Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Leader of US Senate calls for election in Israel
The leader of the US Senate called for Israel to hold new elections in the most strident criticism yet by...
Geostrategy
Geostrategy
WHO unveils network to minimize spread of infectious diseases
The World Health Organization launched a global network to help swiftly detect the threat from infectious diseases, like COVID-19, and...
- The network will rely on pathogen genomics to analyze the genetic code of viruses, bacteria and other disease-causing organisms.
- The data gathered will feed into a broader disease surveillance system used to identify and track diseases, in a bid to contain outbreaks.
Economy
US debt ceiling issue keeps Biden, aides busy at G7
President Joe Biden may be on the other side of the world but his political fight back home over the...
- The Group of 7 meeting in Japan is an important stage for Biden's goal of restoring US leadership among the world's democracies.
- "It is definitely a subject of interest here at the G7," National Security Advisor Jake Sullivan told reporters.
Geostrategy
G7 to focus on ‘responsible’ use of artificial intelligence
The world must assess the impact of generative artificial intelligence, G7 leaders said, announcing they will launch discussions this year...
- Text generation tools such as ChatGPT, image creators and music composed using AI have sparked delight, alarm and legal battles.
- European Parliament lawmakers this month also took a first step towards EU-wide regulation of ChatGPT and other AI systems.
Geostrategy
UAE discusses global economic challenges in EBRD meeting
SAMARKAND, UZBEKISTAN - The UAE, represented by the Ministry of Finance (MoF), participated in the 2023 Annual Meeting of the...
- Representatives of member states, private sector, the Board of Directors and the bank's management attended the meeting.
- The UAE said focus should be on enhancing regional, global integration, to facilitate trade, investment and closer economic cooperation.
Business
Masdar on way to become one of world’s largest renewable energy firms
ABU DHABI, UAE - Abu Dhabi Future Energy Company (Masdar) has announced that it has nearly doubled its clean energy...
- Masdar announced that it has nearly doubled its clean energy capacity and CO2 displacement in just two years.
- Masdar has invested, or has committed to invest, in projects globally with a combined value of more than US$30 billion.
Geostrategy
Conflict zones in Middle East are not getting climate funds, say aid groups
DUBAI, UAE - Conflict-plagued countries in the Middle East are among the most vulnerable to climate change but are almost entirely...
- The UN ranks Iraq, recovering from decades of conflict, as one of five countries most impacted by effects of climate change including drought.
- Syria and Yemen are also at heightened risk following years of war that has battered both the country's infrastructure.
Business
Alcoa, EGA ink supply pact
Alcoa is now EGA's largest third-party supplier of alumina.
- The agreement, spanning eight years starting in 2024, includes options that enable EGA to procure up to 15.6 million metric tonnes of alumina.
- The pact is the largest alumina supply contract ever signed between the two firms and is one of the largest in the industry, said Alcoa CEO Roy Harvey.
Business
Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by...
- The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd in April.
- Russia's tax receipts from its oil and gas sector were down by 64 percent year-on-year, the agency added.
Geostrategy
UAE invites Syrian President to COP28 summit in Dubai
The United Arab Emirates has invited Syrian President Bashar al-Assad to attend the UN climate summit in Dubai later this...
- Bashar al-Assad has received an invitation to an Arab summit in Saudi Arabia scheduled for Friday.
- Since Syria's war broke out, President Assad has held onto power and clawed back lost territory.
Market Report
Stock markets advance on US debt, elections
Major stock markets advanced after President Joe Biden said he was "optimistic" about finding an agreement on averting a first-ever...
- The European Commission boosted its 2023 economic growth outlook for the eurozone but raised the inflation forecast for the area.
- European gas prices reached the lowest levels in almost two years as concerns about tight supplies ease heading into the summer.
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Company News
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EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
Global personal computer shipments decline 14.8 percent in 2023
DUBAI, UAE - Worldwide PC shipments totaled 63.3 million units in the fourth quarter of 2023, a 0.3 percent increase...
Business
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
Economy
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Geostrategy
Saudi Arabia signs MoUs with four countries for development in mining industry
RIYADH, SAUDI ARABIA – The Ministry of Industry and Mineral Resources has signed four Memorandums of Understanding (MoUs) with the...
- The roundtable highlighted the need for governments and industry to achieve economic and social development for local communities.
- A total of 79 governments, 13 international organizations, 15 NGOs and seven business associations took part in the roundtable.
Geostrategy
Top global leaders to attend WEF meet amid Gaza, Ukraine war
Paris, France - US Secretary of State Antony Blinken, Israeli President Isaac Herzog and Middle East leaders will attend a World...
- Blinken and US National Security Advisor Jake Sullivan will be among 2,800 participants at the forum, including more than 60 heads of state and government.
- Argentina's libertarian new president, Javier Milei, French President Emmanuel Macron and Chinese Premier Li Qiang will also participate in the forum.
Economy
UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
- The World Bank forecast the growth in the Gulf Cooperation Council countries to rise to 3.6 percent in 2024 and 3.8 percent in 2025.
- The report said that the growth rate in the Middle East and North Africa region slowed down sharply to 1.9 percent in 2023.