Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the sum of $7 billion as part of its medium-term capital raising strategy. The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said...

Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1 million air traffic movements in 2024, said the country's General Civil Aviation Authority (GCAA).On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates...

Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, dropped to 58.4 points in December 2024.The latest reading indicated a significant improvement in operating conditions in the non-oil private sector, while the index has remained above the neutral...

The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and 32 booths for local producers.

Riyadh, Saudi Arabia -- Renowned luxury fashion designer Brunello Cucinelli shared his insights on building a global brand and the future of fashion with Saudi creatives and entrepreneurs during a special event hosted by the Cultural Development Fund (CDF) in AlUla.The event, held in collaboration with the Fashion Commission, brought...

The airline operated the inaugural flight from Dubai to Edinburgh.

Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the prior session, amid hopes that governments around the world may increase policy support to revive economic growth that would lift fuel demand.Brent crude futures rose 16 cents, or 0.2 percent,...

Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days of the year, setting the stage for its busiest January yet. Daily traffic is projected to peak on 3rd January, with over 311,000 guests expected.With an average of 287,000 guests...

Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion ($5.6 billion) in October 2024, according to the Kingdom’s recently released global trade bulletin. This marks an increase of over SAR 4 billion ($1.08 billion) from SAR 15.999 billion ($4.32...

The Shariah-compliant facility spans a tenure of three years.

Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report said.The report by fäm Properties said 2024 saw big leaps of 36 percent and 27 percent respectively on the previous high of 133,100 sales worth AED 411.1 billion in 2023.In...

Kamco's assets under management surpass SAR 1bn.

Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both domestic and foreign—in the Saudi financial market recorded an annual growth of 37 percent (by nearly SAR 43 billion or $11.44bn) by the end of the third quarter (Q3) of 2024.This brings...

From AI-powered content creation to automated feedback systems, technology is streamlining operations and improving patient care.

London, United Kingdom -- Conversational artificial intelligence (AI) tools may soon "covertly influence" users' decision making in a new commercial frontier called the "intention economy", University of Cambridge researchers warned in a paper published Monday.The research argues the potentially "lucrative yet troubling" marketplace emerging for "digital signals of intent" could, in...

Cairo, Egypt -- Egypt has tested a new 10-kilometre (6.2-mile) extension to the Suez Canal as it tries to minimize the impact of currents on shipping and increase the key waterway's capacity.Two ships used the new extension on Saturday, a statement from the Suez Canal Authority said.Authority chief Osama Rabie said...

The two tranches will be converted into equity at the earliest opportunity.

Mexico City, Mexico -- The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico's luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW.According to industry experts, Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination...

Seoul was an outlier in Asia with shares plunging as South Korea's political crisis deepened with a second impeachment vote. London was flat and Paris gained.

The surge came after the auto giant announced a $7bn buyback.

It acquired an 80 percent stake in Global Medical Supply Chain.

Paris, France -- Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest funding round, as it battles stiff competition in the artificial intelligence market.The firm, whose flagship product is the Grok chatbot, garnered support from US venture capitalists, chipmakers NVIDIA and AMD,...

In Tunisia's highlands, women harvest wild herbs to earn a living, but drought is making their work harder, shrinking incomes and opportunities

The move aims to optimize financing costs.

Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their strength in electric vehicles, where Chinese brands are racing ahead.At the same time, Taiwanese electronics behemoth Foxconn has approached France's Renault to buy its large stake in Nissan, according to...

Istanbul, Turkey -- Turkey's Pegasus Airlines said Thursday it would buy 200 Boeing 737 MAX 10 aircraft in its largest-ever order worth some $36 billion as it seeks to expand its service."Pegasus has signed an agreement with The Boeing Company for 200 Boeing 737-10 aircraft," the low-cost airline said in a...

Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the second quarter of 2024 compared to the same period in 2023, reaching 959,175, according to the General Authority for Statistics (GASTAT).GASTAT's Tourism Establishments Statistics bulletin for the second quarter of...

It is a JV between ADNOC Drilling, SLB and Patterson UTI.

Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai 2025 to participate in its first DMCC Specialty Coffee Auction, where some of the globe's rarest and most exquisite coffee beans will be up for bidding.Through a special strategic partnership...

The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a quarter point despite a recent uptick in inflation. But there are fears it will have to slow its pace of easing next year owing to sticky inflation and bets that...

Los Angeles, United States -- Video game "Astro Bot" -- a family-friendly sci-fi adventure -- was named 2024's Game of the Year on Thursday at the annual awards considered the Oscars of the digital entertainment industry.The platform game featuring the adventures of a small space robot was also awarded "best family...

The firm will invest$1bn to ramp up production in South Carolina.

Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's capital Wednesday after FIFA confirmed the Gulf kingdom would play host to the tournament in 2034.While the news was hardly a surprise, with Saudi Arabia emerging as the sole candidate...

Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras Al Khaimah Tourism Development Authority.In his address at a recent forum in the northern emirate, Phillips highlighted that tourism is Ras Al Khaimah’s fastest growing sector, contributing 5% to the GDP...

San Francisco, United States -- Google on Wednesday announced the launch of Gemini 2.0, its most advanced artificial intelligence model to date, as the world's tech giants race to take the lead in the fast-developing technology.CEO Sundar Pichai said the new model would be marking what the company calls "a new...

Geneva, Switzerland -- Air passenger numbers are forecast to top five billion for the first time next year and the sector's revenues will break the trillion-dollar barrier, the global aviation body IATA said Tuesday."Passenger numbers are expected to reach 5.2 billion in 2025, a 6.7 percent rise compared to 2024 and...

As the world grapples with uncertainty, the summit offers a much-needed space for cooperation and innovation, led by the Franco-Arab Chamber of Commerce (CCFA).

Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it would introduce a 15 percent tax rate on corporate profits from January 2025.The move will bring the UAE in line with efforts towards a global minimum corporate rate."This strategic step...

Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for interest rate cuts. Gold, seen as a haven investment, gained around one percent.

Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023, increasing by 0.5 percent from October, driven by surging international vegetable oil quotations, the Food and Agriculture Organisation of the United Nations said Friday.The FAO Food Price Index, which tracks...

Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding, achieving revenues exceeding AED4 billion, according to Ahmad Ali Alwan, CEO of Hub71.Speaking to the Emirates News Agency (WAM) on the sidelines of Abu Dhabi Business Week, which concluded today...

Under the agreement, ADNOC will supply 1m tons of LNG per year.

Donald Trump, who has vowed to make the US the 'bitcoin and cryptocurrency capital of the world' wrote 'Congratulations Bitcoiners...You're welcome'

Smaller AI models save energy, reduce costs, and enhance data security but work alongside large models for advanced solutions.

According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and Saudi Arabia is a key step forward to scale up".

An agreement for the purchase of 10% equity stake was signed in June 2024.

Washington, United States -- Elon Musk has again asked a US court to stop ChatGPT-maker OpenAI from converting into a for-profit enterprise, CNBC reported Saturday.Attorneys representing the billionaire and his AI startup, xAI, filed the injunction Friday, the financial news site reported.The injunction also requests that OpenAI be stopped from allegedly...

The November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading international investors as part of a bribery scheme.

Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world with the Jeddah Food Cluster, which spans over 11 million square meters and has set a new global benchmark.The Saudi Authority for Industrial Cities and Technology Zones (MODON) announced ambitious...

The $1.5 billion deal is due to close in early 2025.