Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
Business
Geostrategy
Activists occupy Columbia building as US campus protests flare
Demonstrators vowed to remain at the hall until their demands are met, including that Columbia divest all financial holdings linked...
- Protests have swept through US higher education institutions, with many erecting tent encampments on campus grounds after around 100 protesters were first arrested at Columbia.
- UN human rights chief Volker Turk voiced concern at the heavy-handed steps taken to disperse the campus protests.
Business
QatarEnergy signs $6 billion deal with China shipbuilder
The China State Shipbuilding Corporation (CSSC) is set to deliver eight Liquified Natural Gas (LNG) vessels in 2028 and 2029,...
- Last month, QatarEnergy announced it had signed deals for a total of 104 smaller, conventional-size vessels.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
Business
UAE’s Islamic finance sector grows by 8 percent in 2023: S&P
Abu Dhabi, UAE -- The total assets of the global Islamic finance sector continue on a path of rapid growth,...
- The agency expects high single-digit growth in the period 2024-2025 after the sector achieved 8 percent growth in 2023.
- The agency explained in its report that the sukuk market started strong in 2024, with total issuances reaching $46.8 billion by 31st March, 2024.
Geostrategy
Forty-day ceasefire offered to Hamas: UK foreign secretary
US Secretary of State Antony Blinken renewed US opposition to an Israeli offensive on Gaza's southernmost city of Rafah. "We...
- British Foreign Secretary David Cameron said Hamas has also been offered the release of potentially thousands of Palestinians in return for the release of Israeli hostages
- Speaking at the World Economic Forum (WEF) in the Saudi capital Riyadh, Palestinian President Mahmud Abbas urged the US to intervene.
Business
GCC can turn net zero pursuit into opportunity
The current low share of renewables in the energy mix of GCC nations increases the potential for significant investment in...
- The report suggests that GCC NOCs need to boost low-carbon investments, requiring $15-25 billion annually until 2026 to keep pace with global peers.
- Yet, the report emphasizes the challenge these companies face: investing in a low-carbon future while ensuring strong dividends for shareholders.
Business
Dubai begins construction of ‘world’s largest’ airport terminal
"We approved the designs for the new passenger terminal at Al Maktoum International Airport, and (are) commencing construction of the...
- Once fully operational, the airport will "handle a passenger capacity of 260 million annually", the government said in a statement.
- Sheikh Mohammed said it will have "the world's largest capacity" and be "five times the size of the current Dubai International Airport", one of the world's busiest air hubs.
Arts & Culture
Saudi Arabia could get first Miss Universe contestant this year
Riyadh, Saudi Arabia -- Saudi Arabia could have its first Miss Universe contestant this year, organizers said this week, after a...
- Saudi model Rumy al-Qahtani said she was in "negotiations" about participation in Miss Universe but declined to provide further details.
- Qahtani told AFP she had previously participated in various pageants in the Middle East and Europe and posed with several sashes she said she obtained at the competitions.
Geostrategy
Saudi Arabia to host top Arab, EU diplomats for Gaza talks: officials
The two-day World Economic Forum special meeting, scheduled to begin in Riyadh on Sunday, includes in its official program appearances...
- French Foreign Minister Stephane Sejourne is among European officials travelling to Riyadh during the summit for talks on Gaza.
- Saudi Arabia's neighbor Qatar hosts a Hamas political office and has served as a mediator in talks that have so far failed to secure a durable ceasefire.
Business
Saudi oil giant Aramco agrees major FIFA sponsorship deal
The deal involves sponsorship rights for multiple events including the 2026 Men's World Cup and the Women's World Cup the...
- The deal is the latest high-profile investment in global sports for Saudi Arabia who have already been confirmed as the only bid for the 2034 World Cup.
- In a joint statement it was confirmed Aramco would become FIFA's Major Worldwide Partner exclusive in the energy category.
Geostrategy
Oman, UAE deluge ‘most likely’ linked to climate change: Study
Dubai, United Arab Emirates -- Global warming caused by fossil fuel emissions "most likely" exacerbated the intense rains that lashed the...
- Extreme rainfall in El Nino years has become 10-40 percent heavier in the region affected, a study published by the World Weather Attribution (WWA) group found.
- Twenty-one people died in Oman and four in the United Arab Emirates, which was battered by the heaviest rainfall since records began for the desert Gulf state 75 years ago.
Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
Business
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Crypto boss Justin Sun eats banana art he bought for $6.2 million
Hong Kong, China -- Crypto entrepreneur Justin Sun on Friday fulfilled a promise he made after spending $6.2 million on an...
Arts & Culture
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
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Business
Adani Group says it lost nearly $55 billion as US bribery charges sparked rout
The November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading...
- Gautam Adani, 62, is suspected of having participated in the $250 million scheme in bribes to secure lucrative government contracts.
- The conglomerate saw $150 billion wiped from its market value in 2023 after a report by short-seller Hindenburg Research accused it of "brazen" corporate fraud.
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.