Singapore AI teddy back on sale after recall over sex chat scare
Singapore, Singapore -- A plushy, AI-enabled teddy bear recalled after its chatbot was found to engage in sexually explicit conversations...
Business
GCC countries attract $523.4bn in foreign investment in 2023
Muscat, Oman -- The GCC countries have seen a steady rise in foreign investment, according to data from the Statistical...
Business
Business
US hardwood lumber shipments to MENA reach $61 million in 2023
Dubai, UAE -- American hardwood lumber (sawn timber) shipments to the Middle East and North Africa (MENA) region reached $61.14...
- Significant increases were seen in exports of American hardwood lumber to the United Arab Emirates and Saudi Arabia last year.
- More modest increases were seen in shipments to Morocco, Lebanon, Algeria and Iraq.
Geostrategy
OFID funds $27 billion for 4,000 projects in 125 countries
Dubai, UAE -- The OPEC Fund for International Development (OFID) has committed a US$27 billion to support 4,000 development projects...
- The OPEC Fund for International Development, founded in 1976, is a multilateral development finance institution.
- Its membership comprises 12 countries: the UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela.
Geostrategy
Israeli assault on Rafah a ‘terrifying’ prospect: UN rights chief
UN human rights chief Volker Turk urged world powers to "restrain rather than enable" as fears of a looming ground incursion...
- UN's agriculture agency, meanwhile, said the population of the Gaza Strip is suffering "unprecedented" levels of "near famine-like conditions".
- All 2.2 million people in Gaza are in the top three hunger categories, from level three, which is considered an emergency, to level five, or catastrophe, an FAO official said.
Business
Bahrain: Ideal business incubation hub in GCC?
The Kingdom's openness to 100 percent foreign ownership for onshore firms and zero-tax policy make enhance its appeal as business...
- Bahrain boasts robust logistics infrastructure including Salman Port and Khalifa Port.
- The setting up cost is around 10-15 percent of what you're going to pay in other top GCC countries.
Business
BGN to get $100m in financing
Abu Dhabi Exports Office, Mashreq and ADCB to provide financing.
- The strategic collaboration sets the stage for a financing arrangement, offering up to $100 million to facilitate the export of energy commodities from the UAE.
- The financing arrangement, a revolving credit line, is embedded with an accordion feature whereby regional banks and their overseas affiliates can contribute additional funding.
Economy
IMF chief forecasts higher economic growth for Arab region in 2024
Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle...
- The GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023.
- The IMF Chief also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around 3 percent.
Business
Mesaieed 2023 net profit down 39%
The company's net profit in 2022 was QR 1.76 billion ($482m).
- According to Qatar Stock Exchange website, the Company's Earnings per share (EPS) amounted to QR 0.086 in 2023 versus EPS QR 0.141 for the same period in 2022.
- The Board of Directors recommends a cash dividend of QR 0.086 per share, equating to a payout ratio of 100 percent of net earnings for 2023.
Geostrategy
Hamas warns Israeli invasion of Rafah will ‘torpedo’ hostage talks
Foreign governments, including Israel's key ally the United States, and aid groups have voiced deep concern over Israeli Prime Minister...
- The United Arab Emirates, Qatar, Oman and the Organization of Islamic Cooperation (OIC) were some of the latest to raise the alarm over the plan for Rafah.
- German Foreign Minister Annalena Baerbock said on social media platform X that "the people in Gaza cannot disappear into thin air".
Geostrategy
Thousands in Morocco protest ties with ‘genocidal’ Israel
In late 2020, Morocco established diplomatic ties with Israel under the Abraham Accords brokered by the United States which saw...
- Since the Israel-Hamas war in Gaza began on October 7, several large-scale demonstrations in the North African kingdom have called for the abrogation of the normalization deal.
- "Normalization is treason," and "Stop the massacre," read banners protesters carried in front of Morocco's parliament in the center of Rabat.
Business
Asian labor dialogue champions tech solutions for disputes
Dubai, UAE -- Ministers of labor and human resources from 16 Asian countries sending and receiving workers have called for...
- A total of 16 countries participated in the current edition of the Abu Dhabi Dialogue, including nine workers-sending countries.
- The UAE showcased its social protection system for workers, including the Unemployment Insurance Scheme.
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
Singapore AI teddy back on sale after recall over sex chat scare
Singapore, Singapore -- A plushy, AI-enabled teddy bear recalled after its chatbot was found to engage in sexually explicit conversations...
Business
Company News
Latest News
OPEC+ postpones meeting amid signs of ‘discord’ on output plans
The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at...
Geostrategy
EVs just the start, urban mobility needs a holistic approach
Cities must adopt EVs alongside shared transport, robust infrastructure, clean energy, and inclusivity, says Jamie Wylie, an urban mobility expert.
Interview
Adani Group says it lost nearly $55 billion as US bribery charges sparked rout
The November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading...
Business
Most Read
Geostrategy
As AI gets real, slow and steady wins the race
Companies explore AI for coding, healthcare, law, and design—yet challenges like regulation, accuracy, and cost impede widespread adoption.
- The tech industry presents a more aggressive adoption curve. Google reports that 25 percent of its coding is now handled by generative AI.
- Athey, an economist of the tech industry, expressed worry about regions where a core profession such as call centers risked being swept away by AI.
Business
Roche to buy Poseida Therapeutics
The $1.5 billion deal is due to close in early 2025.
- The boards of directors of both companies unanimously approved the deal for Poseida, whose shares had closed on Monday at $2.73.
- Poseida Therapeutics' portfolio notably includes customized cell therapies for hematological cancers, solid tumors and auto-immune diseases.
Business
Saudi Arabia’s non-oil exports surge by nearly 23% in Sept 2024
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the...
- The September 2024 International Trade Report said national non-oil exports, excluding re-exports, rose by 11.6 percent.
- The report also indicated a 14.9 percent decline in merchandise exports in September 2024 compared to September 2023.