Hamas says weapons are ‘legitimate right’, open to proposals that preserve it
"Resistance and its weapons are a legitimate right guaranteed by international law and are linked to the establishment of a...
Geostrategy
Mediators Qatar and Egypt call for next steps in fragile Gaza truce
"Now we are at the critical moment... A ceasefire cannot be completed unless there is a full withdrawal of the...
Geostrategy
Business
SAIC net profit $39 million
The company's Board announces a dividend of $11.79 million.
- The company's fourth-quarter net profit increased 89.6 percent year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in 2022.
- In a Tadawul filing, the company attributed the rise in net profit to sale of shares in associated companies and the sale of financial assets at fair value through profit or loss.
Geostrategy
European Union and Egypt to sign $8 billion funding package
Cairo, Egypt -- The European Union, which is seeking to stem the inflow of irregular migrants, announced Sunday a 7.4 billion...
- It will include billions in loans over coming years and aims to step up Egyptian energy imports to help Europe "move further away from Russian gas" amid the Ukraine war.
- Egypt already hosts around 9 million migrants and refugees, including 4 million Sudanese and 1.5 million Syrians, according to the UN's International Organization for Migration.
Economy
US Fed to provide fresh clues on rate cuts after uptick in inflation
The Fed has raised interest rates to a 23-year high of between 5.25 and 5.50% as it looks to return...
- After two days of discussions, the Fed will publish an updated summary of economic projections (SEP) alongside its rate decision on Wednesday,
- Officials at the US central bank -- led by Fed chair Jerome Powell -- have urged caution about cutting interest rates too quickly, and said they will follow a "data-dependent" path
Arts & Culture
UAE backs women in climate action, gender equality
“Today’s frameworks to advance gender equality and women’s empowerment ring hollow in the face of the war on Gaza, which...
- UAE Minister of State Noura Al Kaabi emphasizes the importance of enhancing national systems to promote gender equality.
- The UAE ranks among the top 10 countries for gender equality, showcasing significant progress on the Gender Inequality Index.
Business
UAE launches digital public consultation on tax implementation
Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders...
- The consultation will be open from 15th March 2024 to 10th April 2024, and accessible via the Ministry’s website or the UAE’s Government Portal.
- To familiarize stakeholders with the rules and to ensure informed feedback is received, the Ministry has issued a Global Minimum Tax briefing document alongside the consultation.
Geostrategy
First aid boat unloads in Gaza as Hamas proposes new truce
During the proposed truce, Gaza militants would release about 42 hostages seized during the October 7 attack that triggered the...
- Spanish vessel Open Arms meanwhile was seen towing a barge loaded with 200 tons of food for Gazans threatened with famine after more than five months of war.
- The United Nations has repeatedly warned of looming famine, with only a fraction of the supplies needed to sustain Gaza's 2.4 million people being let in.
Business
Non-oil trade between UAE and US hits $31.4 billion in 2023
Abu Dhabi, UAE -- Non-oil trade between the UAE and the United States reached $31.4 billion in 2023 and is...
- Danny E. Sebright, President of the US-UAE Business Council, said that US exports to the UAE reached $24.8 billion last year, exceeding 2022 exports of $20.8 billion by 19 percent.
- He highlighted that US exports to the UAE support 125,000 jobs in the US, while UAE exports to the US totaled $6.6 billion last year.
Business
Eyes on Bank of Japan as unions announce big wage hikes
Tokyo, Japan -- Japan's largest trade union said Friday it had secured the highest wage hikes since 1991 in preliminary data...
- The Rengo union said that in spring wage talks so far, its members had secured pay rises of nearly 5.3% on average, compared with 3.8% at this point last year.
- Wage growth has been sluggish in Japan for decades, and the government partly blames this for the economy's woes.
Geostrategy
UAE rises to seventh rank globally in UN gender balance index
Dubai, UAE -- The UAE advanced to the seventh rank globally in the Gender Inequality Index 2024, issued by the...
- The UAE rose from its 49th place in 2015 and 11th place in 2022 from Gender Inequality Index 2024 by the UNDP.
- The UNDP announced UAE's achievement during the meetings of the 68th session of the Commission on the Status of Women, being held until 22 March in New York.
Geostrategy
UN probe: ‘No exchange of fire’ before Israel shelled media in Lebanon
Two Israeli shells hit the group in quick succession as they were working near the border village of Alma al-Shaab...
- UNIFIL's investigation found that as there was no exchange of fire at the time of the incident, "the reason for the strikes on the journalists is not known".
- An AFP probe into the attack, jointly conducted with Airwars, an NGO that probes attacks on civilians in conflict situations, pointed to a tank shell only used by Israeli army.
Most Read
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
Hamas says weapons are ‘legitimate right’, open to proposals that preserve it
"Resistance and its weapons are a legitimate right guaranteed by international law and are linked to the establishment of a...
Geostrategy
Company News
Banana taped to a wall sells for $6.2 million
Arts & Culture
US vetoes Gaza ceasefire call at UN
Geostrategy
Latest News
Turkey’s Pegasus Airlines says to buy 200 Boeing 737 aircraft
Istanbul, Turkey -- Turkey's Pegasus Airlines said Thursday it would buy 200 Boeing 737 MAX 10 aircraft in its largest-ever order...
Business
Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
Most Read
Geostrategy
TikTok under fire: Espionage claims, election influence campaigns and controversies
The platform faces accusations of espionage in the United States, while the European Union has launched an investigation into claims...
- The United States in April passed a law obliging TikTok's Chinese owner ByteDance to sell off the platform by January 19 on the grounds it allowed China to access data on US users.
- Its editing features and powerful algorithm have kept it ahead of the game, attracting an army of creators and influencers as well as creating many of its own.
Business
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
- Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
- The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.
Business
US stocks mostly rise ahead of expected rate cut, bitcoin hits new record
The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a...
- Bitcoin hit a new record high at $106,493.43 as it continues to gain support from Donald Trump's backing of cryptocurrencies.
- Investors are turning their attention to Wednesday's US Federal Reserve decision on borrowing costs at its last policy meeting of the year before Trump takes office next month.