Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
Economy
WEF24: Catalyzing investment, trade transform Africa
Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell...
Interview
Investigation
KSA, UAE lead GCC in maritime trade
Saudi Arabia is planning to invest US$36bn in logistics and aims to become a regional hub for the shipping sector,...
- Saudi Arabia is planning to invest US$36bn in logistics and aims to become a regional hub for the shipping sector, a position enjoyed by the UAE for many years
- The UAE has 10 major ports followed by Saudi Arabia (9), Qatar, Oman and Bahrain (5 each) and Kuwait (3)
Economy
Egypt’s non-oil exports leap up to $7.5 billion in Q1 of 2021
Egypt's non-oil exports increased to $7.5 billion in the first quarter of 2021, compared to $6.5 billion in Q4-20, according...
- The country's non-oil balance of trade deficit narrowed by 5% quarter-on-quarter (QoQ) during the January-March period
- Mineral fuels, oils, and distillation products topped the non-oil exports with a value of $809.9 million in Q1-21 from $883.2 million in Q1-20
Geostrategy
UAE to tread ’10 Principles’ path for the next 50 years
President Sheikh Al Nahyan decrees that all ministries, government authorities and institutions should make these 10 Principles as guidelines in...
- The principles direct UAE’s institutions to strengthen the union, build a sustainable economy and harness all possible resources.
- The set of principles is also aimed at fostering positive regional and global relations to achieve national goals.
Economy
Global deal to end tax havens goes through as 136 countries back 15 percent rate
At least 136 countries have backed a landmark agreement to set a new minimum tax rate for companies around the...
- But the agreement still faces a rocky path given that it must be passed by a closely divided U.S. Congress and be approved by each of the countries
- The agreement, which was brokered by the Organisation for Economic Co-operation and Development (OECD), would set a minimum tax rate of 15% from 2023
Economy
Jadwa says a drop in Saudi joblessness a sign of healing economy
A drop in Saudi joblessness during the second quarter of the current fiscal year from 11.7 percent to 11.3 percent...
- Saudi unemployment fell to 11.3 percent in the second quarter of this year, down from 11.7 percent in the three months to April
- The Riyad-based firm said the fall mirrors the economy’s expansionary trend in the first half of this year and expects unemployment to decline even further
Economy
UK and Gulf nations negotiate trade deal
"It brings me great joy and pleasure to officially announce the official launch of FTA negotiations between GCC countries and...
- The UK already enjoys strong economic links with the nations of the GCC, comprised of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait and Oman
- Trade between the UK and the Gulf nations topped 30 billion pounds ($41 billion) in 2020, according to the British government
Economy
GDP of Arab economies down 3.8 percent: World Bank
The region’s average real GDP per capita is forecast to increase by only 1.1 percent in 2021 after declining an...
- Thirteen out of 16 countries in the region will have lower standards of living in 2021 than their pre-Covid levels.
- Pandemic losses are calculated by comparing where the region’s GDP would have been if the pandemic had not hit, the bank said.
Economy
Chief trade negotiators from US, China hold ‘candid exchange’
This was the second consultation between the two countries' chief trade negotiators after relations were seriously damaged under former US...
- This was the second consultation between the two countries' chief trade negotiators after relations were seriously damaged under former US president Donald Trump.
- Talk was "an opportunity for the United States and China to commit to forging a trade relationship that is managed responsibly," a USTR official said
Economy
Amanda Staveley: Public face of Newcastle’s Saudi takeover
She has made a lucrative career as an intermediary for wealthy Gulf-based investors looking to invest in Europe through her...
- She has made a lucrative career as an intermediary for wealthy Gulf-based investors looking to invest in Europe through her company, PCP Capital Partners
- An indication of the circles in which she moves is the rumour that she once turned down a marriage proposal from Prince Andrew, Queen Elizabeth II's third child
Arts & Culture
NFTs take Mideast art world by storm
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought...
- An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online
- They include data about the artwork or item, such as the artist's name, the date it was sold, and the buyer's identity
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Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
Economy
Company News
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Business
Saudi Arabia to compete for 17-title categories at 15th Arab Games
Riyadh, Saudi Arabia--Saudi Arabia will take part in the 15th Arab Games, "Algeria 2023," which is set to commence next...
Economy
Iran makes US$54 billion in revenue from export of oil in 2022
Tehran, Iran-- Iran has earned revenue to the tune of $54 billion last year from the export of oil, according...
Business
Oman’s GDP climbs up 4.7 percent to touch US$22.59bn in Q1
Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion...
Economy
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Economy
51% techies satisfied with their pay in Middle East
Middle Eastern technology professionals are more open to office-based roles than their counterparts in Central Eastern Europe, Southern Europe, and...
- Middle Eastern tech professionals are more open to office-based roles than their counterparts in Central Eastern Europe, Southern Europe, and France and Benelux, says a report
- Career development remains a top priority for Middle East tech professionals, with 51% ranking it in their top three considerations for a new role, adds the latest report by Hays
Business
Jordan medical, pharmaceutical exports see 30% growth in first 5 months of 2023
AMMAN, JORDAN - The pharmaceutical and medical supplies sector of Jordan has experienced an impressive 29.7 percent growth in exports...
- Jordan's exports from the pharmaceutical, medical supplies sector for the first five months of 2023 reached approximately US$375 million.
- The growth has been possible due to regularization, recovery of supply chains, and uninterrupted supply of raw materials and production inputs.
Business
Botswana inks new deal with De Beers
GABORONE, BOTSWANA - Botswana has reached an eleventh-hour deal with diamond giant De Beers after months of tense negotiations that saw...
- The agreement provides for a new 10-year agreement to sell the rough diamonds produced by Debswana.
- Debswana is a JV equally owned by the government and De Beers - and a 25-year extension of its mining licenses.