UAE begins pipeline project to ease Gaza water shortage
Jerusalem, Undefined -- The United Arab Emirates has begun construction on a major pipeline to carry desalinated water from Egypt...
Geostrategy
Iran says no plan for new US nuclear talks, plays down impact of strikes
Iran's Foreign Minister Abbas Araghchi shut down what he said was "speculation" that Tehran would come to the table and...
Banks face reduced profits as CBDCs gain traction
The emergence of interoperable central bank digital currencies may lower costs and reduce settlement risks, but may hit bank revenues...
- The emergence of interoperable central bank digital currencies may lower costs and reduce settlement risks, but may hit bank revenues from cross-border transactions, warns Moody's
- Although CBDCs promise faster, cheaper, and safer services, they could diminish banks' roles in the new economic landscape, affecting revenues from cross-border payments, it adds
Saudi Arabia’s Women’s National Team enters FIFA World Ranking
The national team, commonly known as the ‘Green Falcons’, are currently led by Finish Head Coach Rosa Lappi-Seppälä, who took...
- Historic moment forms part of the country’s massive investment in the women’s game in recent years
- The Women’s Football Department of the Saudi Arabian Football Federation was established in 2019
Geostrategy
Saudi Arabia crown prince shows new pragmatism with Iran deal
Mohammed bin Salman has also worked to mend rifts with regional rivals like Qatar and Turkey, and even offered up...
- Mohammed bin Salman has also worked to mend rifts with regional rivals like Qatar and Turkey, and offered up the Gulf kingdom as a mediator for the war in Ukraine
- On his watch, the formerly closed-off kingdom sidelined the religious police, allowed women to drive, opened cinemas and started granting tourist visas
Business
Credit Suisse buyout: Saudi National Bank fears no impact
The Saudi bank said its statement came "in light of the recent market announcement with regards to Credit Suisse", without...
- Credit Suisse announced on Sunday that UBS would take it over for "a merger consideration of three billion Swiss francs," or about $3.24 billion
- After slumping on the stock market last week, Credit Suisse's share price closed Friday at 1.86 Swiss francs, with the bank worth just over $8.7 billion
Geostrategy
Xi’s offer to Saudi Crown Prince spurred Iran deal talks: Official
The initial conversation between Xi and Mohammed bin Salman took place during bilateral talks at a summit in Riyadh in...
- The agreement identifies a two-month window to formally resume diplomatic ties severed seven years ago.
- It also includes vows for each side to respect the other's sovereignty and not interfere in the other's "internal affairs".
Business
TECOM to pay $54m cash dividend
The company paid a total of AED400m for H2
- The approved dividend is in line with the Group’s previously announced dividend policy of distributing AED800 million annually.
- The Group reported a revenue of AED1.97 billion, its highest in 22 years, and a 28 percent rise in net profit.
Business
Aramco reports bumper profits
It posted $161bn profits last year on high oil prices.
- The world's second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021
- Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow
Arts & Culture
Empowering women open doors of possibility for communities to reach new heights: Sheikha Bodour
The American University of Sharjah (AUS) President was taking part in an event, "Breaking the Glass Ceiling: Women in Business...
- Sheikha Bodour emphasizes the importance of celebrating women's contributions to their communities and empowering them
- She took part in the AUS School of Business Administration's first Women in Business event, which is part of a series of events
Opinion
Healthcare set to benefit from industrial metaverse
As the industrial metaverse ramps up, its impact will be far reaching beyond the industrial realm. It will create a...
- As the industrial metaverse ramps up, its impact will be far reaching beyond the industrial realm, writes Dmitry Kaminskiy, General Partner at Deep Knowledge Group
- It will create a direct impact on human lives through advanced healthcare, digital human avatars, human longevity, virtual surgical operations, and much more, he adds
Economy
China sets 5% growth target in 2023, one of the lowest in decades
Beijing, China--China on Sunday set an economic growth target of "around 5 percent" for 2023, one of the lowest in decades,...
- Outgoing Premier Li Keqiang said China would aim to add around 12 million "new urban jobs" this year and bring the urban unemployment rate to around 5.5 percent
- The country posted just three percent growth last year, missing its stated target of around 5.5 percent as the economy strained under the impact of strict Covid-19 curbs
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
UAE begins pipeline project to ease Gaza water shortage
Jerusalem, Undefined -- The United Arab Emirates has begun construction on a major pipeline to carry desalinated water from Egypt...
Geostrategy
Company News
Latest News
Airbus nets satellite deal
Business
Israeli air strikes hit densely populated Hezbollah bastion in Beirut
The strikes were by far the largest in scale. Iran embassy in Lebanon warns that the strikes 'change the rules...
Geostrategy
Saudi Arabia announces coalition to push for Palestinian state
Prince Faisal bin Farhan said the "International Alliance to Implement the Two-State Solution" included Arab and Islamic countries, as well...
World’s first CO2 storage service soon ready in Norway
Øygarden, Norway -- Norway inaugurated Thursday the gateway to a massive undersea vault for carbon dioxide, a crucial step before opening...
Geostrategy
Most Read
Business
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared...
- The value of merchandise exports increased during July 2024, reaching SAR94.5 billion, compared to SAR92.6 billion during July 2023, an increase of SAR1.9 billion, or 2.1 percent.
- The value of oil exports during July 2024 amounted to SAR69.1 billion, compared to SAR71.3 billion during July 2023, a decrease of SAR2.2 billion, or 3.1 percent.
Economy
OECD raises growth forecast, calls for higher property taxes
Paris, France -- The OECD on Wednesday slightly raised its world economic growth forecast for 2024 but called for higher property...
- The Paris-based organization said global gross domestic product would expand by 3.2 percent, compared to 3.1 percent in its previous forecast.
- While it raised the world GDP outlook, the OECD sounded the alarm on rising debt, urging governments to make "stronger efforts" to contain spending and raise revenue.
Business
UAE’s e& bends to European Union foreign subsidy rules
Brussels, Belgium -- The European Commission gave the green light Tuesday for an Emirati group to acquire the assets of a...
- The European Commission approved Emirates Telecommunications' acquisition of PPF Telecom's assets after securing concessions to avoid competition distortion.
- The deal, scrutinized under new EU rules on foreign subsidies, ensures fair competition by limiting future state aid and financing in the EU.