GCC capital market reforms spawn IPO, foreign investment wave
For a region long shaped by sovereign balance sheets and state-owned champions, the Gulf is quietly rewiring its financial plumbing,...
Business
AI toys look for bright side after troubled start
Las Vegas, United States -- Toy makers at the Consumer Electronics Show were adamant about being careful to ensure that...
Business
Business
Moroccan enterprises give jobs, hope to people with disabilities
Rabat, Morocco -- Fadoua Lamrani was elated when she was hired as a waitress at a restaurant in Morocco which employs people...
- CIAT aims to overcome social and cultural constraints to help people with disabilities into jobs they would usually find hard to obtain.
- Six other centers for people with disabilities have been launched since 2016, providing apprenticeships for 228 people.
Geostrategy
UN aid chief warns of ‘apocalyptic’ consequences of Gaza shortages
"If fuel runs out, aid doesn't get to the people where they need it, that famine, which we have talked...
- An Israeli incursion into the southern Gaza city of Rafah, launched in the face of international outcry, has deepened an already perilous humanitarian crisis in the Gaza Strip.
- The UN said on Saturday that 800,000 people had been "forced to flee" Israel's assault in Rafah.
Business
OpenAI disbands team devoted to artificial intelligence risks
San Francisco, United States -- OpenAI on Friday confirmed that it has disbanded a team devoted to mitigating the long-term dangers...
- OpenAI weeks ago began dissolving the so-called "superalignment" group, integrating members into other projects and research, according to the San Francisco-based firm.
- Company co-founder Ilya Sutskever and team co-leader Jan Leike announced their departures from the ChatGPT-maker this week.
Geostrategy
Israeli leaders split over post-war Gaza governance
Jerusalem, Undefined -- New divisions have emerged among Israel's leaders over post-war Gaza's governance, with an unexpected Hamas fightback in parts...
- After Hamas regrouped in northern Gaza, where Israel previously said the group had been neutralized, broad splits emerged in the Israeli war cabinet in recent days.
- Netanyahu came under personal attack from Defense Minister Yoav Gallant for failing to rule out an Israeli government in Gaza after the war.
Geostrategy
Despite international appeals, Israel to ‘intensify’ Rafah assault
Defense Minister Yoav Gallant said "additional forces will enter" the Rafah area and "this activity will intensify". "Hundreds of targets...
- Israel's top ally the United States has joined other major powers in appealing for it to hold back from a full ground offensive against Hamas in Rafah.
- The 22-member Arab League, meanwhile, called for UN peacekeepers to be deployed in the occupied Palestinian territories until a two-state solution has been implemented.
Business
ADX gains $1.90bn on strong performances from bank stocks
Abu Dhabi, UAE -- The Abu Dhabi Securities Exchange (ADX) extended its gains at the close of trading today, adding...
- The total market capitalization of listed shares reached AED 3.49 trillion at the end of Thursday's trading session.
- Local stocks attracted over AED1.5 billion in liquidity at the end of the session, distributed as follows: AED 1.12 billion on the ADX and AED396.3 million on the DFM.
Business
TAQA Q1 net income $571m
Net income fell $2.58bn due to one-off items recognized in 2023.
- Net income, excluding these one-offs, increased by AED 100 million, 6.9% higher than the prior-year period.
- TAQA’s revenues reached AED 13.7 billion, 5.3 percent higher than the prior-year period, due to the contribution from SWS Holding.
Business
As international gas demand grows, Qatar eyes more long-term deals
Energy Minister Saad al-Kaabi, who is also chief executive of QatarEnergy, said the state-owned giant had secured sales of 25...
- "It's just agreeing on terms and conditions and pricing... but I think there's a huge demand out there, whether it's from Asia or Europe," Kaabi told the Qatar Economic Forum.
- "I think even Europe is realizing now they have to do something different to secure long term," he added.
Geostrategy
Summer 2023 was the hottest in 2,000 years: study
Paris, France -- Last year's northern hemisphere summer was the hottest in 2,000 years, according to a new study published on...
- Study co-author Max Torbenson told reporters that 25 of the last 28 years exceeded the summer highs of AD246 -- the hottest year before modern temperature records began.
- A separate study warns that higher temperatures and ageing populations would see tens of millions of older people being exposed to dangerous heat extremes by 2050.
Geostrategy
Israel’s Rafah attack set Hamas talks ‘backward’: mediator Qatar
"There is no clarity how to stop the war from the Israeli side. I don't think that they are considering...
- Israeli politicians were indicating "by their statements that they will remain there, they will continue the war. And there is no clarity on what Gaza will look like after this".
- A senior US official told AFP negotiations were "at a simmer, they are at a low boil", but that conversations with the parties were continuing.
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GCC capital market reforms spawn IPO, foreign investment wave
For a region long shaped by sovereign balance sheets and state-owned champions, the Gulf is quietly rewiring its financial plumbing,...
Business
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ADNOC Drilling closes JV
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...
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...
Business
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Business
Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
- Fertile soil, untouched land, access to fresh water, a suitable climate, and the presence of the Helianthemum plant contribute to growth of desert truffles.
- The Qassim Truffle Festival, currently in its fourth year, is a testament to the region's truffle production.
Geostrategy
Israeli invasion destroys 90% of Gaza livestock, poultry farms
Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
- A million turkeys distributed across 150 farms, were culled, in addition to 80 percent of the total domestic poultry population, estimated to be 300,000 birds.
- Israeli forces destroyed 90 percent of the 100 cattle farms, which were breeding 50,000 calves annually, and culled 2,200 cows in 400 farms.
Business
Renowned designer Cucinelli stresses sustainability at Saudi event
Riyadh, Saudi Arabia -- Renowned luxury fashion designer Brunello Cucinelli shared his insights on building a global brand and the...
- Brunello Cucinelli, who founded his luxury fashion brand in 1978 in Italy, is recognized for creating meticulously crafted pieces from the finest cashmere.
- He emphasized the need to blend traditional techniques with modern design to create unique and authentic pieces.