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
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
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 --Â 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.
Business
Saudi open banking market expected to hit $43bn by 2026: El-Kuwaiz
Riyadh, Saudi Arabia -- Saudi Arabia's open banking market is expected to expand from $7 billion in 2018 to around...
- El-Kuwaiz announced this at the conclusion of the Open Banking Hackathon, held here between February 4 and 19.
- A study has anticipated rise in the market value of training from SAR788 million to approximately SAR1 billion by 2026, he added.
Geostrategy
US draft UNSC resolution supports temporary Gaza truce: Report
Dubai, UAE -- The United States has proposed a rival draft resolution at the United Nations Security Council, emphasizing its...
- The proposed resolution echoes the language US President Joe Biden's said he used in his recent discussions with Israel's Prime Minister Benjamin Netanyahu.
- Washington has been hesitant to use the term "ceasefire" in UN actions regarding the Israel-Hamas conflict and shielded Israel from UN action.
Most Read
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
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
Company News
PIF sets up sarcc company
Business
Latest News
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
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
Most Read
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.
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