US and China meet in ‘important step’ towards de-escalating trade war
Geneva, Switzerland - Senior US and Chinese officials were meeting in Geneva Saturday in what Chinese state media described as...Economy
Warren Buffett says will retire from Berkshire Hathaway by year’s end
Buffett transformed Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate,Economy
Riyadh Season 2023 on track to outshine previous edition with over 15m visitors
Riyadh, Saudi Arabia - Riyadh Season 2023 is poised to surpass the record set in 2021, with over 15 million...The accomplishment was announced on Wednesday, highlighting the success in achieving the target number of visitors before the conclusion of the event
Comparatively, the first edition of Riyadh Season in 2019 attracted more than 9.6 million visitors, while the third edition in 2022 saw a turnout of over 13 million visitors
US economy defy expectations to grow stronger in Q4 2023
Washington, US - US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering...The US economy expanded at an annual rate of 3.3 percent in the fourth quarter, fueled by a resilient jobs market and consumer spending, the Commerce Department said
The fourth quarter GDP jump "reflected increases in consumer spending, exports, state and local government spending" and other areas, it added
ECB to urge patience on rate cuts in battle against inflation
The central bank is tipped to leave rates unchanged for a third consecutive meeting, keeping the benchmark deposit rate at...Frankfurt institute launched an unprecedented rate hiking cycle in mid-2022
ECB watchers will be more interested in president Christine Lagarde's press conference
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...Driven by Dubai Business Events, the wins reflected a robust 49 percent increase in successful bids compared to 2022.
DBE brought a citywide offering to the global market that resonated with the core needs of the business events industry.
Saudi Arabia set to launch advanced means of air mobility
Riyadh, Saudi Arabia - Saudi Arabia is planning to start air mobility that is most advanced and safest in the...The Saudi General Authority of Civil Aviation is spearheading the Advanced Air Mobility (AAM) initiative that encompasses a spectrum of innovative solutions
The initiative seeks to ease traffic congestion, enhance accessibility to remote areas, and contribute to overall economic and social development
Global HQs help Saudi youth boost skills, get jobs
The presence of multinationals promises a transfer of expertise and skills, enhancing opportunities for Saudi youth and contributing to the...The presence of multinationals promises a transfer of expertise and skills, enhancing opportunities for Saudi youth and contributing to the Kingdom's diversification.
Riyadh aims to become a global economic hub, drawing international experts and fostering knowledge transfer, with potential economic benefits estimated at $45 billion.
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial...The significant 116% leap comes in the wake of the government's decision to prioritize the localization of the sector
The housing sector, in particular, benefits from substantial corporate support, with 21 initiatives worth over $181 million
IsDB discusses collaboration with China’s ICBC and BOC
Jeddah, Saudi Arabia -- President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials...The ICBC Bank Chief Business and Management Officer Wang Kun, expressed interest in the sukuk (Shariah-compliant bonds) market
The BOC's Chief Business and Management Officer discussed strengthening collaboration in treasury activities, stock, and capital markets
Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...The council has been set up to develop policies and strategies related to research, infrastructure and investments in AI in Abu Dhabi
It will formulate plans in collaboration with local and global partners to enhance Abu Dhabi's status in the fields of artificial intelligence
Saudi Arabia expects to attract 150 million visitors by 2030
Riyadh, Saudi Arabia - Saudi Arabia aims to attract 150 million visitors by 2030, with the tourism sector expected to...Saudi tourism Al-Khateeb noted a 156% increase in tourist arrivals compared to 2019, surpassing the global recovery rate from the pandemic by 88%
He said that the tourism sector's contribution to GDP increased to 4.5%, representing 7% of non-oil GDP, attributing the success to well-executed plans
