Amazon unveils new AI chip in battle against Nvidia
San Francisco, United States -- Amazon Web Services launched its in-house-built Trainium3 AI chip on Tuesday, marking a significant push...
Business
Four European nations urge Israel to end West Bank ‘settler violence’
"We -- France, Germany, Italy, the United Kingdom -- strongly condemn the massive increase of settler violence against Palestinian civilians...
Geostrategy
Business
Mashreq closes $88m loan
The one-year syndicated term facility was closed for Agrobank.
- Mashreq acted as sole coordinator, initial mandated lead arranger, bookrunner, and facility agent for the deal.
- Marking a debut transaction for an Uzbekistan state-owned bank in the MENA region, the facility was oversubscribed by 75 percent.
Economy
‘WTO champions global trade stability, prosperity’
"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...
- Comoros and Timor-Leste sign Protocols of Accession, set to join WTO within 30 days.
- Accessions signify global confidence in the WTO and promise their economic growth.
Geostrategy
Investment Facilitation for Development pact finalized at Abu Dhabi WTO meet
Abu Dhabi, UAE -- Ministers representing 123 World Trade Organisation (WTO) members have finalized the Investment Facilitation for Development (IFD)...
- The ministers also urged the 13th WTO Ministerial Conference (MC13) to incorporate the IFD Agreement into Annex 4 of the Marrakesh Agreement Establishing the WTO.
- Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said the IFD Agreement is the result of more than six years of work, dedication and vision of more than 120 members.
Business
Maaden net profit falls 83%
The company's fourth-quarter net profit declined 12% YoY.
- The net profit decreased due to a decline in sales (by 27% YoY from SAR 40.27bn to 29.27bn) on the back of lower commodity market prices of all products except gold.
- Net profit was also impacted by higher finance cost due to increased borrowing rates and lower share of profit from joint ventures on the back of lower commodity market prices.
Geostrategy
Arab states tell UN court Israeli occupation is ‘affront to justice’
The International Court of Justice entered its last day of week-long hearings after a request from the UN, with an...
- Most speakers during the hearings have demanded that Israel end its occupation, which came after a six-day Arab-Israeli war in 1967.
- "If left unchecked, it runs the risk of not only threatening regional, but also global peace and security," Turkey's representative Ahmet Yildiz said.
Business
SABIC AN profit falls 64%
The company had posted a profit of $2.67 billion in 2022.
- The company attributed the profit decline to lower revenue, which fell by 42 percent year-on-year (YoY) due to a 43 percent drop in average selling prices.
- The fourth-quarter net profit slumped 55 percent to SAR 977.91 million from SAR 2.16 billion in the prior-year period.
Business
QGIRCO 2023 loss $439m
Loss attributed to revaluation of investment properties.
- The loss was also due to reclassification of the Group's investments in Algeria from investment in associates to financial assets at fair value through other comprehensive income.
- The loss per share amounted to QR 1.675 in 2023 versus loss per share of QR 0.608 for the same period in 2022. The Board of Directors proposed not to distribute dividends.
Over 6m worshippers perform prayers at Prophet’s mosque last week
Madinah, Saudi Arabia -- Saudi General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's...
- The statistics showed that 647,790 visited the Prophet Mohammed's tomb, and 298,397 visitors performed prayers at Al-Rawdah Al-Sharifa
- More than 160,000 bottles of Zamzam water were provided, and 142,007 Iftar meals were distributed in corridors of the mosque
Geostrategy
Ghobash: WTO meet to make difference in people’s lives
Abu Dhabi, UAE -- The Abu Dhabi Session of the Parliamentary Conference on the World Trade Organization (PCWTO) was inaugurated...
- He added that implementing such agreements promotes hope globally that world nations are capable of going beyond geopolitical barriers to make a tangible impact
- The Abu Dhabi Session of the PCWTO saw the attendance of a number of ministers and nearly 300 parliamentarians.
Business
Dubai Customs records 44% increase in declarations in 2023
Dubai, UAE -– Customs declarations processed by the Inland Customs Centers Management of Dubai Customs increased by 44 percent, reaching...
- The cleared goods' total weight last year was 6 million tons, a 20 percent increase from 2022's 5 million tons.
- The Inland Customs Centers also processed 238,149 Vehicle Customs Cards (VCC), and the number of licensed companies operating in Ducamz reached 396.
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Amazon unveils new AI chip in battle against Nvidia
San Francisco, United States -- Amazon Web Services launched its in-house-built Trainium3 AI chip on Tuesday, marking a significant push...
Business
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PIF sets up sarcc company
Business
Bitcoin passes $100,000 mark for first time, outshining wavering stock markets
Donald Trump, who has vowed to make the US the 'bitcoin and cryptocurrency capital of the world' wrote 'Congratulations Bitcoiners...You're...
Business
OECD warns of protectionism weeks before Trump return
While the organization raised its 2025 global growth forecast to 3.3 percent, it cautioned that "greater trade protectionism, particularly from...
Economy
France, Saudi Arabia to co-chair June meet on creating Palestinian state: Macron
The French president said they want to involve both European and non-European allies who are ready to move in this...
Geostrategy
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Geostrategy
Macron attends PIF-hosted Riyadh One Planet Sovereign Wealth Funds meet
Riyadh, Saudi Arabia -- French President Emmanuel Macron and over 100 CEOs besides members of OPSWF, asset managers, and private...
- Discussions at the summit focused on the pivotal role of sovereign wealth funds as global investors in addressing climate challenges among others.
- Key action tracks were identified to enhance investment decision-making for climate action, boost efficiency and impact within the global financial system.
Economy
Developing countries paid $1.4 trillion to service their debts in 2024
The poorest countries paid out more than $96 billion to service their debts, the Bank announced in its latest report...
- The World Bank report noted that high interest rates have been a key driver of the rising cost of servicing foreign debt.
- Rates charged by private creditors were even worse, rising to a 15-year high of six percent -- an increase of more than one percentage point.
How Eco-Conscious Practices Are Shaping the Future of Luxury Spas?
In recent years, ‘wellness’ has come to mean many things for hotel operators. The term encompasses guest-centric experiences, environmental initiatives...
- The region boasts a unique combination of cutting-edge technologies and world-class spa facilities.
- Today’s consumers are looking for more than lavish amenities; they want brands that stand for something and align with their values.