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
First European Union airline flight in 35 years lands in Baghdad
Baghdad, Iraq -- Iraq's transport ministry said Tuesday that a flight operated by Greece's Aegean Airlines had been the first...
Geostrategy
Business
Saudi oil giant Aramco agrees major FIFA sponsorship deal
The deal involves sponsorship rights for multiple events including the 2026 Men's World Cup and the Women's World Cup the...
- The deal is the latest high-profile investment in global sports for Saudi Arabia who have already been confirmed as the only bid for the 2034 World Cup.
- In a joint statement it was confirmed Aramco would become FIFA's Major Worldwide Partner exclusive in the energy category.
Geostrategy
Oman, UAE deluge ‘most likely’ linked to climate change: Study
Dubai, United Arab Emirates -- Global warming caused by fossil fuel emissions "most likely" exacerbated the intense rains that lashed the...
- Extreme rainfall in El Nino years has become 10-40 percent heavier in the region affected, a study published by the World Weather Attribution (WWA) group found.
- Twenty-one people died in Oman and four in the United Arab Emirates, which was battered by the heaviest rainfall since records began for the desert Gulf state 75 years ago.
Business
ADQ buys stake in Plenary Group
The deal is aimed at expanding public and social infrastructure.
- ADQ will acquire a 49 percent stake in Plenary, including all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec.
- Established in 2004, the Plenary has a portfolio of 21 assets under management valued at over US$25 billion across Australia and the Middle East.
Business
Israel pummels Gaza after US approves military aid
US-Israeli relations been strained by Israel's conduct of the war in Gaza and Israeli Prime Minister Benjamin Netanyahu's determination to...
- Media reports said Israel was planning to move civilians from Rafah to nearby Khan Yunis over a period of two to three weeks.
- Israeli assault has left much of Gaza's medical system in ruins, with medics struggling to treat both casualties of the war and people with pre-existing conditions.
Business
FPT and Nvidia to build AI factory
Nvidia had invested around $250 million in Vietnam.
- FPT said it has established a strategic partnership with Nvidia, which includes plans to build a $200-million-dollar AI factory using Nvidia's AI software and chips.
- Nvidia's singular role in the AI revolution has taken the world by storm, with its powerful GPU chips and software an integral ingredient in the creation of generative AI.
Geostrategy
Baby delivered from dying mother’s womb in Gaza ‘miracle’
At just seven months pregnant, her mother, Sabreen al-Sakani, reached the emergency unit in critical condition after she was fatally...
- "It's a miracle that she was still alive, despite her difficulties in breathing," said Sahib al-Shams, a surgeon and director of the Kuwaiti hospital in Rafah.
- "The mother died 10 minutes later," Shams said, adding that the baby's father and sister had been declared dead on arrival at the hospital.
Business
Qatar reveals program, speakers for Autonomous e-Mobility Forum
Doha, Qatar – The Autonomous e-Mobility (AEMOB) Forum, a groundbreaking initiative in the realm of sustainable transportation, announced its final...
- The event is slated to take place from April 30 to May 2, 2024, at the Qatar National Convention Centre (QNCC) in Doha.
- It has attracted significant sponsorship from over 20 prominent organizations. Notable sponsors include Mowasalat Company (Karwa).
Geostrategy
Water, oil and security on agenda as Erdogan visits Iraq
The Turkish leader met with Iraqi President Abdel Latif Rashid in Baghdad. He told Rashid that Turkey "had expectations of...
- The PKK (Kurdistan Workers Party), which has fought a decades-long insurgency against the Turkish state, has a presence in northern Iraq, as does the Turkish military.
- Also on the agenda is a $17 billion road and rail project known as the "Route of Development" which is expected to consolidate economic ties between the two neighbors.
Business
Dubai Chamber attracts MNCs valued at $82.84bn in 2023
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
- Initiatives like 'Create Apps in Dubai' triple app developers, fostering innovation and entrepreneurship in the emirate.
- Through workshops and roadshows, Dubai Chamber engages globally, attracting digital companies to the emirate's burgeoning tech landscape.
Business
Swiss reserve hike hits UBS
The reserve requirement will increase from 2.5% to 4% from July 1.
- The move follows government plans unveiled earlier this month that would tighten rules for banks deemed too big to fail.
- UBS, Switzerland's biggest bank, acquired struggling rival Credit Suisse last year in a government-engineered deal aimed at preventing a financial crisis.
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
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
Company News
Boeing to boost 787 production
Business
Latest News
NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
Business
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
Business
Israeli forces killed 45,553 Palestinians since Oct 2023: Health ministry
Gaza, Palestinian Territories -- The Israeli forces have killed at least 45,553 Palestinian civilians and injured at least 108,379 others,...
Geostrategy
Most Read
Business
Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
- The number of subscribers recorded a 51 percent increase, representing nearly 528,000 subscribers, to reach 1,570,452 subscribers, compared to 1,042,484 at the end of Q3 2023.
- Foreign investment assets recorded an annual growth of 15.1 percent, increasing by over SAR 3 billion to reach SAR 25.656 billion, which accounts for 16% of the total asset value.
Economy
Maysa Sabreen made first woman chief of Syrian central bank
Damascus, Syria -- Syrian authorities have appointed Maysa Sabreen as interim central bank governor, a bank official told AFP on Tuesday,...
- Sabreen, a Syrian banking expert, held the position of first deputy governor since 2018. She has also served on the central bank's management committee.
- Mohammed Issam Hazime, who headed the central bank before her, was appointed in 2021 under the rule of Bashar al-Assad.
Economy
Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year...
- Data released by the General Authority for Statistics (GASTAT) said that the Saudi and non-Saudi labor force stood at 66.6 percent, a 0.4 percentage point increase over Q2 of 2024.
- Saudi women's participation in the labor force, which increased by 0.8 percentage points, to 36.2 percent and men's participation up by 1.1 percentage point.