• Saudi startups soar amid surge in venture investments

    Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to...

    Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to support Vision 2030,

    The Saudi Venture Capital Company plays an important role, with more than $2.1 billion invested in various sectors, marking a new era of innovation and growth.

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    Counterfeit products cost Europe $13 billion, 200,000 jobs a year

    Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...

    The findings, based on data from 2018 to 2021, show that fakes take the biggest toll on the clothing sector, costing 12 billion euros ($13.1 billion) annually

    The bulk of the counterfeiting occurred in just five EU members, with Germany, France, Italy, Spain and Austria accounting for half the yearly losses

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    AI revolutionizes UAE’s life sciences & healthcare

    "By leveraging advanced data analysis techniques to process extensive datasets from diverse sources, including genomic data, scientific literature, and clinical...

    AI is transforming drug discovery, diagnostics, and personalized treatments, marking a new era in medical research.

    The UAE, especially Abu Dhabi, is setting global standards in longevity and healthcare integration for better future.

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    Iran, India reach final agreement on Chabahar Port

    Tehran, Iran – Iran and India on Monday finalized an agreement for the development of the strategic Chabahar port in...

    Chabahar Port, Iran's sole oceanic port on the Gulf of Oman, holds strategic importance both strategically and economically

    In May 2016, India, Iran, and Afghanistan signed a trilateral agreement for the Chabahar port, facilitating New Delhi's access to Kabul and Central Asia

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    Saudi authorities reduce fee for recruiting domestic help

    Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...

    The ministry had previously directed licensed recruitment companies and offices to set the upper limit for the costs of recruiting domestic worker services from some nationalities

    The decision comes within the framework of the ministry’s effort to develop all services, improve the labor market environment and enhance its attractiveness

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    IMF chief at Davos: AI holds risks, opportunity for global economy

    Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity...

    "We must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present," Georgieva told AFP.

    Georgieva said 2024 is likely to be "a very tough year" for fiscal policy worldwide, as countries look to tackle debt burdens accumulated during the Covid-19 pandemic.

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    Saudi inflation rate declines slightly to 1.5 percent in Dec: GASTAT

    Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent...

    The cost-of-living index for December rose to 110.15 points, according to the base year 2018, from 108.53 points in the same month a year earlier.

    Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.

  • World’s five richest men doubled their fortunes since 2020: Oxfam

    A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week,...

    Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic.

    With riches among the world's wealthiest increasing the way they are, Oxfam predicted that within a decade the world will see its first "trillionaire".

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    Top economists warn global economy will weaken in 2024

    Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as...

    Around 56% economists expect the global economy to weaken this year, while 43 percent foresee unchanged or stronger conditions

    In the MENA region, US the outlook is weaker too, with about six in 10 respondents foreseeing moderate or stronger growth this year

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    Saudi govt exposes violations in expatriate partnerships

    Riyadh, Saudi Arabia - The Saudi National Program to Combat Commercial Concealment has exposed various instances falling under the umbrella...

    The government identified cases of cover-up, including scenarios where a Saudi citizen transfers ownership of a commercial establishment to a non-Saudi individual

    A key point of differentiation stressed by the program is between commercial cover-up and the concealment of labor violations