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
Science
Saudi varsity enters Guinness records for world’s largest dental hospital
Riyadh, Saudi Arabia -- King Saud University (KSU) has achieved a new global milestone by entering the Guinness World Record...
- The King Saudi University dental hospital has a total area of 37,165 square meters.
- The university's medical city provides treatment services through its three campus hospitals and eight affiliated centers of excellence.
Economy
China cuts key mortgage rate to boost economy
China last year recorded one of its worst annual growth rates since 1990, dampening hopes for a rapid economic recovery...
- China has struggled to kickstart growth as it battles a prolonged property sector downturn, soaring youth unemployment and a global slowdown
- The five-year loan prime rate (LPR) was lowered from 4.2 to 3.95 percent, the People's Bank of China announced, in the first cut since June
Saudi retail is 23% of non-oil GDP, expected to grow to $122.6bn in 2024
Riyadh, Saudi Arabia - Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said on Monday that the...
- Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail emphasized the crucial role of the retail sector as a major economic driver
- He expressed optimism that discussions at the summit would contribute to the sector's development and overall service enhancement
Economy
Strategic initiatives help UAE lead digital economy
“This economy merges national skills and technological solutions, creating an advanced model that contributes to achieving the goals of the...
- The UAE is aiming to significantly boost the digital economy's contribution to the non-oil GDP over the next decade.
- Efforts are being ramped up to accelerate the adoption of digital solutions across various sectors in the Gulf country.
Business
Saudi open banking market expected to hit $43bn by 2026: El-Kuwaiz
Riyadh, Saudi Arabia -- Saudi Arabia's open banking market is expected to expand from $7 billion in 2018 to around...
- El-Kuwaiz announced this at the conclusion of the Open Banking Hackathon, held here between February 4 and 19.
- A study has anticipated rise in the market value of training from SAR788 million to approximately SAR1 billion by 2026, he added.
Geostrategy
US draft UNSC resolution supports temporary Gaza truce: Report
Dubai, UAE -- The United States has proposed a rival draft resolution at the United Nations Security Council, emphasizing its...
- The proposed resolution echoes the language US President Joe Biden's said he used in his recent discussions with Israel's Prime Minister Benjamin Netanyahu.
- Washington has been hesitant to use the term "ceasefire" in UN actions regarding the Israel-Hamas conflict and shielded Israel from UN action.
Geostrategy
‘160-year-old story’: Abraham Lincoln pardoned Joe Biden’s ancestor
The "slender sheaf of 22 well-preserved pages of his trial transcript, unobtrusively squeezed among many hundreds of other routine court-martial...
- A record detail the trial of Moses J. Robinette after a fight with fellow Union Army civilian employee John J. Alexander on March 21, 1864
- The two men scuffled, and Robinette drew his pocketknife, leaving Alexander with several cuts before others intervened, according to the documents
Business
Yanbu NPC loss $129m
The company had reported net profit of $110 million in 2022.
- Against the revenue/sales of SAR 7.02 billion in 2022, the company posted revenue/sales of SAR 4.53 billion in 2023, down 35 percent.
- In a Tadawul disclosure, the company attributed the loss to lower average sales prices for all products compared to the previous period.
Business
PIF acquires 40% of Zamil Offshore
Zamil is one of the largest offshore support vessel operators.
- PIF said the investment will enable Zamil to continue expanding its services and fleet to serve the growing demand for offshore support services.
- Incorporated in 1977, Zamil Offshore manages and operates more than 90 vessels in the Arabian Gulf.
Business
Emirates Flight acquires Bustanica
Bustanica is the world's largest indoor vertical farm.
- Bustanica’s 330,000sqft facility has the capacity to grow more than 1 million kilograms of leafy greens a year.
- Its produce is available across all major retailers in the UAE such as Spinney's, Waitrose, Carrefour, and Choithrams.
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
Company News
EGA buys 80% stake in Spectro
Business
Latest News
Dubai’s night beaches a cool solution to summer heat
With temperatures regularly topping 40 degrees Celsius, outdoor activities are severely limited. More than one million people have visited the...
Geostrategy
Casino operator Wynn wins UAE’s first commercial gaming license
Dubai, United Arab Emirates -- US casino operator Wynn has received the first commercial gaming operator's license to be issued in...
Business
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Geostrategy
Israel declares UN chief ‘persona non grata’ over Iran attack response
"Anyone who cannot unequivocally condemn Iran's heinous attack on Israel does not deserve to step foot on Israeli soil," said...
- Following Iran's missile attack on Israel late Tuesday, Guterres condemned the "broadening conflict in the Middle East", slamming "escalation after escalation" in the region.
- Israel has been a harsh critic of the UN, with ties between the state and the international body souring even more after the October 7 Hamas attacks.
Geostrategy
G7 says diplomatic solution is still possible in Middle East
Rome, Italy -- The G7 on Wednesday vowed to work together to reduce tensions in the Middle East and said a...
- Italian Prime Minister Giorgia Meloni called a telephone meeting of the body Wednesday to address the escalating Mideast crisis.
- "In a constantly evolving scenario, it was agreed to work together to promote a reduction of tensions at the regional level," said the statement released by the Italian government.
Business
Covestro accepts ADNOC takeover bid
The deal values German chemicals group at $13.3bn.
- Under the terms of the agreement, valid until the end of 2028, ADNOC will make an offer for all remaining Covestro stock at a price of 62 euros per share.
- ADNOC will also inject around 1.2 billion euros into the chemicals firm through the issuance of new shares, once the deal is completed.