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MENA IT spending to reach $194bn in 2024 – up 5.2% on previous year: report
Information technology spending in the Middle East and North Africa region is set to reach $193.7 billion in 2024, a 5.2 percent increase from the previous 12 months, according to a new report.
In its latest MENA IT Spending forecast,…
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AI can help shipping industry cut down emissions, report says
The global commercial shipping industry could cut down its carbon emissions by 47 million tonnes per year by deploying artificial intelligence for sea navigation, a study by autonomous shipping startup Orca AI showed, according to Reuters.…
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Saudi Arabia’s international reserves highest in 18 months at $467.5bn
Saudi Arabia’s international reserve assets reached SR1.75 trillion ($467.5 billion) in May, the highest in 18 months and an annual 6 percent increase, according to new data.
Figures released by the Saudi Central Bank, also known as…
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UAE stock market cap surges by $5.79bn in 2024 with strong IPO activity
The UAE’s stock market capitalization has surged by 21.3 billion dirhams ($5.79 billion) this year, thanks to three new initial public offerings launched since the beginning of 2024, according to a new analysis.
Alef Education Holding,…
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Malaysia preparing to join BRICS economic group, media report says
Malaysia is preparing to join the BRICS group of emerging economies, Prime Minister Anwar Ibrahim said in an interview with Chinese media outlet Guancha, Reuters reported.
The BRICS group of nations originally included Brazil, Russia,…
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Saudi Arabia’s crude production rose to 8.99m bpd in April: JODI
Saudi Arabia’s crude production increased by 13,000 barrels per day in April to reach 8.99 million, according to an analysis from the Joint Organizations Data Initiative.
The data indicated that exports over the same month saw a decline…
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US ready to reopen oil stockpile if petrol prices surge again, FT reports
The Biden administration is ready to release more oil from the US strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.
Senior Biden adviser Amos Hochstein told the newspaper that oil…
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Clean energy investments crucial for Africa’s sustainable economic growth: IEA
Africa’s rising energy demand requires substantial investments in clean power projects, which is crucial for the continent’s sustainable economic growth, an analysis revealed.
In its latest report, the International Energy Agency said…
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China’s May industrial output misses forecasts, retail sales a bright spot
China’s May industrial output lagged below expectations with the property sector still weak, adding pressure on Beijing for policy support to shore up growth, but retail sales beat forecasts thanks to a holiday boost, according to Reuters.…
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Saudi developer Al-Othaim Investment launches new cruise ship in Hail
A five-star hotel is part of a new cruise ship set for Saudi Arabia’s Hail region, local real estate developer Al-Othaim Investment has announced.
The new project, also referred to as Al-Othaim Cruise Hail, is built on a total area of…
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