More data this week suggesting the Federal Reserve was winning the battle against inflation provided an extra kick for global equities after recent drops caused by worries of a possible US recession. Wall Street shares were up near midday deals while European markets closed in the green, a day after...

Riyadh, Saudi Arabia -- Aramco Digital Company and Groq, a leader in artificial-intelligence (AI) inference, have announced their partnership to establish the world's largest inferencing data center in Saudi Arabia. The announcement was made on the sidelines of the Global AI Summit (GAIN Summit), which concluded in Riyadh on Thursday.The...

Dubai, UAE -- Dubai Corporation for Tourism and Commerce Marketing (DCTCM) has confirmed that 25 percent of visitors to Dubai are repeat visitors, reflecting their satisfaction with the experience the city has to offer.Speaking at a keynote session on the second day of the Dubai AI and Web 3 Festival,...

The property website said the bid was undervalued.

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) revealed that total banking assets, including bank acceptance certificates, rose to AED 4.31 trillion ($1.16 trillion) at the end of June, a month-on-month increase of 0.5 percent, compared to AED 4.28 trillion in May 2024.In a report entitled "Monetary and...

Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation report. Tourism revenues reached $36 billion in 2023.

Abu Dhabi, UAE -- The market capitalization of the top 20 listed companies in the local stock markets by market capitalization reached AED 2.8 trillion ($762.44 billion) by the end of this week, while further growth is expected in line with the markets' plans to double their market capitalization to...

Since US Federal Reserve Chairman Jerome Powell stated last month that the time for interest rates to begin coming down and the pace would depend on economic data, investors have been keenly awaiting the latest jobs numbers. Dismal July job figures caused markets to panic last month.

Beginning in January 2025, the measure will place a minimum tax of 15 percent on revenues over 750 million euros ($830 million) generated in the country, the Bahrain News Agency (BNA) reported. The move aligns Bahrain with the standards of the Organization for Economic Co-operation and Development (OECD) which spearheaded the global...

Doha, Qatar -- A large new solar plant planned in Qatar will double the Gulf emirate's previously projected renewable energy capacity by 2030, Qatari Energy Minister Saad al-Kaabi announced on Sunday.The photovoltaic farm, which will be built in the Dukhan area some 80 kilometers (50 miles) west of the capital Doha,...

Paris, France - Russian-born tech entrepreneur Pavel Durov has founded wildly popular social networks, cryptocurrencies, amassed a multi-billion-dollar fortune and locked horns with authorities, in Russia and around the world.Still a few months shy of his 40th birthday, the man once dubbed the "Russian Zuckerberg" after Facebook founder Mark Zuckerberg now...

Paris, France -- US shares fell marginally and European stock markets mostly inched higher Wednesday as investors cautiously awaited the latest earnings results from US chip giant Nvidia, a bellwether for the tech sector.Traders are also waiting for key US economic data later this week that could provide clues about the...

Hong Kong, China -- Chinese e-commerce giant Alibaba said Friday it would upgrade its Hong Kong-listed shares to primary status, opening it up to China's huge army of investors that could potentially rake in billions of dollars for the firm.The decision by shareholders during its annual general meeting Thursday will provide...

EGA says the deal boosts its plan to expand recycling space globally.

Paris, France -- Stock markets wobbled on Thursday as investors await a highly-anticipated speech by US Federal Reserve chief Jerome Powell, hoping he will drop more clues about an expected interest-rate cut.The Dow, the broader S&P 500 and the tech-heavy Nasdaq had all opened on the right foot, extending gains from...

The company is Chinese smartphone and household tech giant.

TSMC is investing $3.9bn in the Dresden project.

Abu Dhabi, UAE-- Abu Dhabi Airports has expanded its existing collaboration with Paris Airports Group (ACG) to focus on collaborating on the creation of the ground infrastructure needed to provide advanced air transport applications in Abu Dhabi.Based on the agreement signed between the two parties on the sidelines of the...

