Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in...
Business
Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Business
Geostrategy
Remittance flows to low-middle-income countries $656bn
World Bank’s latest Migration and Development Brief said the modest 0.7 percent growth rate reflects large variances in regional growth,...
- Remittances to LMICs are expected to grow at a faster rate of 2.3 percent in 2024, although this growth will be uneven across regions.
- Remittances to the Middle East and North Africa fell by 15 percent to $55 billion While those to South Asia grew by 5.2 percent in 2023.
Geostrategy
Dubai to build $8 bn stormwater runoff system after record floods
Dubai, UAE -- Dubai on Monday announced an $8 billion plan for a stormwater runoff system, two months after an unprecedented...
- The rainwater drainage network announced by Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum is set to be completed by 2033 with construction to start in 2033.
- "It will cover all areas of Dubai and will absorb more than 20 million cubic meters of water per day," Sheikh Mohammed said of the plan for Dubai.
Business
UAE energy giant ADNOC offers $12.8bn for Germany’s Covestro
Covestro's shares surged more than six percent in Frankfurt following the announcement, which comes after it first disclosed talks were...
- It said the "starting point" for talks was a "possible offer price" of 62 euros per share from ADNOC. This would value Covestro at $12.57 billion.
- ADNOC welcomed Covestro's decision to start talks on its "final offer", adding that it looked forward to working with the German group to "swiftly progress" the matter.
Business
Beyond Nvidia: the search for AI’s next breakthrough
Toronto, Canada -- For a few days, AI chip juggernaut Nvidia sat on the throne as the world's biggest company, but...
- Nvidia, which makes the processors that are the only option to train generative AI's large language models, is now Big Tech's newest member.
- Even tech's second rung on Wall Street has ridden on Nvidia's coattails with Oracle, Broadcom, HP and others seeing their stock valuations surge, despite sometimes shaky earnings.
Geostrategy
Israeli forces tie wounded Palestinian to jeep in West Bank raid
Jenin, Palestinian Territories -- Israeli troops tied a wounded Palestinian to a military vehicle during a raid in the occupied West...
- Medics identified the Palestinian as Mujahid Raed Abbadi, 24, who told AFP he lives in the Jenin refugee camp.
- Francesca Albanese, the UN special rapporteur on the rights situation in the Palestinian territories, suggested the troops were using Abbadi to shield themselves from gunfire.
Geostrategy
Israeli strikes kill 5 Gaza municipal workers as fears grow of wider war
Palestinian Territories -- Israel bombed Gaza on Friday as exchanges of fire and threats over the Lebanon border raised fears of...
- Five municipal workers died "during an Israeli bombing" of a garage in Gaza City, said Mahmud Basal, spokesman for the civil defense agency in the territory.
- The World Health Organization, said "we did not see an impact on the humanitarian supplies coming in" after Israel announces daily 'tactical pauses' for aid delivery.
Geostrategy
Saudi official defends management of hajj after hundreds die
"The state did not fail, but there was a misjudgment on the part of people who did not appreciate the...
- He said the government had confirmed 577 deaths for the two busiest days of hajj: Saturday, when pilgrims gathered at Mount Arafat and Sunday in Mina for stoning ritual
- "This happened amid difficult weather conditions and a very harsh temperature," the official said, while acknowledging that the 577 figure was partial and did not cover all of hajj
Business
Global FDI falls by 2 percent to $1.3 trillion in 2023: UNCTAD
Geneva, Switzerland -- Global foreign direct investment (FDI) fell by 2 percent to $1.3 trillion in 2023 amid an economic...
- But the UNCTAD report highlights that the decline exceeds 10 percent when excluding the large swings in investment flows in a few European conduit economies.
- FDI flows to developing countries fell by 7 percent to $867 billion last year, reflecting an 8 percent decrease in developing Asia.
Geostrategy
Hajj death toll tops 1,000 after extreme heat: AFP tally
The new deaths reported Thursday included 58 from Egypt, according to an Arab diplomat who provided a breakdown showing that...
- The national meteorological center reported a high of 51.8 degrees Celsius (125 Fahrenheit) this week at the Grand Mosque in Mecca.
- A Saudi study published last month said temperatures in the area are rising 0.4 degrees Celsius each decade.
Geostrategy
Gaza rescuers report deadly strikes although clashes slow on Eid
Witnesses reported gunfire and artillery shelling near Nuseirat refugee camp in central Gaza, where the civil defence agency said at...
- United Nations rights chief Volker Turk told the UN Human Rights Council he was "appalled by the disregard for international human rights" and "unconscionable death and suffering".
- The UN has said aid access to Gaza has been severely hindered by factors including insecurity, the closing of crossing points to the territory, and Israeli procedural delays.
Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in...
Business
Company News
Latest News
BP announces $7bn gas project
Business
Lulu Retail Q3 profit $35m
Business
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business
Bitcoin passes $100,000 mark for first time, outshining wavering stock markets
Donald Trump, who has vowed to make the US the 'bitcoin and cryptocurrency capital of the world' wrote 'Congratulations Bitcoiners...You're...
Business
OECD warns of protectionism weeks before Trump return
While the organization raised its 2025 global growth forecast to 3.3 percent, it cautioned that "greater trade protectionism, particularly from...
Economy
Most Read
Business
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.
Geostrategy
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...
- Discussions at the summit focused on the pivotal role of sovereign wealth funds as global investors in addressing climate challenges among others.
- Key action tracks were identified to enhance investment decision-making for climate action, boost efficiency and impact within the global financial system.
Economy
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...
- The World Bank report noted that high interest rates have been a key driver of the rising cost of servicing foreign debt.
- Rates charged by private creditors were even worse, rising to a 15-year high of six percent -- an increase of more than one percentage point.