Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
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
Business
50% of firms attracted to Dubai by DIC in 2023 Asian and Australian
Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based...
- Latin America and Europe, and the Middle East and Eurasia, accounted for 23.5 percent each of the total number of MNCs attracted during 2023.
- Companies from Africa represented 3 percent of the total number of corporations attracted by the chamber.
Geostrategy
UN envoy urges Syria to rejoin Geneva constitution talks
Damascus, Syria -- Visiting United Nations special envoy for Syria Geir Pedersen urged Damascus Sunday to rejoin talks to revise the...
- Syria's war, which began 13 years ago with the repression of pro-democracy protests, has killed more than 500,000 people.
- Geir Pedersen has been trying to make progress with a so-called constitutional committee for Syria to rewrite or amend the war-torn country's constitution since October 2019.
Business
ROSHN and Saudi cybersecurity organization partner on tech advancement
Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU)...
- Both parties will develop joint initiatives aimed at enhancing the abilities of the Saudi IT and cybersecurity sectors.
- ROSHN will look to explore the use of drone technologies in its operations, and also participate in SAFSCP’s Bug Rewards Platform (Bug Bounty)
Business
SAIC net profit $39 million
The company's Board announces a dividend of $11.79 million.
- The company's fourth-quarter net profit increased 89.6 percent year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in 2022.
- In a Tadawul filing, the company attributed the rise in net profit to sale of shares in associated companies and the sale of financial assets at fair value through profit or loss.
Geostrategy
European Union and Egypt to sign $8 billion funding package
Cairo, Egypt -- The European Union, which is seeking to stem the inflow of irregular migrants, announced Sunday a 7.4 billion...
- It will include billions in loans over coming years and aims to step up Egyptian energy imports to help Europe "move further away from Russian gas" amid the Ukraine war.
- Egypt already hosts around 9 million migrants and refugees, including 4 million Sudanese and 1.5 million Syrians, according to the UN's International Organization for Migration.
Economy
US Fed to provide fresh clues on rate cuts after uptick in inflation
The Fed has raised interest rates to a 23-year high of between 5.25 and 5.50% as it looks to return...
- After two days of discussions, the Fed will publish an updated summary of economic projections (SEP) alongside its rate decision on Wednesday,
- Officials at the US central bank -- led by Fed chair Jerome Powell -- have urged caution about cutting interest rates too quickly, and said they will follow a "data-dependent" path
Arts & Culture
UAE backs women in climate action, gender equality
“Today’s frameworks to advance gender equality and women’s empowerment ring hollow in the face of the war on Gaza, which...
- UAE Minister of State Noura Al Kaabi emphasizes the importance of enhancing national systems to promote gender equality.
- The UAE ranks among the top 10 countries for gender equality, showcasing significant progress on the Gender Inequality Index.
Business
UAE launches digital public consultation on tax implementation
Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders...
- The consultation will be open from 15th March 2024 to 10th April 2024, and accessible via the Ministry’s website or the UAE’s Government Portal.
- To familiarize stakeholders with the rules and to ensure informed feedback is received, the Ministry has issued a Global Minimum Tax briefing document alongside the consultation.
Geostrategy
First aid boat unloads in Gaza as Hamas proposes new truce
During the proposed truce, Gaza militants would release about 42 hostages seized during the October 7 attack that triggered the...
- Spanish vessel Open Arms meanwhile was seen towing a barge loaded with 200 tons of food for Gazans threatened with famine after more than five months of war.
- The United Nations has repeatedly warned of looming famine, with only a fraction of the supplies needed to sustain Gaza's 2.4 million people being let in.
Business
Non-oil trade between UAE and US hits $31.4 billion in 2023
Abu Dhabi, UAE -- Non-oil trade between the UAE and the United States reached $31.4 billion in 2023 and is...
- Danny E. Sebright, President of the US-UAE Business Council, said that US exports to the UAE reached $24.8 billion last year, exceeding 2022 exports of $20.8 billion by 19 percent.
- He highlighted that US exports to the UAE support 125,000 jobs in the US, while UAE exports to the US totaled $6.6 billion last year.
Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
Business
Company News
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Saudi Aramco’s quarterly profit drops 15% on low oil prices
Riyadh, Saudi Arabia -- Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third-quarter profit on Tuesday, citing prices...
Business
Securing the digital future: AI and global cooperation foster cyber resilience
While AI accelerates the detection and management of threats, cybercriminals also leverage this technology for sophisticated attacks, says WEF's cybersecurity expert Filipe Beato.
Interview
B-52 bombers arrive in Middle East: US military
Washington, United States -- American B-52 bombers have arrived in the Middle East, the US military said Saturday, a day after...
Geostrategy
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Geostrategy
Saudi, US FM says could move ‘quite quickly’ on some deals with US
Since last year Saudi Arabia has been bargaining hard for a defense pact with the United States as well as...
- Crown Prince Mohammed bin Salman last month ruled out recognizing Israel without the establishment of a Palestinian state.
- Foreign Minister Prince Faisal bin Farhan reiterated that normalization was "off the table until we have a resolution to Palestinian statehood".
Business
DAE 9M net profit $310m
The company said this was a 54.9 percent YoY increase in net profit.
- Profit before tax settled at $326.6 million for the same period, compared to $207.5 million last year.
- Total revenue was $1.017 billion for the nine months, a YoY increase of $27.9 million, or 2.8 percent.
Economy
Global economy faces ‘low normal’ growth, widening inequality gap
The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and...
- While the global South experienced robust annual growth rates of 6.6 percent between 2003 and 2013, that figure has fallen to 4.1 percent over the past decade.
- This has made it harder for nations to expand social services, cover rising energy transition costs and manage mounting public debt.