Paris, France -- The world's largest video game trade show, Gamescom, opens its doors on Tuesday in Germany at a sensitive moment for an industry battered by layoffs and studio closures.Organizers expect the event, which runs until Sunday in the western city of Cologne, to welcome more than 300,000 people as firms...

Expectations of US interest rate cuts weakened the dollar, while oil prices tumbled as weak Chinese demand expectations offset turmoil in the Middle East, according to traders. Gold rose to a record high of $2,500.16 an ounce as investors snapped up the haven investment in the face of an increasingly likely...

Abu Dhabi, UAE -- The IPO market in the Middle East and North Africa (MENA) region remained resilient during the second quarter of this year, with 14 IPOs registering total proceeds of US$2.64 billion, up 45.3 percent compared to the same period last year.According to the Ernst & Young report...

Paris, France -- Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading the producers cartel to slightly revise down the robust projections it made in July."The world oil demand growth forecast for 2024 is revised down slightly by 135,00 barrels a day...

ADQ will acquire newly issued shares of Sotheby’s to support its growth.

Kuwait: -- The oil and gas sector in Arab countries attracted 610 projects implemented by 356 foreign and Arab companies, with a total investment cost of US$ 406 billion between January 2003 and May 2024.The Arab Investment and Export Credit Guarantee Corporation (Dhaman) stated in its first sectoral report on...

Abu Dhabi, UAE -- The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Miral will host Loop CEE, a luxury travel fair, for the first time in the Middle East. Titled “Loop Beyond Borders”, the event will be held from 15th-17th September 2024 at Saadiyat Rotana...

The company to cut approximately $20 billion in expenses this year.

Baghdad, Iraq -- Iraq signed an agreement with British energy giant British Petroleum on Thursday to develop four oil and gas fields in the northern province of Kirkuk.A memorandum of understanding was signed by Iraq's Oil Minister Hayan Abdel Ghani and BP's CEO Murray Auchincloss, Prime Minister Mohamed Shia al-Sudani's media office...

Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international overnight visitors in the first half of 2024, marking a 9 percent increase from the 8.55 million visitors during the same period in 2023. The achievement is aligned with the...

Under the MoU, both parties will coordinate events aimed at strengthening ties between exporting companies from Dubai and Chile and supporting the expansion of these companies in both markets by creating promising business opportunities.

Revenue dropped 8 percent to $98 billion in the same period.

Riyadh, Saudi Arabia -- The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Tourism, has implemented two pioneering initiatives that focused on training human resources in working in luxury coastal resorts and travel agencies according to the best international practices.One of the initiatives targeted 1,059 trainees working...

Washington, United States -- It's the case of the vanishing startup: some of Silicon Valley's most promising names in the fast-developing generative AI space are being gobbled up by or tied to the hip of US tech giants.Short on funds, in the past few months promising companies like Inflection AI or...

Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over the 8.55 million tourist arrivals in the first half of 2023, according to data published by the Dubai Department of Economy and Tourism (DET).Following a landmark 2023, when the city...

Riyadh, Saudi Arabia -- For Hamed al-Rafidain, a Saudi human resources worker, an electric vehicle offers welcome savings, especially since his other car is a fuel-guzzling four-wheel drive favored by motorists in the desert kingdom.The 39-year-old is part of a small but growing EV consumer base in Saudi Arabia, which hopes...

Riyadh, Saudi Arabia -- The Saudi Red Sea Authority, in cooperation with the Ministry of Tourism, has launched the "Seas of Excellence" training program to improve the quality of tourism services and adopt international best practices to deliver a luxurious coastal tourism experience.Minister of Tourism Ahmed Al-Khateeb attended the launch...

New York, US -- Luxury hospitality group Equinox Hotels has announced plans for the opening of Equinox Resort Treyam, one of Magna's twelve destinations, located on the coast of the Gulf of Aqaba. Magna's destinations, including Treyam, are part of NEOM, the evolving regional development, taking shape in northwest Saudi...

