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
Mobily 2023 profit up 35%
The company's Q4 2023 net profit surged 23%.
- The positive performance was driven by the increase in revenue across all segments and expanding customer base.
- Mobily recorded an increase in the EBITDA by 7.22 percent to SAR 6.62 billion in 2023, compared to SAR 6.17 billion in the prior year.
Business
Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
- Non-oil exports (including re-exports) decreased by 1.2 percent, compared to Q4 2022, decreasing to SAR 71.1 billion from SAR 71.9 billion in Q4 2022.
- In Q4 2023, exports to China amounted to SAR 50.2 billion (16.9 percent of total exports), making this country the main destination for the Kingdom’s exports.
Geostrategy
World needs ‘trillions’ for climate action: COP28 president
Paris, France -- The world needs "trillions" of dollars to spur on the green transition and tackle global warming, the head...
- Sultan Al Jaber, who is also chief of the UAE's national oil company ADNOC, said finance was "the key enabler of positive change at the speed and scale" needed.
- "But not normal scale finance -- we need finance at every level," he said, at an event in Paris organized by the International Energy Agency (IEA).
Business
Construction costs set to rise in UAE, Saudi Arabia in 2024: Report
Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7...
- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7 percent in 2024.
- Increases will challenge construction firms, which will need to develop new processes and capabilities to keep costs under control and projects on track.
Geostrategy
US vetoes Security Council vote on Gaza ceasefire, pushes alternative
The resolution, which Algeria had been working on for three weeks, had demanded "an immediate humanitarian ceasefire that must be...
- The vote came as Israel prepares to move into the southern Gaza Strip city of Rafah, where some 1.4 million people have fled.
- However, Israel is facing increased pressure to hold off, including from its closest ally the United States.
Business
Qatar’s Industrial Production Index up 3.9% in Dec 2023
Doha, Qatar -- Qatar's Industrial Production index (IPI) in December 2023 reached 95.3 points, an increase of 3.9 percent compared...
- IPI reflects the growth of details of the growth of the various industrial economic sectors, with different relative weights, such mining and quarrying (82.46 percent).
- The index of mining sector showed an increase by 5 percent compared to the previous month, due to increase in the quantities of crude oil petroleum and natural gas.
Science
Saudi varsity enters Guinness records for world’s largest dental hospital
Riyadh, Saudi Arabia -- King Saud University (KSU) has achieved a new global milestone by entering the Guinness World Record...
- The King Saudi University dental hospital has a total area of 37,165 square meters.
- The university's medical city provides treatment services through its three campus hospitals and eight affiliated centers of excellence.
Economy
China cuts key mortgage rate to boost economy
China last year recorded one of its worst annual growth rates since 1990, dampening hopes for a rapid economic recovery...
- China has struggled to kickstart growth as it battles a prolonged property sector downturn, soaring youth unemployment and a global slowdown
- The five-year loan prime rate (LPR) was lowered from 4.2 to 3.95 percent, the People's Bank of China announced, in the first cut since June
Saudi retail is 23% of non-oil GDP, expected to grow to $122.6bn in 2024
Riyadh, Saudi Arabia - Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said on Monday that the...
- Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail emphasized the crucial role of the retail sector as a major economic driver
- He expressed optimism that discussions at the summit would contribute to the sector's development and overall service enhancement
Economy
Strategic initiatives help UAE lead digital economy
“This economy merges national skills and technological solutions, creating an advanced model that contributes to achieving the goals of the...
- The UAE is aiming to significantly boost the digital economy's contribution to the non-oil GDP over the next decade.
- Efforts are being ramped up to accelerate the adoption of digital solutions across various sectors in the Gulf country.
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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
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
Company News
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Boeing to cut 10% of workforce
Business
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...
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...
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
Business
Most Read
Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
- 3.7 billion acres must be restored by decade's end to combat crises
- Forest loss and degraded soils were reducing resilience to climate change and biodiversity loss
Geostrategy
Gulf summit in Kuwait urges ‘immediate ceasefire’ for Gaza
Kuwaiti Emir Sheikh Meshal al-Ahmad al-Sabah called on the international community to implement "an immediate ceasefire, providing international protection for...
- Sheikh Meshal hit out at what he characterized as the "double standards in the application of relevant international laws, charters and resolutions."
- The Kuwaiti ruler spoke in support of Saudi Arabia's work to form a global body pushing for an independent Palestinian state.
Geostrategy
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States -- President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
- The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
- The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates