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
Japanese AI tool predicts when recruits will quit jobs
Tokyo, Japan -- Bosses worried about turnover or wondering how long a new hire will stick around can now turn to...
- The artificial intelligence tool was developed by Japanese researchers to try and help managers provide targeted support to staff to stop them from quitting.
- It crunches data on employees at a company, from their attendance record to personal information such as age and gender.
Business
Meta releases beefed-up AI models
The models are built on new versions of publicly available Llama 3.
- Being open source means that developers outside of Meta are free to customize Llama 3 as they wish.
- Llama 3, for now, is based in English but in the coming months Meta will release more capable models able to converse in multiple languages, the company said.
Geostrategy
G7 nations oppose ‘full-scale military operation in Rafah’
Ministers from Italy, the UK, US, France, Germany, Japan and Canada also slammed the "unacceptable number of civilians" killed in...
- Israel has faced growing global opposition to the relentless war that has reduced much of Gaza to rubble, while its 2.4 million people have suffered under an Israeli siege.
- Israel's offensive has killed at least 33,970 people in Gaza, mostly women and children. according to the Gaza health ministry.
Business
Alkhorayef Water awarded $458m contract
The operation and maintenance contract will be for over 15 years.
- The existing plants in this package are Al Hafuf STP 1, Al Oyun STP and Al Omran STP. This is in addition to the new one, Al Hafuf STP 2, Argaam reported.
- The design and rehabilitation will be completed in two phases over 36 months from the contract date. Meanwhile, the O&M will be carried out over 15 years (180 months).
Business
Norway wealth fund earns $109bn on gain in tech stocks in Q1
Oslo, Norway -- Norway's sovereign wealth fund, the world's largest, posted a gain of more than $100 billion in the...
- The fund's total return on investment reached 6.3 percent, with the yield on global equities reaching 9.1 percent.
- The fund — which manages assets worth $1.6 trillion — invests the surplus revenues of the country’s oil and gas sector in various assets
Geostrategy
Climate impacts set to cut 2050 global GDP by nearly a fifth
But slashing greenhouse gas emissions as quickly as possible remains crucial to avoid even more devastating economic impacts after mid-century,...
- Climate change caused by CO2 emissions already in the atmosphere will shrink global GDP in 2050 by about $38 trillion, or almost a fifth.
- Germany and the United States are forecast to see income shrivel by 11 percent by 2050, and France by 13 percent.
Business
Sales of Dubai $10m-plus homes surges by 19% to $1.7bn in Q1
Dubai, UAE -- One hundred and five homes priced in excess of US$10 million were sold in Dubai during the...
- Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 percent higher than the next nearest contender—London (240)
- New York (211) rounded off the world's top three most active luxury home markets in 2023.
Geostrategy
Global ocean summit nets $10 billion in pledges: Greek PM
Athens, Greece -- An international summit on saving the oceans netted $10 billion in pledges, the prime minister of host country...
- This year's three-day conference began Monday with delegates from around 120 countries.
- The "Our Oceans" summit was launched in 2014 as the first international event of its kind to address all issues related to oceans.
Geostrategy
Heavy floods hit Dubai airport as Oman death toll rises to 18
Dubai, the Middle East's financial center, was paralyzed by the heavy storms that caused widespread flooding around the United Arab...
- Roads and residential communities also suffered heavy flooding in scenes repeated around the Emirates, where rain is an unusual event.
- A child's body was recovered on Tuesday, bringing the death toll to 18 with two people missing, emergency authorities told the official Oman News Agency.
Business
OpenAI comes to Asia
The ChatGPT creator opens first Asian office in Tokyo.
- The Japan office is the latest part of the Microsoft-backed firm's international push, having already set up bases in London and Dublin.
- OpenAI, reportedly valued at $80 billion or more earlier this year, is the latest major tech firm to invest in Japan.
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
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
Company News
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.