UAE real GDP grows by 3.6% in first half of 2024, says economy minister
Non-oil sectors' contribution to GDP reaches 75%. Economy minister Abdulla bin Touq Al Marri says the growth reflects the dynamic...
Economy
Israeli raid puts last major Gaza health facility out of service: WHO
The World Health Organization said the operation had put the "last major health facility in north Gaza out of service"....
Geostrategy
Economy
Saudi foreign reserve assets decrease by 2% to $431bn in Feb
Riyadh, Saudi Arabia -- Saudi Arabia's international reserve assets decreased by SAR 26.98 billion, or 2 percent, to SAR 1.619...
- On a yearly basis, the Kingdom’s foreign reserve assets plunged 5 percent, or SAR 78.2 billion, Argaam reported, citing Saudi Central Bank (SAMA) data.
- Foreign currency reserves, representing about 94 percent of total assets, fell by nearly 5 percent year-on-year (YoY) in February to SAR 1.526 trillion.
Geostrategy
Gazans break fast without ‘joy of Ramadan’ as Israel-Hamas war grinds on
With the flow of food and other assistance slowed to a trickle, a UN report citing the territory's Hamas-run health...
- Aid groups have been warning of the risk of famine in Gaza for weeks, and the UN has reported particular difficulty in accessing the territory's north for deliveries of food
- UN Secretary-General Antonio Guterres called Monday for "silencing the guns" during the Muslim holy month and said he was "appalled and outraged that conflict is continuing."
Geostrategy
TikTok dragged into US election as Trump opposes ban
Years of on-and-off attempts of banning the Chinese owned app have resurged in the United States with the introduction of...
- Trump's turnaround came as a surprise since he was a proponent of stripping TikTok away from Bytedance when he was president, before he was stopped by a US court.
- President Joe Biden has given his support to the bill, while also turning to Tiktok to address younger voters in video clips as part of his outreach to win a second term.
Business
PIF fifth largest sovereign wealth fund as assets rise to $940.3bn
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF) rose to the fifth position among...
- PIF's assets rose by $163.6 billion, compared to $776.7 billion at the end of December 2023, according to the latest data from the SWF Institute, Argaam reported.
- Norway’s Government Pension Fund Global ranked first with $1.64 trillion assets, followed by China Investment Corp.
Business
DMCC registers 2,692 new companies in 2023, its second-best year on record
Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total...
- The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district boosted the performance.
- DMCC said it accounted for 11 percent of Dubai’s total FDI inflows and cemented its status as a global hub for trade in commodities like diamonds and precious stones.
Business
Madinah first Arab city to gain Gold Level in UN’s SDG Cities Initiative
Madinah, Saudi Arabia -- The United Nations Human Settlements Programme (UN-Habitat) has recognized Madinah for attaining Gold Level in the...
- Madinah became the first Saudi and Arab city, and the third internationally, to receive this recognition of achievement.
- Last month, UNESCO announced that Madinah was one of the three Saudi cities --the others being King Abdullah Economic City and Al-Ahsa -- that joined the UNESCO Global Network.
Business
AI in Saudi Arabia: Most companies have a plan, few are ready
While 93 percent of companies in the kingdom have an AI strategy, only 8 percent feel fully prepared, according to...
- The Index assesses AI readiness across 6 pillars: strategy, infrastructure, data, talent, governance, and culture, surveying respondents from companies with 500 or more employees.
- Only 12 percent of organizations have networks equipped for AI workloads, and 70 percent lack sufficient cybersecurity for AI models.
Business
SAR and Maersk to transport more containers between 2 Saudi ports
Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has signed a contract with the sea shipping company Maersk to increase...
- The contract will also help increase operational efficiency, decrease the number of trucks between Dammam and Riyadh cities, reduce emissions, and maintain road infrastructure.
- It will contribute to elevating Dammam Port to a regional station for global trade routes from the east to the local markets and countries in the region, said CEO SAR.
Geostrategy
Led by Elon Musk, Silicon Valley tech titans make rightward turn
Washington, United States -- Since his tumultuous takeover of Twitter, Elon Musk has made an unabashed turn to the right politically,...
- Musk's politics are now hardline right wing as he uses his platform (now called X) to stoke the themes cherished by Fox News, conservative talk radio and far right movements.
- Musk is not alone: other Silicon Valley mavens are also defending conservative causes, making noise in what electorally remains a liberal stronghold.
Business
Saudi Arabia’s IPI falls 8.8% in Jan on decrease in mining activity
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) continued to decline for the 13th month in a row,...
- Compared to Dec 2023, IPI increased by 0.3 percent supported by mining and quarrying activity, manufacturing activity and water supply, sewerage, waste management and remediation.
- On the other hand, the sub-index for mining and quarrying activity increased by 0.1 percent compared to December 2023.
UAE real GDP grows by 3.6% in first half of 2024, says economy minister
Non-oil sectors' contribution to GDP reaches 75%. Economy minister Abdulla bin Touq Al Marri says the growth reflects the dynamic...
Economy
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IMF predicts slightly slower global growth in 2024 and 2025
In its new World Economic Outlook (WEO) report, the International Monetary Fund also estimates that global inflation will continue to...
Economy
Israeli settler attacks, Gaza conflict ruin Palestinian olive harvest
UN experts said recently that Palestinian farmers in the occupied West Bank are facing "the most dangerous olive season ever".
Geostrategy
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Geostrategy
States helping Israel’s occupation may be ‘complicit’: UN experts
"Israel's internationally wrongful acts give rise to state responsibility, not only for Israel, but for all states," said Navi Pillay,...
- It also examines the implications of last month's UN General Assembly vote demanding the occupation end within a year.
- Pillay, a former UN rights chief, said all countries are "obligated not to recognize territorial or sovereignty claims made by Israel over the occupied territories".
Geostrategy
Global Future Councils meet calls for collective action to tackle global crises
Over 500 experts gathered at the World Economic Forum Annual Meeting of the Global Future Councils 2024 in Dubai to...
- Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs of the United Arab Emirates, said, “The only constant conviction we recognize every day is that nothing remains stable.”
- Sessions also explored novel approaches needed to tackle emissions while ensuring an equitable and socially responsible transition
Geostrategy
Middle East crisis top-of-mind at first EU-Gulf summit in Brussels
Confirmed at the last minute, the presence of Saudi Arabia's Crown Prince among the six Gulf leaders in attendance heightened...
- The European Union is the second-largest trading partner for GCC countries but talks on a trade pact have languished for years.
- Gulf countries have repeatedly called for the creation of a Palestinian state alongside Israel, with some playing a key role in efforts to secure a ceasefire in Gaza.