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
COP30 deal under threat as nations clash over fossil fuels
The draft text unveiled by COP30 host Brazil made no mention of "fossil fuels" or the word "roadmap" that President...
Geostrategy
Business
Brazil midfielder Fabinho quits Liverpool, signs deal with Al-Ittihad
Fabinho, the Brazil midfielder, will join Karim Benzema and N'Golo Kante at Al-Ittihad, one of four Saudi clubs controlled by...
- He joined Liverpool from Monaco in 2018, winning the Champions League, Premier League, FA Cup, League Cup and Club World Cup
- Fabinho's departure comes after Liverpool captain Jordan Henderson decided to move to Saudi Arabia to play for Al-Ettifaq
Business
SAUDIA adds new A321neo aircraft to its fleet
Jeddah, Saudi Arabia - SAUDIA, the national flag carrier of Saudi Arabia, announced the expansion of its fleet with the...
- The A321neo aircraft is a single-aisle, narrow-body aircraft and seats 180 to 220 passengers in a typical two-class interior layout
- SAUDIA serves global route network covering around 100 destinations across four continents, including all 28 domestic airports in Saudi Arabia
Business
Alkhaleej Takaful Insurance logs 28% profit
Earnings per share amounted to QR 0.165.
- Earnings per share (EPS) amounted to QR 0.165 as of June 30, 2023 versus QR 0.129 for the same period in 2022
- The ompany was established in 1979 to provide all kinds of conventional insurance and reinsurance services
Business
Middle East will spend $3bn on Artificial Intelligence in 2023: study
Dubai, UAE - The International Data Corporation (IDC) has forecasted that the Middle East will spend $3 billion on AI...
- The Middle East could gain up to $320 billion from AI advancements with Saudi Arabia benefiting the most
- The UAE is projected to experience the largest impact, accounting for about 14 percent of its 2030 GDP
Economy
Jordan’s investments increase by 47.6% in H1 2023
Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry...
- The total investment volume reached $841.6 million, compared to $570.2 million during the same period in 2022
- 236 investment projects capitalized on the advantages offered by the Investment Environment Law
Business
STC reports record revenues in H1 2023
The company's gross profit reached $4,929 million.
- The gross profit reached $4,929 million, representing a growth of 0.90% YoY
- The net profit surged to $1,625 million, registering a growth of 4.17 percent
Economy
UAE to establish prosecution entities specialised in economic crimes, money laundering
Abu Dhabi, UAE - The UAE is establishing federal prosecution entities specialised in economic crimes and money laundering, to develop...
- The establishment of these entities also represents a first step towards investigating and cracking down on crimes such as corporate crimes
- The entities will enhance the UAE’s competitiveness as a global financial and business hub for investment and improving the quality of criminal investigations
Saudi Arabia’s mining company Ma’aden to buy 10% of Brazilian firm
Riyadh, Saudi Arabia - Saudi Arabian Mining Company, known as Ma’aden, has agreed to acquire a 10 percent stake in...
- Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel
- A binding agreement was signed by Manara, Ma’aden's joint venture, established with the Public Investment
Business
Generative AIs transform everyday lives, enterprises
Despite challenges such as reliability, privacy issues, and potential bias, moderation filters and a 'human in the middle' approach can...
- GenAI models can enhance NLP-based applications, improve enterprise-wide search capabilities, and extend into image recognition
- The technology can be used for a variety of enterprise use cases, from writing emails and reports to assembling marketing campaigns
Business
Masdar, Iberdrola to invest in US$1.77bn German wind farm
The UAE's firm signed an agreement with Iberdrola to co-invest in the 476-megawatt Baltic Eagle offshore wind farm in the...
- Masdar's CEO Mohamed Jameel Al Ramahi and Iberdrola's Executive Chairman Ignacio Galan signed the deal
- For close to seven years now Masdar has revolutionized the clean energy sector in the UAE, and beyond
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
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
Company News
Latest News
UN probe says women, children comprise the majority of Gaza war dead
In a fresh report, the United Nations Human Rights Office (OHCHR) detailed a raft of violations of international law. Many...
Geostrategy
Emirates half-year profit $2.5bn
The record profit is subject to new 9% corporate tax for the first time.
Business
Trump victory reflects Arab-American support, Netanyahu discusses Iran with him amid lingering regional conflict
In a unique campaign twist, Trump captured Muslim voters by pledging diplomacy, promising to end prolonged conflicts and promote stability,...
Most Read
Geostrategy
What impact will Donald Trump have on the world economy?
Paris, France -- Donald Trump's return to the White House with his protectionist policies poses threats for the global economy, with...
- During his first term in office from 2017 to 2021, Trump often resorted to punitive tariffs in disputes with trade partners.
- Donald Trump's policies could also rekindle inflation, which cooled following a series of interest-rate hikes that the Federal Reserve began to unwind this year.
Business
Saudi Aramco’s quarterly profit drops 15% on low oil prices
Riyadh, Saudi Arabia -- Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third-quarter profit on Tuesday, citing prices...
- The fall in net income to $27.56bn from $32.58bn in 2023 is the seventh consecutive quarterly drop for Aramco, one of the world's biggest companies by market capitalization.
- Aramco is the chief source of revenue for Crown Prince Mohammed bin Salman's Vision 2030 reform agenda, which aims to remodel the Gulf kingdom's crude-reliant economy.
Interview
Securing the digital future: AI and global cooperation foster cyber resilience
While AI accelerates the detection and management of threats, cybercriminals also leverage this technology for sophisticated attacks, says WEF's cybersecurity expert Filipe Beato.
- Beato said cyber risks are among an organization’s highest priorities, and the threat keeps increasing, a fact emphasized by WEF since 2020.
- With the increased connectivity and dependencies of critical sectors and services, improving ecosystem cyber resilience requires collaborative action.