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
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
Economy
One out of three Lebanese poverty-stricken: World Bank
Beirut, Lebanon -- A third of Lebanese people are impoverished with poverty rates tripling in a decade, the World Bank said...
- The poverty rate reached as high as 70 percent in the northern region of Akkar which borders Syria.
- The poor were also "nearly four times as likely to have an adult member restrict their food intake to feed their children," the WB report said.
Business
Amazon to invest $17bn in Spain
The investment will be made in data centers in Aragon region.
- The investment will create around 17,500 indirect jobs in local companies and contribute 21.6 billion euros to Spain's gross domestic product during the period.
- A pioneer of e-commerce, Amazon's AWS also dominates cloud computing with 31 percent of the market at the end of 2023, according to Stocklytics.
Business
Palestinians optimistic but wary after recognition moves
The agreement signed with Khaldoon Al Mubarak, managing director of the Abu Dhabi government-controlled fund Mubadala, opens "a new era...
- The Palestinian Authority says that 142 of the 193 UN member countries already recognize a Palestinian state.
- In the West Bank and Jerusalem, people AFP spoke to were optimistic but wanted more tangible acts towards Palestinian sovereignty.
Geostrategy
Women’s tennis signs ‘multi-year partnership’ with Saudi investment fund
New York, United States -- The women's tennis tour (WTA) on Monday announced "a multi-year partnership" with the Saudi Arabian sovereign...
- The WTA said in a statement that it shared with PIF an "ambition to grow women's professional tennis and inspire more women and girls around the world to take up the game."
- In early January, Saudi Arabia appointed Rafael Nadal as ambassador of the Saudi Tennis Federation.
Business
Global tourism set to return to pre-Covid levels in 2024
Saudi Arabia and the UAE are the only high-income economies to rank among the top 10 most improved economies between...
- The Middle East had the highest recovery rates in international tourist arrivals (20 percent above the 2019 level).
- The top 10 countries in the 2024 edition are the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy and Switzerland.
Geostrategy
Allies mourn Raisi’s death, hailed as supporter of Palestinian resistance
Paris, France -- Iran's powerful allies on Monday mourned the death of its President Ebrahim Raisi in a helicopter crash, while...
- Iran's Gulf neighbors Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar and Oman sent their condolences.
- Hamas mourned Raisi as an "honorable supporter" of the group and hailed his "support for the Palestinian resistance".
Geostrategy
Israel, Hamas reject bid before ICC to arrest leaders for war crimes
Karim Khan said he was seeking warrants against Netanyahu and Israeli Defense Minister Yoav Gallant for crimes including "starvation", "willful...
- If granted, the warrant means that technically any of the 124 ICC member states would be obliged to arrest Netanyahu if he travelled there.
- The charges laid against the Hamas leaders including Yahya Sinwar and Ismail Haniyeh include "extermination" and "taking hostages".
Arts & Culture
Saudi fashionistas attempt beach rebrand
The setting for Red Sea Fashion Week, the St Regis Red Sea Resort on Ummahat Alshaikh island, is part of...
- Beach developments are seen as major potential attractions, and Red Sea Fashion Week was partly intended to highlight what is already in place.
- Officials involved in Red Sea Global stress they are making progress, opening two resorts last year and preparing to launch 14 more hotels by the end of next year.
Business
Moroccan enterprises give jobs, hope to people with disabilities
Rabat, Morocco -- Fadoua Lamrani was elated when she was hired as a waitress at a restaurant in Morocco which employs people...
- CIAT aims to overcome social and cultural constraints to help people with disabilities into jobs they would usually find hard to obtain.
- Six other centers for people with disabilities have been launched since 2016, providing apprenticeships for 228 people.
Geostrategy
UN aid chief warns of ‘apocalyptic’ consequences of Gaza shortages
"If fuel runs out, aid doesn't get to the people where they need it, that famine, which we have talked...
- An Israeli incursion into the southern Gaza city of Rafah, launched in the face of international outcry, has deepened an already perilous humanitarian crisis in the Gaza Strip.
- The UN said on Saturday that 800,000 people had been "forced to flee" Israel's assault in Rafah.
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
Company News
US vetoes Gaza ceasefire call at UN
Geostrategy
Latest News
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...
Geostrategy
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...
Economy
How Eco-Conscious Practices Are Shaping the Future of Luxury Spas?
In recent years, ‘wellness’ has come to mean many things for hotel operators. The term encompasses guest-centric experiences, environmental initiatives...
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Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
- Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
- The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
Geostrategy
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...
- Macron's three-day stay also coincides with a flare-up of violence in Syria, where anti-government rebels have seized Aleppo, the second largest city.
- The fighting in Syria comes after France helped to broker a fragile ceasefire in neighboring Lebanon, where Israel has been fighting Iran proxy Hezbollah.
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...
- 3.7 billion acres must be restored by decade's end to combat crises
- Forest loss and degraded soils were reducing resilience to climate change and biodiversity loss