Deja vu? Trump accused of economic denial and physical decline
Washington, United States -- An aging president faces poor poll numbers and suspicions about his health but insists that America...
Economy
Saudi Arabia, Qatar sign high-speed rail deal to link capitals
The train would reach speeds exceeding 300 kilometers per hour and the trip would take roughly two hours between Riyadh...
Geostrategy
Arts & Culture
Saudi Arabia formally launches bid for 2034 World Cup
Riyadh, Saudi Arabia -- Saudi Arabia formally launched its bid to host the 2034 World Cup on Friday, nearly four months...
- The bid comes two years after neighboring Qatar hosted the first World Cup in the Middle East.
- The campaign is under the slogan "Growing. Together", the Saudi Arabian Football Federation (SAFF) revealed its bid logo, website, as well as a short bid film.
Business
VW’s 2023 operating profit $24.4bn
An increase in sales in North America and Europe lifted the profits.
- In all, Volkswagen delivered some 9.2 million cars to customers in 2023, an improvement of 12 percent.
- The auto giant's units sold rose by 20 percent in Europe and in the North America region by 18 percent.
Business
Dubai Taxi Company net profit up 54%
The company will pay a dividend of $19.33 million for Q4.
- Revenue for the year increased 11 percent year-on-year (YoY) to AED 1.95 billion, primarily driven by the strong performance of its taxi segment.
- DTC’s fleet size at the end of 2023 was more than 7,400 vehicles, with its taxis and limousines completing 46 million trips in 2023, an increase of 8 percent YoY.
Business
e& pledges $6 billion to advance connectivity in 16 countries
Barcelona, Spain -- e& Friday pledged to invest $6 billion between 2024 and 2026 in technological advancement, infrastructure development, and...
- This investment is set to provide accessible and affordable network connectivity and digital services across its 16 operating countries.
- For e& customers in emerging markets, new financial, health, and educational services will increasingly hinge on high-speed connections via fiber or wireless broadband, e& said.
Geostrategy
‘Difficult discussions’ as WTO talks extended for third time
The WTO -- the only international body dealing with the rules of trade between nations -- is under pressure to...
- "Our challenge this week is to demonstrate that MC12 wasn't a one-off miracle," WTO Director-General Ngozi Okonjo-Iweala said on Monday.
- With farmer protests sweeping Europe and India, agriculture agreements have emerged as a particularly sensitive topic of debate.
Business
European airlines witness a rise in profits in 2023
LONDON, UK – Europe's aviation industry is extending its bounceback from the Covid pandemic, as British Airways owner IAG and Franco-Dutch...
- Offsetting a jump in the aviation sector is persistently-high inflation pushing up fuel and staff costs.
- Delays in deliveries of commercial jets produced by Boeing and Airbus is hampering the sector’s rise.
Geostrategy
Israel killed 25,000 Palestinian women, children since Oct: Pentagon
"It's over 25,000," US Defense Secretary Lloyd Austin told lawmakers when asked during a House Armed Services Committee hearing for...
- Israel's relentless air and ground assault on Gaza has left more than 30,000 people dead, according to the territory's health ministry.
- The number provided by Austin is within the same range and come as Washington pushes for a ceasefire and a reduction in civilian casualties in Gaza.
Business
Sonatrach to invest $8.8bn in 2024 in gas exploration, production
Algiers, Algeria -- Sonatrach, the state-owned energy company of Algeria, will allocate $8.8 billion investment in 2024, which represents 17.6...
- The company's CEO, Rachid Hachichi, said majority of the allocated funds (71 percent) will be directed towards gas exploration and production activities.
- While the primary focus is on gas, Sonatrach also plans to dedicate a portion of its investments to refining and petrochemical sector (18 percent).
Business
Russia to ban petrol exports for six months to meet domestic demand
Despite being the world's third largest oil producer, Russia has suffered sporadic fuel shortages since last summer amid high demand...
- The Kremlin is also keen to avoid fuel shortages on the domestic market ahead of elections next month, in which President Vladimir Putin is seeking to extend his grip on power.
- Russia announced a similar export ban on diesel and petrol last year, after farmers in some regions were unable to harvest grain due to fuel shortages.
Business
UAE airports surpass 134 million passenger mark in 2023: GCAA
Abu Dhabi, UAE -- Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority (GCAA), said Thursday that the...
- Saif Mohammed Al Suwaidi, Director-General of GCAA, attributed this achievement to the robustness and competitiveness of the UAE aviation sector.
- Al Suwaidi highlighted that UAE airports recorded approximately 38 million arrivals, 37.805 million departures, and 58.328 million transit passengers in 2023.
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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
Deja vu? Trump accused of economic denial and physical decline
Washington, United States -- An aging president faces poor poll numbers and suspicions about his health but insists that America...
Economy
Company News
Lulu’s IPO raises $1.72bn
Business
Latest News
‘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
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
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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.
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.