Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business
US stocks mostly rise ahead of expected rate cut, bitcoin hits new record
The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a...
Business
Economy
Consumer Price Index in Qatar decreases by 0.10% in June
Doha, Qatar - The Consumer Price Index (CPI) in Qatar reached 105.71 points, showing a decrease of 0.10 percent when...
- In June 2023, the CPI experienced some notable changes when compared to May 2023
- An increase of 2.49 percent was recorded in the CPI of June 2023 when compared to that of June 2022
Business
Demand for Shariah-compliant financing in UAE grows 4.9% in 2022
Abu Dhabi, UAE - UAE Islamic banking sector assets witnessed steady growth in 2022, accounting for 23.0 percent of the...
- The UAE Islamic banking sector assets expanded 8.3 percent to $230.2 billion in 2022
- The UAE banking system comprises eight Islamic banks and 17 Islamic windows by conventional banks
Geostrategy
Finance minister quits in latest Kuwait political turmoil
Kuwait City, Kuwait - The finance minister of Kuwait, one of the world's biggest oil producers, has resigned only three months...
- Al-Hajeri was appointed as finance minister and state minister for economic and investment affairs in April
- He will be replaced by Saad Al-Barrak, who was named both oil minister and state minister for economic and investment affairs last month
Business
Arabs play huge role as Threads challenges Twitter’s dominance in social media space with rapid growth
The new app developed by Meta has attracted more than 100 million users just five days after its debut, indicating...
- The new app developed by Meta has attracted more than 100 million users just five days after its debut, indicating its potential to compete with Twitter
- However, the number of new sign-ups does not necessarily indicate active use or a complete shift from Twitter as Threads is still under development
Economy
UK to unveil new measures to support financial sector
Hunt, whose official title is chancellor of the exchequer, will lay out plans for an "entirely new kind of stock...
- Hunt will set out "how Britain's financial services will support the drive for long-term sustainable growth across the country", the UK Treasury said
- The new measures will in particular seek to make the UK stock market more attractive to firms looking to take their businesses public
Business
Gift purchases for MENA men to increase by 25% in 2023: study
Dubai, UAE - There will be a 25 percent increase in gift purchases for men in 2023 in the MENA...
- The rise in sales has been attributed to several factors such as the long-standing tradition of gift-giving as part of the celebrations, thereby driving the demand for gifts
- The introduction of new product categories specifically tailored to male recipients, including confectionery, live plants, perfume, and coffee also played a role
Business
Greater data access and control for users as EU modifies digital policy
"Once the data act enters into force, it will unlock the economic and societal potential of data and technologies and...
- Negotiators from the European Council, which represents the 27 member states, and the European Parliament struck a deal late on Tuesday on the data act.
- The new rules also include safeguards against unlawful data transfer by cloud service providers and make it easier to switch providers of data processing services.
Geostrategy
Wagner chief heads into Belarus exile, NATO vows to protect allies
In the Hague, NATO chief Jens Stoltenberg said it was still too early to draw conclusions from the move to...
- As the fallout unfolded from Prigozhin's brief mutiny, Russian President Vladimir Putin sought to shore up his authority by thanking regular troops for averting a civil war
- The feud between Wagner and the army had escalated for months, with Prigozhin making increasingly scathing statements against the generals' handling of the offensive in Ukraine
Business
Saudi Gamers8 with a $45m prize pool brings Razer back as gaming gear partner
Riyadh, Saudi Arabia - The Saudi Esports Federation (SEF) on Tuesday announced that Razer, the world’s leading lifestyle brand for...
- Razer will provide premium hardware from their range of gaming peripherals for VIPs and influencers during the esports festival
- Gamers8 has a prize pool of $45 million and the festival concludes with the Next World Forum, a gaming and esports forum
Business
OPEC chief anticipates a 23% rise in global oil demand by 2045
Kuala Lumpur, Malaysia - The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to rise to 110...
- The CEO of Saudi oil company (Aramco) Amin Nasser predicted that the fundamentals of the global oil market will remain sound for the rest of this year
- Although China is facing some economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, Nasser noted
Saudi tourism sector employee number rises by 5.1 percent in second quarter
Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business
Company News
Latest News
Alibaba to upgrade Hong Kong listing amid profit drop
Hong Kong, China -- Chinese e-commerce giant Alibaba said Friday it would upgrade its Hong Kong-listed shares to primary status, opening...
Business
In rare move, UAE accepts Taliban government ambassador
It became just the second country after China to do so. The UAE said it was committed to "building bridges"...
Geostrategy
EGA buys 80% stake in Spectro
EGA says the deal boosts its plan to expand recycling space globally.
Business
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Business
TSMC starts work on first European plant
TSMC is investing $3.9bn in the Dresden project.
- The Dresden facility will be specialized in the production of semiconductors for Germany's flagship automotive industry, currently in the throes of transitioning to EVs.
- Some 10 billion euros has been ploughed into the flagship project in the "Silicon Saxony" region, which has an industrial heritage dating back to the communist era.
Business
Abu Dhabi Airports, Paris Airports to expand air transport infrastructure
Abu Dhabi, UAE-- Abu Dhabi Airports has expanded its existing collaboration with Paris Airports Group (ACG) to focus on collaborating...
- This decision comes after Abu Dhabi Airports completed a comprehensive program of activities aimed at enhancing the contribution of partners among other things.
- The collaboration is aimed at creation of the ground infrastructure needed to provide advanced air transport applications in Abu Dhabi.
Business
Video gamers set for world’s biggest trade show, likely to generate $180bn
Paris, France -- The world's largest video game trade show, Gamescom, opens its doors on Tuesday in Germany at a sensitive...
- Organizers expect the event, which runs until Sunday in the western city of Cologne, to welcome more than 300,000 people.
- The industry is expected to generate more than $180 billion in revenue this year and attract more than 3.4 billion players, according to the Newzoo analyst firm.