World economic growth to remain at 2.8 percent in 2025: UN report
The World Economic Situation and Prospects (WESP) 2025 report shows that despite withstanding a series of mutually reinforcing shocks, global...
Economy
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.
Geostrategy
WTO says trade alone won’t bridge gap between economies
The WTO's 2024 report on global trade looked at the role that commerce has played to narrow the gap between...
- The report found that low- and middle-income economies tend to engage less in international trade, receive less foreign direct investment and depend more on commodities.
- WTO chief economist Ralph Ossa added: "Less trade will not promote inclusiveness, nor will trade alone."
Science
First step for Europe’s hyperloop vehicles with test launch
Veendam, Netherlands -- The dream of hurtling between European cities at speeds of more than 700 kilometers per hour moved a...
- For the moment, the speed is relatively slow at 30 kilometers (18.6 miles) per hour but operators hope to reach 100 kph (62 mph) by the end of the year.
- Amsterdam to Berlin in 90 minutes or Milan in two hours -- the technology has the potential to revolutionize travel in Europe.
Geostrategy
Iran’s president to visit Iraq on first foreign trip, sign MoU on security
Tehran, Iran -- Iran's President Masoud Pezeshkian will visit neighboring Iraq on Wednesday, state media reported Sunday, in what will be...
- Pezeshkian will head a high-ranking Iranians delegation to Baghdad to meet senior Iraqi officials.
- Since taking office, Pezeshkian has vowed to "prioritize" strengthening ties with the Islamic republic's neighbors.
Business
Market capitalization of 20 UAE listed firms reaches $762 billion
Abu Dhabi, UAE -- The market capitalization of the top 20 listed companies in the local stock markets by market...
- The 20 listed companies accounted for 77.6 per cent or AED 2.79 trillion of the total market capitalization of the local equity markets of AED 3.59 trillion.
- Global Holding came out on top with a market capitalization of more than AED 912.29 billion, equivalent to 25.4 percent of the capitalization of local markets.
Company News
Boeing to boost 787 production
Business
Latest News
UAE says will not arm Sudan paramilitary RSF: White House
Washington, United States -- The United Arab Emirates has informed the United States that it will not arm paramilitaries in Sudan's...
Geostrategy
Biden cancels $4.28 bn more in student debt before leaving office
Washington, United States -- US President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which...
Geostrategy
Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
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Business
Turkey’s Pegasus Airlines says to buy 200 Boeing 737 aircraft
Istanbul, Turkey -- Turkey's Pegasus Airlines said Thursday it would buy 200 Boeing 737 MAX 10 aircraft in its largest-ever order...
- "The first 100 aircraft, for which we have placed firm orders, will begin joining our fleet starting in 2028," said Pegasus CEO Guliz Ozturk.
- Established in 1990, Pegasus Airlines operates 109 international routes to 53 countries as well as flying to 35 destinations within Turkey, its website says.
Business
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...
- GASTAT's Tourism Establishments Statistics bulletin for the second quarter of 2024 said that of these employees, Saudi nationals accounted for 25.6 percent (245,905 employees.
- Male employees dominated the sector, representing 86.6 percent of the workforce (831,076 employees), with women comprising 13.4 percent (128,099 employees).
Geostrategy
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
- China drives global coal demand to new heights, consuming 4.9B tons in 2024—over 30% more than the rest of the world.
- The IEA's "Coal 2024" report predicts the world will hit peak coal in 2027 after topping 8.77 billion tons this year.