US judge rules Google monopolized online ad tech market
Washington, United States -- A US judge on Thursday ruled that Google wielded monopoly power in the online ad technology...
Business
AI to become the new internet: Kamel Al-Tawil on MENA’s tech evolution
Historically, the region was a key player in commerce through the Silk Road, and today, it has the potential to...
Interview
Business
Family-friendly ‘Astro Bot’ wins highest award at Oscars of video games
Los Angeles, United States -- Video game "Astro Bot" -- a family-friendly sci-fi adventure -- was named 2024's Game of the...
- It has sold more than 1.5 million copies according to Sony, which owns the 65-person Japanese studio Team Asobi responsible for the mega-hit.
- Onstage at the Peacock Theater, Team Asobi's French chief Nicolas Doucet praised the studio for designing a game that "put the user first".
Business
Boeing to boost 787 production
The firm will invest$1bn to ramp up production in South Carolina.
- The aim is to increase production of the 787 Dreamliner to 10 every month by 2026, Boeing said.
- In October, Boeing unveiled plans to reduce its global workforce by 10 percent over the coming months, without giving further details.
Arts & Culture
‘A matter of pride’: Saudis rejoice as World Cup bid approved
Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's...
- Sports are a major component of the Vision 2030 reform agenda overseen by Crown Prince Mohammed bin Salman, which aims to diversify the economy of the world's top oil exporter.
- Sports Minister Prince Abdulaziz bin Turki Al-Faisal said Saudi Arabia was "opening up to the world" and could help football grow globally.
Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
- The tourism sector's contribution toward GDP is expected to rise to one third by 2030, says CEO RAK Tourism Development Authority Raki Phillips.
- Ras Al Khaimah includes over 38,000 companies across more than 50 sectors, with businesses from over 100 countries.
Business
Google unveils its most advanced Artificial Intelligence model, Gemini 2.0
San Francisco, United States -- Google on Wednesday announced the launch of Gemini 2.0, its most advanced artificial intelligence model to...
- CEO Sundar Pichai said the new model would be marking what the company calls "a new agentic era" in AI development.
- Gemini 2.0 is initially being rolled out to developers and trusted testers, with plans for broader integration across Google's products.
Geostrategy
Crunch time for Saudi-hosted drought, desertification talks
Riyadh, Saudi Arabia -- Landmark talks on desertification are set to conclude in Saudi Arabia this week amid doubts that pledged funds...
- The 12-day UNCCD COP16 meeting has announced billions in funding for drought response and land restoration.
- The UNCCD said 1.5 billion hectares (3.7 billion acres) of land must be restored by decade's end and that at least $2.6 trillion in global investments were needed.
Business
Air passenger numbers to top five billion for the first time in 2025: IATA
Geneva, Switzerland -- Air passenger numbers are forecast to top five billion for the first time next year and the sector's...
- Total industry revenues are forecast at $1.007 trillion, helped by falling oil and fuel prices, "the first time that industry revenues top the $1 trillion mark," IATA said.
- Airlines have been hit by rising fuel costs since Russia invaded Ukraine in 2022 but IATA said it expected this factor to ease next year.
Business
UAE to introduce 15% tax rate on corporate profit from Jan 2025
Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it...
- The move will bring the UAE in line with efforts towards a global minimum corporate rate.
- The UAE, long considered a tax haven, last year began taxing the profits of companies worth more than 375,000 dirhams ($102,000) at nine percent.
Business
Oil prices higher on China boost, Syria uncertainty
Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for...
- Oil prices rose more than one percent as traders tracked developments in Syria after president Bashar al-Assad fled the country over the weekend as rebels swept into Damascus.
- China is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt -- all of which threaten Beijing's official growth target.
Assad’s fall reshapes Middle East politics, redefining power dynamics across the region
The Islamist Hayat Tahrir al-Sham rebels shocked the world by swiftly seizing Aleppo and Damascus, overshadowing global focus on the...
- Assad had for nearly 14 years held off an uprising that many believed had been exhausted, but his downfall followed a series of battlefield convulsions for other allies of Iran
- Israel has all but decapitated the Hezbollah leadership in Lebanon since September, while the killing of Hamas figureheads has dealt major blows to Assad's key backer Tehran
US judge rules Google monopolized online ad tech market
Washington, United States -- A US judge on Thursday ruled that Google wielded monopoly power in the online ad technology...
Business
Company News
ADNOC L&S buys stake in Navig8
Business
Latest News
The $480 billion creator economy revolution
We're likely to see more creators seeking alternatives to traditional gatekeepers, following in the footsteps of artists like Taylor Swift....
Opinion
Qatar’s real estate department records weeklong deals worth $71 million
Doha, Qatar -- Real estate sales contracts worth 251.25 million qatari riyals were registered with the emirate's Real Estate Registration...
Business
Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
Business
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Business
ADNOC L&S buys stake in Navig8
The company will acquire the remaining stake in mid-2027.
- Navig8 is an international shipping pool operator and commercial management company with a modern-owned fleet of 32 tankers and a presence in 15 cities across five continents.
- This value-accretive acquisition is expected to boost ADNOC L&S’ earnings per share by at least 20 percent in 2025 compared to 2024.
Business
DAE to acquire Nordic Aviation Capital
The terms of the transaction have not been disclosed.
- As of September 2024, NAC’s fleet comprised of 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries.
- On a pro forma basis, DAE Capital’s fleet will comprise of approximately 750 owned, managed and committed aircraft.
Business
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
- The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said in a statement.
- PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.