Saudi powers forward with deficit spending to fund reforms
The Arab world's largest economy is overseeing a major push to slash its dependence on oil revenues, with officials pouring...
Economy
Israel returns 15 bodies to Gaza after hostage remains identified
It came after Israel announced that a body handed over by Hamas on Tuesday was that of Dror Or, one...
Geostrategy
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.
Business
Saudi Arabia’s PIF to acquire stake in Binladin Group: Report
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) intends to acquire a stake in Saudi Binladin Group (SBG), Bloomberg...
- The PIF is considering acquiring part or all the 36 percent stake owned by the ministry of finance.
- The fund is working with Morgan Stanley on the potential deal to buy into SBG, Argaam reported, citing reports.
Geostrategy
Broad support among G20 for two-state solution in Middle East: Brazil
There was "virtual unanimity for the two-state solution as the only possible solution," Brazilian Foreign Minister Mauro Vieira told journalists...
- "Every (minister) that addressed the issue voiced support" for a two-state solution, "and it was a lot" of ministers, he said.
- EU foreign policy chief Josep Borrell had urged Vieira to use his closing statement "to explain to the world that at the G20, everybody was in favor of" a two-state solution.
Geostrategy
Israel strikes crowded Rafah as truce talks under way
Major powers trying to find a way to end the destructive Israel-Hamas war have so far failed, but a US...
- Alarm has centered on Gaza's southernmost city of Rafah, where hundreds of thousands of displaced civilians are living in makeshift camps where disease threatens.
- Israel's onslaught has killed at least 29,410 people, mostly women and children, according to the latest count by Gaza's health ministry.
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Saudi powers forward with deficit spending to fund reforms
The Arab world's largest economy is overseeing a major push to slash its dependence on oil revenues, with officials pouring...
Economy
Company News
PIF sets up sarcc company
Business
Latest News
Tech firms aiming for smaller, leaner AI models
Smaller AI models save energy, reduce costs, and enhance data security but work alongside large models for advanced solutions.
Business
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...
Geostrategy
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...
Economy
Most Read
QatarEnergy inks gas supply deal for China with Shell
Doha, Qatar - Qatar has agreed to supply three million tonnes of gas a year to China in a deal...
- The liquefied natural gas deliveries would begin in January as part of a "new long-term sale and purchase agreement."
- Qatar is one of the world's top gas producers alongside the United States, Australia and Russia
Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
- Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
- The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
Geostrategy
Macron to hold talks with Crown Prince Salman on Saudi visit
Macron is beginning the first state visit by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing...
- Macron's three-day stay also coincides with a flare-up of violence in Syria, where anti-government rebels have seized Aleppo, the second largest city.
- The fighting in Syria comes after France helped to broker a fragile ceasefire in neighboring Lebanon, where Israel has been fighting Iran proxy Hezbollah.