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  • The AI market could reach almost $1 trillion in 3 years

    The total addressable market (TAM) for AI-related hardware and software is estimated to grow between 40% and 55% each year for at least the next three years, according to consulting firm Bain’s global technology report. That means the TAM — which refers to the potential overall revenue of a product or service if it has 100% share of the market — for AI could reach between $780 billion and $990 billion by 2027, according to Bain.

  • Oil prices slide on prospects Saudi Arabia to raise output

    Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, the Financial Times reported on Thursday, citing people familiar with the matter. The Organization of the Petroleum Exporting Countries - led de facto by Riyadh - along with the group's allies including Russia, together known as OPEC+, have been cutting oil output to support prices.

  • Saudi Arabia Scraps $100 Oil Price Target to Boost Market Share

    Saudi Arabia is willing to endure short-term oil price and revenue pain as it is making a U-turn in policy and going to take back market share and ditching its unofficial $100 oil price target, the Financial Times reported on Thursday, quoting sources with knowledge of the latest Saudi thinking.

  • Saudi Aramco raises $3 billion from second debt sale since July

    State oil giant Saudi Aramco (2222.SE), opens new tab has raised $3 billion from two-part Islamic bonds, or sukuk, tapping the debt markets for the second time this year as it expects to pay huge dividends, mainly to the government. The state oil giant on Wednesday sold $1.5 billion in five-year sukuk at a spread of 85 basis points (bps) over U.S. Treasuries and $1.5 billion in 10-year Islamic bonds at 100 bps above the same benchmark, two sources with direct knowledge of the matter said, tighter than earlier guidance on strong demand.

  • Wizz Air drops Saudi subsidiary plans

    The low-cost carrier recently announced London Gatwick-Jeddah International as the first route to be operated by Wizz Air UK (W9, London Luton) using an A321-200NY(XLR). The route will launch in March 2025 and will be the first Saudi service for the holding's British AOC. However, Wizz Air, Wizz Air Malta, and Wizz Air Abu Dhabi all already serve Saudi Arabia, connecting Jeddah, Riyadh, Dammam, and Madinah.

  • Saudi Arabia strengthens WFP’s efforts to treat and prevent malnutrition in Somalia

    Cindy McCain, WFP’s Executive Director and Dr Abdullah Al Rabeeah, Adviser to the Royal Court and Supervisor General of the King Salman Humanitarian Aid and Relief Centre (KSrelief), signed an agreement in New York for a contribution of US$4.5 million from KSrelief to enable WFP to provide specialised nutritious foods to more than 57,300 malnourished pregnant and breastfeeding women as well as around 122,850 children under the age of two.

  • Trump would reimpose Iran sanctions, ‘that’s the reason they’re trying to kill him,’ claims son Eric Trump

    Donald Trump’s son believes Iran is “targeting” his father with a third assassination attempt because he would reimpose sanctions on the nation if re-elected as President of the United States. It comes as the Republican candidate boosted security personnel following US intelligence that there are “real and specific threats from Iran.”

  • Saudi Arabia leads GCC in sustainable sukuk issuances

    Saudi Arabia has emerged as the leader in sustainable sukuk issuances in the Gulf Cooperation Council (GCC) region in the first half of 2024, followed by the UAE, rating agency Moody’s said in a new report.  The  GCC countries accounted for 82% of global sustainable sukuk issuance in the first half of 2024, which rose 21% year-on-year to $6.8 billion.

  • Arab Gulf Producers Are in Need of Much Higher Oil Prices

    After a brief reversal on Monday, the oil price rally was back on track on Tuesday as tensions in the Middle East reached fever point. Brent crude for November delivery was up 1.4% to trade at $74.93 per barrel at 13.10 pm ET while WTI crude for October delivery rallied by a similar margin to change hands at $71.33 per barrel.

  • G7 says nobody will gain from Middle East escalation

    The foreign ministers of the Group of Seven (G7) major democracies on Monday warned that actions and counter-actions in the Middle East risked dragging the region into a broader conflict that no country would gain from. "Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences," the G7 said in a statement after meeting on the sidelines of the United Nations General Assembly.