DeepSeek sparks AI stock selloff
Global investors dumped tech stocks following the emergence of a low-cost Chinese AI assistant startup DeepSeek that would threaten Nvidia....Business
Davos25: Qatar, Saudi, UAE to lead GCC transformation, says Cytomate COO
DAVOS, Switzerland -- Bilel Al Souaied is an entrepreneur and venture capitalist. He is the COO of Cytomate, a leading...Business
AI transforms office roles and enhances productivity
Artificial intelligence automates tasks and boosts capabilities, leading to transformative changes in job roles, productivity, and staff engagement dynamics.Artificial intelligence automates tasks and boosts capabilities, leading to transformative changes in job roles, productivity, and staff engagement dynamics.
Chatbots and virtual assistants are set to enhance employee experience and workplace efficiency, while companies shift focus to outcome-based performance.
ADNOC unveils inaugural green hydrogen refueling station
Abu Dhabi, UAE - ADNOC announced on Friday it opened “H2GO”, the region’s first high-speed green hydrogen pilot refueling station,...The station will be operated by ADNOC Distribution, and is likely to create green hydrogen from water using an electrolyser powered by clean grid electricity.
The hydrogen supplied at the pilot station will be certified as “green” from solar sources by the International REC Standard.
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...The 10-year loan was funded by a group of banks including Industrial and Commercial Bank of China
Citigroup Inc, First Abu Dhabi (FAB), and HSBC Holdings Plc,will help in funs according to sources familiar with the matter.
UAE approves Dubai Metro Blue Line project
DUBAI, UAE - Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has approved the...Sheikh Mohammed underscored that investments in infrastructure projects align with Dubai's strategy for comprehensive city development.
This is a new 30 kilometer metro route that will strategically link key areas in the emirate through 14 stations,
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...At least 518 Egyptian companies are operating in the Saudi market, the minister said.
He said that over 285 Egyptian brands are spread out across the Kingdom.
Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...In Q3 2023, Asia was the principal destination of Qatar’s exports and imports, representing 74.9 percent and 36.3 percent respectively.
In Q3 2023, the European Union, accounting for 10.4 percent and 27.5 percent of Qatar's exports and imports respectively.
Dubai records weeklong real estate deals worth $2.45 billion
Dubai, UAE -- A total of1,852 real estate transactions valued at more than AED 9 billion ($2.45 billion) were conducted...The DLD weekly report said that 384 plots were sold for AED 2.54 billion, 1,468 apartments and villas were sold for AED 3.38 billion.
A total of 139 properties were granted between first-degree relatives worth AED507 million.
Jeddah Program named cultural destination of FIFA Club World Cup
Riyadh, Saudi Arabia -- The Historic Jeddah Program has secured sponsorship rights as the official cultural destination and main supporter...This prestigious tournament will be hosted in Jeddah from December 12 to 22, 2023, marking the first time it will be held in the Kingdom.
The program's sponsorship of this tournament is part of its efforts to showcase the historic Jeddah region, a UNESCO World Heritage Site.
8 pacts on trade, investment inked in Saudi-Algerian Business Forum
RIYADH, SAUDI ARABIA - The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at...The agreements cover trade, investment, information technology, business incubators and accelerators, tourism services, elevators, and spare parts.
The pacts were signed by the Federation of Saudi Chambers, the Council for Algerian Economic Renewal and several Saudi and Algerian firms.
Nissan invests in new electric cars
Japanese auto giant Nissan will invest up to £1.12 billion.Nissan will plough the cash into electric versions of its Juke and Qashqai models in Sunderland, which is its largest factory in Europe and employs around 6,000 people
The news will spark further investment in infrastructure projects and the broader supply chain which could bring the total investment up to £2 billion
