Trump launches ‘Board of Peace’ at Davos after Greenland u-turn
A group of leaders and senior officials from 19 countries -- including Trump allies from Argentina and Hungary -- gathered...
Geostrategy
G42 launches ‘digital embassies’ model to help governments deploy sovereign AI
Abu Dhabi-based artificial intelligence group G42 on Tuesday launched what it calls a Digital Embassies framework and an operating model...
Geostrategy
SIB’s 2024 profit $272m
Business
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 0.5 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.
Economy
Global stock markets wobble as investors weigh US jobs data
Since US Federal Reserve Chairman Jerome Powell stated last month that the time for interest rates to begin coming down...
- Another big miss for August would have solidified perceptions that the US economy is slowing more sharply than initially thought.
- Government data showed Friday the world's biggest economy added 142,000 jobs last month, an increase from July's figure which was revised notably lower to 89,000.
Geostrategy
German foreign minister heads to Middle East in Gaza truce push
The talks will focus on "the dramatic situation in the region", and especially to discuss the issue of coordinating humanitarian...
- Pressure has mounted on Israeli Prime Minister Benjamin Netanyahu to agree to a deal to end the fighting
- Baerbock will set off Wednesday evening for Saudi Arabia where she will hold talks with Foreign Minister Faisal bin Farhan Al-Saud
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Trump launches ‘Board of Peace’ at Davos after Greenland u-turn
A group of leaders and senior officials from 19 countries -- including Trump allies from Argentina and Hungary -- gathered...
Geostrategy
Company News
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SIB’s 2024 profit $272m
Business
Gaza truce talks: Netanyahu says sending a team to Qatar after Hamas nod
But Netanyahu, who is due to meet with President Donald Trump in Washington on Monday, said the Palestinian group's proposals...
Geostrategy
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
Iran says no plan for new US nuclear talks, plays down impact of strikes
Iran's Foreign Minister Abbas Araghchi shut down what he said was "speculation" that Tehran would come to the table and...
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Geostrategy
Arab states erupt in condemnation after US strikes on Iran
Iran's former arch-rival in the region, Saudi Arabia, which has been engaged in a Chinese-brokered détente with Tehran since 2023,...
- Many of the oil-rich countries host major US assets and bases and fear that a spillover from the war could threaten their security and economy.
- Qatar, host of the biggest US military base in the Middle East, said it feared "catastrophic consequences" for the region and the entire world.
Geostrategy
Turkey to export 48 fighter jets to Indonesia, deal valued at 10 billion dollars
Turkey's defence sector, including the famous Bayraktar drones, accounts for a significant share of the country's export revenues.
- Turkey's defence sector, including the famous Bayraktar drones, accounts for a significant share of the country's export revenues
- The contract, valued at 10 billion dollars, includes the production and delivery of the Kaan fighter jets to Indonesia over a ten-year period
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...
- Israeli finance minister Bezalel Smotrich announced Tuesday that Israel had cancelled a waiver allowing its banks to work with Palestinian ones.
- The Palestinian financial and banking system is dependent on the regular renewal of the Israeli waiver.