In Data Center Alley, AI sows building boom, doubts
Ashburn, United States -- As planes make their final approach to Washington DC's Dulles Airport, just below lies Ashburn, a...
Business
Pope urges Lebanese to stay in their country despite difficulties
Leo emphasized the need for peace, using the word more than 20 times during the address, without mentioning any specific...
Geostrategy
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.
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
In Data Center Alley, AI sows building boom, doubts
Ashburn, United States -- As planes make their final approach to Washington DC's Dulles Airport, just below lies Ashburn, a...
Business
Company News
Latest News
Boeing to boost 787 production
The firm will invest$1bn to ramp up production in South Carolina.
Business
‘A matter of pride’: Saudis rejoice as World Cup bid approved
Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's...
Arts & Culture
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
Business
Most Read
Geostrategy
Crunch time for Saudi-hosted drought, desertification talks
Riyadh, Saudi Arabia -- Landmark talks on desertification are set to conclude in Saudi Arabia this week amid doubts that pledged funds...
- The 12-day UNCCD COP16 meeting has announced billions in funding for drought response and land restoration.
- The UNCCD said 1.5 billion hectares (3.7 billion acres) of land must be restored by decade's end and that at least $2.6 trillion in global investments were needed.
Business
Air passenger numbers to top five billion for the first time in 2025: IATA
Geneva, Switzerland -- Air passenger numbers are forecast to top five billion for the first time next year and the sector's...
- Total industry revenues are forecast at $1.007 trillion, helped by falling oil and fuel prices, "the first time that industry revenues top the $1 trillion mark," IATA said.
- Airlines have been hit by rising fuel costs since Russia invaded Ukraine in 2022 but IATA said it expected this factor to ease next year.
Business
UAE to introduce 15% tax rate on corporate profit from Jan 2025
Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it...
- The move will bring the UAE in line with efforts towards a global minimum corporate rate.
- The UAE, long considered a tax haven, last year began taxing the profits of companies worth more than 375,000 dirhams ($102,000) at nine percent.