Why the GCC should stop trying to build Silicon Valley and focus on owning it
Fahad AlSharekh says the GCC’s edge isn’t startup mimicry but global investment power — backing AI, infrastructure and category leaders...
Sovereign tech: Building a regional stack, not rival silos
As Gulf states race to build sovereign AI and cloud infrastructure, the real opportunity lies in pooling capital, standards and...
Economy
Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
- The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
- The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
Economy
MENA region could gain $385bn from women reentering workforce: survey
Doha, Qatar - The women returning to the workforce following a career break have the potential to contribute nearly US$385bn...
- Nearly half of working women in the MENA region have taken a career break, with over 68% taking them at experienced levels and above, the study reveals
- Providing flexible working models that enable women to work additional hours could generate close to US$4.3 billion in GDP gains in the nine countries surveyed
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
- The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
- The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
Economy
US consumer inflation in Feb up as Federal Reserve mulls rate cut
The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core"...
- The annual consumer price index (CPI) came in at 3.2 percent last month, while the "core" measure stripping out volatile food and energy prices edged down slightly to 3.8 percent.
- "The index for shelter rose in February, as did the index for gasoline," the department said, both contributed more than 60% of the monthly increase for the overall index.
Economy
Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...
- The pact provides for supplying Iraq with 51 million M3 per day, Iraqi minister of electricity Luay Al-Khatteeb said
- He further noted that the Iraqi Ministry of Electricity has fulfilled all gas-related payments to Iran
Economy
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
- The decline in the Food Price Index in February 2024 was led by a decrease in the price for cereals and vegetable oils.
- The route via the Red Sea accounts for slightly more than 10 percent of the global maritime trade volume.
Economy
UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
- According to a CBUAE report, the UAE financial system is more secure because of the implementation of technology throughout the economy
- The number of locally incorporated banks (excluding investment banks), at the end of the fourth quarter of 2023, remain constant at 22 banks
Economy
Ajman eyes endowment-driven growth, social solidarity
"Reports with statistics on the number, types, values, and uses of endowments enable us to make appropriate decisions regarding endowment...
- Ajman's 2023 endowment report reveals $541.6 million across 222 endowments, benefiting education, welfare, and mosque affairs.
- The latest report notes high trust in endowment management, with 79 percent of endowments managed by related entities.
Economy
$2bn earmarked for Saudi real estate by Muslim global HWNIs
Riyadh, Saudi Arabia - Muslim global high net worth individuals (HNWI) are prepared to spend US$ 1.96 billion on real...
- Makkah (30%) has emerged as the top wish list city by Muslim HNWI for real estate purchases in Saudi, while Riyadh (25%) ranks second
- Prices in Makkah have risen by an average of 5.5% over the last 3 years, compared to 5% in Madinah over the same period
Economy
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
- According to a report, the growth is attributed to the increase in investments in transport and renewable energy infrastructure
- The report added that residential construction captured the highest share of the UAE's construction market last year
Why the GCC should stop trying to build Silicon Valley and focus on owning it
Fahad AlSharekh says the GCC’s edge isn’t startup mimicry but global investment power — backing AI, infrastructure and category leaders...
Company News
Latest News
Bitcoin hits record high above $124,000 before retreating
Tokyo, Japan - Bitcoin hit a record high on Thursday during early Asian trading, surpassing $124,000, driven by favourable US...
Economy
Plastic pollution treaty talks in disarray as dozens of countries reject draft text
Geneva, Switzerland - Attempts to finalise a landmark treaty combating plastic pollution descended into disarray on the penultimate day on...
Economy
Most markets rise as China-US tariff truce extended, US inflation data in focus
In an executive order, the White House reiterated its position that there are "large and persistent annual US goods trade...
Economy
Most Read
Economy
Gold futures hit record on US tariff shock; mixed day for stocks
Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks...
- Wall Street enjoyed a sunny Friday led by the tech-rich Nasdaq Composite Index, which posted a second straight record
- Investors are growing confident that President Donald Trump's constantly-changing US trade policy won't derail the surge in investment around artificial intelligence
Business
OpenAI releases ChatGPT-5 as AI race accelerates
San Francisco, United States -- OpenAI released a keenly awaited new generation of its hallmark ChatGPTÂ on Thursday, touting "significant" advancements...
- ChatGPT-5 is rolling out free to all users of the AI tool, which is used by nearly 700 million people weekly, OpenAI said in a briefing with journalists.
- Co-founder and chief executive Sam Altman touted this latest iteration as "clearly a model that is generally intelligent."
Economy
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...
- A trade "truce" brought down sky-high tariff levels that the United States and China had imposed upon one another, but that is set to expire next week.
- The new figure by the WTO and IMF takes into account the trade deals the US negotiated with the EU, Japan, South Korea and other nations that have now come into force.