EU examines Microsoft large investment in OpenAI
Brussels, Belgium - The EU, racing to regulate the fast-moving world of artificial intelligence, said on Tuesday it has started a...Business Tech & Media
ADQ to buy stake in IHC subsidiary
Abu Dhabi-based firm will acquire Eltizam Asset Management for AED111.6 million.IHC has entered into a strategic partnership with ADQ to sell a 50% stake in its subsidiary
Eltizam offers an integrated suite of strategic management and real estate services
Libya kicks off construction of oil refinery near an oilfield
Announced in the early 1980s, the project for a refinery in southern Libya had been put on hold for years...An annual income of $75 million is expected from the project, said state oil company head Mustafa Sanalla.
The refinery will be built near Al-Charara oil field, which produces an average of 300,000 barrels of oil a day.
UAE deepens partnership with 14 countries to proscribe laundering of money
The United Arab Emirates Expert Group for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) has continued to hold...These meetings built on earlier meetings held with other key partners, including Saudi Arabia, the Gulf Cooperation Council (GCC), the European Commission (EC), and Russia
Evidence of the UAE’s recent efforts was demonstrated throughout the meetings
Mace, global construction firm, to build $4.3bn lifestyle project in Riyadh
Mace, the global construction company, will be working on a big lifestyle destination project in Riyadh, its developer Majid Al-Futtaim...Riyadh North project will house over 600 retail stores, nine hotels and branded residences, as well as the flagship Mall of Saudi
It will also feature an indoor ski slope and snow park
GCC airlines fly into losses amidst Covid-19
With $126 billion in losses, airline industry recently confirmed that 2020 was the worst year on record for the struggling...The pandemic has forced airlines to lay off staff and seek government bailouts
2020 was the worst year on record for the struggling sector
France takes to the skies to celebrate Expo 2020 National Day
DUBAI: France celebrated its 'Expo 2020 National Day' with celebrations in the skies and across ten locations, with the main activities...The official ceremony took place at Al Wasl Plaza in the presence of France Minister of Europe and Foreign Affairs Jean-Yves Le Drian.
The 'National Day' celebrations took place across ten locations.
UAE-Brazil trade defies Covid pandemic gloom, posts 33 percent growth in 2021
Trade between the United Arab Emirates and Brazil has grown 33 percent in the first eight months of 2021, defying..."This year we can see a strong increase in bilateral trade that reached US$1.8 billion in the first eight months [until August
the Brazil-UAE bilateral trade in 2018 stood at US$2.6 billion, which went up to US$2.81 billion in 2019
Shareholders of Jeddah’s International Medical Center to sell shares in an IPO
Fitaihi Holding Group, which owns part of IMC, has declared that it intends to sell the hospital’s shares in a...This follows a raft of other Saudi companies announcing a potential listing on the Saudi bourse
The firm, which owns 19.25 percent of the hospital, said it will take the necessary measures to “transform it into a public joint-stock company”
Dubai police and a firm join hands to educate people about crypto fraud risks
Dubai police and a cryptocurrency trading firm have joined hands to make investors and traders aware of the risk of...“We have been working with key policymakers to help them build regulation that will make crypto safe for investors”
She said there is a “string of scams happening on peer-to-peer platforms,” and the partnership with the police could help investors and traders steer clear of them
Hyperloop to become a reality in years, not decades: CEO DP World
Hyperloop, which is expected to transport passengers and freight at a speed of an airplane, could become a reality before...Sultan Ahmed bin Sulayem said India and Saudi Arabia might roll out the transport system first.
DP World has invested in Virgin Hyperloop, which tested human travel in a hyperloop pod for the first time in 2020.
