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
Hamas official insists Gaza ceasefire must be permanent
Hamas is considering a plan for a 40-day ceasefire and the exchange of scores of hostages for larger numbers of...
- He said it was premature to say whether the Hamas envoys, who have returned from talks in Cairo to their base in Qatar, felt any progress was made.
- A source with knowledge of the negotiations said Qatari mediators expected a response from Hamas in one or two days.
Geostrategy
More war debris in Gaza than Ukraine: UN Mine Action Service
And the danger for clearance work is restricted not just to unexploded ordnance but includes possible exposure to toxic substances...
- "There's estimated to be over 800,000 tons of asbestos, for instance, alone in the Gaza rubble," said Mungo Birch, head of the UNMAS program in the Palestinian territories.
- Birch said he hoped UNMAS, which works to mitigate the threats posed by all types of explosive ordnance, would become the coordination body for mine action in Gaza.
Business
UpLink launches initiatives to push circular carbon economy transition
Riyadh, Saudi Arabia -- UpLink, the World Economic Forum community dedicated to supporting early-stage impact-focused entrepreneurs, has announced the launch...
- In collaboration with Saudi Arabia's Ministry of Economy and Planning and Ministry of Energy, UpLink unveiled its Circular Carbon Economy Partnership.
- The partnership aims to select a cohort of 10-20 early-stage startups to receive support in scaling their impact over the next year.
Geostrategy
Saudi Arabia calls for ‘real commitment’ towards a Palestinian state
Riyadh, Saudi Arabia --Â Saudi Arabia has called for a "real commitment to a two-state solution that is a credible, irreversible...
- At the WEF meeting, Prince Abdulaziz bin Salman, Minister of Energy, said a just and equitable energy transition will only be achieved by using a range of energy sources.
- Saudi Arabia's tourism sector has nearly doubled, growing from $35 billion to $66 billion, and set its sights on reaching $80 billion this year.
Business
McDonald’s profits up 7%
The quarterly profits increased despite weak Middle East sales.
- "The continued impact of the war in the Middle East more than offset positive comparable sales in Japan, Latin America and Europe," McDonald's said of the division.
- Earlier this month, McDonald's agreed to acquire Alonyal, which owns 225 McDonald's restaurants in Israel which have been hit by calls for a boycott over Gaza onslaught.
Geostrategy
Activists occupy Columbia building as US campus protests flare
Demonstrators vowed to remain at the hall until their demands are met, including that Columbia divest all financial holdings linked...
- Protests have swept through US higher education institutions, with many erecting tent encampments on campus grounds after around 100 protesters were first arrested at Columbia.
- UN human rights chief Volker Turk voiced concern at the heavy-handed steps taken to disperse the campus protests.
Business
QatarEnergy signs $6 billion deal with China shipbuilder
The China State Shipbuilding Corporation (CSSC) is set to deliver eight Liquified Natural Gas (LNG) vessels in 2028 and 2029,...
- Last month, QatarEnergy announced it had signed deals for a total of 104 smaller, conventional-size vessels.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
Business
UAE’s Islamic finance sector grows by 8 percent in 2023: S&P
Abu Dhabi, UAE -- The total assets of the global Islamic finance sector continue on a path of rapid growth,...
- The agency expects high single-digit growth in the period 2024-2025 after the sector achieved 8 percent growth in 2023.
- The agency explained in its report that the sukuk market started strong in 2024, with total issuances reaching $46.8 billion by 31st March, 2024.
Geostrategy
Forty-day ceasefire offered to Hamas: UK foreign secretary
US Secretary of State Antony Blinken renewed US opposition to an Israeli offensive on Gaza's southernmost city of Rafah. "We...
- British Foreign Secretary David Cameron said Hamas has also been offered the release of potentially thousands of Palestinians in return for the release of Israeli hostages
- Speaking at the World Economic Forum (WEF) in the Saudi capital Riyadh, Palestinian President Mahmud Abbas urged the US to intervene.
Business
GCC can turn net zero pursuit into opportunity
The current low share of renewables in the energy mix of GCC nations increases the potential for significant investment in...
- The report suggests that GCC NOCs need to boost low-carbon investments, requiring $15-25 billion annually until 2026 to keep pace with global peers.
- Yet, the report emphasizes the challenge these companies face: investing in a low-carbon future while ensuring strong dividends for shareholders.
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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
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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
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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.
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.