18 Palestinians killed in Israeli strikes on northern, southern Gaza
Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
Geostrategy
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...
Business
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.
18 Palestinians killed in Israeli strikes on northern, southern Gaza
Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
Geostrategy
Company News
Latest News
UAE records 37% increase in greenfield FDI to $16 billion in 2023
Abu Dhabi, UAE -- The UAE has witnessed a 37% increase in greenfield investments in 2023 to reach US$16 billion,...
Business
Saudi Arabia opens resort island at futuristic mega-city NEOM
Riyadh, Saudi Arabia -- Saudi Arabia's planned futuristic mega-city known as NEOM announced on Sunday the opening of its "first physical...
Geostrategy
Saudis part ways with coach Mancini after a run of poor results
Riyadh, Saudi Arabia -- Saudi Arabia's football body said it was ending the contract of national coach Roberto Mancini after 14...
Arts & Culture
Most Read
Interview
Bridging skills gap: UAE, Singapore lead the way
The two countries have adopted a people-centric and collaborative upskilling approach, says Till Leopold, Interim Head of Knowledge Communities at...
- In the UAE, impressive progress has been made in defining key skills and raising national awareness on human capital development.
- Leopold highlights AI-driven energy demand as a key sector for transformation, with significant job creation in sustainable energy.
Geostrategy
Beirut’s suburbs ravaged by Israeli air raids as Blinken urges de-escalation with Iran
Israeli airstrikes on Hezbollah's southern Beirut stronghold destroyed six buildings in the deadliest assault since the war began, despite U.S....
- In southern Lebanon, Israeli strikes pounded Tyre, leaving swathes of its centre in ruins and sparking a new exodus from the once vibrant coastal city
- Concerns are mounting over tens of thousands of civilians trapped by fighting in Gaza's aid-starved north, where Israel launched a major air and ground assault this month
Interview
WEF Dubai: UAE fosters global dialogue
The UAE has agile governance and it is not beholden to short-termism, Maroun Kairouz, Head of Regional Agenda for the...
- This year’s knowledge-share platform touched on a wide range of socio-economic challenges, from the ongoing humanitarian crises in the region to the shifts reshaping GCC industries
- Kairouz calls for a unified regional vision that can inspire a positive outlook on the future and provide alternatives to the deprivation that plague parts of the Middle East