Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
Business
Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
Business
Business
QatarEnergy buys stake in Egypt blocks
It did not disclose the cost of the agreement.
- The Qatari state-owned hydrocarbon giant will receive stakes in the Cairo and Masry concessions off Egypt's north coast.
- Under the deal, the operator ExxonMobil retaining 60 percent, QatarEnergy said in a statement.
Business
TSMC’s April revenue up 60%
It capitalized on huge wave of demand for chips used in AI hardware.
- TSMC dominates the global chip industry, and the bulk of its fabrication plants are based in Taiwan, a self-ruled island that is claimed by neighboring China.
- TSMC announced plans in April for a third factory in the United States, raising its total investment in the United States to US$65 billion.
Geostrategy
UN votes symbolically in favor of Palestinian membership
"I have stood hundreds of times before at this podium, but never for a more significant vote than the one...
- Palestinians in April relaunched a request dating back to 2011 to become full members of the United Nations, where their current status is that of a "nonmember observer state."
- The vote lets Palestinians submit proposals and amendments directly, without having to go through another country, as is the case now.
Geostrategy
Hezbollah says fighters killed after Israeli strike on south Lebanon
The Lebanese security source, requesting anonymity as they were not authorized to speak to the media, said that "four Hezbollah...
- Hezbollah said it launched "an air attack with explosive drones" targeting an Israeli military base and its vicinity in retaliation.
- At least 399 people have been killed in Lebanon in seven months of cross-border violence, mostly militants but also including more than 70 civilians.
Business
Etihad reports record Q1 profit
Total revenue increased by $269 million in the same period.
- The airline said the revenue increase reflects an increase in network capacity and passenger numbers.
- The airline carried 4.2 million passengers over the quarter, up 41 per cent year-on-year.
Business
Emirates CEO Sheikh Al Maktoum ‘not happy’ over Boeing aircraft delays
Dubai, United Arab Emirates -- The head of Dubai's Emirates airline urged Boeing on Tuesday to "fix" its problems, warning the...
- Chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said the delayed delivery was putting pressure on Emirates' existing fleet.
- Emirates, already the biggest operator of 777 planes, has 205 777X on order, including a major purchase of 55 777-9 and 35 777-8 announced in November.
Geostrategy
South Gaza hospitals have only three days’ fuel left: WHO
Despite international objections, Israel sent tanks into the overcrowded southern city of Rafah on Tuesday and seized the nearby crossing...
- "The closure of the border crossing continues to prevent the UN from bringing fuel. Without fuel all humanitarian operations will stop," said WHO chief Tedros Ghebreyesus.
- Tedros said Al-Najjar, one of the three hospitals in Rafah, was no longer functioning due to the ongoing hostilities in the vicinity and the military operation in Rafah.
Business
flynas UAE expansion plan to increase number of routes, flights
Dubai, UAE -- flynas, the Saudi budget carrier, has announced expansion plans for the UAE from September this year, which...
- The carrier unveiled expansion plans for the UAE on the sidelines of the Arabian Travel Market (ATM).
- Starting September 2024, flynas will expand its operations to include Abu Dhabi, Sharjah, and Al Maktoum International (DWC).
Business
Aramco Q1 profit down 14.5%
Despite lower profit, it will pay $31bn in dividends to Saudi government.
- Net income was 102.27 billion riyals ($27.27 billion), down from 119.54 billion riyals ($31.88 billion) for the same period in 2023.
- Aramco is currently producing roughly nine million barrels per day (bpd), well below its capacity of 12 million bpd.
Geostrategy
Israel’s Rafah evacuation order heightens global alarm
The evacuation call followed disagreement between Israel and Hamas over the Palestinian group's demands to end the seven-month war, during...
- Israeli Prime Minister Benjamin Netanyahu has vowed to send ground troops into Rafah regardless of any truce, defying international concerns.
- The foreign ministry in Cairo warned in a statement of "grave humanitarian risks" for more than one million Gazans sheltering there.
Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
Business
Company News
Emirates half-year profit $2.5bn
Business
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Lulu’s IPO raises $1.72bn
Business
How are countries regulating the wild west of social media for minors?
Paris, France -- A handful of nations are trying to clean up social media with measures including robust privacy provisions and...
Geostrategy
OPEC+ postpones meeting amid signs of ‘discord’ on output plans
The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at...
Geostrategy
EVs just the start, urban mobility needs a holistic approach
Cities must adopt EVs alongside shared transport, robust infrastructure, clean energy, and inclusivity, says Jamie Wylie, an urban mobility expert.
Interview
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Business
Saudi Arabia sets Guinness record for largest food cluster
Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...
- Jeddah Food Cluster, which spans over 11 million square meters, has set a new global benchmark.
- MODON announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035.
Geostrategy
As AI gets real, slow and steady wins the race
Companies explore AI for coding, healthcare, law, and design—yet challenges like regulation, accuracy, and cost impede widespread adoption.
- The tech industry presents a more aggressive adoption curve. Google reports that 25 percent of its coding is now handled by generative AI.
- Athey, an economist of the tech industry, expressed worry about regions where a core profession such as call centers risked being swept away by AI.
Business
Roche to buy Poseida Therapeutics
The $1.5 billion deal is due to close in early 2025.
- The boards of directors of both companies unanimously approved the deal for Poseida, whose shares had closed on Monday at $2.73.
- Poseida Therapeutics' portfolio notably includes customized cell therapies for hematological cancers, solid tumors and auto-immune diseases.