MENA’s gaming sector projected to ‘touch $6 billion by 2027
Nikita Matsokin, Executive Director of MGVC (MY.GAMES, shares his thoughts on the MENA region’s creative talent, government support, and rapid...
Interview
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
Geostrategy
Gaza mothers search for milk as malnutrition hits amid Israeli siege on aid
Deir El-Balah, Palestinian Territories -- Amira al-Taweel scoured pharmacies in northern Gaza for milk to feed her child but could not...
- At least 32 people, many of them children, have died of malnutrition in Gaza since the war broke out on October 7 following an unprecedented attack by Hamas on Israel.
- On Saturday, the World Health Organization said that more than four in five children had gone a whole day without eating at least once in 72 hours.
Business
Saudi Aramco begins second share offering, may fetch $12bn
The firm last Thursday disclosed plans to sell 1.545 billion shares on the Saudi stock market, priced between 26.70 and...
- Meetings with institutional investors were set to run through Thursday while about 10 percent of the shares would be offered to retail investors from Monday.
- It is the firm's second listing after an initial public offering in December 2019 that raised $25.6 billion, the biggest flotation in history.
Geostrategy
WFP warns of ‘apocalyptic’ scenes in southern Gaza
"The exodus that we've seen in the past 20 days or so out of Rafah has been an awesome and...
- The public health situation was "beyond crisis levels", he said, adding: "The sounds and smells of everyday life are horrific and apocalyptic."
- In central areas of the Gaza Strip, where many people fled, the WFP is providing around 400,000 hot meals a day, and has kept six bakeries functioning.
Business
UBS-Credit Suisse merger completed
The fallen Credit Suisse AG legally ceases to exist.
- Credit Suisse AG's clients are now considered to be clients of UBS AG.
- With today's merger, UBS has taken over Credit Suisse's rights and obligations.
Business
The Red Sea opens its third resort Nujuma, a Ritz Carlton Reserve
Riyadh, Saudi Arabia -- The Red Sea has announced the opening of its third resort, Nujuma, a Ritz Carlton Reserve....
- Inspired by the word Nujum, meaning "stars" in Arabic, Nujuma invites travelers to one of the world's most secluded and protected archipelagos.
- Accessed by chartered boat or seaplane, Nujuma features 63 overwater and beach villas, offering one-to-three-bedroom accommodation.
Geostrategy
Humanity in ‘race against time’ on Artificial Intelligence: UN
Geneva, Switzerland -- Humanity is in a race against time to harness the colossal emerging power of artificial intelligence for the...
- "We've let the genie out of the bottle," said Doreen Bogdan-Martin, head of the United Nations' International Telecommunications Union (ITU).
- "I believe we have a once-in-a-generation opportunity to guide AI to benefit all the world's people," Bogdan-Martin told AFP ahead of the summit.
Geostrategy
Blinken says Israel needs post-war plan ‘as quickly as possible’
"In the absence of a plan for the day after, there won't be a day after. And this is where...
- "If it is, it will simply have an enduring insurgency on his hands for as far as one can see into the future," Blinken said.
- Israeli National Security Adviser Tzachi Hanegbi said earlier that the military would need "another seven months" to "consolidate our success" against Hamas.
Business
New mega-refinery helps Kuwait to record capacity: minister
Made up of three component units, the huge Al-Zour refinery is one of the biggest in the Middle East. It was...
- OPEC member Kuwait aims to reach a production capacity of 4 million bpd by 2035.
- Kuwait operates three refineries at home and three abroad -- in Oman, Vietnam and Italy.
Geostrategy
Palestinians flee Rafah as Israeli expands ground assault
Rafah, Palestinian Territories -- Hundreds braved roads in Rafah in south Gaza Tuesday as they fled Israel's expanding ground assault, with...
- UNRWA, the United Nations agency for Palestinian refugees, said that one million civilians had fled Rafah since the ground attack went ahead despite global warnings.
- The health ministry in Hamas-run Gaza said in a statement that Israeli shelling in and around health facilities in the governorate has left just one still operational.
Business
UAE president on state visit to S Korea, meets top business chiefs
President Sheikh Mohamed bin Zayed Al Nahyan is the first sitting UAE president to make a state visit to Asia's fourth-largest...
- Follow-up announcements to the investment plan, which is expected to cover arms and energy, are expected to be made during the two-day visit which includes a summit with Yoon.
- The Emirati president met leaders of South Korea's largest companies upon his arrival, most notable the chairmen of Samsung Electronics, SK Group and Hyundai Motor Group.
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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
MENA’s gaming sector projected to ‘touch $6 billion by 2027
Nikita Matsokin, Executive Director of MGVC (MY.GAMES, shares his thoughts on the MENA region’s creative talent, government support, and rapid...
Interview
Company News
SHUAA okays MCB tranches
Business
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SIB’s 2024 profit $272m
The profit surpassed AED 1 billion for the first time in bank's history.
Business
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
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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.
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).