Musk creates America Party to challenge US’s ‘one-party system’
The world's richest person -- and Trump's biggest political donor in the 2024 election -- had a bitter falling out...
Geostrategy
EU tells Israel to reverse move to cut off Palestinian banks
Brussels, Belgium -- The EU on Wednesday urged Israel to undo a move by a far-right minister that threatens to...
Geostrategy
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
Geostrategy
UK Prime Minister to talk trade, Middle East during Gulf visit
London, United Kingdom -- Britain's leader Keir Starmer makes his first trip to the Gulf as prime minister from Sunday, seeking...
- Starmer will first visit the United Arab Emirates and then travel to Saudi Arabia, before stopping off in Cyprus on his way back to London on Tuesday.
- Starmer's trip comes after Britain last week rolled out the diplomatic red carpet for Qatar's emir Sheikh Tamim bin Hamad Al-Thani who enjoyed a state visit to the UK.
Geostrategy
Trump touts tariffs, mass deportations and NATO skepticism
In his first formal television interview -- and just six weeks before he takes office -- Trump again signaled that...
- He also stressed that his campaign promises of huge tariffs -- including against top US trading partners Canada, Mexico and China -- would be enacted.
- As to whether Americans would see higher prices as a result of those tariffs, Trump said that "I can't guarantee anything. I can't guarantee tomorrow."
Geostrategy
Qatar PM sees ‘momentum’ on Gaza talks after US election
Doha, Qatar - Qatar's prime minister said on Saturday that momentum had returned to talks aimed at securing a truce and...
- The Gulf emirate, along with the United States and Egypt, had been involved in months of unsuccessful negotiations for a Gaza truce
- But in November, Doha announced it had put its mediation on hold, saying it would resume when Hamas and Israel showed seriousness
Musk creates America Party to challenge US’s ‘one-party system’
The world's richest person -- and Trump's biggest political donor in the 2024 election -- had a bitter falling out...
Geostrategy
Company News
PIF acquires stake in Saudi Re
Business
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ADNOC Gas awards contracts
Business
SIB’s 2024 profit $272m
The profit surpassed AED 1 billion for the first time in bank's history.
Business
GCC leaders explore regional growth and opportunity at Doha investment meet
The burgeoning creator economy presents an unprecedented opportunity for GCC to outpace global cities and establish itself as the epicenter...
Business
WEF’s risks report 2025: Rising geopolitical tensions, environmental threats, disinformation dominate future threats
A survey of over 900 experts reveals state-based armed conflict as the most pressing global risk for 2025, driven by...
Geostrategy
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Business
AD Ports to invest in Kazakh port
Under the deal, AD Ports Group owns 51% stake.
- Sarzha Grain Terminal will see a total investment of just over US$50 million over the two phases, with AD Ports Group contributing around US$30 million.
- With phase 1 scheduled for completion in the second half of 2026, Sarzha Grain Terminal is set to enhance global food trade.
Business
Fifth Aramco facility receives WEF Global Lighthouse Network tag
Dhahran, Saudi Arabia -- Aramco's North Ghawar Oil Producing Complex has become the company's fifth facility to be added to...
- Aramco said that only industrial sites that successfully deploy 4IR technologies at scale are admitted to the prestigious network.
- WEF said UAE's EGA, named End-to-End Value Chain Lighthouse, undertook a 4IR transformation to further increase its cost-competitiveness.
Business
PIF acquires stake in Saudi Re
The acquisition was made by way of a capital increase.
- PIF said in a statement that the capital investment aims to enhance Saudi Re’s growth potential by adding to its financial capacity and further strengthening its credit rating.
- In the first nine months of 2024, Saudi Re's total written premiums reached SAR 1.94 billion ($520 million).