Gold hits record high, dollar falls as US targets Fed
Fed Chair Jerome Powell confirmed the "unprecedented" subpoenas against the bank in a rare video address on Sunday, which he...
Business
Yemen presidential council says Saudi coalition to lead all southern forces
The announcement comes a few days after Yemeni forces supported by Saudi Arabia recaptured large swathes of territory from the...
Geostrategy
Geostrategy
International Court of Justice orders Israel to halt Rafah offensive
The International Court of Justice also demanded the immediate release of all hostages still held by Palestinian militants, hours after...
- "The court finds it deeply troubling that many of these hostages remain in captivity and reiterates its call for their immediate and unconditional release," it said.
- Hamas gave a qualified welcome to the ruling, regretting only that it applied solely to Rafah and not the whole Gaza Strip.
Geostrategy
Medic says Gaza hospital under Israeli siege for fifth day
Soldiers are present in the hospital's courtyard and in nearby houses," said hospital's acting director, Dr Mohammad Saleh, adding that...
- "The hospital was stormed and staff were forced to leave. At the moment I have only 13 staff, 11 patients and two women accompanying wounded children," Saleh said.
- WHO chief Tedros Adhanom Ghebreyesus said on social media platform X that 140 staff, patients and accompanying adults were inside the hospital when troops stormed it.
Economy
One out of three Lebanese poverty-stricken: World Bank
Beirut, Lebanon -- A third of Lebanese people are impoverished with poverty rates tripling in a decade, the World Bank said...
- The poverty rate reached as high as 70 percent in the northern region of Akkar which borders Syria.
- The poor were also "nearly four times as likely to have an adult member restrict their food intake to feed their children," the WB report said.
Business
Amazon to invest $17bn in Spain Â
The investment will be made in data centers in Aragon region.
- The investment will create around 17,500 indirect jobs in local companies and contribute 21.6 billion euros to Spain's gross domestic product during the period.
- A pioneer of e-commerce, Amazon's AWS also dominates cloud computing with 31 percent of the market at the end of 2023, according to Stocklytics.
Business
Palestinians optimistic but wary after recognition moves
The agreement signed with Khaldoon Al Mubarak, managing director of the Abu Dhabi government-controlled fund Mubadala, opens "a new era...
- The Palestinian Authority says that 142 of the 193 UN member countries already recognize a Palestinian state.
- In the West Bank and Jerusalem, people AFP spoke to were optimistic but wanted more tangible acts towards Palestinian sovereignty.
Geostrategy
Women’s tennis signs ‘multi-year partnership’ with Saudi investment fund
New York, United States -- The women's tennis tour (WTA) on Monday announced "a multi-year partnership" with the Saudi Arabian sovereign...
- The WTA said in a statement that it shared with PIF an "ambition to grow women's professional tennis and inspire more women and girls around the world to take up the game."
- In early January, Saudi Arabia appointed Rafael Nadal as ambassador of the Saudi Tennis Federation.
Business
Global tourism set to return to pre-Covid levels in 2024
Saudi Arabia and the UAE are the only high-income economies to rank among the top 10 most improved economies between...
- The Middle East had the highest recovery rates in international tourist arrivals (20 percent above the 2019 level).
- The top 10 countries in the 2024 edition are the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy and Switzerland.
Geostrategy
Allies mourn Raisi’s death, hailed as supporter of Palestinian resistance
Paris, France -- Iran's powerful allies on Monday mourned the death of its President Ebrahim Raisi in a helicopter crash, while...
- Iran's Gulf neighbors Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar and Oman sent their condolences.
- Hamas mourned Raisi as an "honorable supporter" of the group and hailed his "support for the Palestinian resistance".
Geostrategy
Israel, Hamas reject bid before ICC to arrest leaders for war crimes
Karim Khan said he was seeking warrants against Netanyahu and Israeli Defense Minister Yoav Gallant for crimes including "starvation", "willful...
- If granted, the warrant means that technically any of the 124 ICC member states would be obliged to arrest Netanyahu if he travelled there.
- The charges laid against the Hamas leaders including Yahya Sinwar and Ismail Haniyeh include "extermination" and "taking hostages".
Arts & Culture
Saudi fashionistas attempt beach rebrand
The setting for Red Sea Fashion Week, the St Regis Red Sea Resort on Ummahat Alshaikh island, is part of...
- Beach developments are seen as major potential attractions, and Red Sea Fashion Week was partly intended to highlight what is already in place.
- Officials involved in Red Sea Global stress they are making progress, opening two resorts last year and preparing to launch 14 more hotels by the end of next year.
Most Read
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
Gold hits record high, dollar falls as US targets Fed
Fed Chair Jerome Powell confirmed the "unprecedented" subpoenas against the bank in a rare video address on Sunday, which he...
Business
Company News
Latest News
Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
Business
Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in...
Business
Most Read
Business
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
- The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said in a statement.
- PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
- On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates Flight305 from Shanghai.
- UAE recorded over 20 percent growth in air traffic over the past two years, among the highest globally.
Business
Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The index has remained above the neutral level (50.0 points) since September 2020.
- Business conditions experienced a marked improvement, propelled by a substantial surge in new orders.