Who has been invited to be on Trump’s Gaza boards?
The White House said there would be a main board, chaired by Trump himself, a Palestinian committee of technocrats meant...
Geostrategy
GCC’s quest for AI dominance has several hurdles to surmount
For governments and corporates across the Gulf, the immediate task is pragmatic: marry sovereign ambition with sustainable skills programs and...
Business
Business
Saudi PIF launches Neo Space Group to boost space industry
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF)on Monday launched the Neo Space Group to work on the kingdom's...
- The Neo Space Group or NSG is the "PIF's first investment focused on the space industry", the sovereign wealth fund said in a statement.
- It "aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally", the PIF said.
Business
UAE tax authority issues corporate tax guide for free-zone persons
Abu Dhabi, UAE -- The Federal Tax Authority (FTA) has issued a guide outlining the application of Corporate Tax to...
- It is in line with the Free Zone Corporate Tax regime, which enables Qualifying Free Zone Persons to benefit from a zero percent Corporate Tax rate on Qualifying Income.
- The guide includes many examples to assist Businesses with understanding how the key elements of the Corporate Tax Law apply to Free Zone Persons.
Geostrategy
EU hosts talks to strengthen Palestinian Authority for Gaza
A "strong" Palestinian Authority is needed to bring peace in the Middle East, EU foreign policy chief Josep Borrell said...
- They also came just before Norway -- which was hosting the Brussels meeting -- was on Tuesday is to recognize the State of Palestine, along with Spain and Ireland.
- Mustafa said Sunday's meeting was "a very important opportunity" for the Palestinian Authority to outline its priorities and plans.
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.
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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
Who has been invited to be on Trump’s Gaza boards?
The White House said there would be a main board, chaired by Trump himself, a Palestinian committee of technocrats meant...
Geostrategy
Company News
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Honda shares soar 16%
Business
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
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...
Business
Most Read
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.
Geostrategy
Cyber landscape complexity deepens cyber inequity, gap between organizations: WEF report
The complexity arises from the rapid growth of emerging technologies, prevailing geopolitical uncertainty and the evolution of threats, says WEF's...
- The complexity arises from the rapid growth of emerging technologies, prevailing geopolitical uncertainty and the evolution of threats.
- It also arises from regulatory challenges, vulnerabilities in supply chain interdependencies and the growing cyber skills gap, the report said.
Economy
World economic growth to remain at 2.8 percent in 2025: UN report
The World Economic Situation and Prospects (WESP) 2025 report shows that despite withstanding a series of mutually reinforcing shocks, global...
- It said that positive but somewhat slower growth forecasts for China and the United States will be complemented by modest recoveries in the European Union, Japan, and Britain.
- US growth was expected to moderate from 2.8 percent last year to 1.9 percent in 2025 as the labor market softens and consumer spending slows.