Building the New Creative Engine of the Knowledge Economy: Mark Penn
Mark Penn, Chairman and CEO of Stagwell, explains how AI and global tech partnerships are reshaping marketing and the GCC’s...
Economy
Oil prices gain, as equities extend record run higher
Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro...
Business
Economy
ECB to urge patience on rate cuts in battle against inflation
The central bank is tipped to leave rates unchanged for a third consecutive meeting, keeping the benchmark deposit rate at...
- Frankfurt institute launched an unprecedented rate hiking cycle in mid-2022
- ECB watchers will be more interested in president Christine Lagarde's press conference
Business
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
- Driven by Dubai Business Events, the wins reflected a robust 49 percent increase in successful bids compared to 2022.
- DBE brought a citywide offering to the global market that resonated with the core needs of the business events industry.
Economy
Saudi Arabia set to launch advanced means of air mobility
Riyadh, Saudi Arabia - Saudi Arabia is planning to start air mobility that is most advanced and safest in the...
- The Saudi General Authority of Civil Aviation is spearheading the Advanced Air Mobility (AAM) initiative that encompasses a spectrum of innovative solutions
- The initiative seeks to ease traffic congestion, enhance accessibility to remote areas, and contribute to overall economic and social development
Economy
Global HQs help Saudi youth boost skills, get jobs
The presence of multinationals promises a transfer of expertise and skills, enhancing opportunities for Saudi youth and contributing to the...
- The presence of multinationals promises a transfer of expertise and skills, enhancing opportunities for Saudi youth and contributing to the Kingdom's diversification.
- Riyadh aims to become a global economic hub, drawing international experts and fostering knowledge transfer, with potential economic benefits estimated at $45 billion.
Economy
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial...
- The significant 116% leap comes in the wake of the government's decision to prioritize the localization of the sector
- The housing sector, in particular, benefits from substantial corporate support, with 21 initiatives worth over $181 million
Business
IsDB discusses collaboration with China’s ICBC and BOC
Jeddah, Saudi Arabia -- President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials...
- The ICBC Bank Chief Business and Management Officer Wang Kun, expressed interest in the sukuk (Shariah-compliant bonds) market
- The BOC's Chief Business and Management Officer discussed strengthening collaboration in treasury activities, stock, and capital markets
Economy
Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...
- The council has been set up to develop policies and strategies related to research, infrastructure and investments in AI in Abu Dhabi
- It will formulate plans in collaboration with local and global partners to enhance Abu Dhabi's status in the fields of artificial intelligence
Economy
Saudi Arabia expects to attract 150 million visitors by 2030
Riyadh, Saudi Arabia - Saudi Arabia aims to attract 150 million visitors by 2030, with the tourism sector expected to...
- Saudi tourism Al-Khateeb noted a 156% increase in tourist arrivals compared to 2019, surpassing the global recovery rate from the pandemic by 88%
- He said that the tourism sector's contribution to GDP increased to 4.5%, representing 7% of non-oil GDP, attributing the success to well-executed plans
Economy
Rising costs, debt challenges grip Egypt’s economy
Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader...
- Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader economic crisis.
- The government seeks to stabilize the economy through IMF program renewal amid challenges like rising foreign debt and fluctuating exchange rates.
Business
ASFAR, Municipality of Al-Ahsa sign agreement
RIYADH, SAUDI ARABIA - ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia,...
- The agreement aims to develop a major tourism attraction in the Eastern Province of the Kingdom of Saudi Arabia.
- The partnership between ASFAR and the Municipality of Al-Ahsa is set to transform the Eastern Province’s leisure and hospitality sectors.
Building the New Creative Engine of the Knowledge Economy: Mark Penn
Mark Penn, Chairman and CEO of Stagwell, explains how AI and global tech partnerships are reshaping marketing and the GCC’s...
Economy
Company News
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Boeing lowers 2044 global air fleet outlook amid supply chain woes
New York, United States -- The global commercial aviation fleet will stand just under 50,000 planes in 2044, with most...
Economy
IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
Science
World Bank cuts growth forecast on trade tumult, warns of ‘deep’ harm
The bank lowered its projection for global GDP growth to 2.3 percent in its latest economic prospects report, down from...
Economy
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Economy
Saudi Arabia’s real GDP grows by 3.4 percent in Q1 mainly on non-oil activities
Riyadh, Saudi Arabia -- Saudi Arabia’s first quarter real Gross Domestic Product (GDP) grew by 3.4 percent year-on-year, according to...
- Sectors such as wholesale and retail trade, restaurants, and hotels led the way, recording an impressive 8.4% annual growth, reflecting a rebound in consumer demand and tourism.r
- On a quarterly basis, seasonally adjusted real GDP rose by 1.1 percent compared to Q4 2024, signaling continued economic momentum into the year.
Economy
US, China seek to extend trade truce with London talks
After a round of talks in Geneva last month, the United States and China will sit down at the negotiating...
- US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will lead the US delegation
- Chinese Vice Premier He Lifeng - who led Beijing's negotiating team in Geneva - will also lead the team in London, the foreign ministry announced at the weekend
Economy
Key MENA trends: M&A surge to five-year high, Saudi port activity rises in May
Qatar's foreign reserves rise 3.6 percent year-on-year despite a dip in bonds and treasury holdings, Iraq releases Australian and Egyptian...
- Egypt and Turkey continue their coordination on ceasefire efforts and humanitarian aid, as diplomatic momentum struggles against on-ground escalation.
- The ICRC has warned that the healthcare system is on the brink of collapse, with medical infrastructure under increasing strain from ongoing hostilities.