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
OpenAI declares ChatGPT ‘code red’ over stiff competition: report
Washington, United States -- OpenAI CEO Sam Altman has declared a company-wide "code red" as its ChatGPT technology faces stiff...
Business
Business
Now more accessible, Bitcoin strikes record high above $69,000
Bitcoin has enjoyed an unbridled rise since the approval of a new type of investment indexed to the cryptocurrency. Since...
- The expected approval of the new investment product had contributed in recent months to a rise in its price.
- The industry sees the entrance of ETFs on the US market as proof of the growing interest from institutional investors in cryptocurrencies.
Business
PIF, Mumtalakat collaborate to boost investment opportunities in Bahrain
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom...
- Mumtalakat Holding Company owns shares in more than 50 commercial companies covering a variety of sectors.
- Through this agreement, PIF seeks to increase its investments in multiple targeted sectors in Bahrain.
Business
ADES 2023 profit $120m
Higher utilization rates in Saudi, Egypt fuel revenue growth.
- The increase in net profit is a result of the revenue growth by 75.6 percent year-on-year (YoY) to SAR 4.33 billion, Argaam reported.
- In Q4 2023, net profit fell 24 percent YoY to SAR 169 million from SAR 222.3 million in Q4 2022.
Business
Parkin IPO price AED2-2.1
The price range implies a market capitalization of $1.63bn-$1.72bn.
- It also announced the start of the subscription period for the IPO on the Dubai Financial Market (DFM).
- The Dubai Investment Fund (selling shareholder) expects to sell more than 749 million ordinary shares.
Business
Middle East saw surge in new CEO appointments in 2023: Report
Dubai, UAE – The Middle East witnessed the highest percentage of new CEO appointments globally, averaging at 16 percent, with...
- The region averaged 16 percent, with Saudi Arabia leading with an impressive 20 percent, according to 2023 Route to the Top report by Heidrick & Struggles.
- This trend is paralleled by markets such as Poland and Switzerland, with similarly high rates of new appointments.
Business
Qatar’s Jan Producer Price Index decreases by 4.38 percent
Doha, Qatar -- Qatar's General Producer Price Index (PPI) for January 2024 is estimated at 113.22 points showing a decrease...
- On Y-o-Y basis, PPI of January 2024 showed a decrease of 12.63 percent, according to the Planning and Statistics Authority (PSA).
- The PPI of January 2024 for Mining and Quarrying sector showed a decrease of 5.22 percent when compared with PPI of December 2023.
Business
Saudi Arabia sees over $11.9bn investments on Day 1 of LEAP 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Ministry of Communications and Information Technology announced has said that the Kingdom witnessed technology...
- Amazon Web Services will invest $5.3 billion in the Kingdom to create a high-capacity cloud region, the ministry said on its official X account, according to Argaam.
- Data Vault will invest $5 billion to build sustainable and innovative data centers, with a capacity of more than 300 megawatts, it further added.
Geostrategy
Saudi, UAE and Iraq extend oil cuts, Russia to slash output by 471,000 bpd
An energy ministry source said Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented...
- Russia will cut oil production by almost half a million barrels per day in the second quarter of 2024, the government said, as part of a move to boost prices.
- Iraq will extend its voluntary oil production cut of 220,000 bpd and UAE follows suit, says its production will remain at 2.912 million bpd.
Geostrategy
Iran conservatives secure bulk of seats in elections: media
Authorities were still counting ballots two days after Friday's vote for members of parliament and for the Assembly of Experts,...
- Fears of a low turnout had swirled ahead of the elections after a state TV poll found more than half of respondents were indifferent about the elections.
- Turnout in Tehran was around 25 percent, with ultraconservative candidates securing 12 of the 30 parliament seats allotted to the capital.
Business
Sharjah government issues 12-year bonds worth $750 million
Sharjah, UAE -- Bank of Sharjah has acted as a joint lead manager and bookrunner in Sharjah government's issuance of...
- The bond attracted significant investor interest, evidenced by an order book that exceeded $4 billion.
- The issuance was priced with a spread of 195 basis points over US Treasuries, significantly tighter than the initial guidance of 235 basis points.
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
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
Company News
Lulu’s IPO raises $1.72bn
Business
Latest News
Google unveils its most advanced Artificial Intelligence model, Gemini 2.0
San Francisco, United States -- Google on Wednesday announced the launch of Gemini 2.0, its most advanced artificial intelligence model to...
Business
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...
Geostrategy
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...
Business
Most Read
Business
Oil prices higher on China boost, Syria uncertainty
Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for...
- Oil prices rose more than one percent as traders tracked developments in Syria after president Bashar al-Assad fled the country over the weekend as rebels swept into Damascus.
- China is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt -- all of which threaten Beijing's official growth target.
Assad’s fall reshapes Middle East politics, redefining power dynamics across the region
The Islamist Hayat Tahrir al-Sham rebels shocked the world by swiftly seizing Aleppo and Damascus, overshadowing global focus on the...
- Assad had for nearly 14 years held off an uprising that many believed had been exhausted, but his downfall followed a series of battlefield convulsions for other allies of Iran
- Israel has all but decapitated the Hezbollah leadership in Lebanon since September, while the killing of Hamas figureheads has dealt major blows to Assad's key backer Tehran
Geostrategy
UK Prime Minister to talk trade, Middle East during Gulf visit
London, United Kingdom -- Britain's leader Keir Starmer makes his first trip to the Gulf as prime minister from Sunday, seeking...
- Starmer will first visit the United Arab Emirates and then travel to Saudi Arabia, before stopping off in Cyprus on his way back to London on Tuesday.
- Starmer's trip comes after Britain last week rolled out the diplomatic red carpet for Qatar's emir Sheikh Tamim bin Hamad Al-Thani who enjoyed a state visit to the UK.