Saudi knowledge economy accelerates as Vision 2030 targets move within reach
The government has successfully implemented more than 900 reforms, including restructuring legal and labor frameworks, establishing new public authorities, and...
Economy
WEF flags geoeconomic confrontation as top global risk for 2026
Experts warn economic warfare, misinformation and unchecked AI could amplify global shocks as cooperation weakens across political and trade blocs.
Geostrategy
Business
UAE energy giant ADNOC offers $12.8bn for Germany’s Covestro
Covestro's shares surged more than six percent in Frankfurt following the announcement, which comes after it first disclosed talks were...
- It said the "starting point" for talks was a "possible offer price" of 62 euros per share from ADNOC. This would value Covestro at $12.57 billion.
- ADNOC welcomed Covestro's decision to start talks on its "final offer", adding that it looked forward to working with the German group to "swiftly progress" the matter.
Business
Beyond Nvidia: the search for AI’s next breakthrough
Toronto, Canada -- For a few days, AI chip juggernaut Nvidia sat on the throne as the world's biggest company, but...
- Nvidia, which makes the processors that are the only option to train generative AI's large language models, is now Big Tech's newest member.
- Even tech's second rung on Wall Street has ridden on Nvidia's coattails with Oracle, Broadcom, HP and others seeing their stock valuations surge, despite sometimes shaky earnings.
Geostrategy
Israeli forces tie wounded Palestinian to jeep in West Bank raid
Jenin, Palestinian Territories -- Israeli troops tied a wounded Palestinian to a military vehicle during a raid in the occupied West...
- Medics identified the Palestinian as Mujahid Raed Abbadi, 24, who told AFP he lives in the Jenin refugee camp.
- Francesca Albanese, the UN special rapporteur on the rights situation in the Palestinian territories, suggested the troops were using Abbadi to shield themselves from gunfire.
Geostrategy
Israeli strikes kill 5 Gaza municipal workers as fears grow of wider war
Palestinian Territories -- Israel bombed Gaza on Friday as exchanges of fire and threats over the Lebanon border raised fears of...
- Five municipal workers died "during an Israeli bombing" of a garage in Gaza City, said Mahmud Basal, spokesman for the civil defense agency in the territory.
- The World Health Organization, said "we did not see an impact on the humanitarian supplies coming in" after Israel announces daily 'tactical pauses' for aid delivery.
Geostrategy
Saudi official defends management of hajj after hundreds die
"The state did not fail, but there was a misjudgment on the part of people who did not appreciate the...
- He said the government had confirmed 577 deaths for the two busiest days of hajj: Saturday, when pilgrims gathered at Mount Arafat and Sunday in Mina for stoning ritual
- "This happened amid difficult weather conditions and a very harsh temperature," the official said, while acknowledging that the 577 figure was partial and did not cover all of hajj
Business
Global FDI falls by 2 percent to $1.3 trillion in 2023: UNCTAD
Geneva, Switzerland -- Global foreign direct investment (FDI) fell by 2 percent to $1.3 trillion in 2023 amid an economic...
- But the UNCTAD report highlights that the decline exceeds 10 percent when excluding the large swings in investment flows in a few European conduit economies.
- FDI flows to developing countries fell by 7 percent to $867 billion last year, reflecting an 8 percent decrease in developing Asia.
Geostrategy
Hajj death toll tops 1,000 after extreme heat: AFP tally
The new deaths reported Thursday included 58 from Egypt, according to an Arab diplomat who provided a breakdown showing that...
- The national meteorological center reported a high of 51.8 degrees Celsius (125 Fahrenheit) this week at the Grand Mosque in Mecca.
- A Saudi study published last month said temperatures in the area are rising 0.4 degrees Celsius each decade.
Geostrategy
Gaza rescuers report deadly strikes although clashes slow on Eid
Witnesses reported gunfire and artillery shelling near Nuseirat refugee camp in central Gaza, where the civil defence agency said at...
- United Nations rights chief Volker Turk told the UN Human Rights Council he was "appalled by the disregard for international human rights" and "unconscionable death and suffering".
- The UN has said aid access to Gaza has been severely hindered by factors including insecurity, the closing of crossing points to the territory, and Israeli procedural delays.
Geostrategy
Eight Israeli soldiers killed as fighting rages in Gaza
The military said the soldiers were killed when the Namer armored vehicle they were travelling in exploded near Gaza's far-southern...
- Saturday's losses were among the heaviest for the military since it began its ground offensive in Gaza on October 27 and took its overall losses since then to 306.
- The United Nations says about one million people have fled Rafah since early May, when Israel began ground operations in the city in pursuit of Hamas.
Geostrategy
Hezbollah fires new barrage at Israel, which vows to hit back
Beirut, Lebanon -- Hezbollah said it fired a new wave of rockets and drones at the Israeli army on Thursday, after...
- It was Hezbollah's largest simultaneous attack in near-daily cross-border fire between it and the Israeli army since its ally Hamas's Oct 7 attack on Israel triggered the Gaza war.
- One of the targets included an Israeli base that Hezbollah said housed an intelligence headquarters "responsible for the assassinations".
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Saudi knowledge economy accelerates as Vision 2030 targets move within reach
The government has successfully implemented more than 900 reforms, including restructuring legal and labor frameworks, establishing new public authorities, and...
Economy
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SHUAA okays MCB tranches
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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...
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UAE most attractive Arab destination for auto investment, business
Kuwait -- The UAE has topped the Arab list as the best and most attractive destination for investment and business...
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SIB’s 2024 profit $272m
The profit surpassed AED 1 billion for the first time in bank's history.
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Geostrategy
WEF’s risks report 2025: Rising geopolitical tensions, environmental threats, disinformation dominate future threats
A survey of over 900 experts reveals state-based armed conflict as the most pressing global risk for 2025, driven by...
- A late 2024 survey of over 900 global risks experts, policymakers, and industry leaders identifies state-based armed conflict as 2025's top risk
- Extreme weather events, societal polarization, and cyber-espionage also rank prominently, underscoring a landscape fraught with challenges
Economy
Global economy set to face significant challenges in 2025: WEF survey
Geneva, Switzerland – The global economy is set to face significant challenges in 2025, with 56 percent of chief economists...
- Only 17% of chief economists foresee an improvement, pointing to heightened uncertainty in key regions and the need for measured policy responses worldwide.
- Europe continues to rank as the weakest region for the third consecutive year, with nearly three-quarters (74 percent) expecting weak or very weak growth.
Business
AD Ports to invest in Kazakh port
Under the deal, AD Ports Group owns 51% stake.
- Sarzha Grain Terminal will see a total investment of just over US$50 million over the two phases, with AD Ports Group contributing around US$30 million.
- With phase 1 scheduled for completion in the second half of 2026, Sarzha Grain Terminal is set to enhance global food trade.