Insurance giant Allianz signals job cuts in AI shift
Frankfurt, Germany -- German insurance giant Allianz signalled Wednesday looming job cuts due to its adoption of artificial intelligence, with...
Business
Amazon climate deal a ‘win’ for global unity but fossil fuels untouched
Nearly 200 countries approved the deal by consensus after two weeks of exhaustive negotiations on the fringes of the rainforest,...
Geostrategy
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.
Business
Dubai Customs new record: 17.15m international visitors in 2023
Dubai, UAE -- In 2023, Dubai Customs managed 46.87 million bags from 206,396 flights, averaging 128,400 bags daily and played...
- In 2023, Dubai Customs managed 46.87 million bags from 206,396 flights, averaging 128,400 bags daily.
- The Passenger Operations Department has over 845 inspection officers supported by 77 baggage inspection devices.
Arts & Culture
Qatar eyes second successive Asian Cup in final against Jordan
Doha, Qatar - An Asian Cup full of late goals and surprises reaches a climax on Saturday when hosts and holders...
- With much of the crowd behind them and as reigning champions, Qatar will be expected to beat a Jordan side ranked 29 places below them by FIFA
- In striker Akram Afif, Qatar have one of the players of the tournament and he scored a glorious goal against Iran to take his tally to five in six games
Business
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...
- The UAE is experiencing remarkable growth in sustainable finance, according to Barclays Private Bank UAE CEO Rasha Badawi.
- Sustainable investment opportunities expanding in the UAE across various sectors including renewable energy and agriculture, she adds.
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
Insurance giant Allianz signals job cuts in AI shift
Frankfurt, Germany -- German insurance giant Allianz signalled Wednesday looming job cuts due to its adoption of artificial intelligence, with...
Business
Company News
Latest News
Saudi Arabia sets Guinness record for largest food cluster
Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...
Business
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.
Geostrategy
Most Read
Geostrategy
Iran denies involvement as UAE arrests three people in rabbi killing case
"This murder was carried out in the UAE. The murder of an Israeli citizen and a Chabad emissary, is an...
- Kogan was a former Israeli army soldier, who served in Israel's Givati Brigade, which is infamous for carrying out violent attacks against Palestinians
- The UAE, which normalized relations with Israel in 2020 alongside other countries including Bahrain and Morocco, has confirmed the arrest of perpetrators
Geostrategy
Wealthy nations offer $250bn on climate but pressed for more
At the COP29 talks in Azerbaijan, developing nations are demanding a bigger commitment from historic polluters most responsible for warming,...
- The text also sets an ambitious overall target to raise at least $1.3 trillion per year by 2035 from not only developed countries but the private sector.
- But a red line for many climate-imperiled nations at COP29 had been securing a new commitment from developed nations well above their existing pledge of $100 billion a year.
Business
BP announces $7bn gas project
The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.
- BP said in a statement the "major investment" highlights its "strong confidence in Indonesia's investment climate".
- The project involves the development of a new gas field, Ubadari, as well as enhanced gas recovery through carbon capture, ut and storage (CCUS) and onshore compression.