Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
Business
Invest Qatar launches azure open AI GPT-powered chatbot ‘Ai.SHA’
DOHA, QATAR - The Investment Promotion Agency Qatar (Invest Qatar) has partnered with Microsoft to develop Ai.SHA, an innovative AI-powered...
Business
Business
Arriyadh posts 25% net profit
The Saudi developer reports $37m net profit in Q1.
- The company made SR139 million ($37 million) in profit, compared to SR111 million for the same period a year earlier
- The Riyadh-based firm attributed the increase in profit mainly to the increase in its share of profits from its associate company by 34 percent
Business
Julphar announces Strategy 2030
The strategy will see the company launch 100 new products.
- Maximising Revenue from Current Product Portfolio and Geographical Expansions two of the six growth pillars.
- Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer.
Business
DFM engages HSBC as General Clearing Member
Dubai Financial Market (DFM) announced today that HSBC has become the first international General Clearing Member (GCM) to join the...
- The introduction of GCM service on DFM by HSBC is part of a wider collaboration program between the two entities
- HSBC is expected to offer its GCM service on DFM Equity Market starting in May
Geostrategy
Environment Agency says 60 sq km of UAE’s marine critical habitats protected
Environmental assessment and permitting operations carried out by the Environment Agency – Abu Dhabi (EAD) in 2021 reveal that 60...
- This is in addition to a reduction of more than 2800cum of toxic waste from drilling operations, and a 99 percent reduction in air pollutants emissions from the fluorine industry.
- EAD has also completed permitting the commissioning of clean energy projects that save about 11 million tons of carbon emissions per year.
Economy
UAE launches Dirham-denominated Treasury Bonds worth $400 million
The UAE has launched conventional AED denominated Treasury Bonds (T-Bonds) with benchmark auction size of AED1.5 billion ($400 million). The...
- The bonds were launched by the Ministry of Finance (MoF) as the Issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent.
- Subject to market conditions, the first auction date to be held in May 2022 is expected to be announced soon, followed by a series of periodical auctions.
Business
Saudi Fashion Commission, Chalhoub Group to explore opportunities
The agreement is said to align with the objectives of the Fashion Commission to enhance collaboration and empower the sector...
- The MoU sets out a framework for the creation of leadership roles furthering nationalization in the fashion retail sector
- It is also to secure commercial spaces for the display of work by Saudi designers, and provide training courses in the field
Economy
Gross bank assets up 0.8% to AED3,321.5bn at Dec 2021 end: CBUAE
The UAE Central Bank announced that the money supply aggregate M1 increased to AED 701.9 billion at the end of...
- The rise in M1 was due to AED 16.6 billion increase in Monetary Deposits
- The Money Supply aggregate M3 also increased by 1.5 percent, from AED 1,830.1 billion
Geostrategy
Extreme climate changes could disturb global development, warns WGS
The report said that the climate state is rapidly aggravating poverty and instability, and is likely to amplify the economic...
- A joint report has been published by World Government Summit Organization (WGS) and consultancy firm PricewaterhouseCoopers.
- The report said that the climate state is rapidly aggravating poverty and instability, and is likely to amplify the economic burden on governments struggling to manage COVID-19.
Business
Ras Al Khaimah Tourism Development Authority on Best Workplaces List
Ras Al Khaimah Tourism Development Authority (RAKTDA) has achieved sixth place on the Best Workplaces List of 2022 – Small...
- It was also named one of the Best Workplaces for Women and a Great Place to Work in 2021.
- RAKTDA was also recognized as the ‘Government Entity with the Happiest Work Environment' in the emirate.
Business
ECI signs MoU with Terminus Group to strengthen digital infra projects
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Terminus Group,...
- The ECI said that it will safeguard the Terminus Group’s receivables and mitigate potential risks while trading in the UAE market or entering new competitive business settings.
- Terminus Group is exploring with UAE strategic partners to bring its innovation and manufacturing capabilities to the UAE by setting up an innovation hub.
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
Business
Company News
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UNWTO says investments key to transform tourism
Marrakesh, Morocco—The UN World Tourism Organization (UNWTO) convened its 117th Executive Council in Marrakesh, Morocco, as the sector’s recovery continues...
Economy
Ibn Khaneen: First Saudi driver to compete in FIA WTCR 2022 series
He will become the 91st driver to race in the WTCR. He will drive an Audi RS3 with Comtoyou Team...
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Business
ADDED joins hands with Prototype to support technology innovation
Abu Dhabi, UAE— The Abu Dhabi Department of Economic Development (ADDED) has partnered with Prototype Interactive to support inventors in...
- Inventors, backed by ADDED’s Takamul programme, will utilise Prototype Interactive’s latest technologies and techniques to develop their ideas
- Since its inception until the end of October 2022, the Takamul programme has evaluated 1,013 patent applications, and supported 377 applications
Arts & Culture
UAE’s role in reconstruction of Mosul Heritage: Hope and will win over zealotry and exclusivism
"The revival of Mosul's heritage will reveal that the only way to live together is by believing in diversity as...
- Initially, the UAE’s contribution to the rebuilding of the cultural heritage of Mosul was about restoring and reconstructing landmarks, such as the Al-Nouri Mosque and its minarets
- A year later, the UAE and UNESCO renewed their collaboration to include support for the reconstruction of Al-Tahera Church and the Al-Saa Church, both built in the 19th century
Economy
ADAFSA launches first livestock auction market in Abu Dhabi
ABU DHABI, UAE - The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has announced the launch of the first...
- Other auctions will be organized regularly to enable livestock breeders directly sell their camels to the public.
- The permanent livestock auction market will serve as a destination for those interested in buying camels, cattle and rare animals.