FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...Business
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...Business Economy
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital
Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry
GCC media outlets think outside the box to stay afloat
Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...Many believe news media outlets have been distracted from their role to safeguard space for informed debate on public issues
Several well trusted media outlets with deep pockets are battling against thinning revenues and being forced to think differently
OpenAI to pay Axel Springer to use journalism in ChatGPT
Berlin, Germany -- Axel Springer said Wednesday it was partnering up with the maker of ChatGPT, OpenAI, which will pay the...The chatbot's answers would include material otherwise kept behind a pay-wall and offer "links to the full articles for transparency and further information," they said.
Axel Springer CEO Matthias Doepfner has previously warned that AI threatened to "replace" journalism, while the group has been pursuing its own AI-driven ventures.
Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...Top-performing municipalities in financial value included Doha, Al Rayyan, and Al Dhaayen. Doha led with transactions worth QR 603 million.
Mortgage transactions totaled 88, amounting to QR 3.19 billion. Al Rayyan dominated with 38 transactions, followed by Doha with 25.
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...This reflects a substantial year-on-year (YoY) fall of SAR 9.15 billion, equivalent to a 40 percent decrease.
According to a report from the Capital Market Authority (CMA), this decline in trading activity by Saudi investors represents the lowest point since Q4 2019.
G42’s split from China could spur other GCC firms to follow suit
Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners...The G42’s move follows concerns raised by US national security personnel regarding potential espionage risks from Chinese firms
The ripple effect of G42's decision could extend to other tech companies in the Gulf Cooperation Council (GCC) region
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc
Nasdaq Dubai lists Philippines ‘ROP Sukuk Trust’ worth US$1bn
Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the...By listing sukuk on Nasdaq Dubai, the Philippines government intends to deepen its partnership with the GCC region
The emirate of Dubai is recognised as one of the world's largest centres for sukuk issuances, with a total of US$87.61 billion
Pfizer set to acquire Seagen
The drugmaker will complete its US$43bn buyout this week.Pfizer Chief Executive Albert Bourla said the buyout of Seagen is "good for patients in the battle against cancer"
Based in Washington state, Seagen came to major drugmakers' attention with its work on antibody-drug conjugates
Expo City Dubai and Japan’s UMI sign MoU to support startups
Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and...With the signing of the agreement, the two sides consolidated their partnership in innovation, economic growth and sustainable development
By joining forces, they will facilitate and host networking events, workshops and specialised training programmes to help startups scale and grow
