US private sector lost 32,000 jobs last month in surprise drop
President Donald Trump has been touting the economy's health, and forecasts had incorrectly predicted the monthly data would show a...
Geostrategy
‘Dinosaur tartare’ and holograms: Dubai AI chef sparks awe and ire
Dubai, United Arab Emirates -- A Dubai restaurant has opened that prides itself on having the world's "first AI chef",...
Arts & Culture
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.
Geostrategy
US says talks came to ‘understanding’ on possible Gaza truce
"Representatives of Israel, the United States, Egypt, and Qatar met in Paris and came to an understanding among the four...
- "That work is underway. And we hope that in the coming days, we can drive to a point where there is actually a firm and final agreement on this issue."
- Negotiations for a ceasefire have resumed in Doha between the four countries, as well as Hamas representatives, state-linked Egyptian media reported Sunday.
Arts & Culture
Africa’s largest mosque inaugurated officially in Algeria’s capital
The vast mosque, which can hold 120,000 worshippers, first opened for prayers in October 2020, but President Abdelmadjid Tebboune was...
- It also boasts the world's tallest minaret -- 267 meters (875 feet) -- fitted with elevators and a viewing platform that looks out over the capital and the Bay of Algiers.
- The mosque's interior, in Andalusian style, is decorated in wood, marble and alabaster. The mega-project cost more than $800 million dollars and took seven years to build.
Economy
Gulf economies to outpace global forecast for 2024: FAB report
Abu Dhabi, UAE -- The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped...
- FAB sees UAE’s GDP expanding 3.7% in 2023 and 4% in 2024, and the GCC’s by 3.4% in 2024, higher than the IMF’s global forecast of 3.1% and 2.1% for the United States.
- FAB’s outlook notes that the GCC region continues to be supported by strong growth in non-oil GDP, with 3.4 percent expected in the medium term.
Geostrategy
UAE removed from international money laundering grey list
Countries on the grey list have "strategic deficiencies" in their efforts to counter money laundering and terrorist financing but are...
- More than 200 countries and jurisdictions have pledged to implement the recommendations of the FATF.
- The FATF also repeated its condemnation of Russia for its invasion of Ukraine two years ago.
Business
UAE to invest $35 billion to help solve currency crisis: Egypt PM
Madbouly said the investment would "contribute to resolving" a hard currency crunch which has threatened Egypt's ability to service its...
- According to UAE's WAM agency, ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest US$35 billion in Egypt.
- ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium.
Business
UAE, Kenya finalize Comprehensive Economic Partnership Agreement
Abu Dhabi, UAE -- The United Arab Emirates and Kenya have concluded negotiations on a Comprehensive Economic Partnership Agreement that...
- The CEPA will have significant positive impact on accelerating investment flows in high potential areas such as logistics, healthcare, travel and tourism.
- Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $710 billion.
Geostrategy
‘On edge of monumental disaster’: Israel hits southern Gaza
"I fear we are on the edge of a monumental disaster with grave implications for regional peace, security and human...
- Israeli bombardment obliterated one house and left a gaping hole in the earth east of Rafah, on the border with Egypt, where about 1.4 million Gazans have converged.
- Israel's bombardment of Gaza has killed at least 29,514 people, mostly women and children, according to the latest count by Gaza's health ministry.
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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
US private sector lost 32,000 jobs last month in surprise drop
President Donald Trump has been touting the economy's health, and forecasts had incorrectly predicted the monthly data would show a...
Geostrategy
Company News
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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.