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
Economy
MarsRise to colonize Mars by becoming the next MoonShot
MarsRise is a deflationary token found on the Binance Smart Chain, which comes with an automatic liquidity pool growth, and...
- MarsRise is a deflationary token found on the Binance Smart Chain, which comes with automatic liquidity pool growth, and therefore the holder rewards through transaction taxation
- It has automated Liquidity and its Strategic Buyback is distributed to the locked liquidity on every transaction, making MarsRise one of the best in this game
Economy
Saudi, UAE lead MENA region in 5G deployment
The MENA region will have 80 million 5G subscriptions, representing about 10% of total mobile subscriptions by 2025, according to...
- The total number of Saudi Governorates covered by 5G coverage increased to 53 in Q1 2021
- The UAE ranks third internationally among countries with the fastest data download speeds in 5G networks, according to an analysis by “Opensignal”
Business
Egypt eyes $1bn investments as Africa Finance Corporation member
Egypt, the most populous nation in North Africa, has already seen some investments from the AFC.
- Founded in 2007, the AFC is dedicated to investing in private sector infrastructure projects across Africa
- It is said to have invested $8.7 billion in projects in 35 African nations since its establishment
Economy
IMF’s SDR allocation to benefit rich MENA nations
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.
- The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves
- SDR allocations will help most vulnerable countries struggling to cope with the impact of the COVID-19 crisis
Economy
Lebanon finally launches cash subsidy cards
Lebanon’s caretaker minister of social affairs announced the cash cards on Thursday, saying they would benefit 500,000 families.
- The total cash payments to be made amount to $556 million
- The figure was approved by the authorities in June
Egypt’s inflation leaps up to 5.7 percent in August
Egypt's annual urban consumer price inflation rose to 5.7 percent in August, up from 5.4 percent in July, official statistics...
- Egypt's annual urban consumer price inflation rose to 5.7 percent in August
- Food inflation was the key driver jumping from 4.9 percent y/y in July to 6.6 percent y/y in August, the highest for two years
Analysis
GCC in hot pursuit of 2050 emission goals
The GCC nations are looking at the $500-billion market for Green Hydrogen by 2050, but will it be enough?
- IRENA says GCC countries need to invest up to $148 billion each year until 2050 to meet the goals of the Paris agreement
- DNV expects clean-energy expenditure to increase by around 70 percent between 2019 and 2030 to $1.9tn
Business
Iran mulls preferential trade agreement with Lebanon
The director-general of the Iranian Trade Promotion Organization’s Office of Arabian and African Countries has said Iran is in talks...
- Lebanon is currently suffering under one of the world’s worst economic crises since the mid-1800s
- The situation is such that senior economist Nasser Saidi has said hyperinflation is imminent in the country
Economy
Two decades after 9/11, Saudi Arabia seeks economic reform, softer image
Women can drive and cinemas have reopened in the "new" Saudi Arabia under crown prince and de facto ruler Mohammed...
- Women can drive and cinemas have reopened in the "new" Saudi Arabia under crown prince and de facto ruler Mohammed bin Salman
- MBS as crown prince is called, has brought a string of economic, social and religious changes
Research
HNWIs drive up luxury car sales in Gulf region
Being home to most of the high net-worth individuals in the Middle East, Saudi Arabia, the UAE and Qatar are...
- Porsche Middle East and Africa’s successful implementation of new retail strategy helps in achieving the targets in Q1 2021.
- GCC governments are committed to increasing sustainability by reducing carbon emissions.
Most Read
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
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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Institutional investors buy more local stocks in UAE markets since Jan
Abu Dhabi, UAE -- Institutional investors bought more local stocks than they sold in the Abu Dhabi Securities Exchange (ADX)...
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
Business
Abu Dhabi first quarter GDP up 3.9% on strong non-oil growth
Official data show a 6.1 percent growth in non-oil GDP during the first quarter of 2023, driven by strong performances...
Economy
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Business
Cruise visitors to Qatar in 2022-23 rise 151 percent
DOHA, QATAR - New data from Qatar Tourism (QT) revealed that the country welcomed 253,191 cruise visitors during its 2022-23...
- Qatar has seen a steady increase in cruise ship arrivals and passenger numbers, and the industry is poised for further growth in the seasons to come.
- In 2022-23 season, most cruise passengers originated from Germany (31 percent), Italy (10 percent), Russia (6 percent) and the United Kingdom (3 percent).
Economy
Qatar takes part in 58th MENA customs regional meeting
Doha, Qatar--Qatar participated in the 58th regional meeting of director general of customs of the North of Africa, near and...
- The meeting of the top officials discussed policy commission, committee membership, and the adoption of the document for the appointment of the techncial attache
- The WCO council reviewed customs work, capacity building, rules of origin, valuation, nomenclature and classification, compliance, and trade facilitation
Economy
Equities, ruble sink as traders eye Russia after failed uprising
While the advance by the Wagner mercenary force led by Yevgeny Prigozhin was called off before it reached Moscow, analysts...
- The ruble sank to 87 to the dollar -- its weakest level since March last year in the early days Putin's invasion of Ukraine -- as traders reacted to the developments in Russia
- Oil prices rose around one percent though with concern about demand owing to rate rises keeping gains limited, while futures for European natural gas jumped more than eight percent