Saudi leads MENA in VC funding for H1, surpassing 2024’s full-year total
Riyadh, Saudi Arabia -- Saudi Arabia retained the top spot across the Middle East and North Africa region in terms of...Business
The $10 mn bag: Original Birkin smashes records at Paris auction
Paris, France -- The first-ever Birkin bag designed by French luxury brand Hermes for celebrity Jane Birkin sold for 8.58...Company News Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.Three-quarters of the reductions are set to come in the first half, UPS CEO said.
The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
Over 70 percent of musicians fear AI, says French-German study
PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according...The report found that 35 percent were already using AI in a "large number of areas related to music creation".
The report added that estimated incomes would fall 27 percent by 2028, equivalent to some US$2.9 billion.
Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...Under the terms of the agreement, OER will leverage the UAE-Oman Rail Network to support Al Jazeera Steel in optimizing inbound and outbound logistics from its factories in Oman.
Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries.
Ras Al Khaimah witnesses rise in issue of valid business licenses in 2023
RAS AL KHAIMAH, UAE - The economic growth of the Emirate continued to accelerate in 2023, with the Department of...The industrial sector in Ras Al Khaimah achieved a 5.3 percent annual growth rate in valid licence capital.
Commercial licences experienced a 14.4 percent annual increase, bringing their total capital to $1.3 billion.
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.Demand for electric vehicles in the UAE market has steadily increased over the past few years.
The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.
Robots save UAE’s finance ministry 39,000 working hours
Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that...The Ministry has just completed phase two of embedding robotic process automation (RPA) into many of its internal processes.
By 2022, it had more than 50 bots working unattended, delivering great results, and it expects to save an additional 12,000 working hours in 2023.
KEZAD to build new warehouses
It will invest US$169m to develop new capacity.The building of new warehousing was spurred by strong demand for such capacity in both free zone and domestic industrial areas
The group since the third quarter of 2022 has thrown open more than 270,000 sq metres of additional warehousing space in Abu Dhabi
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...Riyadh announced the planned production capacity increase in October 2021, the same month it pledged to achieve net zero carbon emissions by 2060
That applies to emissions that are produced directly by Aramco's industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars
