Saudi Arabia’s UAE ‘mudslinging’ threatens new Gulf crisis
The United Arab Emirates is "investing in chaos and supporting secessionists" from Libya to Yemen and the Horn of Africa,...
Geostrategy
Dubai Media City bets on AI to cement its global creative hub status
Dubai Media City has moved decisively beyond real estate into intellectual and digital value creation to support the next generation...
Interview
Business
Gold hits record high, oil prices slide on weak Chinese demand
Expectations of US interest rate cuts weakened the dollar, while oil prices tumbled as weak Chinese demand expectations offset turmoil...
- Oil prices slumped more than 1.5 percent. "The significant price recovery on the oil market has run out of steam in recent days," said Commerzbank analyst Carsten Fritsch.
- "For one thing, the feared retaliatory strike by Iran (on Israel) has so far failed to materialize, which has probably favored a partial pricing out of the risk premium," he said.
Business
UAE, Saudi Arabia lead Middle East IPO surge in second quarter
Abu Dhabi, UAE -- The IPO market in the Middle East and North Africa (MENA) region remained resilient during the...
- A total of 14 IPOs recorded total proceeds of US$2.64 billion, up 45.3 percent compared to the same period last year.
- The UAE’s Alef Education Consultancy LLC and Spinneys 1961 Holding Plc accounted for 33.8 percent of the region’s total proceeds for the quarter.
Geostrategy
UN, EU and US decry extremist Israeli minister’s prayer at Al-Aqsa
"We are against any efforts to change the status quo within the holy sites," said deputy spokesman Farhan Haq. "Al-Aqsa...
- The EU strongly condemned "the provocations by Israeli Min. Ben Gvir who, during his visit to the Holy Sites, advocated for the violation of the status quo".
- The United States said Ben Gvir had hurt efforts for talks towards a Gaza ceasefire, adding the US stands for historic status quo.
Geostrategy
OPEC says Chinese economy pulling down oil demand
Paris, France -- Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading...
- "The world oil demand growth forecast for 2024 is revised down slightly by 135,00 barrels a day from the previous month’s assessment," OPEC said.
- OPEC blamed the declining prices on "concerns about China's economic performance" as well "as easing geopolitical risk premiums and mixed economic indicators."
Geostrategy
Calls for Gaza truce grow, Hamas wants Biden plan implemented
Biden had said the first phase of the proposed roadmap would include a "full and complete ceasefire" lasting six weeks,...
- The second phase would see the remaining living hostages released as the warring sides negotiate "a permanent end to hostilities", followed by "a major reconstruction plan for Gaza
- Israel has accepted the invitation from the United States, Qatar and Egypt to send negotiators for talks planned for Thursday.
Business
ADQ to invest $1bn in Sotheby’s
ADQ will acquire newly issued shares of Sotheby’s to support its growth.
- ADQ’s said the deal reflects its strategic commitment to pursuing value-accretive investment opportunities that contribute to Abu Dhabi's economic diversification.
- Patrick Drahi, who acquired Sotheby’s in 2019, will also invest additional capital alongside ADQ and remain Sotheby’s majority owner.
Geostrategy
‘Children torn apart’: Israel strike rains hell on Gaza dawn prayers
Dawn prayers were shattered by the early morning triple air strike from Israeli warplanes, which gutted Al-Tabieen religious school and...
- "Israel is genociding the Palestinians one neighborhood at the time, one hospital at the time, one school at the time," said UN Rapporteur Francesca Albanese.
- In a report issued in March, Albanese said there were "reasonable grounds" to determine that Israel had committed several acts of "genocide" in its war in Gaza.
Israel agrees to resume Gaza truce talks next week
A prospective cessation of hostilities also involving the release of hostages held in Gaza and scaled-up aid deliveries has centred...
- After a week-long pause in November, US, Qatari and Egyptian mediators have endeavored to secure a second truce in the 10-month-old war
- Netanyahu's office said later Thursday Israel would send a negotiating team on August 15 "to the agreed place to conclude the details of implementing a deal."
Geostrategy
Flying’s never been safer, risk of death halving every decade: MIT study
Washington, United States -- Flying can be a nerve-wracking experience for many people -- but a new study out Thursday finds...
- The fatality rate fell to 1 per every 13.7 million passenger boardings globally in the 2018-2022 period, a major improvement from 1 per 7.9 million boardings in 2008-2017.
- The last major commercial airline disaster in the United States was in 2009, when Colgan Air flight 3407 crashed, killing 50 people.
Geostrategy
Gaza civil defence says Israel strikes on two schools kill more than 18
Senior civil defense official Mohammad al-Mughayyir said 60 people were also wounded and more than 40 still missing in the...
- "This is a clear targeting of schools and safe civilian facilities in the Gaza Strip," he said.
- Turkish President Recep Tayyip Erdogan and the emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, meanwhile call for greater international efforts to stop conflict escalation.
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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
Saudi Arabia’s UAE ‘mudslinging’ threatens new Gulf crisis
The United Arab Emirates is "investing in chaos and supporting secessionists" from Libya to Yemen and the Horn of Africa,...
Geostrategy
Company News
PIF acquires stake in Saudi Re
Business
Latest News
ADNOC Gas awards contracts
Business
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.
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...
Geostrategy
UN says 70% chance that 2025-2029 average global warming will exceed 1.5C threshold
The planet is therefore expected to remain at historic levels of warming after the two hottest years ever recorded in...
Science
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Arts & Culture
Is Cristiano Ronaldo leaving Saudi Arabia? Cryptic post fuels speculation
Riyadh, Saudi Arabia --Â Questions swirled over Cristiano Ronaldo's future in Saudi Arabia on Tuesday, hours after the superstar indicated...
- The 40-year-old Portuguese forward joined Al Nassr in 2022 from Manchester United and his contract with the Saudi club ends this summer.
- Ronaldo's potential exit from Saudi Arabia will likely raise fresh questions about how the Saudi Pro League would fare in his absence.
Arts & Culture
Iraq’s first ever director in Cannes wins best feature debut
Hasan Hadi won the top prize for his childhood adventure under economic sanctions in "The President's Cake".
- Also from the Middle East, Palestinian director Tawfeek Barhom received his award for his short film "I'm Glad You're Dead Now".
- Gazan twin brothers Arab and Tarzan Nasser on Friday received a directing award in the Certain Regard parallel section for "Once Upon A Time In Gaza".
Science
Microsoft strikes deal with Elon Musk to host Grok AI
Seattle, United States - Microsoft on Monday said its business cloud servers will now host technology from xAI, days after...
- Musk told an event hosted by Microsoft that his company's models "aspire to truth with minimal error," adding that "there's always going to be some mistakes that are made."
- The Grok models from xAI will be available on Microsoft's Azure AI Foundry, a platform that makes hundreds of models available for paying developers to build their own AI models