Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business
US stocks mostly rise ahead of expected rate cut, bitcoin hits new record
The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a...
Business
Business
PIF sets up sarcc company
The new entity will address growing staff accommodation demand.
- In a statement, PIF said sarcc will play a key role in transforming the accommodation market by developing and operating complexes for staff in Saudi Arabia.
- The company will foster the Saudi private sector by facilitating long-term investment and partnerships throughout the industry's value chain.
Geostrategy
States helping Israel’s occupation may be ‘complicit’: UN experts
"Israel's internationally wrongful acts give rise to state responsibility, not only for Israel, but for all states," said Navi Pillay,...
- It also examines the implications of last month's UN General Assembly vote demanding the occupation end within a year.
- Pillay, a former UN rights chief, said all countries are "obligated not to recognize territorial or sovereignty claims made by Israel over the occupied territories".
Geostrategy
Global Future Councils meet calls for collective action to tackle global crises
Over 500 experts gathered at the World Economic Forum Annual Meeting of the Global Future Councils 2024 in Dubai to...
- Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs of the United Arab Emirates, said, “The only constant conviction we recognize every day is that nothing remains stable.”
- Sessions also explored novel approaches needed to tackle emissions while ensuring an equitable and socially responsible transition
Geostrategy
Middle East crisis top-of-mind at first EU-Gulf summit in Brussels
Confirmed at the last minute, the presence of Saudi Arabia's Crown Prince among the six Gulf leaders in attendance heightened...
- The European Union is the second-largest trading partner for GCC countries but talks on a trade pact have languished for years.
- Gulf countries have repeatedly called for the creation of a Palestinian state alongside Israel, with some playing a key role in efforts to secure a ceasefire in Gaza.
Business
Deals worth $4.26 billion signed at inaugural Global Logistics Forum
Riyadh, Saudi Arabia -- More than 65 agreements and Memoranda of Understanding worth SAR 16 billion were signed at the...
- The forum was attended by more than 130 experts and leaders in the global transport and logistics sector, as well as 13,000 visitors.
- Among the attendees were over 15 ministers and 77 leaders in the transport and logistics industry from more than 30 countries.
Geostrategy
WEF Global Future Councils meet in Dubai to tackle pressing global issues
More than 500 experts are expected to attend the meeting. Amid a rapidly shifting global landscape of geopolitical tensions, climate...
- The GFC network, representing 80 countries and diverse sectors and disciplines, is uniquely positioned to break down silos and foster cross-sector dialogue.
- Key themes of the meeting programme will include inclusive growth, climate action and the energy transition, and rebuilding trust for global collaboration
Geostrategy
Trio wins economics Nobel for insights into income inequality
By examining the various political and economic systems introduced by European colonizers, the three have demonstrated a relationship between societal...
- Daron Acemoglu, 57, and Simon Johnson, 61, are professors at (MIT). James Robinson, 64, is a professor at the University of Chicago.
- The jury highlighted the laureates' work in illuminating how political and economic institutions play a role in explaining why some countries prosper while others do not.
Business
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
- According to the monthly publication, oil demand in the Middle East is expected to expand by an average of 265 tb/d, y-o-y, in 4Q-24.
- Refinery capacity additions in non-OECD countries – mostly in China and the Middle East – are also expected to contribute to oil demand growth.
Economy
China unveils major bond plan to revive economy and property market
The plan is part of a series of actions undertaken by Beijing to draw a line under a years-long property...
- Beijing's planned special bonds are aimed at boosting the capital available to banks -- part of a push to get them lending in the hopes of firing up sluggish consumer spending.
- China is also preparing to allow local governments to borrow more to fund the acquisition of unused land for development.
Business
Boeing to cut 10% of workforce
The aviation giant has projected a large third-quarter loss.
- The company announced a series of belt-tightening measures and production delays in the wake of the nearly month-long strike of 33,000 workers.
- Boeing said the strike contributed to $3 billion in pre-tax charges to its commercial aviation results in the third quarter.
Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business
Company News
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Tech firms aiming for smaller, leaner AI models
Smaller AI models save energy, reduce costs, and enhance data security but work alongside large models for advanced solutions.
Business
Macron attends PIF-hosted Riyadh One Planet Sovereign Wealth Funds meet
Riyadh, Saudi Arabia -- French President Emmanuel Macron and over 100 CEOs besides members of OPSWF, asset managers, and private...
Geostrategy
Developing countries paid $1.4 trillion to service their debts in 2024
The poorest countries paid out more than $96 billion to service their debts, the Bank announced in its latest report...
Economy
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Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
- Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
- The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
Geostrategy
Macron to hold talks with Crown Prince Salman on Saudi visit
Macron is beginning the first state visit by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing...
- Macron's three-day stay also coincides with a flare-up of violence in Syria, where anti-government rebels have seized Aleppo, the second largest city.
- The fighting in Syria comes after France helped to broker a fragile ceasefire in neighboring Lebanon, where Israel has been fighting Iran proxy Hezbollah.
Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
- 3.7 billion acres must be restored by decade's end to combat crises
- Forest loss and degraded soils were reducing resilience to climate change and biodiversity loss