AI promise uneven as economists flag debt and market vulnerabilities
In its latest Chief Economists’ Outlook, the WEF said 53 percent of surveyed economists expect global economic conditions to weaken...
Economy
GCC should focus on tech-enabled authentic, sustainable hospitality
AI fluency is not prioritized enough in schools today. If AI skills are not on your resume, you will have...
Interview
Geostrategy
Former Twitter, now X, makes ‘likes’ private ‘to protect users’
With the change, which includes the removal of the "Likes" tab on a profile page, users will no longer be...
- "We are making Likes private for everyone to better protect your privacy," the platform said. "Liking more posts will make your 'For You' feed better," X added.
- The "For You" feed is a personalized list of videos or posts recommended for each individual user based on their interests and past engagement.
Geostrategy
Fire kills 49 in Kuwait building housing foreign workers
Kuwait City, Kuwait -- A fire killed 49 people in Kuwait when it ripped through a building housing nearly 200 foreign...
- The blaze, which broke out in the six-story building south of Kuwait City at around dawn, also left dozens of people injured, the health ministry said.
- The health ministry had previously announced 43 injured in the blaze in the Mangaf area, which is heavily populated with migrant laborers.
Business
IEA sees ‘major’ oil supply surplus emerging by 2030
Paris, France -- The world is likely to have a "major surplus" of oil by 2030 as production is ramped up...
- Global demand is expected to "level off" at 106 million barrels per day (bpd) toward the end of this decade while overall supply capacity could reach 114 million bpd.
- The forecast comes days after the OPEC+ group of major crude producers signaled they would start to unwind output cuts this autumn.
Business
Virgin Galactic completes final spaceflight before two-year pause
Washington, United States -- Virgin Galactic on Saturday successfully completed its last spaceflight before heading into a two-year pause on commercial...
- One of the private astronauts was Tuva Atasever, a Turkish space agency astronaut whose seat was contracted through another space company, Axiom.
- During the flight, Atasever wore custom headgear with brain activity monitoring sensors to collect physiological data.
Geostrategy
UN Security Council to vote on US Gaza ceasefire resolution
The text of the resolution "welcomes" the truce and hostage release proposal announced on May 31 by President Joe Biden,...
- The United States, a staunch ally of Israel, has been widely criticized for having blocked several UN draft resolutions calling for a ceasefire in Gaza.
- Under the proposal, Israel would withdraw from Gaza population centers and Hamas would free hostages. The ceasefire would last an initial six weeks.
Business
EU targets UAE telecoms firm in new anti-subsidy probe
Telecoms group e&, whose majority stakeholder is the UAE government, signed a $2.3-billion agreement in August 2023 to purchase Czech...
- The alleged subsidies "notably take the form of an unlimited guarantee from the UAE and a loan from UAE-controlled banks directly facilitating the transaction", it added.
- The commission said it will investigate whether the subsidies lead to "actual or potential negative effects" on the bid's process or the EU's internal market.
Geostrategy
COP29 climate hosts say they’ll keep expanding fossil fuels
Bonn, Germany -- The incoming president of the COP29 UN climate summit in Azerbaijan told AFP on Friday that his country...
- the COP29 organizers said they would also call for a "COP truce" and ask nations to observe a conflict ceasefire during the marathon negotiations in Baku in November.
- It is estimated that emerging markets and developing countries, excluding China, will need more than $2 trillion a year by 2030 to meet their climate and development needs.
Geostrategy
Unemployment rate nearly 80 percent in Gaza, says United Nations
Geneva, Switzerland -- The war in Gaza has seen the unemployment rate in the besieged Palestinian territory surge to nearly 80...
- The UN's labor agency said the war between Hamas and Israel had "caused loss of jobs and livelihoods on a massive scale".
- The average unemployment rate across the West Bank and Gaza combined stood at 50.8 percent, it said.
Geostrategy
Israel ‘prepared for very intense operation’ on Lebanon border
Jerusalem, Undefined -- Israeli Prime Minister Benjamin Netanyahu said Wednesday that Israel was "prepared for a very intense operation" along the...
- Almost eight months of exchanges between Israel and Hezbollah have intensified over the past week, with Israel striking deeper into Lebanese territory.
- "We are prepared for a very intense operation in the north. One way or another, we will restore security to the north," Netanyahu said during a visit to the border area.
Business
Qatar signs 27-year gas supply deal with Chinese Petroleum Corp
Qatar will supply four million tons of gas a year under the deal, QatarEnergy said in a statement, without disclosing the...
- Qatar is one of the world's top liquefied natural gas producers alongside the United States, Australia and Russia.
- In recent months, Qatar has inked LNG deals with France's Total, Britain's Shell, India's Petronet, China's Sinopec and Italy's Eni among others.
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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
AI promise uneven as economists flag debt and market vulnerabilities
In its latest Chief Economists’ Outlook, the WEF said 53 percent of surveyed economists expect global economic conditions to weaken...
Economy
Company News
SHUAA okays MCB tranches
Business
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GCC leaders explore regional growth and opportunity at Doha investment meet
The burgeoning creator economy presents an unprecedented opportunity for GCC to outpace global cities and establish itself as the epicenter...
Business
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...
Geostrategy
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...
Economy
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Business
Fifth Aramco facility receives WEF Global Lighthouse Network tag
Dhahran, Saudi Arabia -- Aramco's North Ghawar Oil Producing Complex has become the company's fifth facility to be added to...
- Aramco said that only industrial sites that successfully deploy 4IR technologies at scale are admitted to the prestigious network.
- WEF said UAE's EGA, named End-to-End Value Chain Lighthouse, undertook a 4IR transformation to further increase its cost-competitiveness.
Business
PIF acquires stake in Saudi Re
The acquisition was made by way of a capital increase.
- PIF said in a statement that the capital investment aims to enhance Saudi Re’s growth potential by adding to its financial capacity and further strengthening its credit rating.
- In the first nine months of 2024, Saudi Re's total written premiums reached SAR 1.94 billion ($520 million).
Business
Non-institutional foreign ownership in Tadawul-listed firms up slightly
Riyadh, Saudi Arabia -- Non-institutional foreign investors increased their stake in Tadawul-listed equities, excluding Saudi Aramco, from 9.70 percent to...
- The ownership increased from 9.70 percent to 9.72 percent, equivalent to SAR 334.55 billion, during the week ending January 9.
- GCC investors’ ownership in Saudi equities, excluding Saudi Aramco, declined from 2.27 percent to 2.18 percent of the total market capitalization.