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
Middle East renewable energy projects investments reach $75bn
London, UK -- The Middle East is moving towards investing $75.63 billion in renewable energy projects until 2030, according to...
- These investments include 116 renewable energy projects, which are expected to be operational between 2025 and 2030.
- Large solar projects, such as the fifth phase of the Rashid bin Mohammed Al Maktoum Solar Park, are making significant progress.
Business
Europe’s Electric Vehicle troubles bubble up at Brussels Audi factory
Brussels, Belgium -- Outside an Audi factory in Brussels described by the German carmaker as the "cradle" of its electric drive,...
- The firm is considering closing the plant, a move that analysts say is symptomatic of the troubles afflicting Europe's wider electric car industry, amid low demand and competition.
- With 3,000 jobs on the line, the Brussels workers have launched a prolonged strike, with a large demonstration planned in the capital on Monday and walkouts elsewhere in solidarity
Business
TAQA launches new corporate identity
Abu Dhabi Energy Services will be renamed as TAQA Services.
- TAQA also announced that ADDC and Al Ain Distribution Company will merge under a new unified company.
- The Abu Dhabi Transmission and Despatch Company (TRANSCO) will be renamed TAQA Transmission Networks,
Geostrategy
Gaza rescuers say Israeli strike on house kills 11, including children
"We have recovered the bodies of 11 martyrs, including four children and three women, after an Israeli warplane hit a...
- "Several families had taken refuge in the house targeted with a single missile without any prior warning," Bassal said, adding that many others were wounded.
- Bassal said Israeli forces carried out similar strikes in some other parts of the Hamas-run territory overnight, killing at least 10 people.
Business
GACA and Volar to build UAE’s first Green Aviation Technology Center
Montreal, Canada -- The General Civil Aviation Authority (GACA) and Volar Air Mobility have signed a Memorandum of Understanding (MoU)...
- The Center aims to promote clean energy solutions, support research and development in sustainable aviation technologies.
- "The Centre will play a pivotal role in developing innovative solutions for a more growing, sustainable and greener future," said GACA director general Saif Al Suwaidi.
Business
Stock markets rise, gold hits record high as US rate cut nears
More data this week suggesting the Federal Reserve was winning the battle against inflation provided an extra kick for global...
- Investors are focused on the highly anticipated Fed meeting after data this week showed US consumer inflation slowed more than expected in August to 2.5 percent.
- The Fed cut rates early in the pandemic, then began hiking in 2022 as inflation rose, pushing rates to a 20-year high.
Business
Aramco Digital, Groq to build world’s largest AI inferencing data center
Riyadh, Saudi Arabia -- Aramco Digital Company and Groq, a leader in artificial-intelligence (AI) inference, have announced their partnership to...
- The announcement was made on the sidelines of the Global AI Summit (GAIN Summit), which concluded in Riyadh on Thursday.
- The facility will process 5.28 million tokens per second by the end of 2024 and 53 tokens per second by 2025.
Business
Dubai tourism shines: 25 percent repeat visitors, rising AI use
Dubai, UAE -- Dubai Corporation for Tourism and Commerce Marketing (DCTCM) has confirmed that 25 percent of visitors to Dubai...
- The high return rate is a proof that visitors are happy with what we offer them, said Issam Kazim, CEO of DCTCM.
- He added that the use of artificial intelligence can remove daily routine tasks and allow individuals to focus on the most important work.
Business
Rightmove rejects £5.6bn Murdoch bid
The property website said the bid was undervalued.
- REA made public its interest in Rightmove on September 2, noting "clear similarities" between the pair "in terms of their leading market positions in the core residential business"
- Sector-watchers said REA could be attracted by the prospect of more interest-rate cuts in Britain which would lower mortgage costs for buyers.
Business
UAE banking sector assets exceed $1.16 trillion by the end of June
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates,...
- The assents registered a month-on-month increase of 0.5Â percent, compared to AED 4.28 trillion in May 2024.
- The total foreign assets of the Central Bank of the UAE exceeded the AED 770 billion barrier at the end of June, for the first time in its history.
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
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BP announces $7bn gas project
Business
Turkish-backed jihadists breach Aleppo, displacing thousands and cutting vital highway to Damascus
By Friday, the jihadists and their allies had taken more than 50 towns and villages in the north and entered...
Okonjo-Iweala’s second term: Trump’s disdain for WTO biggest challenge
Ngozi Okonjo-Iweala, the first woman and the first African to head the WTO, is the only candidate in the race,...
Geostrategy
Crypto boss Justin Sun eats banana art he bought for $6.2 million
Hong Kong, China -- Crypto entrepreneur Justin Sun on Friday fulfilled a promise he made after spending $6.2 million on an...
Arts & Culture
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Geostrategy
OPEC+ postpones meeting amid signs of ‘discord’ on output plans
The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at...
- An OPEC spokesman told AFP that the December meeting will be held online.
- In a bid to boost crude prices, eight OPEC+ members announced earlier this month they were extending supply cuts until the end of December.
Interview
EVs just the start, urban mobility needs a holistic approach
Cities must adopt EVs alongside shared transport, robust infrastructure, clean energy, and inclusivity, says Jamie Wylie, an urban mobility expert.
- One of the biggest hurdles to EV adoption is ensuring a network of accessible, reliable charging stations.
- According to the Global EV Outlook 2024, public charging infrastructure is expected to increase sixfold by 2035, with a focus on cities.
Business
Adani Group says it lost nearly $55 billion as US bribery charges sparked rout
The November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading...
- Gautam Adani, 62, is suspected of having participated in the $250 million scheme in bribes to secure lucrative government contracts.
- The conglomerate saw $150 billion wiped from its market value in 2023 after a report by short-seller Hindenburg Research accused it of "brazen" corporate fraud.