The company aims to expand UAE gas infrastructure, increase customer reach

Dubai, UAE -- A new #DubaiDestinations guide titled ‘Dubai’s Summer Activities’ invites residents and visitors to delve into an array of exciting indoor and outdoor activities available throughout Dubai during the summer.Developed by Brand Dubai, the creative arm of the Government of Dubai Media Office, the interactive guide forms part...

Riyadh, Saudi Arabia -- The number of air passengers in Saudi Arabia increased by 17 percent during the past six months to 62 million, compared to 53 million during the same period last year, the Kingdom's General Authority of Civil Aviation (GACA) said.The number of flights also reached approximately 446,000,...

Sharjah, UAE -- Sharjah's renowned landmark and award-winning family-friendly destination, Al Noor Island, has secured its place among the top 10 attractions in the Middle East by winning the prestigious 'Best of the Best' title for 2024 on the leading travel-review platform TripAdvisor.Developed and managed by the Sharjah Investment and...

Riyadh, Saudi Arabia -- Saudi Aramco netted $12.35 billion, $1 billion more than expected, from a secondary share sale after exercising an over-allotment option, the deal's stabilizing manager said on Wednesday.An additional 154.5 million shares were issued in response to demand from investors, Merrill Lynch Kingdom of Saudi Arabia said, taking the...

Dubai, United Arab Emirates -- Energy majors TotalEnergies, Shell and BP will each take a 10 percent stake in a liquefied natural gas project in the United Arab Emirates, state energy giant ADNOC said Wednesday.Japanese trading company Mitsui & Co. will also acquire 10 percent of the Ruwais LNG plant, scheduled...

Riyadh, Saudi Arabia -- Saudi Arabia has maintained its first rank across MENA in terms of the amount of Venture Capital (VC) funding in the first half of 2024, which witnessed a total VC deployment of $412 million (SAR 1.5 billion), the Saudi Venture Capital Company (SVC) said Tuesday.The "2024-H1...

Rotterdam, Netherlands -- The first methanol-powered ship to ply routes between Europe's busy ports was unveiled Tuesday in Rotterdam, with shipping owners hoping to spur efforts to bring down the industry's huge carbon footprint.The Eco-Maestro, a 13,675-tonne container carrier will head off to Antwerp in the next few days, before plotting...

Digitalization is revolutionizing GCC entrepreneurship, offering vast opportunities and challenges, and driving innovation and growth, Jigar Sagar, an influential figure in the GCC's entrepreneurial ecosystem., tells TRENDS in an exclusive interview.

Istanbul, Turkey -- China's electric vehicle giant BYD on Monday signed a one-billion-dollar agreement with Turkey to open a plant in the country in a move that would help it dodge new EU tariffs.The signing ceremony in Istanbul between BYD's CEO Wang Chuanfu and Turkey's industry and technology minister Fatih Kacir...

New York, United States -- Chip-making juggernaut Taiwan Semiconductor Manufacturing Co. briefly surpassed $1 trillion in market capitalization on Monday as the AI frenzy continues to power tech stocks.TSMC controls more than half the world's output of chips and supplies them for everything from Apple's iPhones to Nvidia's cutting-edge artificial intelligence...

Brussels, Belgium -- The European Union on Thursday slapped extra provisional duties of up to 38 percent on Chinese electric car imports because of "unfair" state subsidies, despite Beijing's warnings the move would unleash a trade war.A European Commission probe launched last year concluded that state subsidies for Chinese EV manufacturers...

Deliveries still 4.7 percent down from a year ago.

Dubai, UAE -- The Mastercard Economics Institute has revealed in its latest Travel Trends 2024 report a major shift in the travel industry this year, characterized by a significant increase in travel spending and strong growth in traveler traffic.This latest global report provides comprehensive insights into the evolving landscape of the travel...