Netflix adds millions of subscribers but growth slows
San Francisco, United States - Netflix on Thursday said it added more than five million subscribers in the recently ended quarter...Business
MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...Business
Norway fund drops Aramco, 11 other Gulf firms over ’rights concerns’Â
KLP, which manages over 700 billion kroner ($70 billion), said the exclusion amounted to $15 million. The fund dropped 11...Saudi Aramco was blacklisted due to its ties to the Saudi state and for "contravening expectations over climate and energy transition plans", the fund said.
In 2021, the fund excluded 16 companies with links to Israeli settlements in the West Bank, which are considered to be in violation of international law.
ESG buys 60% stake in AFKAR
Emirates Stallions Group is an IHC subsidiary.AFKAR has been active in various sectors including commercial enterprise investment, institution and management.
AFKAR has recorded a 13 percent increase in assets and a 10 percent rise in revenue during the past 3 years, underpinned by a workforce of over 600 employees.
UAE farm harvests $5.6m from carbon credits in eco-friendly agriculture triumph
Dubai – An innovative agricultural project in the United Arab Emirates, has generated $5.6 million euros from carbon credit sales. The...Carbon credits are permits that allow a company to emit a certain quantity of greenhouse gases, with one credit equaling the emission of one ton of carbon dioxide
Companies are allocated a specific number of these credits, and If they reduce their emissions and have surplus credits, they can sell these to other companies
New York Times sues OpenAI, Microsoft in copyright clash
Through their AI chatbots, the companies "seek to free-ride on The Times' massive investment in its journalism by using it...The Times, one of the most respected news organizations in the United States, is seeking damages, as well as an order that the companies stop using its content
While no sum is specifically requested, the Times alleges that the infringement could have cost “billions of dollars in statutory and actual damages"
UAE’s budget carrier Air Arabia to launch daily flights to Kabul
Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan since the chaotic...Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan
Last year, GAAC signed a contract to manage Afghanistan's air traffic, an agreement that was expected to bring back international airlines
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...The Safaga Port definitive agreement, sanctioned under the Law on the Granting of Commitment Contract issued on 1st November 2023, will see an investment of US$200 million.
The terminal, spanning approximately 810,000 square meters, will feature a 1,000-metre quay wall and will handle diverse cargo types.
Cornerstone laid for $40 million logistics park at King Abdulaziz Port
Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...The area of the new park is 100,000 sq. meters, with capacity of 300,000 TEUs annually.
It aims to facilitate the growth of shipping connectivity, and global logistics services, and to raise the quality and efficiency of services.
Yango shakes up UAE transportation sector with innovative tech and safety features
DUBAI -- In the heart of the UAE, a significant transformation is taking place in the transportation sector. As the...The firm emphasizes on safety with advanced technologies like speed control and driving-style monitoring systems.
Beyond ride-hailing, Yango offers last-mile delivery solutions and an AI Arabic-speaking assistant, Yasmina.
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...The amended key principles aim to keep alignment with the latest regulatory changes and updates in the new Companies Law and its Implementing Regulations.
Suggestions and observations on the draft will be received within (15) days of this announcement for assessing their relevance in finalizing the draft, SAMA added.
India’s L&T secures EPC contract for Saudi Arabia’s Amaala project
New Delhi, India - Larsen & Toubro (L&T) secured a major Engineering, Procurement, and Construction (EPC) contract for the Amaala...The contract, awarded by the consortium of Masdar and EDF, involves the establishment of renewable energy generation, power utilities, and water systems
L&T, as the turnkey contractor, inked the EPC agreement with Amaala's developers, Masdar, and EDF, reports in Indian media said
