G20 grapples with splintering world order
"Too many countries are retreating into geopolitical blocs or the battlegrounds of protectionism," Canadian Prime Minister Mark Carney told reporters....
Geostrategy
AMD, Cisco, and HUMAIN partner to build 1 GW AI infrastructure in Saudi
Washington, DC., US – AMD, Cisco, and HUMAIN, a PIF-backed company delivering full-stack AI solutions, have announced plans to establish...
Business
Geostrategy
For a diaspora soccer club in Chile, ‘Palestine exists’
Santiago, Chile - Thousands of miles from the Middle East, in a stadium in Santiago, Chile, the nation of Palestine exists,...
- A banner reading "In memory of those who are no longer with us" was displayed in the stands, where a section of seats was left empty to represent the dead
- Chile is home to the largest Palestinian community outside the Arab world, with the first immigrants arriving from Bethlehem, Beit Jala and Beit Sahour
Geostrategy
Israel, Hamas agree four-day truce, 50 hostages to be released
Qatar's foreign ministry confirmed the deal, saying that "a number of Palestinian women and children detained in Israeli prisons" would...
- Under the Qatar-brokered deal, Palestinian militants will release 50 women and children kidnapped during their October 7 raids
- A senior US official said three Americans, including three-year-old Abigail Mor Idan, were among the 50 earmarked for staggered release from Thursday
Geostrategy
Earth to warm up to 2.9C even with current climate pledges, says UN
PARIS, FRANCE - Countries' greenhouse gas-cutting pledges put Earth on track for warming far beyond key limits, potentially up to a...
- The UN Environment Program's annual Emissions Gap report is released just ahead of crucial COP28 climate talks in Dubai .
- Taking into account countries' carbon-cutting plans, UNEP warned that the planet is on a path for disastrous heating of between 2.5C and 2.9C by 2100.
Economy
Foreign investors’ ownership in Saudi market surges 300%
Riyadh, Saudi Arabia - The Saudi capital market has witnessed a surge in foreign investments, with the value soaring by...
- This exponential growth accounts for 14.2% of the total value of free float in the main market, compared to SAR 86.86 billion ($23.48 billion) in 2018
- Since allowing direct foreign investment in 2015, the Saudi Capital Market has evolved into a hub where foreign investors actively engage in daily trading
Business
Tajikistan plans to link up with China’s telecom network
Dushanbe, Tajikistan - Tajikistan announced plans Friday to link with China's telecommunications network in order to improve the mountainous, landlocked country's...
- Tajikistan has one of the slowest internet services in the world despite improvements in recent years, with all traffic going through a center controlled by a government monopoly
- The project will be carried out alongside the construction of a highway linking Dushanbe, the country's capital in the west, with a town on its border with China
Business
DEWA Q3 revenue soars
The company posted an operating profit of US$1bn.
- DEWA’s increase in revenue was mainly driven by an increase in demand for electricity, water, and cooling services
- The company net cash from operating activities at the end of Q3 increased by a robust $205 million to $2.66 billion
Israel agrees pauses in fighting but rules out ceasefire
Tens of thousands of civilians have streamed out of devastated northern Gaza in recent days, with men, women and children...
- US President Joe Biden welcomed the pauses, which formalise an arrangement that has already seen tens of thousands of Palestinians flee devastation in northern Gaza
- Netanyahu said Israeli troops were performing "exceptionally well" in the offensive launched after Hamas fighters poured across the border on October 7
Qatar Central Bank foreign reserves rise by 11.73% in October
Doha, Qatar - The International reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged by 11.73% in October...
- The official reserves consist of foreign bonds and bills, cash balances with foreign banks, gold holdings, special drawing rights deposits, and Qatar's share in the IMF
- In addition to these, there are other liquid assets (Foreign Currency Deposits), so the two together constitute what is known as the total foreign reserves
Business
Bitcoin value tops $36,000 first time since May 6, 2022
Dubai, UAE - The value of bitcoin rose above $36,000 on Thursday for the first time since May 6, 2022,...
- Miners are steadily accumulating their block rewards, driving the cryptocurrency's price toward $40,000 mark
- Adding to the bullish momentum, it appears that Bitcoin's market demand has exceeded its supply
Geostrategy
‘Gulf nations should unite for Palestinian cause’
"Our stance on the Palestinian issue is unequivocal. The Palestinian people's right to resistance, including reclaiming their occupied land and...
- GCC parliament heads condemn violence against Palestinians, support their struggle for statehood and rights.
- As part of global diplomacy, GCC seeks to to strengthen relations with European and Latin American parliaments.
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
G20 grapples with splintering world order
"Too many countries are retreating into geopolitical blocs or the battlegrounds of protectionism," Canadian Prime Minister Mark Carney told reporters....
Geostrategy
Company News
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US envoy in Beirut says ‘real opportunity’ to end Israel-Hezbollah war
US special envoy said he was in Beirut because he saw "real opportunity" to end the Israel-Hezbollah war
Geostrategy
UN climate chief at deadlocked COP29: ‘Cut the theatrics’
As the UN climate talks limp into a second week in Azerbaijan, the world is no closer to a finance...
Geostrategy
Egypt’s middle class cuts costs as IMF-backed reforms take hold
Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms...
Economy
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Geostrategy
End of a love affair: news media quit X over ‘disinformation’
Paris, France -- News outlets have begun quitting X, formerly Twitter, once a favorite of global media but now accused of...
- Sweden's newspaper of reference, the left-liberal Dagens Nyheter (DN), on Friday became third major media outlet to stop publishing its articles on X.
- "Since Elon Musk took over, the platform has increasingly merged with his and Donald Trump's political ambitions," said editor-in-chief Peter Wolodarski.
Geostrategy
Lebanon economic losses top $5 billion in year of clashes: World Bank
Beirut, Lebanon -- More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion...
- The losses are "largely concentrated in the commerce and tourism and hospitality sectors... as well as in the agriculture sector", the Bank said in a report.
- "The final cost of damage and losses for Lebanon associated with the conflict is expected to significantly exceed those presented in this assessment," the report said.
Business
Salik 9M net profit $223m
The company's third-quarter profit increased by 8.8 percent.
- Salik reported 355.6 million revenue-generating trips, which increased 5.1 percent YoY to drive total revenue of AED1.640 billion.
- Revenue from toll usage, comprising 86.7 percent of total revenue, rose 5.1 percent YoY to AED1,422.2 million in the nine-month period.