Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
Business
Elon Musk asks US court to block OpenAi’s for-profit conversion
Washington, United States -- Elon Musk has again asked a US court to stop ChatGPT-maker OpenAI from converting into a for-profit...
Business
Videos
Is GCC inflation getting out of control?
Central bank action and risks to financial stability must be carefully monitored and managed as loose monetary policy is unwound....
- The possibility of emergence of new Covid-19 variant sparks fear of more disruptions in the supply chain, which may add to the inflation woes in the GCC.
- The anticipated global monetary tightening is likely to have an impact on the GCC growth outlook. Supply-driven inflationary risks are also imminent.
Economy
Why and how high is inflation in the region?
The main reason for high inflation rates in the GCC is a rebound in prices in the sectors that were...
- Kuwait was the costliest country in the Gulf to live in in 2021, with an annual inflation rate of around 4.1 percent
- Only in Qatar does annual inflation exceed 5 percent, owing to a high increase in the cost of’ recreation and culture
Infographics
Look: How Gulf inflation evolves in 25 years
GCC countries, like other nations across the world, are exposed to many economic challenges and risks such as higher prices...
- GCC countries, like other nations across the world, are exposed to many economic challenges and risks such as higher prices of basic products and services
- To reduce consumer prices, GCC governments are more focused on supporting the local manufacturing rather than depending on imports
Economy
Jordan, Saudi Arabia talk ways to raise trade exchange
According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint...
- According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint Commercial Committee meetings
- The meetings will tackle many topics aimed at increasing the volume of joint trade exchange and economic cooperation
Business
Shares of Ma’aden shoot up 6% on the back of record earnings
Shares of Ma’aden, the Saudi mining company, vaulted six percent in trading on Sunday when news broke of its record...
- Amid a jump in commodity prices, the miner turned into a profit of SR5.2 billion in 2021, after making losses of SR280 million a year ago, according to a filing
- Despite solid results, the company said it won't pay any dividends to shareholders for 2021 “based on the company’s need to continue funding its current and future projects”
Geostrategy
Turkey calls on Russia to end Ukraine attack
Turkish Foreign Minister Mevlut Cavusoglu asked Russian counterpart Sergei Lavrov to end the attack on Ukraine during a phone call...
- Ankara has repeatedly called the Russian invasion of Ukraine "unacceptable" and offered to mediate between Moscow and Kyiv
- Erdogan said Turkey was trying to work towards the declaration of an immediate ceasefire "to prevent further loss of life and prevent further damage to Ukraine"
Business
From a tennis court in Dubai, Andrey Rublev says ‘no war please’
Andrey Rublev made a plea for peace after notching an eighth consecutive victory on Friday to move into his second...
- The 24-year-old had told reporters in Dubai on Thursday that he believed in peace and unity
- Rublev won the title in Marseille last Sunday and has battled through some tight situations this week in the Emirates
Business
Saudi National Bank looks to make acquisitions in Europe
Saudi National Bank, with backing from its largest shareholder, the Public Investment Fund, is looking to make big acquisitions in...
- Executives of the Kingdom's biggest bank have been eyeing up potential targets and will present the outline of a new strategy to the board in the next few months
- The lender, which has a market value of $82 billion, will only start analyzing potential targets in detail following the outcome of that review
Economy
Ukraine-Russia war may affect Gulf food supply
The ongoing conflict will directly impact the Gulf and Arab countries since they import vast food items from the two...
- The Gulf states will be directly affected by the conflict as they depend on the two countries to meet a large proportion of their food requirements.
- Experts, however, believe a severe food shortage crisis in the Gulf countries is unlikely to happen in the short term as they can absorb rising import costs
Geostrategy
At UN, Palestinians call on Israel to ‘end apartheid’
Speaking at a monthly meeting on the Middle East, Riyad Mansour evoked the term “apartheid” 15 times and called on...
- Speaking at a monthly meeting on the Middle East, Riyad Mansour evoked the term “apartheid” 15 times and called on the Council to protect “our long-suffering people.”
- “This Council may not be ready to use the word, but apartheid is, and has been, for a while now, our reality,” said the Palestinian envoy
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
Business
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The Red Sea opens its third resort Nujuma, a Ritz Carlton Reserve
Riyadh, Saudi Arabia -- The Red Sea has announced the opening of its third resort, Nujuma, a Ritz Carlton Reserve....
Business
Humanity in ‘race against time’ on Artificial Intelligence: UN
Geneva, Switzerland -- Humanity is in a race against time to harness the colossal emerging power of artificial intelligence for the...
Geostrategy
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Business
New mega-refinery helps Kuwait to record capacity: minister
Made up of three component units, the huge Al-Zour refinery is one of the biggest in the Middle East. It was...
- OPEC member Kuwait aims to reach a production capacity of 4 million bpd by 2035.
- Kuwait operates three refineries at home and three abroad -- in Oman, Vietnam and Italy.
Geostrategy
Palestinians flee Rafah as Israeli expands ground assault
Rafah, Palestinian Territories -- Hundreds braved roads in Rafah in south Gaza Tuesday as they fled Israel's expanding ground assault, with...
- UNRWA, the United Nations agency for Palestinian refugees, said that one million civilians had fled Rafah since the ground attack went ahead despite global warnings.
- The health ministry in Hamas-run Gaza said in a statement that Israeli shelling in and around health facilities in the governorate has left just one still operational.
Business
UAE president on state visit to S Korea, meets top business chiefs
President Sheikh Mohamed bin Zayed Al Nahyan is the first sitting UAE president to make a state visit to Asia's fourth-largest...
- Follow-up announcements to the investment plan, which is expected to cover arms and energy, are expected to be made during the two-day visit which includes a summit with Yoon.
- The Emirati president met leaders of South Korea's largest companies upon his arrival, most notable the chairmen of Samsung Electronics, SK Group and Hyundai Motor Group.