PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
Business
Renowned designer Cucinelli stresses sustainability at Saudi event
Riyadh, Saudi Arabia -- Renowned luxury fashion designer Brunello Cucinelli shared his insights on building a global brand and the...
Business
Geostrategy
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...
- "We've let the genie out of the bottle," said Doreen Bogdan-Martin, head of the United Nations' International Telecommunications Union (ITU).
- "I believe we have a once-in-a-generation opportunity to guide AI to benefit all the world's people," Bogdan-Martin told AFP ahead of the summit.
Geostrategy
Blinken says Israel needs post-war plan ‘as quickly as possible’
"In the absence of a plan for the day after, there won't be a day after. And this is where...
- "If it is, it will simply have an enduring insurgency on his hands for as far as one can see into the future," Blinken said.
- Israeli National Security Adviser Tzachi Hanegbi said earlier that the military would need "another seven months" to "consolidate our success" against Hamas.
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.
Business
Saudi PIF launches Neo Space Group to boost space industry
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF)on Monday launched the Neo Space Group to work on the kingdom's...
- The Neo Space Group or NSG is the "PIF's first investment focused on the space industry", the sovereign wealth fund said in a statement.
- It "aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally", the PIF said.
Business
UAE tax authority issues corporate tax guide for free-zone persons
Abu Dhabi, UAE -- The Federal Tax Authority (FTA) has issued a guide outlining the application of Corporate Tax to...
- It is in line with the Free Zone Corporate Tax regime, which enables Qualifying Free Zone Persons to benefit from a zero percent Corporate Tax rate on Qualifying Income.
- The guide includes many examples to assist Businesses with understanding how the key elements of the Corporate Tax Law apply to Free Zone Persons.
Geostrategy
EU hosts talks to strengthen Palestinian Authority for Gaza
A "strong" Palestinian Authority is needed to bring peace in the Middle East, EU foreign policy chief Josep Borrell said...
- They also came just before Norway -- which was hosting the Brussels meeting -- was on Tuesday is to recognize the State of Palestine, along with Spain and Ireland.
- Mustafa said Sunday's meeting was "a very important opportunity" for the Palestinian Authority to outline its priorities and plans.
Geostrategy
International Court of Justice orders Israel to halt Rafah offensive
The International Court of Justice also demanded the immediate release of all hostages still held by Palestinian militants, hours after...
- "The court finds it deeply troubling that many of these hostages remain in captivity and reiterates its call for their immediate and unconditional release," it said.
- Hamas gave a qualified welcome to the ruling, regretting only that it applied solely to Rafah and not the whole Gaza Strip.
Geostrategy
Medic says Gaza hospital under Israeli siege for fifth day
Soldiers are present in the hospital's courtyard and in nearby houses," said hospital's acting director, Dr Mohammad Saleh, adding that...
- "The hospital was stormed and staff were forced to leave. At the moment I have only 13 staff, 11 patients and two women accompanying wounded children," Saleh said.
- WHO chief Tedros Adhanom Ghebreyesus said on social media platform X that 140 staff, patients and accompanying adults were inside the hospital when troops stormed it.
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
Business
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Salik 9M net profit $223m
Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
Business
Macron to hold talks with Crown Prince Salman on Saudi visit
Macron is beginning the first state visit by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing...
Geostrategy
Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
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Geostrategy
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States -- President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
- The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
- The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates
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...
- The move is the latest development in a business feud between OpenAI and Musk, who co-founded the group in 2015 but has since left.
- OpenAI has seen its profile skyrocket over recent years as it has become a star player in the growing field of artificial intelligence.
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...
- The fighters took control of "half of the city of Aleppo" as regime forces withdrew, according to the Syrian Observatory for Human Rights
- The offensive began on Wednesday, the same day that a fragile ceasefire took effect in neighbouring Lebanon between Israel and Hezbollah