MEA market decision-making cycle is fast but risk-averse
MEA markets feature rapid growth, high owner influence, diverse operator models, and younger hotel infrastructure, says Ralph Melis, co-founder and...
Interview
Gold hits record high, dollar falls as US targets Fed
Fed Chair Jerome Powell confirmed the "unprecedented" subpoenas against the bank in a rare video address on Sunday, which he...
Business
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.
Geostrategy
Stocks hit by Iran-Israel fears, containment hopes stem losses
Saturday's bombardment of more than 300 ballistic and cruise missiles and attack drones -- which were mostly repelled by air...
- Asian markets mostly fell Monday, though they pared their initial big losses. Tokyo, Hong Kong, Seoul, Sydney, Wellington, Singapore, Mumbai, Taipei and Manila were all in the red
- With worries about an escalation subsiding for now, oil prices dipped, though observers warned they could spike back above $100 if the crisis worsens.
Business
After long peace, Big Tech faces US antitrust reckoning
Launched under both the Trump and Biden administrations, five major cases from the Federal Trade Commission (FTC) and the Department...
- The most recent came in March against Apple by the FTC, which alleges the iPhone maker abuses its dominance of the premium smartphone sector.
- Washington had largely remained silent on Big Tech cases since its wars with Microsoft that began in the 1990s and ended in a settlement in the early 2000s.
Geostrategy
US troops head to region as fears grow of Gaza war’s spread
Fears of regional escalation grew after a strike on Iran's consular annex at its embassy in Damascus. Tehran blames the...
- Airlines said they are avoiding Iranian airspace, nearly two weeks after a strike, which Iran blamed on Israel, destroyed Tehran's consular annex at its embassy in Damascus.
- Tensions have also flared in the Israeli-occupied West Bank, where settler attacks left at least one Palestinian dead and dozens injured.
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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
MEA market decision-making cycle is fast but risk-averse
MEA markets feature rapid growth, high owner influence, diverse operator models, and younger hotel infrastructure, says Ralph Melis, co-founder and...
Interview
Company News
Boeing to boost 787 production
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Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
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
Dubai Airport set for record start to 2025: 4.3m guests in 15 days
Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days...
Business
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Business
NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
- It is aimed at financing the general budgetary needs and was secured with the participation of three regional and international financial institutions.
- The arrangement of these credit facilities aligns with the Kingdom's medium-term public debt strategy, aimed at diversifying funding channels.
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...
- The transaction volume surged by 51 percent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity.
- There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600.
Geostrategy
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,...
- At least 108,379 other civilians, most of them children, have been injured and thousands remain under debris.
- The ministry said the Israeli forces committed two massacres against Palestinian families in the Gaza Strip over the past 24 hours.