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
Interview
AI is revolutionizing news ecosystem: Expert
Generative AI has removed barriers in the previous generation of AI such as news devices, new hardware and technical expertise,...
- With Generative AI, on can run news workflow through interfaces that one pays $20 a month. One doesn't need to be a coder.
- Jelani Cobb, Dean of Columbia School of journalism, says: '+AI is unignorable force that journalism will have to organize itself around'.
Business
Here is why sovereign sukuk is a game changer
It presents a more cost-effective alternative to conventional sovereign bonds, particularly for governments with lower credit ratings, a report has...
- The report suggests that sukuk generally yield less than comparable bonds and exhibit lower volatility, potentially indicating a lower liquidity risk.
- The high demand for sukuk, particularly from Sharia-compliant investors, can drive down borrowing costs for governments issuing sukuk.
Japanese AI tool predicts when recruits will quit jobs
Tokyo, Japan -- Bosses worried about turnover or wondering how long a new hire will stick around can now turn to...
- The artificial intelligence tool was developed by Japanese researchers to try and help managers provide targeted support to staff to stop them from quitting.
- It crunches data on employees at a company, from their attendance record to personal information such as age and gender.
Business
Meta releases beefed-up AI models
The models are built on new versions of publicly available Llama 3.
- Being open source means that developers outside of Meta are free to customize Llama 3 as they wish.
- Llama 3, for now, is based in English but in the coming months Meta will release more capable models able to converse in multiple languages, the company said.
Geostrategy
G7 nations oppose ‘full-scale military operation in Rafah’
Ministers from Italy, the UK, US, France, Germany, Japan and Canada also slammed the "unacceptable number of civilians" killed in...
- Israel has faced growing global opposition to the relentless war that has reduced much of Gaza to rubble, while its 2.4 million people have suffered under an Israeli siege.
- Israel's offensive has killed at least 33,970 people in Gaza, mostly women and children. according to the Gaza health ministry.
Business
Alkhorayef Water awarded $458m contract
The operation and maintenance contract will be for over 15 years.
- The existing plants in this package are Al Hafuf STP 1, Al Oyun STP and Al Omran STP. This is in addition to the new one, Al Hafuf STP 2, Argaam reported.
- The design and rehabilitation will be completed in two phases over 36 months from the contract date. Meanwhile, the O&M will be carried out over 15 years (180 months).
Business
Norway wealth fund earns $109bn on gain in tech stocks in Q1
Oslo, Norway -- Norway's sovereign wealth fund, the world's largest, posted a gain of more than $100 billion in the...
- The fund's total return on investment reached 6.3 percent, with the yield on global equities reaching 9.1 percent.
- The fund — which manages assets worth $1.6 trillion — invests the surplus revenues of the country’s oil and gas sector in various assets
Geostrategy
Climate impacts set to cut 2050 global GDP by nearly a fifth
But slashing greenhouse gas emissions as quickly as possible remains crucial to avoid even more devastating economic impacts after mid-century,...
- Climate change caused by CO2 emissions already in the atmosphere will shrink global GDP in 2050 by about $38 trillion, or almost a fifth.
- Germany and the United States are forecast to see income shrivel by 11 percent by 2050, and France by 13 percent.
Business
Sales of Dubai $10m-plus homes surges by 19% to $1.7bn in Q1
Dubai, UAE -- One hundred and five homes priced in excess of US$10 million were sold in Dubai during the...
- Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 percent higher than the next nearest contender—London (240)
- New York (211) rounded off the world's top three most active luxury home markets in 2023.
Geostrategy
Global ocean summit nets $10 billion in pledges: Greek PM
Athens, Greece -- An international summit on saving the oceans netted $10 billion in pledges, the prime minister of host country...
- This year's three-day conference began Monday with delegates from around 120 countries.
- The "Our Oceans" summit was launched in 2014 as the first international event of its kind to address all issues related to oceans.
Company News
DAE 9M net profit $310m
Business
Latest News
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.
Geostrategy
Saudi Arabia’s non-oil exports surge by nearly 23% in Sept 2024
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the...
Business
Most Read
Geostrategy
Wealthy nations offer $250bn on climate but pressed for more
At the COP29 talks in Azerbaijan, developing nations are demanding a bigger commitment from historic polluters most responsible for warming,...
- The text also sets an ambitious overall target to raise at least $1.3 trillion per year by 2035 from not only developed countries but the private sector.
- But a red line for many climate-imperiled nations at COP29 had been securing a new commitment from developed nations well above their existing pledge of $100 billion a year.
Business
BP announces $7bn gas project
The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.
- BP said in a statement the "major investment" highlights its "strong confidence in Indonesia's investment climate".
- The project involves the development of a new gas field, Ubadari, as well as enhanced gas recovery through carbon capture, ut and storage (CCUS) and onshore compression.
Geostrategy
ICC issues arrest warrants for Netanyahu, Gallant, Deif
The court said it had found "reasonable grounds" to believe Netanyahu and Gallant bore "criminal responsibility" for war crimes
- The ICC's move now theoretically limits the movement of Netanyahu
- A warrant had also been issued for Deif