From healthcare to finance: How AI is reshaping global industries and GCC economies
A study by the World Economic Forum reveals that AI could replace around 85 million jobs by 2025Technology
Building Smart Cities Starts with Listening to People
Successful smart cities address real challenges, like Mexico City’s digitalization of government services.Economy
BRICS’ share in global GDP to rise to 30% from January 2024: Indian bank
New Delhi, India - The share of the BRICS (Brazil, Russia, India, China, South Africa) group in the global Gross...Currently, China is the largest contributor to the aggregate GDP of BRICS, with a staggering 70% share, followed by India at 13%, Russia at 8%, Brazil at 7%, and South Africa at 2%
One of the most significant impacts of the new members joining BRICS will be on global oil production, which is expected to increase from 18% to 40%
Saudi Arabia forms Global Water Organization to secure sustainable resources
Jeddah, Saudi Arabia--Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the establishment of Global Water Organization in order to...The body will seek to exchange knowledge, expertise, the advance of water technology, innovation, and share research and development experiences
It will also press for the funding of high-priority projects to ensure the long-term sustainability of water resources while ensuring access to water for all
Arab economies projected to grow 3.4% in 2023: AMF official
The growth may increase to 4% in 2024. Arab Monetary Fund Director-General Dr. Abdul Rahman bin Abdullah Al Humaidi stressed...He also underscored the importance of intensifying efforts to develop the financial and banking sector in Arab countries and increasing access to financing and financial services
The Arab banking system has become more prepared to absorb and withstand financial and economic shocks and risks due to its improved liquidity and solvency levels, he said.
UAE creates federal authority for gaming, casino giants flock to country
Dubai, UAE - The United Arab Emirates (UAE) has established a federal entity responsible for regulating gaming activities within the...Ras Al Khaimah, one of the UAE's seven emirates, is planning to open a Wynn Resort valued at around $3.9 billion, which will include a casino
The decision to allow gambling comes amid heightened economic competition in the Gulf, particularly with neighboring Saudi Arabia
Iran expects cooperation with Turkey to grow in Erdogan’s new term
Tehran, Iran-- Iran's President Ebrahim Raisi expects cooperation between his country and Turkey to grow during the "new term" of...Iran's president met with the foreign minister of Turkey and other officials and hoped for an enhancement in ties between the two countries
The Turkish foreign minister believes that the bilateral trade between Ankara and Tehran can reach US$30 billion as the overall relations grow
Turkey’s inflation nears 60%, piling pressure on new team
campaign pledges and a massive reconstruction effort launched after a major earthquake claimed more than 50,000 lives in Turkey's southeast....The state statistic agency said prices rose by 58.9 percent over 12 months ending in August compared to 47.8 percent in July
The latests data will test the limits of how much leeway Erdogan's new market-friendly team has to raise borrowing costs
Middle East needs ‘New Deal’ to deliver for its 600 million people: IMF officials
Dubai, UAE - Middle East needs a ‘New Deal’ to deliver for its 600 million people more jobs, better education,...MENA countries are urged to move away from state-dominated economic activities, particularly those with high debt burdens and youth unemployment rates
Governments are advised to improve digital infrastructure, enhance digital literacy, and develop workforce skills to promote digital adoption
Iraq signs deal with IFC to develop Baghdad International Airport
Baghdad, Iraq--Iraq has signed an agreement with the International Finance Corporation (IFC) - a member of the World Bank Group...The agreement, according to the Iraqi PM's office, will provide for the expansion, financing, operation, and maintenance of Baghdad International Airport
The PM's office further said the agreement is part of a series of deals signed with the private sector to develop critical infrastructure across the country
GCC Secretary General praises DCO role in digital transformation of Saudi economy
RIYADH, SAUDI ARABIA – Secretary General of the Gulf Cooperation Council (GCC)Jassem Mohamed Albudaiwi visited the Digital Cooperation Organization (DCO)...DCO plays an important role in e-development and helps in enabling countries to keep pace with the rapid growth of the digital economy.
The GCC Secretary General stressed on the importance of digital cooperation between the regional organization and the DCO.
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...Chronic electricity shortages had shaped the daily lives of Libyans since the fall of Moamer Kadhafi in a NATO-backed 2011 uprising.
A decade of stop-start fighting between rival groups followed, adding combat damage and looting to the dilapidated grid in Libya.
