United States - Generative artificial intelligence assistants like ChatGPT are cutting into traditional online search traffic, depriving news...
- A recent Pew Research Center study reveals that AI-generated summaries now appearing regularly in Google searches discourage users from clicking through to source articles
- This represents a devastating loss of visitors for online media sites that depend on traffic for both advertising revenue and subscription conversions
Economy
Qatar to expand scheme to boost Syria power supply
Qatar is to expand its scheme to boost the power supply in Syria by paying for deliveries of Azerbaijani gas...
- The deliveries, aimed at alleviating chronic power outages in Syria, will increase the Qatari scheme's generating capacity to 800 megawatts per day
- A first phase of the Qatari scheme to fund gas supplies for power generation rolled out in March via Jordan and provided 400 megawatts of electricity per day