How the Middle East is positioning itself at the crossroads of a changing world
AI, geopolitics, climate, and demographics are reshaping the Middle East’s growth model beyond oil.
Economy
SoftBank lifts OpenAI stake to 11% with $41bln investment
Tokyo, Japan -- Japanese tech investor SoftBank said Wednesday that its stake in OpenAI is now around 11 percent after...
Business
Business
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
- With 627 screens across 69 venues nationwide, Saudi Arabia's cinema sector is expanding at one of the fastest rates globally
- In 2022 and 2023, box office sales exceeded $240 million annually, with over 17 million cinema tickets sold in 2023 alone
Economy
Global leaders need digital skills for AI management
"Governments should design solutions to face these challenges rather than ignoring them, leveraging the positive effects and significant opportunities presented...
- Equipping global leaders with digital skills will ensure effective implementation across various economic sectors.
- The success of governments is tied to their proactive approach in adapting to new technological advancements.
Business
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
- Some 90,000 people have applied to the scheme since the start of the month, French Environment Minister Bechu said.
- President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon emissions in France.
World Economic Forum
In Davos, AI excitement persists but fears over managing risks
A recent IMF report said AI would affect nearly 40 percent of jobs around the world, and some 60 percent...
- Over the course of the week, more than 3,000 policy makers, business executives, academics and innovators discussed some of the world's most pressing issues at the annual meet.
- The Forum announced it will hold a special meeting, hosted by Saudi Arabia, on “Global Cooperation, Growth and Energy for Development” on 28-29 Apr 2024 in Riyadh.
Business
Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
- Tesla has lost over US$90 billion in market cap, a rough landing in 2024, and a continuation of a slide that could crash the EV maker’s stock value, data from Refinitiv revealed.
- There is declining growth in EV production and a wider slowdown in the market that has Tesla investors nervous.
Economy
Markets track Wall St rally but China worries cast shadow
Broader markets were also enjoying a day in the sun though traders struggled to maintain the morning's momentum. Tokyo put...
- US data points on inflation and jobs, and comments from central bank officials have combined with growing geopolitical tensions to drag equities in January
- In light of the latest data, traders have lowered their bets on a March interest rate cut to a little more than 50 percent, down from 80 percent last week
Economy
Pakistan, Dubai ink deals worth $3 billion at Davos
Davos, Switzerland - Pakistan and Dubai signed two agreements totaling over $3 billion on the sidelines of the World Economic...
- One of the key agreements involves the establishment of a rail-based dedicated freight corridor
- It will run from Karachi Port on the Arabian Sea through Karachi to the Pipri Marshalling Yard
World Economic Forum
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and...
- The World Economic Forum meeting in Saudi Arabia will address economic issues, international cooperation and global challenges
- The kingdom's finance minister said the region requires a strong Saudi Arabia to contribute and that future outlook looks positive
Business
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
- As the world confronts the challenges of global warming and the transition to a sustainable future, the impact on labor markets looms large.
- The direct consequences of climate change, including displacement, migration, and fluctuations have become increasingly pervasive.
Economy
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
- The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
- The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
How the Middle East is positioning itself at the crossroads of a changing world
AI, geopolitics, climate, and demographics are reshaping the Middle East’s growth model beyond oil.
Economy
Company News
Latest News
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...
Economy
Trump says Musk has ‘lost his mind’ as feud fallout mounts
Washington, United States - US President Donald Trump said Friday that Elon Musk had "lost his mind" but insisted he...
Economy
MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
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Economy
World Economic Forum unveils framework highlighting transformative technology convergences across key industries
Agentic AI, spatial intelligence and robotic advancements in manipulation and adaptive control are enabling autonomous systems to make intelligent decisions...
- The 3C framework – combination, convergence and compounding – identifies standout technology combinations such as cognitive robots and digital twin ecosystems
- The framework can help industry leaders drive systemic change across infrastructure, energy, transportation and healthcare by investing in ecosystem readiness
Geostrategy
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
- AI is a key enabler, making many emerging tech synergies commercially viable across industries.
- Digital twins, enhanced by AI and sensors, are expanding efficiency in sectors from aerospace to healthcare.
Economy
Lebanon on bumpy road to public transport revival
Beirut, Lebanon - On Beirut's chaotic, car-choked streets, Lebanese student Fatima Fakih rides a shiny purple bus to university, one...
- Lebanon's public transport system never recovered from the devastating 1975–1990 civil war that left the country in ruins, and in the decades since, car culture has flourished
- Even before the economic crisis that began in 2019, the country was running on empty, grappling with crumbling power, water and road infrastructure