GCC’s quest for AI dominance has several hurdles to surmount
For governments and corporates across the Gulf, the immediate task is pragmatic: marry sovereign ambition with sustainable skills programs and...
Business
World Bank lifts 2026 growth forecast, warns of softer demand
The bank expects world GDP growth of 2.6 percent this year, according to its latest global economic prospects report. The...
Economy
Geostrategy
Palestinians hail ICJ ruling calling Israeli occupation illegal
Jerusalem: The Palestinian leadership hailed as "historic" Friday a ruling by the top UN court that Israel's occupation of the...
- The office of Palestinian president Mahmud Abbas said it welcomed the "historic decision and demands that Israel be compelled to implement it."
- The Hague-based court found that Israel was "under an obligation to cease immediately all new settlement activities and to evacuate all settlers" from occupied land.
Geostrategy
Antivirus update sparks global tech chaos: Flights, banks hit
Air passengers crowded into airports to wait for news as dozens of flights were cancelled and operators struggled to keep...
- Reports from the Netherlands and Britain suggested health services may have been affected by the disruption, meaning the full impact might not yet be known.
- Banks in Kenya and Ukraine reported issues with their digital services, supermarkets in Australia had problems with payments.
Geostrategy
Israel lawmakers vote to oppose Palestinian state
The vote, which drew swift criticism from the Palestinian leadership and the international community, is largely symbolic but laid down...
- The establishment of a Palestinian state on lands occupied by Israel in 1967 has been the cornerstone of the international community's efforts to resolve the conflict.
- UN chief Antonio Guterres warned Wednesday that "recent developments are driving a stake through the heart of any prospect for a two-state solution".
Economy
IMF maintains 2024 global growth forecast, warns of inflation risk
The International Monetary Fund expects the world economy to grow 3.2 percent this year, unchanged from its April forecast, according...
- But even as many countries saw better growth than anticipated early this year, the IMF flagged surprises in Japan and the United States.
- The IMF's report warned that a resurgence of tariffs can trigger retaliation and a "costly race to the bottom."
Geostrategy
European Union imposes fresh sanctions on ‘extremist’ Israeli settlers
Brussels, Belgium -- The European Union on Monday announced sanctions on five Israelis -- including those termed "extremist settlers" -- and...
- The asset freezes and visa bans are the second round of sanctions from the 27-nation bloc targeting violent Israeli settlers, taking the total number of listings to 14.
- Prominent settlers blacklisted by the European Union included Moshe Sharvit, Zvi Bar Yosef, Baruch Marzel, and Isaschar Manne.
Business
ADNOC Gas awards $550m contracts
The company aims to expand UAE gas infrastructure, increase customer reach
- Engineering, procurement and construction (EPC) contracts were awarded for the next phase of the UAE sales gas pipeline network enhancement "ESTIDAMA Project".
- ADNOC Gas will continue to expand its domestic business through ESTIDAMA, paying ADNOC a variable transmission fee for actual throughput of the pipeline.
Business
Dubai Summer Activities: A new guide to emirate’s attractions
Dubai, UAE -- A new #DubaiDestinations guide titled ‘Dubai’s Summer Activities’ invites residents and visitors to delve into an array...
- Developed by Brand Dubai, the creative arm of the Government of Dubai Media Office, the interactive guide forms part of the latest phase of the #DubaiDestinations campaign.
- It seeks to showcase the city's top-rated summer experiences and highlight unique attractions that make Dubai a one-of-a-kind summer destination.
Business
Saudi Arabia records 16% growth in air travel in first half: GACA
Riyadh, Saudi Arabia -- The number of air passengers in Saudi Arabia increased by 17 percent during the past six...
- The number of flights also reached approximately 446,000, marking a 12 percent increase compared to the same period last year.
- The airfreight volume in the first six months of 2024 witnessed a 41 percent increase, reaching 606,000 tons.
Business
2024 Global Aerospace Summit: Accelerating aerospace innovation
Abu Dhabi, UAE -- Representing the aerospace, aviation, space, and defense sectors, the premier thought leadership forum will aim to...
- The two-day event will take place on 25-26 September at the St. Regis, Saadiyat Island Resort in the UAE capital – Abu Dhabi.
- The 2024 edition will center on several objectives designed to drive the industry forward and address global aerospace concerns.
Business
Al Noor Island listed among top 10 attractions in Middle East
Sharjah, UAE -- Sharjah's renowned landmark and award-winning family-friendly destination, Al Noor Island, has secured its place among the top...
- Developed and managed by the Sharjah Investment and Development Authority (Shurooq), the destination has been ranked among Sharjah's top attractions since its inception.
- This recognition marks the second consecutive year that Al Noor Island has won the title, an achievement reserved for the top 1% of the 8 million listings on TripAdvisor.
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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
GCC’s quest for AI dominance has several hurdles to surmount
For governments and corporates across the Gulf, the immediate task is pragmatic: marry sovereign ambition with sustainable skills programs and...
Business
Company News
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Kamco Invest launches two funds
Business
West Bank eviction film ‘No Other Land’ wins best documentary Oscar
Jerusalem -- No Other Land, a documentary about Israeli settlement in the occupied West Bank, has won the best documentary award...
Arts & Culture
Israel blocks humanitarian aid to Gaza as ceasefire’s first phase ends, sparking global outrage
Truce mediators Egypt and Qatar accused Israel of blatantly violating the ceasefire deal by halting the aid, a move left trucks...
Geostrategy
Iran ready to negotiate with US but not under ‘maximum pressure’: minister
In 2015, Iran struck a landmark deal with the United States, France, Germany, Britain, China and Russia to regulate its...
Geostrategy
Most Read
Morgan Stanley sees upswing in MENA M&A deal volumes and values
After a challenging year where M&A activity in the Middle East and North Africa took a tumble, Morgan Stanley forecasts...
- 2024 saw 1,111 M&A transactions with exposure to the MENA region, totaling US$75 billion in value
- MENA outbound M&A transactions totaled US$40.2 billion, down 3 percent
Geostrategy
Syrian President’s first foreign trip to Saudi Arabia signals Syria’s shift away from Iran’s influence.
Syrian President Ahmed al-Sharaa met Saudi Crown Prince Mohammed bin Salman in Riyadh, marking his first foreign visit and signaling...
- Al-Sharaa’s visit signals Syria’s pivot away from Iran and closer ties with the Gulf states
- Saudi Arabia is leading efforts to reintegrate Syria into the regional fold and push for sanctions relief
Business
Dubai’s real estate sector records $207 billion in transactions in 2024
Dubai, UAE -- Dubai’s real estate sector recorded a total of 2.78 million procedures in 2024, the highest in its...
- Real estate transactions alone totaled 226,000, a remarkable 36 percent growth in volume and 20 percent growth in value year-on-year.
- The sector recorded 217,000 investments valued at AED526 billion, reflecting impressive growth rates of 38 and 27 percent in number and value respectively.