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
Cambridge study warns of perils in AI-driven ‘intention economy’
London, United Kingdom -- Conversational artificial intelligence (AI) tools may soon "covertly influence" users' decision making in a new commercial frontier...
Business
Geostrategy
Palestinians reduced to antagonists in someone else’s story: Queen Rania
In a powerful speech at the first-ever Web Summit Qatar conference, while calling for an immediate end to the war...
- Palestinian story has been obscured, allowing Palestinians to be dehumanized, discredited, and “turned into a people unto whom anything can be done, without consequence.”
- Their many attempts at non-violent resistance – from historic strikes and civil disobedience, to Gaza’s Great March of Return – have been crushed, even criminalized,” she said.
Business
Luberef net profit falls 24%
Decline attributed to lower prices for base oils, secondary products.
- The company also reported a decrease in base oils and secondary products’ cracking margins, despite higher sales volumes.
- The fourth-quarter net profit dropped 65 percent to SAR 268.7 million from SAR 763.19 million in Q4 2022.
Business
Pakistan-Iran gas pipeline recommences after 10-year delay
Tehran, Iran -- In a significant step towards enhancing energy cooperation between Pakistan and Iran, Islamabad has given the green...
- The approval comes as Pakistan has scrambled to avoid a staggering $18 billion fine. Analysts say the project will improve Pakistan's energy security.
- Iran has extended the project deadline by 180 days until September 2024 so as to avoid a legal dispute with Pakistan at international tribunals.
Geostrategy
Russia in contact with OIC on upcoming presidential vote
Moscow, Russia -- Moscow is maintaining close contact with officials from the Arab League and the Organization of Islamic Cooperation...
- "We are always in contact on all issues, including election cycles in our countries, and we coordinate our approaches," said Russian Deputy Foreign Minister Mikhail Bogdanov.
- The senior diplomat pointed out in this regard that he "himself attended Palestine’s elections as an observer in the past."
Business
Saudi Arabia surpasses 2030 tourism target of 100 million visitors
The Kingdom drew praise for this achievement from UN Tourism and the World Travel & Tourism Council. Motivated by this...
- International tourists numbered 27.4 million, a substantial 56 percent increase over 2019 and an impressive 65 percent rise compared to 2022.
- Tourism has proved to be a significant contributor to the nation’s economy, with domestic and international tourists spending over SAR 250 billion ($66.65 billion) in 2023
Business
Aramco signs $6bn purchase agreements with local suppliers
Dhahran, Saudi Arabia -- Energy giant Saudi Aramco Tuesday announced that it has signed 40 corporate purchase agreements worth $6...
- The new purchase agreements cover companies in multiple sectors and include the supply of a variety of products, including strategic goods.
- In the same context, Saudi Aramco signed two memorandums of understanding with strategic partners to cooperate in the field of localization and supply chain development.
Business
Robot dogs and flying cars: mobile gadget highlights
US firm Alef Aeronautics displayed to the public for the first time the working model of what it says is...
- Chinese firm Tecno Mobile showed off a robotic dog inspired by the German Shepherd which uses AI and powerful sensors to understand voice commands.
- Dutch startup Whispp demonstrated a calling app which uses AI technology to covert impaired speech due to conditions such as throat cancer.
Business
Mashreq closes $88m loan
The one-year syndicated term facility was closed for Agrobank.
- Mashreq acted as sole coordinator, initial mandated lead arranger, bookrunner, and facility agent for the deal.
- Marking a debut transaction for an Uzbekistan state-owned bank in the MENA region, the facility was oversubscribed by 75 percent.
Economy
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
- Comoros and Timor-Leste sign Protocols of Accession, set to join WTO within 30 days.
- Accessions signify global confidence in the WTO and promise their economic growth.
Geostrategy
Investment Facilitation for Development pact finalized at Abu Dhabi WTO meet
Abu Dhabi, UAE -- Ministers representing 123 World Trade Organisation (WTO) members have finalized the Investment Facilitation for Development (IFD)...
- The ministers also urged the 13th WTO Ministerial Conference (MC13) to incorporate the IFD Agreement into Annex 4 of the Marrakesh Agreement Establishing the WTO.
- Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said the IFD Agreement is the result of more than six years of work, dedication and vision of more than 120 members.
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
Company News
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WEF Global Future Councils meet in Dubai to tackle pressing global issues
More than 500 experts are expected to attend the meeting. Amid a rapidly shifting global landscape of geopolitical tensions, climate...
Geostrategy
Trio wins economics Nobel for insights into income inequality
By examining the various political and economic systems introduced by European colonizers, the three have demonstrated a relationship between societal...
Geostrategy
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
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Business
Boeing to cut 10% of workforce
The aviation giant has projected a large third-quarter loss.
- The company announced a series of belt-tightening measures and production delays in the wake of the nearly month-long strike of 33,000 workers.
- Boeing said the strike contributed to $3 billion in pre-tax charges to its commercial aviation results in the third quarter.
Economy
World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
- Global GDP growth at market exchange rates is expected to remain at 2.7 percent in both years.
- Declining inflationary pressure has allowed central banks in advanced economies to begin cutting interest rates, which should stimulate consumption.
Geostrategy
Japanese group wins peace Nobel, says Gaza like Japan 80 years ago
Nihon Hidankyo, a grassroots movement of atomic bomb survivors from Hiroshima and Nagasaki, also known as Hibakusha, received the honor...
- The situation for children in Gaza is similar to the situation in Japan at the end of World War II, the co-head of Nihon Hidankyo said.
- "In Gaza, children in blood are being held. It's like in Japan 80 years ago," Toshiyuki Mimaki told a news conference in Tokyo.